{
  "title": "Fiscal Crises",
  "publication": "IMF Working Papers, April 3, 2017",
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  "summary": "A key objective of fiscal policy is to maintain the sustainability of public finances and avoid crises. Remarkably, there is very limited analysis on fiscal crises.",
  "sections": [
    {
      "heading": "Main findings and data coverage",
      "content": "- Presents a new database of fiscal crises covering different country groups, including low-income developing countries (LIDCs).\n- Countries faced on average two crises since 1970.\n- Highest crisis frequency observed in LIDCs and lowest in advanced economies.\n- Pages: 43; Issue: 086; Series: Working Paper No. 2017/086."
    },
    {
      "heading": "Crisis dynamics by country group",
      "content": "- LIDCs:\n  - Often viewed as more vulnerable to shocks, but \"appear to suffer the least in crisis periods\" according to the data.\n- Advanced economies:\n  - Face greater turbulence during fiscal crises.\n  - \"Growth declines sharply in the first two years of the crisis.\"\n  - \"Half of them experiencing economic contractions.\""
    },
    {
      "heading": "Fiscal policy behavior around crises",
      "content": "- Fiscal policy is usually procyclical:\n  - Countries curtail expenditure growth when economic activity weakens.\n- Interaction with financial crises:\n  - \"The decline in economic growth is magnified if accompanied by a financial crisis.\""
    },
    {
      "heading": "Keywords and thematic focus",
      "content": "- Subject areas covered: Credit, Debt default, External debt, Financial crises, Fiscal consolidation, Fiscal policy, Money, Public debt.\n- Keywords highlighted: banking crisis dummy, Credit, crisis episode, crisis onset, crisis run-up, Debt default, economic growth, Fiscal consolidation, fiscal crisis, Global, public debt debt ratio, real GDP, sovereign debt default, twin crises, WP.\n\nImf Working Paper: Kerstin Gerling, Paulo A Medas, Tigran Poghosyan, Juan Farah-Yacoub, Yizhi Xu; April 3, 2017.\n\n---\n\n Content in this bundle\n\n- Fiscal Crises\n  - Fiscal Crises (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Fiscal Crises (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/04/03/fiscal-crises-44795"
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    "Authors: Kerstin Gerling, Paulo A Medas, Tigran Poghosyan, Juan Farah-Yacoub, Yizhi Xu",
    "Published: April 3, 2017",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475592153.001",
    "Presents a new database of fiscal crises covering different country groups, including low-income developing countries (LIDCs).",
    "Countries faced on average two crises since 1970.",
    "Highest crisis frequency observed in LIDCs and lowest in advanced economies.",
    "Pages: 43; Issue: 086; Series: Working Paper No. 2017/086.",
    "LIDCs:",
    "Advanced economies:",
    "Fiscal policy is usually procyclical:",
    "Interaction with financial crises:",
    "Subject areas covered: Credit, Debt default, External debt, Financial crises, Fiscal consolidation, Fiscal policy, Money, Public debt.",
    "Keywords highlighted: banking crisis dummy, Credit, crisis episode, crisis onset, crisis run-up, Debt default, economic growth, Fiscal consolidation, fiscal crisis, Global, public debt debt ratio, real GDP, sovereign debt default, twin crises, WP.",
    "**Fiscal Crises**"
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