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Underlying factors driving fiscal effort in emerging market economies

Author: Abdul Abiad; Taimur Baig; International Monetary Fund. Fiscal Affairs Department,
Publisher: [Washington, D.C.] : International Monetary Fund, Fiscal Affairs Department, 2005.
Series: IMF working paper, WP/05/106.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
Using a panel dataset of 34 emerging market countries for the period 1990-2002, we examine the roles of various economic, political, and institutional variables in determining fiscal effort, as proxied by the primary surplus. We find that while fiscal effort increases, as expected, with the level of lagged debt, this effect tapers off beyond a certain threshold. We also find an inverse U-shaped relationship between  Read more...
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Details

Genre/Form: Electronic books
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Abdul Abiad; Taimur Baig; International Monetary Fund. Fiscal Affairs Department,
ISBN: 1283515164 9781283515160 9781451906615 1451906617
OCLC Number: 231640593
Notes: "June 2005."
Description: 1 online resource (1 online resouce (28 pages)) : illustrations.
Series Title: IMF working paper, WP/05/106.
Responsibility: prepared by Abdul Abiad and Taimur Baig.

Abstract:

Using a panel dataset of 34 emerging market countries for the period 1990-2002, we examine the roles of various economic, political, and institutional variables in determining fiscal effort, as proxied by the primary surplus. We find that while fiscal effort increases, as expected, with the level of lagged debt, this effect tapers off beyond a certain threshold. We also find an inverse U-shaped relationship between the primary balance and revenue. Fiscal effort rises with positive shocks to oil prices (for oil exporters), when the economy grows above its potential, and in the presence of an IMF-supported program. In contrast, high democratic accountability and strong and impartial bureaucracies help lower market risk and hence lower the relative need for fiscal adjustment. Finally, fiscal effort tends to decline when too many constraints are faced by the executive.

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