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The Macroeconomic Effects of Fiscal Consolidation in Emerging Economies: Evidence from Latin America
We estimate the short-term effects of fiscal consolidation on economic activity in 14 countries in Latin America and the Caribbean. We examine contemporaneous policy documents to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Based on this narrative dataset, our estimates suggest that fiscal consolidation has contractionary effects on GDP, consistent with a multiplier of 0.9. We find these effects to be close to those in OECD countries based on a similarly constructed dataset (Devries and others, 2011). We also find similar estimation results for the two groups of economies for the effect of fiscal consolidation on the external current account balance, providing support for the twin deficits hypothesis.
Chess Game of the Gods
"You wake up every morning, and you are the same person you were when you went to sleep, but in David Guy's case, you're a two-time loser trying to change the way the world perceives you. There are not a lot of opportunities for a man to make a change in today's society but when he is fatality wounded during a robbery, his life changes with the help of the gods. The different domains of the worlds are being threatened by those who were once favored among the gods as they look to free themselves from their place of exile. David Guy and the Commander have been charged with the task of denying them access to the innocent people of the worlds. They will face enemies from two totally different realms who search for power where there is only destruction. They will get to know one another as if they'd lived their lives as one and learn that once paired together, they will never be the same again. This is the Chess Game of the Gods, and their godly fingerprints are all over every life-changing event. See who has the best strategy and can position their pieces for the ultimate checkmate."--Provided by publisher.
Legal and Ethical Issues for Health Professionals
Praise for the Third Edition"Having taught health care law for years, Pozgar is rightfully considered among the finest authors within this ever changing discipline, by both professors and students. The 3rd Edition continues his tradition of presenting lucid comprehensible material in a manner which enhances learning of legal and ethical topics. I commend his works unreservedly."~ Arthur Reynolds, MA, MHA, JD, Professor, Health Care Management, University of Maryland University College Graduate SchoolLegal and Ethical Issues for Health Professionals, Third Edition is a concise and practical guide to legal and ethical dilemmas facing healthcare professionals in the real-world today. Thoroughly...
The Living Church
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A New Action-based Dataset of Fiscal Consolidation in Latin America and the Caribbean
This paper presents a new database of fiscal consolidations for 14 Latin American and Caribbean economies during 1989-2016. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and long-term fiscal health and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, central bank reports, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation for these economies
Hans Christian Andersen
A noted literary critic examines the life of the prolific Danish writer whose works captivated readers across Europe.
The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects
This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to identify the precise announcement date of fiscal consolidation actions. Our results show that sovereign spreads decline significantly following news that austerity measures have been approved by the legislature (congress or parliament), in periods of high sovereign spreads or in countries under an IMF program. In addition, consolidation announcements are less contractionary when sovereign spreads decline, with the reduction in output being half of the counterfactual case in which spreads do not respond to announcements. These results constitute direct evidence that confidence effects, in the form of lower sovereign spreads, are an important transmission channel of fiscal shocks. We also find that the role of confidence effects increases with the level of spreads such that countries with high spread levels stand to benefit the most from putting in place credible austerity packages.
Energy Subsidy Reform
Energy subsidies are aimed at protecting consumers, however, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. This book provides the most comprehensive estimates of energy subsidies currently available for 176 countries and an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.
Pension Reforms in Mauritius
Despite important past reforms, the ageing population of Mauritius threatens the sustainability of its pension system. This paper examines how pension spending might increase without reforms and discusses reforms options. The findings suggest that unifying the retirement age and indexing it to life expectancy would contribute most significantly to secure and sustainable pensions. The poverty reducing objective of the universal pension can be improved by better targeting. The old age protection objective of the National Pension Fund could be strengthened by increasing contribution and replacement rates. Implementing changes faster should result in less drastic future changes and fairer outcomes.
