全球智库信息集成服务系统(G2TT): DP11347 Challenges of Fiscal Policy in Emerging and Developing Economies

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP11347
	DP11347 Challenges of Fiscal Policy in Emerging and Developing Economies
	M. Ayhan Kose; Raju Huidrom; Franziska Ohnsorge
发表日期	2016-06-22
出版年	2016
语种	英语
摘要	This paper presents a systematic analysis of the availability and use of fiscal space in emerging and developing economies. These economies built fiscal space in the run-up to the Great Recession of 2008.09, which was then used for stimulus. This reflects a more general trend over the past three decades, where availability of fiscal space has been associated with increasingly countercyclical (or less procyclical) fiscal policy. However, fiscal space has shrunk since the Great Recession and has not returned to pre-crisis levels. Emerging and developing economies face downside risks to growth and prospects of rising financing costs. In the event that these cause a sharp cyclical slowdown, policymakers may need to employ fiscal policy as a possible tool for stimulus. An important prerequisite for fiscal policy to be effective is that these economies have the necessary fiscal space to employ countercyclical policies. Over the medium-term, credible and well-designed institutional arrangements, such as fiscal rules, stabilization funds, and medium-term expenditure frameworks, can help build fiscal space and strengthen policy outcomes.
主题	International Macroeconomics and Finance
关键词	Fiscal space Developing economies Growth slowdown Fiscal rules Stabilization funds Expenditure frameworks
URL	https://cepr.org/publications/dp11347
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/540163
推荐引用方式 GB/T 7714	M. Ayhan Kose,Raju Huidrom,Franziska Ohnsorge. DP11347 Challenges of Fiscal Policy in Emerging and Developing Economies. 2016.