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dc.contributor.authorOhnsorge, Franziska L.
dc.contributor.authorKose, M. Ayhan
dc.contributor.authorHuidrom, Raju
dc.date.accessioned2019-09-23T15:11:14Z
dc.date.available2019-09-23T15:11:14Z
dc.date.created2017-12-29 00:24
dc.date.issued2016-06
dc.identifieroai:openknowledge.worldbank.org:10986/24642
dc.identifierhttp://hdl.handle.net/10986/24642
dc.identifier.urihttp://hdl.handle.net/20.500.12424/93449
dc.description.abstractThis 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, policy makers
 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.
dc.languageEnglish
dc.languageen_US
dc.language.isoeng
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofPolicy Research Working Paper;No. 7725
dc.rightsCC BY 3.0 IGO
dc.subjectLIQUIDITY
dc.subjectDEBT CRISES
dc.subjectDEBT BURDEN
dc.subjectINITIAL DEBT
dc.subjectREVENUES
dc.subjectGOVERNMENT BOND YIELD
dc.subjectEXPENDITURES
dc.subjectPUBLIC DEBT MANAGEMENT
dc.subjectBALANCE SHEETS
dc.subjectINTERNATIONAL BANK
dc.subjectCENTRAL BANK
dc.subjectEXTERNAL DEBT
dc.subjectFINANCIAL CRISES
dc.subjectRESERVES
dc.subjectDEFICIT
dc.subjectBALANCE SHEET
dc.subjectEXPORTERS
dc.subjectPOLITICAL ECONOMY
dc.subjectINTERNATIONAL MARKETS
dc.subjectSTOCK
dc.subjectMARKET CONDITIONS
dc.subjectDEBT
dc.subjectPRIVATE CREDIT
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectFINANCE
dc.subjectOUTSTANDING DEBT
dc.subjectWITHDRAWAL
dc.subjectLONG-TERM INTEREST RATE
dc.subjectLONG-TERM INTEREST
dc.subjectCURRENCY
dc.subjectSHORT-TERM DEBT
dc.subjectCURRENCY MISMATCHES
dc.subjectBUDGETS
dc.subjectOIL PRICES
dc.subjectPENSION FUND
dc.subjectPOVERTY
dc.subjectGLOBAL ECONOMY
dc.subjectMARKET ACCESS
dc.subjectGUARANTEE
dc.subjectCONSUMPTION EXPENDITURES
dc.subjectINVESTOR
dc.subjectPENSION FUNDS
dc.subjectACCESS TO CAPITAL
dc.subjectTAX
dc.subjectDEVELOPING COUNTRIES
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectEXCHANGE RATE
dc.subjectGUARANTEES
dc.subjectGLOBALIZATION
dc.subjectSHARE
dc.subjectFINANCIAL FRAGILITY
dc.subjectGOVERNMENT EXPENDITURE
dc.subjectDEBT ACCUMULATION
dc.subjectCOMMODITY PRICE
dc.subjectGOVERNMENT SPENDING
dc.subjectPRIVATE SECTOR CREDIT
dc.subjectINTEREST
dc.subjectCAPITAL MARKETS
dc.subjectMATURITY
dc.subjectBUSINESS CYCLES
dc.subjectGOVERNMENT REVENUES
dc.subjectPENSION
dc.subjectPUBLIC DEBT
dc.subjectLIQUIDITY RISK
dc.subjectPOLICY RESPONSE
dc.subjectREVENUE
dc.subjectRESERVE
dc.subjectDOMESTIC CURRENCY
dc.subjectBOND
dc.subjectWITHDRAWAL OF FUND
dc.subjectHOLDING
dc.subjectBONDS
dc.subjectGOVERNMENT DEBT
dc.subjectINCOME TAXES
dc.subjectCAPITAL FORMATION
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectDOMESTIC CREDIT
dc.subjectPOLICY RESPONSES
dc.subjectOPTION
dc.subjectPORTFOLIO
dc.subjectGOVERNMENT GUARANTEES
dc.subjectEMERGING MARKETS
dc.subjectNEGATIVE SHOCKS
dc.subjectCOMMODITY PRICES
dc.subjectEXPENDITURE
dc.subjectOIL PRICE
dc.subjectTREASURY YIELDS
dc.subjectFINANCIAL MARKETS
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET
dc.subjectREAL INTEREST
dc.subjectTREASURY
dc.subjectSOVEREIGN BONDS
dc.subjectCURRENCIES
dc.subjectTRANSPARENCY
dc.subjectEXCHANGE
dc.subjectDEBT STOCKS
dc.subjectFEDERAL RESERVE BANK
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectMARKETS
dc.subjectEXCHANGE RATES
dc.subjectDEBT RATIOS
dc.subjectSHARES
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectGOVERNMENT BOND
dc.subjectBUDGET
dc.subjectFISCAL POLICY
dc.subjectOPTIONS
dc.subjectPRIVATE SECTOR DEBT
dc.subjectINTEREST EXPENSE
dc.subjectDEBT RELIEF
dc.subjectFUTURE
dc.subjectINTEREST RATES
dc.subjectFEDERAL RESERVE
dc.subjectTAXES
dc.subjectEMERGING ECONOMIES
dc.subjectBOND YIELD
dc.subjectGOODS
dc.subjectLOCAL GOVERNMENT
dc.subjectMONETARY FUND
dc.subjectFOREIGN CURRENCY DEBT
dc.subjectINVESTORS
dc.subjectBUSINESS CYCLE
dc.subjectFINANCIAL CRISIS
dc.subjectDEBT MANAGEMENT
dc.subjectCENTRAL GOVERNMENT DEBT
dc.subjectGOOD
dc.subjectLIABILITIES
dc.subjectINTEREST RATE
dc.subjectPRICE VOLATILITY
dc.subjectFISCAL POLICIES
dc.subjectLENDING
dc.subjectPORTFOLIO ALLOCATION
dc.subjectMACROECONOMIC VARIABLES
dc.subjectCREDIT GROWTH
dc.subjectSOLVENCY
dc.subjectDEBT RATIO
dc.subjectTAX RATES
dc.subjectSOVEREIGN DEBT
dc.subjectDEBT LEVELS
dc.subjectCREDIBILITY
dc.subjectRETURN
dc.subjectINSTRUMENT
dc.subjectFOREIGN CURRENCY
dc.subjectLONG-TERM INTEREST RATES
dc.subjectOPEN ECONOMY
dc.subjectRESERVE BANK
dc.subjectBANKING CRISES
dc.subjectMONETARY POLICY
dc.subjectINTERNATIONAL SETTLEMENTS
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectSTOCKS
dc.subjectREAL INTEREST RATE
dc.titleChallenges of Fiscal Policy in Emerging and Developing Economies
dc.typeWorking Paper
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