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The State of Public Finances Cross-Country Fiscal Monitor: November 2009

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  • International Monetary Fund

Abstract

This paper highlights the state of Public Finances Cross-Country Fiscal Monitor. This edition of the Cross-Country Fiscal Monitor provides an update of global fiscal developments and policy strategies, based on projections from the November 2009 WEO. These projections reflect the assessment of IMF staff of current country policies and initiatives expected during 2009–2014 Underlying fiscal trends in advanced economies are weaker than previously projected, however, lower expected costs of financial sector support in the United States mean that 2009 headline numbers are better. New estimates of needed medium-term fiscal adjustment in advanced economies. Fiscal policy will continue to provide substantial support to aggregate demand in most countries this year, but a tightening is projected to commence next year in G-20 emerging markets. Fiscal policy is projected to begin tightening in emerging G-20 economies next year, reflecting a combination of reduced anti-crisis spending and expected consolidation beyond the withdrawal of crisis-related stimulus in Brazil, Mexico, and Turkey, supported by a pick-up of growth. Higher commodity prices are also expected to contribute to lower overall deficit.

Suggested Citation

  • International Monetary Fund, 2009. "The State of Public Finances Cross-Country Fiscal Monitor: November 2009," IMF Staff Position Notes 2009/025, International Monetary Fund.
    • Handle: RePEc:imf:imfspn:2009/025
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    Cited by:

    1. Sheng-Cheng Hu, 2011. "The Global Financial Crisis: Lessons for Taiwan," Chapters, in: Daigee Shaw & Bih Jane Liu (ed.), The Impact of the Economic Crisis on East Asia, chapter 1, Edward Elgar Publishing.
    2. Justin Yifu Lin, 2010. "Shocks, Crises, And Their Determinants," Middle East Development Journal (MEDJ), World Scientific Publishing Co. Pte. Ltd., vol. 2(02), pages 159-176.
    3. Ms. Senay Agca & Ms. Deniz O Igan, 2013. "Fiscal Consolidation and the Cost of Credit: Evidence from Syndicated Loans," IMF Working Papers 2013/036, International Monetary Fund.
    4. Michael B. Devereux, 2011. "Fiscal Deficits, Debt, and Monetary Policy in a Liquidity Trap," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Felipe Céspedes & Roberto Chang & Diego Saravia (ed.),Monetary Policy under Financial Turbulence, edition 1, volume 16, chapter 10, pages 369-410, Central Bank of Chile.
    5. Hauptmeier, Sebastian & Rother, Philipp & Holm-Hadulla, Fédéric, 2010. "The impact of numerical expenditure rules on budgetary discipline over the cycle," Working Paper Series 1169, European Central Bank.
    6. European Commission, 2010. "Innovative Financing at a Global Level," Taxation Papers 23, Directorate General Taxation and Customs Union, European Commission.
    7. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2010. "The future of public debt: prospects and implications," BIS Working Papers 300, Bank for International Settlements.
    8. Christoph A. Schaltegger & Martin Weder, 2013. "Will Europe Face A Lost Decade? A Comparison With Japan's Economic Crisis," CREMA Working Paper Series 2013-03, Center for Research in Economics, Management and the Arts (CREMA).
    9. Jean Pisani-Ferry & Adam Posen, 2011. "From convoy to parting ways? Post-crisis divergence between European and US macroeconomic Policies," Working Papers 498, Bruegel.
    10. Vito Tanzi, 2010. "Comments on Recent Fiscal Developments and Exit Strategies," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(02), pages 105-110, July.
    11. Lavigne, Robert, 2011. "The political and institutional determinants of fiscal adjustment: Entering and exiting fiscal distress," European Journal of Political Economy, Elsevier, vol. 27(1), pages 17-35, March.
    12. Thomas Ferguson & Robert Johnson, 2013. "When wolves cry ‘wolf’: systemic financial crises and the myth of the Danaid Jar," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Monetary Economies of Production, chapter 7, pages 73-98, Edward Elgar Publishing.
    13. Chwieroth, Jeffrey M. & Walter, Andrew, 2022. "Neoliberalism and banking crisis bailouts: distant enemies or warring neighbors?," LSE Research Online Documents on Economics 111871, London School of Economics and Political Science, LSE Library.
    14. Polito, Vito & Wickens, Michael, 2014. "How the Euro Crisis Evolved and how to Avoid Another: EMU, Fiscal Policy and Credit Ratings," Journal of Macroeconomics, Elsevier, vol. 39(PB), pages 364-374.
    15. Polito, Vito & Wickens, Mike, 2012. "A model-based indicator of the fiscal stance," European Economic Review, Elsevier, vol. 56(3), pages 526-551.
    16. Mr. Emanuele Baldacci & Mr. Sanjeev Gupta & Mr. Carlos Mulas-Granados, 2010. "Restoring Debt Sustainability After Crises: Implications for the Fiscal Mix," IMF Working Papers 2010/232, International Monetary Fund.
    17. Karsten Staehr, 2010. "The global financial crisis and public finances in the New EU Countries from Central and Eastern Europe," Bank of Estonia Working Papers wp2010-02, Bank of Estonia, revised 04 Feb 2010.
    18. Lin, Justin Yifu & Treichel, Volker, 2012. "The unexpected global financial crisis : researching its root cause," Policy Research Working Paper Series 5937, The World Bank.

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