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Financial and Fiscal Programming Under Debt Rescheduling

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  • International Monetary Fund

Abstract

This paper reviews implications for financial and fiscal programming of different treatments of external debt rescheduling. Adjustment formulas are derived to ensure invariance of the macroeconomic outcome. An important consideration is the impact on the income position of the central bank. The results caution against the simple adjustment formulas sometimes applied. Even when defined on a “falling due basis,” the size of the public sector deficit can be affected by the rescheduling treatment adopted. Under a properly defined aggregation between public sector deficit and income position of the central bank, the rescheduling treatment affects only the composition of the broader deficit.

Suggested Citation

  • International Monetary Fund, 1989. "Financial and Fiscal Programming Under Debt Rescheduling," IMF Working Papers 1989/061, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1989/061
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=29830
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    Cited by:

    1. Gurupdesh S. Pandher, 2007. "Modelling & Controlling Monetary and Economic Identities with Constrained State Space Models," International Statistical Review, International Statistical Institute, vol. 75(2), pages 150-169, August.

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