文章基本信息

标题：Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies
本地全文：下载
作者：Emanuele Baldacci ; Sanjeev Gupta ; Carlos Mulas-Granados 等
期刊名称：Journal of Applied Economics
印刷版ISSN：1514-0326
电子版ISSN：1667-6726
出版年度：2015
卷号：18
期号：1
页码：71-97
DOI：10.1016/S1514-0326(15)30004-0
摘要：This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during the 1980-2012 period. It shows that expenditure-based, front-loaded fiscal adjustments can dampen growth when there are credit supply restrictions. Instead, fiscal adjustments that are gradual and rely on a mix of revenue and expenditure measures can support output expansion, while reducing public debt. In this context, protecting public investment is critical for medium-term growth, as is the implementation of supply-side, productivity-enhancing reforms.
关键词：H30 ; E62 ; debt consolidation ; fiscal adjustments ; output growth ; credit constraints ; bank deleveraging