MissGabriela Dobrescu's Books

Assessing Fiscal Stress

By: Iva Petrova,Nazim Belhocine,MissGabriela Dobrescu,Mr.Emanuele Baldacci

Write a review Read reviews Take a Quiz Solve Book Puzzle

Assessing Fiscal Stress

By: Iva Petrova,Nazim Belhocine,MissGabriela Dobrescu,Mr.Emanuele Baldacci

This paper develops a new index which provides early warning signals of fiscal sustainability problems for advanced and emerging economies. Unlike previous studies, the index assesses the determinants of fiscal stress periods, covering public debt default as well as near-default events. The fiscal stress index depends on a parsimonious set of fiscal indicators, aggregated using the approach proposed by Kaminsky, Lizondo and Reinhart (1998). The index is used to assess the build up of fiscal stress over time since the mid-1990s in advanced and emering economies. Fiscal stress has increased recently to record-high levels in advanced countries, reflecting raising solvency risks and financing needs. In emerging economies, risks are lower than in mature economies owing to sounder fiscal fundamentals, but fiscal stress remains higher than before the crisis.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1455254312

ISBN 13

9781455254316

Fiscal Policy During Absorption Cycles

By: MissGabriela Dobrescu,Mr.Ferhan Salman

Write a review Read reviews Take a Quiz Solve Book Puzzle

Fiscal Policy During Absorption Cycles

By: MissGabriela Dobrescu,Mr.Ferhan Salman

Domestic absorption cycles are relevant in assessment and design of fiscal policies. Our cross-country analysis covers 59 advanced and emerging countries for the 1990-2009 period. We show that ignoring domestic absorption cycles leads to biased fiscal stance indicators, for both advanced and emerging economies, by up to 1.5 percent of GDP. The estimates of fiscal policy reaction functions indicate that absorption booms are associated with pro-cyclical fiscal policy. We tackle the endogeneity problem in reactions functions through stripping the cyclical component of the fiscal aggregates. We also find that simple filtering methods in the computation of absorption gaps perform as better as indirect methods of estimating trade balance gaps and stripping of output gaps.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1455218006

ISBN 13

9781455218004

When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances

By: Fabian Bornhorst,Ms.Annalisa Fedelino,Jan Gottschalk,MissGabriela Dobrescu

Write a review Read reviews Take a Quiz Solve Book Puzzle

When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances

By: Fabian Bornhorst,Ms.Annalisa Fedelino,Jan Gottschalk,MissGabriela Dobrescu

Technical Notes and Manuals are produced by IMF departments to expand the dissemination of their technical assistance advice. These papers present general advice and guidance, drawn in part from unpublished technical assistance reports, to a broader audience. This new series was launched in August 2009.

Average ratings

N/A