Research and analysis underpinning the IMF's position on the
evolving role of fiscal policy in both advanced and emerging
economics. Fiscal policy makers have faced an extraordinarily
challenging environment over the last few years. At the outset of
the global financial crisis, the International Monetary Fund (IMF)
for the first time advocated a fiscal expansion across all
countries able to afford it, a seeming departure from the long-held
consensus among economists that monetary policy rather than fiscal
policy was the appropriate response to fluctuations in economic
activity. Since then, the IMF has emphasized that the speed of
fiscal adjustment should be determined by the specific
circumstances in each country. Its recommendation that deficit
reduction proceed steadily, but gradually, positions the IMF
between the fiscal doves (who argue for postponing fiscal
adjustment altogether) and the fiscal hawks (who argue for a
front-loaded adjustment). This volume brings together the analysis
underpinning the IMF's position on the evolving role of fiscal
policy. After establishing its analytical foundation, with chapters
on such topics as fiscal risk and debt dynamics, the book analyzes
the buildup of fiscal vulnerabilities before the crisis, presents
the policy response during the crisis, discusses the fiscal outlook
and policy challenges ahead, and offers lessons learned from the
crisis and its aftermath. Topics discussed include a historical
view of debt accumulation; the timing, size, and composition of
fiscal stimulus packages in advanced and emerging economies; the
heated debate surrounding the size of fiscal multipliers and the
effectiveness of fiscal policy as a countercyclical tool;
coordination of fiscal and monetary policies; the sovereign debt
crisis in Europe; and institutional reform aimed at fostering
fiscal discipline. Contributors Ali Abbas, Nate Arnold, Aqib Aslam,
Thomas Baunsgaard, Nazim Belhocine, Dora Benedek, Carlo Cottarelli,
Petra Dacheva, Mark De Broeck, Xavier Debrun, Asmaa ElGanainy,
Julio Escolano, Lorenzo Forni, Philip Gerson, Borja Gracia,,
Martine Guerguil, Alejandro Guerson, Laura Jaramillo, Jiri Jonas,
Mika Kortelainen, Manmohan Kumar, Suchitra, Kumarapathy, Douglas
Laxton, Pablo Lopez-Murphy, Thornton Matheson, Jimmy McHugh, Uffe
Mikkelsen, Kyung-Seol Min, Aiko Mineshima, Marialuz Moreno, John
Norregaard, Ceyla Pazarbasioglu, Iva Petrova, Tigran Poghosyan,
Marcos Poplawski-Ribeiro, Anna Shabunina, Andrea Schaechter, Jack
Selody, Abdelhak Senhadji, Baoping Shang, Mauricio Soto, Bruno
Versailles, Anke Weber, Jaejoon Woo, Li Zeng
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