Assessing Fiscal Sustainability in Theory and Practice

Nigel Chalk and Richard Hemming

No 2000/081, IMF Working Papers from International Monetary Fund

Abstract: The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability (including sustainability indicators), and sustainability and uncertainty. The paper then looks at the way in which fiscal sustainability has been assessed in different types of IMF work. Finally the link between fiscal and external sustainability is discussed.

Keywords: WP; debt ratio; present value; Government deficits and debt; present value budget constraint; sustainability indicators; debt target; sustainability calculation; net debt picture; tax ratio; pension debt; debt stock; Fiscal sustainability; Fiscal stance (search for similar items in EconPapers)
Pages: 27
Date: 2000-04-01
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Citations: View citations in EconPapers (162)

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