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Financial Globalization and Fiscal Perfomance in Emerging Markets

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Author Info

  • David Hauner
  • Manmohan S. Kumar

Abstract

In recent years financial globalization and benign global market conditions have helped emerging markets in their external financing and budgetary positions. This paper examines three related issues: (i) the importance of the impact of the benign financial environment on fiscal performance; (ii) the likely fiscal impact of a reversal in this environment; and (iii) the potential contribution of fiscal reforms to maintaining favorable market access. The results suggest that the benefits from the benign environment have been substantial and that the potential reversal of the favorable external conditions underlines the need for further fiscal reforms.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/212.

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Length: 30
Date of creation: 01 Nov 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/212

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Related research

Keywords: Emerging markets; Fiscal reforms; Fiscal management; Interest rate differential; Financial stability; external debt; fiscal transparency; debt service; fiscal performance; fiscal impact; fiscal savings; fiscal institutions; public external debt; debt stock; market debt; public and publicly guaranteed; external financing; private creditors; currency debt; foreign currency debt; fiscal balance; long-term external debt; fiscal risks; public debt; fiscal deficits; fiscal deficit; official creditors; fiscal position; budgetary positions; domestic currency; domestic debt; external debt indicators; primary deficit; debt ratio; interest expenditure; global liquidity; external debt service; long-term debt; public finances; fiscal policy; structural fiscal reforms; sovereign bond; fiscal surpluses; fiscal perspective; external debt situations; debt statistics; debt ratios; debt service obligations; debt management; total external debt; fiscal burden; debt services; debt structure; fiscal accounting; fiscal affairs; government expenditures; private creditor; public foreign currency debt; fiscal activities; fiscal consolidation; quasi-fiscal activities; debt situations; external debt stock; structural fiscal; debt service capacity; fiscal affairs department; fiscal cost; external indebtedness; debt dynamics; fiscal modules;

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References

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  1. Kumar, Manmohan S & Persaud, Avinash, 2002. "Pure Contagion and Investors' Shifting Risk Appetite: Analytical Issues and Empirical Evidence," International Finance, Wiley Blackwell, vol. 5(3), pages 401-36, Winter.
  2. Hong G. Min, 1998. "Determinants of emerging market bond spread : do economic fundamentals matter?," Policy Research Working Paper Series 1899, The World Bank.
  3. James M. Poterba & Jürgen von Hagen, 1999. "Fiscal Institutions and Fiscal Performance," NBER Books, National Bureau of Economic Research, Inc, number pote99-1.
  4. David Hauner, 2005. "A Fiscal Price Tag for International Reserves," IMF Working Papers 05/81, International Monetary Fund.
  5. Edda Zoli, 2004. "Credit Rationing in Emerging Economies' Access to Global Capital Markets," IMF Working Papers 04/70, International Monetary Fund.
  6. Gianluigi Ferrucci, 2003. "Empirical determinants of emerging market economies' sovereign bond spreads," Bank of England working papers 205, Bank of England.
  7. International Monetary Fund, 2005. "Fiscal Transparency and Economic Outcomes," IMF Working Papers 05/225, International Monetary Fund.
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Citations

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Cited by:
  1. Byrne, Joseph P. & Fiess, Norbert & MacDonald, Ronald, 2011. "The global dimension to fiscal sustainability," Journal of Macroeconomics, Elsevier, vol. 33(2), pages 137-150, June.
  2. Ante Žigman & Boris Cota, 2011. "The impact of fiscal policy on government bond spreads in emerging markets," Financial Theory and Practice, Institute of Public Finance, vol. 35(4), pages 385-412.
  3. Leslie Teo & David Cowen & Hemant Shah & Ranil Salgado & Alessandro Zanello, 2006. "Financial Integration in Asia," IMF Working Papers 06/196, International Monetary Fund.
  4. Manmohan S. Kumar & Jirí Jonáš & David Hauner, 2007. "Policy Credibility and Sovereign Credit," IMF Working Papers 07/1, International Monetary Fund.
  5. Yilmaz Akyüz, 2007. "Debt Sustainability in Emerging Markets: A Critical Appraisal," Working Papers 61, United Nations, Department of Economics and Social Affairs.
  6. Küçük, Ugur N., 2009. "Emerging Market Local Currency Bond Market, Too Risky to Invest?," MPRA Paper 21878, University Library of Munich, Germany.
  7. David Hauner, 2006. "Fiscal Policy and Financial Development," IMF Working Papers 06/26, International Monetary Fund.

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