Financial Globalization and Fiscal Perfomance in Emerging Markets
AbstractIn 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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 05/212.
Date of creation: 01 Nov 2005
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-03-05 (All new papers)
- NEP-CFN-2006-03-06 (Corporate Finance)
- NEP-FMK-2006-03-28 (Financial Markets)
- NEP-MAC-2006-03-07 (Macroeconomics)
- NEP-PBE-2006-03-05 (Public Economics)
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