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Fiscal adjustment and deficit financing during the debt crisis

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Author Info
Easterly, William R.

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Abstract

To study the adjustment to the debt crisis, this paper compares the experience of seven"crisis"debtor countries with those of five"noncrisis"debtor countries. In response to a sharp reduction in external capital flows, the crisis countries rescheduled their debt during 1982-87. The noncrisis group avoided debt resheduling during that period and maintained access to external capital. The paper finds that highly indebted countries are probably better off raising conventional taxes and cutting current spending, rather than raising taxes on financial intermediation and cutting public investment. Shifting to sounder policies may require the breathing space only new external financing or debt relief would provide.

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Publisher Info
Paper provided by The World Bank in its series Policy Research Working Paper Series with number 138.

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Date of creation: 31 Jan 1989
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Handle: RePEc:wbk:wbrwps:138

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Related research
Keywords: Economic Stabilization; Public Sector Economics&Finance; Banks&Banking Reform; Strategic Debt Management; Environmental Economics&Policies;

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  1. Reinhart, Carmen, 2004. "Debt intolerance: Executive summary," MPRA Paper 13398, University Library of Munich, Germany. [Downloadable!]
  2. Garima Vasishtha, 2007. "Domestic versus External Borrowing and Fiscal Policy in Emerging Markets," Working Papers 07-33, Bank of Canada. [Downloadable!]
  3. Afonso S. Bevilaqua, 1995. "Dual resource transfers and interruptions in external debt service," Textos para discussão 346, Department of Economics PUC-Rio (Brazil). [Downloadable!]
  4. Montiel, Peter J., 1993. "Fiscal aspects of developing countrydebt problems and debt and debt-service reduction operations : a conceptual framework," Policy Research Working Paper Series 1073, The World Bank. [Downloadable!]
  5. Atiyas, Izak, 1989. "The private sector's response to financial liberalization in Turkey : 1980-82," Policy Research Working Paper Series 147, The World Bank. [Downloadable!]
  6. Reinhart, Carmen & Rogoff, Kenneth & Savastano, Miguel, 2003. "Debt intolerance," MPRA Paper 13932, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  7. Guillermo A. Calvo, 1995. "Variedades de crisis del mercado de capitales," RES Working Papers 4009, Inter-American Development Bank, Research Department. [Downloadable!]
  8. Giovannini, Alberto & de Melo, Martha, 1990. "Government revenue from financial repression," Policy Research Working Paper Series 533, The World Bank. [Downloadable!]
  9. Islam, Roumeen & Wetzel, Deborah L., 1991. "The macroeconomics of public sector deficits : the case of Ghana," Policy Research Working Paper Series 672, The World Bank. [Downloadable!]
  10. Fischer, Stanley, 1989. "The economics of the government budget constraint," Policy Research Working Paper Series 224, The World Bank. [Downloadable!]
  11. Michael Dooley & Mark R. Stone, 1992. "Endogenous Creditor Seniority and External Debt Values," NBER Working Papers 4172, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  12. Alberto Giovannini & Martha de Melo, 1991. "Government Revenue from Financial Repression," NBER Working Papers 3604, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Guillermo A. Calvo, 1995. "Varieties of Capital-Market Crises," RES Working Papers 4008, Inter-American Development Bank, Research Department. [Downloadable!]
  14. Chamley, Christophe & Honohan, Patrick, 1990. "Taxation of financial intermediation : measurement principles and application to five African countries," Policy Research Working Paper Series 421, The World Bank. [Downloadable!]
  15. Chhibber, Ajay & Dailami, Mansoor, 1990. "Fiscal policy and private investment in developing countries : recent evidence on key selected issues," Policy Research Working Paper Series 559, The World Bank. [Downloadable!]
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