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Asset Booms and Structural Fiscal Positions; The Case of Ireland

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  • Daniel S Kanda

Abstract

Asset booms and sectoral changes can distort traditional estimates of structural fiscal revenue, and could lead to serious fiscal policy errors. This paper extends the estimation of structural revenues to take account of asset prices and sectoral changes, and applies this to the case of Ireland, where a property bust has revealed a large hole in the public finances. It is shown that excluding these factors led to a substantial bias in the estimation of structural revenues, and the structural balance prior to the crisis was much larger than earlier estimated.

Suggested Citation

  • Daniel S Kanda, 2010. "Asset Booms and Structural Fiscal Positions; The Case of Ireland," IMF Working Papers 10/57, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:10/57
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    Citations

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    Cited by:

    1. Kai Liu, 2014. "Public Finances, Business Cycles and Structural Fiscal Balances," Cambridge Working Papers in Economics 1411, Faculty of Economics, University of Cambridge.
    2. repec:erc:cypepr:v:11:y:2017:i:2:p:19-62 is not listed on IDEAS
    3. Agnello, Luca & Dufrénot, Gilles & Sousa, Ricardo M., 2013. "Using time-varying transition probabilities in Markov switching processes to adjust US fiscal policy for asset prices," Economic Modelling, Elsevier, vol. 34(C), pages 25-36.
    4. Liu, Kai & Poplawski-Ribeiro, Marcos, 2015. "Short- and Long-Run Fiscal Elasticities: International Evidence," MPRA Paper 65950, University Library of Munich, Germany.
    5. Paul Kilgarriff & Cathal O’Donoghue & Martin Charlton & Ronan Foley, 2016. "Intertemporal Income in Ireland 1996-2011 – A Spatial Analysis," International Journal of Microsimulation, International Microsimulation Association, vol. 9(2), pages 123-143.
    6. International Monetary Fund, 2010. "Bosnia and Herzegovina; Selected Issues," IMF Staff Country Reports 10/347, International Monetary Fund.

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