The composition of fiscal consolidation matters : policy simulations for Hungary

Alejandro Guerson

This paper evaluates policy alternatives to achieve permanent fiscal consolidation in Hungary, based on a general equilibrium calibration. The main finding is that the composition of the consolidation, as determined by the mix of revenue and expenditure measures, has important implications for growth, employment, investment, and other key macroeconomic variables. A reduction in current expenditures yields the smallest GDP contraction in the short term and can increase output in the long term by stimulating labor participation and private investment. On the other end of the spectrum, a consolid

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Year of publication:	2013
Authors:	Guerson, Alejandro
Publisher:	Washington, DC : IMF
Subject:	Haushaltskonsolidierung \| Fiscal consolidation \| Wirkungsanalyse \| Impact assessment \| Ungarn \| Hungary

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Extent:	Online-Ressource (28 S.) graph. Darst.
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 13/207
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Description based upon print version of record Systemvoraussetzungen: Acrobat Reader Cover; Abstract; Contents; I. Introduction; II. Fiscal Policy Context; III. Model Overview; A. Key Model Features; B. Economy Sectors; Figures; 1. Simplified Presentation of GIMF Sectors 1/; IV. Calibration; Tables; 1. Calibration; 2. Trade Matrix; V. Policy Simulation: Fiscal Consolidation Instruments; 3. Policy Rules; Consolidation of Government Investment; 2: Permanent Fiscal Consolidation Using Alternative Fiscal Instruments; 3: Impact of 1 Percent of GDP Permanent Fiscal Consolidation on National Accounts 4: Impact of 1 Percent of GDP Permanent Fiscal Consolidation on Inflation, Exchange Rates and Interest RatesConsolidation of Government Consumption; Consolidation of Government Transfers-General and Targeted; Consolidation with Consumption Taxes; Consolidation with Corporate Income Taxes; Consolidation with Labor Taxes; VI. Conclusions; 4: Maximum Declines Relative to Baseline after 1 Percent of GDP Consolidation; Appendixes; 1. Dynamic Parameters Calibrations; Table A.1. Preferences and Population Related; Table A.2. Production, Distribution and Finance Table A.3. Corporate Sector CalibrationReferences
ISBN:	978-1-4843-0522-5
Other identifiers:	10.5089/9781484305225.001 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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