A Cross-Country Database of Fiscal Space
By M. Ayhan Kose, S. Kurlat, F. Ohnsorge, Naotaka Sugawara, Carlos Arteta, Eduardo Boren-zstein, Kevin Clinton, R. Espinoza, Raju Huidrom, Anna Ivanova and 5 more. Journal of International Money and Finance, 2017
185 citations recorded by the source corpus.
This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal space grouped into four categories: debt sustainability, balance sheet vulnerability, external and private sector debt related risks as potential causes of contingent liabilities, and market access. The authors illustrate potential applications of the database by analyzing developments in fiscal space across three time frames: over the past quarter century; during financial crises; and during oil price plunges. The main results are as follows. First, fiscal space had improved in many countries before the global financial crisis. In advanced economies, following severe deteriorations during the crisis, many indicators of fiscal space have virtually returned to levels in the mid-2000s. In contrast, fiscal space has shrunk in many emerging market and developing economies since the crisis. Second, financial crises tend to coincide with deterioration in multiple indicators of fiscal space, but they are often followed by reduced reliance on short-term borrowing. Finally, fiscal space narrows in energy-exporting emerging market and developing economies during oil price plunges but later expands, often because of procyclical fiscal tightening and, in some episodes, a recovery in oil prices.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/823693068581afc3bfd203d58aff2a8312843ec9
How researchers see this paper
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In Economics and Econometrics
- F. Ohnsorge
- P. Nagle
- M. Ayhan Kose
- Patrick Augustin
- Marti G. Subrahmanyam
- Davide Tomio
- Naotaka Sugawara
- V. Sokolovski
Citations in the corpus
- Global Waves of Debt: Causes and Consequences (2021, background): “B. Debt in EMDEs A. Global debt D. Debt in advanced economies C. Debt in LICs Source: International Monetary Fund; World Bank.”
- In sickness and in debt: The COVID-19 impact on sovereign credit risk (2020, methodology): “These data are obtained from the World Bank, the IMF, the OECD, the U.S. Census, the U.S. Bureau of Economic Analysis, and the Pew Trust.”