Publication:
Global Fiscal Adjustment and Trade Rebalancing : Global Fiscal Adjustment and Trade Rebalancing

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dc.contributor.authorMcKibbin, Warwick J.
dc.contributor.authorStoeckel, Andrew B.
dc.contributor.authorLu, YingYing
dc.date.accessioned2012-04-27T07:44:33Z
dc.date.available2012-04-27T07:44:33Z
dc.date.issued2012-04
dc.description.abstractThe emergence of substantial fiscal deficits and a large build up of government debt in major advanced economies will inevitably lead to a period of fiscal consolidation in coming years. In an earlier paper, McKibbin and Stoeckel (2010) explored the effects of this fiscal adjustment in advanced economies on the global economic outlook. This paper focuses on the differences between the impacts of fiscal policy in advanced versus emerging economies. In particular, the need for more fiscal spending on infrastructure in emerging economies and the need for fiscal consolidation in advanced economies leads naturally to the question of what this asymmetric fiscal adjustment might do to global trade balances as well as global economic growth over the coming decades. The adjustment needed in both regions is substantial and the asymmetry of the adjustment implies important consequences for trade and capital flows between regions as well as asset price adjustments within and between regions.en
dc.identifierhttp://documents.worldbank.org/curated/en/2012/04/16235041/global-fiscal-adjustment-trade-rebalancing-global-fiscal-adjustment-trade-rebalancing
dc.identifier.doi10.1596/1813-9450-6044
dc.identifier.urihttps://hdl.handle.net/10986/6047
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper ; No. 6044
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectADJUSTMENT COSTS
dc.subjectADVANCED COUNTRIES
dc.subjectADVANCED COUNTRY
dc.subjectADVANCED ECONOMIES
dc.subjectADVANCED ECONOMY
dc.subjectAFFILIATED ORGANIZATIONS
dc.subjectAGGREGATE CONSUMPTION
dc.subjectAGGREGATE DEMAND
dc.subjectAGGREGATE INVESTMENT
dc.subjectAGRICULTURE
dc.subjectASSET PRICE
dc.subjectASSET VALUATION
dc.subjectBANK BALANCE SHEETS
dc.subjectBANK POLICY
dc.subjectBENCHMARK
dc.subjectBOND YIELDS
dc.subjectBORROWER
dc.subjectBUDGET SURPLUS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOW
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL OUTFLOW
dc.subjectCAPITAL OUTFLOWS
dc.subjectCAPITAL RETURN
dc.subjectCAPITAL RETURNS
dc.subjectCAPITAL STOCK
dc.subjectCAPITAL STOCKS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCONSOLIDATION
dc.subjectCONSOLIDATIONS
dc.subjectCONSUMERS
dc.subjectCREDIBILITY
dc.subjectCREDIT GROWTH
dc.subjectCURRENCY
dc.subjectCURRENCY REGIME
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectDEBT
dc.subjectDEBT BURDEN
dc.subjectDEBT LEVELS
dc.subjectDEBT RATIOS
dc.subjectDEBT SERVICE
dc.subjectDEBTS
dc.subjectDECLINE IN INVESTMENT
dc.subjectDEPRECIATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICY
dc.subjectDIMINISHING RETURNS
dc.subjectDISPOSABLE INCOME
dc.subjectDURABLES
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC CONTRACTION
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OUTCOMES
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC RESEARCH
dc.subjectELASTICITY
dc.subjectEMERGING ECONOMIES
dc.subjectEQUILIBRIUM
dc.subjectEURO ZONE
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE APPRECIATION
dc.subjectEXCHANGE RATE POLICY
dc.subjectEXCHANGE RATES
dc.subjectEXPANSIONARY MONETARY POLICY
dc.subjectEXPECTED RETURNS
dc.subjectEXPENDITURE
dc.subjectEXPENDITURE INCREASE
dc.subjectEXPORTERS
dc.subjectEXPORTS
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CAPITAL
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL FLOW
dc.subjectFISCAL BALANCE
dc.subjectFISCAL BALANCES
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL POLICY
dc.subjectFISCAL POSITION
dc.subjectFOREIGN EXCHANGE
dc.subjectFREE BOND
dc.subjectGDP
dc.subjectGENERAL EQUILIBRIUM
dc.subjectGENERAL EQUILIBRIUM MODEL
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL TRADE
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT DEFICIT
dc.subjectGOVERNMENT DEFICITS
dc.subjectGOVERNMENT EXPENDITURE
dc.subjectGOVERNMENT INVESTMENT
dc.subjectGOVERNMENT SPENDING
dc.subjectGROSS DEBT
dc.subjectHOLDING
dc.subjectHUMAN CAPITAL
dc.subjectIMBALANCE
dc.subjectIMBALANCES
dc.subjectIMPORTS
dc.subjectINCOME LEVELS
dc.subjectINFLATION
dc.subjectINFLOW OF CAPITAL
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINITIAL DEBT
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE CHANGES
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL MACROECONOMICS
dc.subjectLENDER
dc.subjectLEVEL OF DEBT
dc.subjectLONG BOND
dc.subjectLOOSE MONETARY POLICY
dc.subjectMACROECONOMIC ANALYSIS
dc.subjectMACROECONOMIC EFFECTS
dc.subjectMACROECONOMICS
dc.subjectMARGINAL PRODUCT
dc.subjectMARKET FAILURE
dc.subjectMARKET FORCES
dc.subjectMARKET VALUATION
dc.subjectMONETARY ECONOMICS
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectMONETARY POLICY INDEPENDENCE
dc.subjectMULTIPLIERS
dc.subjectNATIONAL CURRENCY
dc.subjectNET CAPITAL
dc.subjectNET EXPORTS
dc.subjectNOMINAL EXCHANGE RATE
dc.subjectNOMINAL INTEREST RATE
dc.subjectNOMINAL INTEREST RATES
dc.subjectNOMINAL WAGE
dc.subjectOPTIMIZATION
dc.subjectOTHER CURRENCIES
dc.subjectOUTPUT
dc.subjectOUTPUT LOSSES
dc.subjectPEG
dc.subjectPOLITICAL ECONOMY
dc.subjectPOPULATION GROWTH
dc.subjectPOSITIVE SPILLOVER
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE RETURNS
dc.subjectPRODUCTIVITY
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPUBLIC BORROWING
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEFICITS
dc.subjectPUBLIC EXPENDITURE
dc.subjectRATE OF RETURN
dc.subjectRATES OF RETURN
dc.subjectREAL EXCHANGE RATES
dc.subjectREAL GDP
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATES
dc.subjectRECESSION
dc.subjectRETURN
dc.subjectRISK PREMIUMS
dc.subjectSAVINGS
dc.subjectSHORT INTEREST
dc.subjectSOVEREIGN BOND
dc.subjectSOVEREIGN RISK
dc.subjectSTEADY STATE
dc.subjectSTOCK CHANGE
dc.subjectSTOCK DATA
dc.subjectTAX
dc.subjectTAX LIABILITIES
dc.subjectTELECOMMUNICATIONS
dc.subjectTRADE BALANCE
dc.subjectTRADE BALANCES
dc.subjectTRADE BARRIER
dc.subjectTRADE DEFICIT
dc.subjectTRADE PATTERNS
dc.subjectTRADE PROTECTION
dc.subjectTRADE SURPLUSES
dc.subjectTRUSTEES
dc.subjectUNEMPLOYMENT
dc.subjectVALUE ADDED
dc.subjectWEALTH
dc.subjectWORLD ECONOMY
dc.titleGlobal Fiscal Adjustment and Trade Rebalancing : Global Fiscal Adjustment and Trade Rebalancingen
dspace.entity.typePublication
okr.crossref.titleGlobal Fiscal Adjustment and Trade Rebalancing
okr.date.disclosure2012-04-01
okr.date.doiregistration2025-04-10T11:21:41.014969Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2012/04/16235041/global-fiscal-adjustment-trade-rebalancing-global-fiscal-adjustment-trade-rebalancing
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid330751468158381450
okr.identifier.doi10.1596/1813-9450-6044
okr.identifier.externaldocumentum000158349_20120420141926
okr.identifier.internaldocumentum16235041
okr.identifier.reportWPS6044
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/04/20/000158349_20120420141926/Rendered/PDF/WPS6044.pdfen
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicEconomic Theory and Research
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicPrivate Sector Development::Emerging Markets
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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