Publication:
A Cross-Country Database of Fiscal Space

dc.contributor.author Kose, M. Ayhan
dc.contributor.author Kurlat, Sergio
dc.contributor.author Ohnsorge, Franziska
dc.contributor.author Sugawara, Naotaka
dc.date.accessioned 2017-08-24T20:45:18Z
dc.date.available 2017-08-24T20:45:18Z
dc.date.issued 2017-08
dc.description.abstract 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. en
dc.identifier http://documents.worldbank.org/curated/en/601211501678994591/A-cross-country-database-of-fiscal-space
dc.identifier.uri http://hdl.handle.net/10986/27964
dc.language English
dc.language.iso en_US
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Policy Research Working Paper;No. 8157
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo
dc.subject FISCAL POLICY
dc.subject FISCAL DEFICIT
dc.subject SOVEREIGN DEBT
dc.subject FINANCIAL CRISES
dc.subject OIL PRICES
dc.subject DEBT SUSTAINABILITY
dc.subject DEBT
dc.subject RISK
dc.title A Cross-Country Database of Fiscal Space en
dc.type Working Paper en
dc.type Document de travail fr
dc.type Documento de trabajo es
dspace.entity.type Publication
okr.crossref.title A Cross-Country Database of Fiscal Space
okr.date.disclosure 2017-08-02
okr.doctype Publications & Research
okr.doctype Publications & Research :: Policy Research Working Paper
okr.docurl http://documents.worldbank.org/curated/en/601211501678994591/A-cross-country-database-of-fiscal-space
okr.identifier.doi 10.1596/1813-9450-8157
okr.identifier.externaldocumentum 090224b085232554_3_0
okr.identifier.internaldocumentum 27873309
okr.identifier.report WPS8157
okr.imported true
okr.language.supported en
okr.pdfurl http://documents.worldbank.org/curated/en/601211501678994591/pdf/WPS8157.pdf en
okr.statistics.combined 14803
okr.statistics.dr 601211501678994591
okr.statistics.drstats 14269
okr.topic Finance and Financial Sector Development :: Debt Markets
okr.topic Finance and Financial Sector Development :: Public & Municipal Finance
okr.topic International Economics and Trade :: External Debt
okr.topic Macroeconomics and Economic Growth :: Economic Adjustment and Lending
okr.topic Macroeconomics and Economic Growth :: Fiscal Adjustment
okr.unit Development Prospects Group, Development Economics
relation.isAuthorOfPublication ac9fefe8-9d4d-555d-bb68-f056fd7a3790
relation.isAuthorOfPublication 5807995a-9e0a-5d56-b622-d4d19e723613
relation.isAuthorOfPublication 15ad6511-d287-58b3-a826-22cbb2bd8097
relation.isSeriesOfPublication 26e071dc-b0bf-409c-b982-df2970295c87
Files
Original bundle
Now showing 1 - 2 of 2
Thumbnail Image
Name:
English PDF
Size:
945.92 KB
Format:
Adobe Portable Document Format
Description:
No Thumbnail Available
Name:
English Text
Size:
212.44 KB
Format:
Plain Text
Description:
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description: