Working Paper

A Cross-Country Database of Fiscal Space

Show simple item record

collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
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.date.lastModified
2020-12-07T08:41:47Z
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
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.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-8157
okr.identifier.externaldocumentum
090224b084e5fb37_2_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.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

Show simple item record



This item appears in the following Collection(s)