Quantitative Approaches To Fiscal Sustainability Analysis : A New World Bank Tool Applied To Turkey / Nina Budina Budina, Nina

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Author
Budina, Nina
Subjects
Fiscal policy - Turkey - Econometric models.; Turkey - Economic conditions - Econometric models.
Summary
"Fiscal sustainability analysis (FSA) is an important component of macroeconomic analysis. The authors review various quantitative approaches to FSA with a major objective to bring these approaches together and to present a user-friendly tool for FSA that reflects modern developments. They combine a dynamic simulations approach with a simplified version of the steady-state consistency approach. They also incorporate two different methods to deal with uncertainty: user-defined stress tests and stochastic simulations. The tool goes further by evaluating the required fiscal adjustment as a consequence of the stochastic realizations of the exogenous variables. Furthermore, the fiscal sustainability tool incorporates an endogenous debt feedback rule for the primary surplus, a fiscal policy reaction function. Besides outlining the theoretical framework, the authors also present a case study for Turkey."
Bookmark
http://trove.nla.gov.au/work/110761
Work ID
110761

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