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Financial and Fiscal Programming Under Debt Rescheduling.
- Format:
- Book
- Government document
- Author/Creator:
- International Monetary Fund.
- Series:
- IMF Working Papers; Working Paper ; No. 1989/061
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (24 pages)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 1989.
- Language Note:
- English
- Summary:
- This paper reviews implications for financial and fiscal programming of different treatments of external debt rescheduling. Adjustment formulas are derived to ensure invariance of the macroeconomic outcome. An important consideration is the impact on the income position of the central bank. The results caution against the simple adjustment formulas sometimes applied. Even when defined on a “falling due basis,” the size of the public sector deficit can be affected by the rescheduling treatment adopted. Under a properly defined aggregation between public sector deficit and income position of the central bank, the rescheduling treatment affects only the composition of the broader deficit.
- Notes:
- Bibliographic Level Mode of Issuance: Monograph
- Description based on print version record.
- ISBN:
- 9781455289844
- 1455289841
- 9781462333868
- 1462333869
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