Market Reforms and Public Debt Dynamics in Emerging Market and Developing Economies

Released on by Mr. Zamid Aligishiev
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  • Market Reforms and Public Debt Dynamics in Emerging Market and Developing Economies Book Detail

  • Author : Mr. Zamid Aligishiev
  • Release Date : 2023-09-12
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 45
  • ISBN 13 :
  • File Size : 88,88 MB
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Market Reforms and Public Debt Dynamics in Emerging Market and Developing Economies by Mr. Zamid Aligishiev PDF Summary

Book Description: Many emerging market and developing economies face a difficult trade-off between economic support and fiscal sustainability. Market-oriented structural reforms ease this trade-off by promoting economic growth and strengthening public finances. The empirical analysis in this note, based on 62 EMDEs over 1973-2014, shows that reforms are associated with sizeable and long-lasting reductions in the debt-to-GDP ratio mainly through higher fiscal revenues and lower borrowing costs. These effects are larger in countries with greater tax efficiency, lower informality, and higher initial debt. Moreover, a model-based analysis elaborates on how such fiscal gains can be enhanced when revenue windfalls associated with reforms are saved or channeled through higher public investment.

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