Primary surpluses and sustainable debt levels in emerging market countries
By: Abdul Abiad and Jonathan D. Ostry.
Contributors: Ostry, Jonathan David, 1962-; International Monetary Fund. Research Dept.
Series: IMF policy discussion paper ;; PDP/05/6; IMF policy discussion paper (Online) ;; PDP/05/6.
Publisher: International Monetary Fund
Published: 2005
Place of publication: [Washington, D.C.]
Language: eng
Format: Electronic resource
Description: "This paper aims to put some constraints on the way primary surpluses are projected when making assessments of public debt sustainability. Projections should be tied either to the country's historical track record in generating surpluses--if the institutional and other factors accounting for this track record are expected to persist--or to some model that links primary surpluses to their fundamental determinants, either on the basis of constant institutions and policies or a credible reform program. History-based or model-based primary surplus projections provide a useful benchmark for judging the realism of fiscal forecasts underlying debt sustainability calculations. Together with information on future growth and interest rates, the primary surplus projections can be used to generate measures of overborrowing, and the magnitude of adjustment needed to return debt to a sustainable level."
Notes: Includes bibliographical references.
Title from PDF file (viewed on Nov. 2, 2005).
"September 2005."
"Research  Department."
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.