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In Search of Lost Revenue : Why Restoring Fiscal Soundness After a Crisis is Harder Than it Looks

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International Monetary Fund (IMF)

Abstract(English): This note argues that because fiscal deficit after a crisis owe much to a drop in tax revenues and a sluggish revenue growth, its adjustment has to rely more on revenue augmentation than commonly thought. Cutting extra spending in the wake of the crisis would not balance the book, while a natural growth of tax revenue after the recovery may take a long time before financing the pre-crisis level of expenditure. Faced with unpopular choices, the government may implicitly prefer seeing higher inflation.
Authors: Masato Miyazaki
Type: Book/Monograph
Language: ENGLISH
Subject: FISCAL DEFICIT
EXIT STRATEGY
TAX
EXPENDITURE
TAX REVENUES
SPENDING CUTS
FISCAL ADJUSTMENT
FISCAL GAP
NATIONAL BUDGET
DEFICIT
AND DEBT: GENERAL
Link to Fulltext/Resources: http://elibrary.imf.org/view/IMF001/11034-9781455201204/11034-9781455201204/Other_formats/Source_PDF/11034-9781455200412.pdf




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