The new Fiscal Monitor is available here. Required reading in order to understand the scale of the fiscal adjustment required in Ireland and other advanced economies.
IMF Fiscal Monitor
- Post author By Philip Lane
- Post date April 13, 2011
- Categories In Fiscal Policy
- Tags IMF Fiscal Monitor
- 2 Comments on IMF Fiscal Monitor
2 replies on “IMF Fiscal Monitor”
Does the IMF monitor the build up of personal debt in the advanced economies and the process by which it becomes public debt ?
@all
From the Press Conference
‘In this chart I would like you to focus on this quadrant. You have here highlighted the countries that have both the debt-to-GDP ratio above average, and the deficit-to-GDP ratio above average. You don’t find this here because the deficit in 2010 in Ireland was so high, it is outside this scale because of the recapitalization of the banking system, the cost recapitalization.
But, you see many other countries that are currently under pressure, like Greece, for example, Portugal, you also see the big countries, big advanced countries, like the United States, and Japan. Were running in 2010 both a deficit and debt ratio well above the average.’
Off the scale!!!
http://www.imf.org/external/np/tr/2011/tr041211.htm