Assessing Fiscal Sustainability in Theory and Practice

Nigel Chalk · Richard Hemming

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Fiscal Policies and Political Economy Economic and Fiscal Studies Global Financial Crisis and Policies

Abstract

The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability (including sustainability indicators), and sustainability and uncertainty. The paper then looks at the way in which fiscal sustainability has been assessed in different types of IMF work. Finally the link between fiscal and external sustainability is discussed.

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References

1998The Behavior of U. S. Public Debt and Deficits 1989The Ricardian Approach to Budget Deficits 1985On the Limitations of Government Borrowing: A Framework for Empirical Testing 1991IS THE BUDGET DEFICIT “TOO LARGE?”1991Testing Intertemporal Budget Constraints: Theory and Applications to U. S. Federal Budget and Current Account Deficits 1990Suggestions for a New Set of Fiscal Indicators 1980Market Fundamentals versus Price-Level Bubbles: The First Tests 1985A Guide to Public Sector Debt and Deficits

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