Market Reforms And Public Debt Dynamics In Emerging Market And Developing Economies
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Market Reforms and Public Debt Dynamics in Emerging Market and Developing Economies
Author | : Mr. Zamid Aligishiev |
Publisher | : International Monetary Fund |
Total Pages | : 45 |
Release | : 2023-09-12 |
Genre | : Business & Economics |
ISBN | : |
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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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