IMF Staff papers
- International Monetary Fund. Research Dept.
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IMF Staff papers is written by International Monetary Fund. Research Dept. and published by International Monetary Fund. It's available with International Standard Book Number or ISBN identification 1451930755 (ISBN 10) and 9781451930757 (ISBN 13).
Two recent criticisms of summary fiscal indicators are appraised: first, that they and the conventionally measured public sector balances from which they are derived are not sufficiently broadly defined; second, that they are meaningless because they do not reflect changes in the distribution of wealth between generations. The paper concludes that the defects of summary fiscal indicators have been exaggerated. It is not feasible to include all changes in public sector net worth in the deficit, and the existence of liquidity constraints and aversion to indebtedness imply that conventionally measured public sector deficits are not irrelevant.
