01954cas a2200277 a 4500 AALejournalIMF003189 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451857528 1018-5941 BD-DhAAL BD-DhAAL Clements, Benedict. Front-Loaded or Back-Loaded Fiscal Adjustments : What Works in Emerging Market Economies? / Benedict Clements, Sanjeev Gupta, Emanuele Baldacci, Carlos Mulas-Granados. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper investigates the political and economic determinants of successful fiscal adjustment in 25 emerging market economies from 1980 to 2001. The results show that large and back-loaded fiscal adjustments have the highest likelihood of success. Fiscal consolidations based on expenditure cuts increase the probability of approaching and achieving fiscal sustainability but are insufficient to maintain it unless accompanied by revenue reforms. Adjustment episodes launched in countries where governments enjoy a parliamentary majority and do not face imminent elections, are found to be more successful. Fiscal consolidations undertaken under IMF-supported programs also have a higher probability of success. Mode of access: Internet Baldacci, Emanuele. Gupta, Sanjeev. Mulas-Granados, Carlos. IMF Working Papers; Working Paper ; No. 2004/157 Full text available on IMF http://elibrary.imf.org/view/journals/001/2004/157/001.2004.issue-157-en.xml IMF e-Library