01786cas a2200277 a 4500 AALejournalIMF008538 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451875348 1018-5941 BD-DhAAL BD-DhAAL Clements, Benedict. What Sustains Fiscal Consolidations in Emerging Market Countries? / Benedict Clements, Sanjeev Gupta, Erwin Tiongson, Emanuele Baldacci. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (27 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 examines the factors affecting the persistence of fiscal consolidation in 25 emerging market countries during 1980-2001. It proposes a new approach for defining spells of fiscal consolidation. The results indicate that the probability of ending a fiscal adjustment is affected by the legacy of previous fiscal failures, the size of the deficit, the composition of spending, and level of total revenues. There is also some evidence that the initial debt stock, exchange rate developments, inflation, and the unemployment rate have an impact on the persistence of adjustments. Mode of access: Internet Baldacci, Emanuele. Gupta, Sanjeev. Tiongson, Erwin. IMF Working Papers; Working Paper ; No. 2003/224 Full text available on IMF http://elibrary.imf.org/view/journals/001/2003/224/001.2003.issue-224-en.xml IMF e-Library