01809cas a2200265 a 4500 AALejournalIMF013763 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484374054 1018-5941 BD-DhAAL BD-DhAAL Dell'Erba, Salvatore. Pressure or Prudence? : Tales of Market Pressure and Fiscal Adjustment / Salvatore Dell'Erba, Todd Mattina, Agustin Roitman. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (40 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 We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980-2011 have been associated with market pressure. We find that only a third (34 percent) of the consolidations occurred under market pressure, suggesting that market pressure is important but not the main element associated with consolidation plans. Many adjustments under market pressure were also clustered around external shocks, and entailed larger median fiscal adjustments than other multiyear consolidations. In contrast, we find that virtually all multiyear consolidations aimed at reducing budget deficits occurred with initially weak macro-fiscal fundamentals. Mode of access: Internet Mattina, Todd. Roitman, Agustin. IMF Working Papers; Working Paper ; No. 2013/170 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/170/001.2013.issue-170-en.xml IMF e-Library