02020cas a2200289 a 4500 AALejournalIMF017464 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475581133 1018-5941 BD-DhAAL BD-DhAAL Gupta, Sanjeev. Governments and Promised Fiscal Consolidations : Do They Mean What They Say? / Sanjeev Gupta, Joao Tovar Jalles, Carlos Mulas-Granados, Michela Schena. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (37 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 analyses the causes and consequences of fiscal consolidation promise gaps, defined as the distance between planned fiscal adjustments and actual consolidations. Using 74 consolidation episodes derived from the narrative approach in 17 advanced economies during 1978 - 2015, the paper shows that promise gaps were sizeable (about 0.3 percent of GDP per year, or 1.1 percent of GDP during an average fiscal adjustment episode). Both economic and political factors explain the gaps: for example, greater electoral proximity, stronger political cohesion and higher accountability were all associated with smaller promise gaps. Finally, governments which delivered on their fiscal consolidation plans were rewarded by financial markets and not penalized by voters. Mode of access: Internet Canada imf Jalles, Joao Tovar. Mulas-Granados, Carlos. Schena, Michela. IMF Working Papers; Working Paper ; No. 2017/039 Full text available on IMF http://elibrary.imf.org/view/journals/001/2017/039/001.2017.issue-039-en.xml IMF e-Library