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International Monetary Fund. Research Dept.

over the past two decades. The questions and answers below illustrate how large fiscal consolidation attempts fared in the past and what can be learned from these cases to guide policymakers today . Question 1: How serious is the need for fiscal consolidation in the advanced economies today? The global financial crisis has caused government debt to soar in the advanced economies. Public concern is rising and debates rage on how to fix the problem. For the advanced economies, the average debt-to-GDP ratio is now approaching 100 percent—higher than at any time

International Monetary Fund. Research Dept.
The Q&A in this issue features seven questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers Today (by Fuad Hasanov and Paolo Mauro). The research summaries are "Booms and Busts" (by Roberto Piazza) and " Did Export Diversification Soften the Impact of the Global Financial Crisis?" (by Rafael Romeu). The issue also provides details on visiting scholars at the IMF (mainly from September through December 2011), as well as recently published IMF Working Papers and Staff Discussion Notes.
International Monetary Fund. Research Dept.

The Q&A in this issue features seven questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers Today (by Fuad Hasanov and Paolo Mauro). The research summaries are "Booms and Busts" (by Roberto Piazza) and " Did Export Diversification Soften the Impact of the Global Financial Crisis?" (by Rafael Romeu). The issue also provides details on visiting scholars at the IMF (mainly from September through December 2011), as well as recently published IMF Working Papers and Staff Discussion Notes.

International Monetary Fund. Research Dept.

The Q&A in this issue features seven questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers Today (by Fuad Hasanov and Paolo Mauro). The research summaries are "Booms and Busts" (by Roberto Piazza) and " Did Export Diversification Soften the Impact of the Global Financial Crisis?" (by Rafael Romeu). The issue also provides details on visiting scholars at the IMF (mainly from September through December 2011), as well as recently published IMF Working Papers and Staff Discussion Notes.

International Monetary Fund. Research Dept.

The Q&A in this issue features seven questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers Today (by Fuad Hasanov and Paolo Mauro). The research summaries are "Booms and Busts" (by Roberto Piazza) and " Did Export Diversification Soften the Impact of the Global Financial Crisis?" (by Rafael Romeu). The issue also provides details on visiting scholars at the IMF (mainly from September through December 2011), as well as recently published IMF Working Papers and Staff Discussion Notes.

International Monetary Fund. Research Dept.

The Q&A in this issue features seven questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers Today (by Fuad Hasanov and Paolo Mauro). The research summaries are "Booms and Busts" (by Roberto Piazza) and " Did Export Diversification Soften the Impact of the Global Financial Crisis?" (by Rafael Romeu). The issue also provides details on visiting scholars at the IMF (mainly from September through December 2011), as well as recently published IMF Working Papers and Staff Discussion Notes.

International Monetary Fund. Research Dept.

The Q&A in this issue features seven questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers Today (by Fuad Hasanov and Paolo Mauro). The research summaries are "Booms and Busts" (by Roberto Piazza) and " Did Export Diversification Soften the Impact of the Global Financial Crisis?" (by Rafael Romeu). The issue also provides details on visiting scholars at the IMF (mainly from September through December 2011), as well as recently published IMF Working Papers and Staff Discussion Notes.

Mr. Alexander Plekhanov, Mr. Manmohan S. Kumar, and Mr. Daniel Leigh

. Macroeconomic Developments Following Fiscal Adjustments A. Prior Work B. GIMF Simulations C. Evidence from Case Studies VI. Conclusion References Tables 1. Fiscal Consolidation Episodes for Case Studies 2. Recent Fiscal Consolidation Attempts in Selected Countries: Background 3. Recent Fiscal Consolidation Attempts in Selected Countries: Adjustment Basis 4. Recent Fiscal Consolidation Attempts in Selected Countries: Subnational Adjustments 5. Recent Fiscal Consolidation Attempts in Selected Countries: Structural Reforms 6. Recent Fiscal

International Monetary Fund. Research Dept.

Front Matter Page Volume 12, Number 4 December 2011 www.imf.org/researchbulletin In This Issue Booms and Busts Did Export Diversification Soften the Impact of the Global Financial Crisis? Q&A: Seven Questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers IMF Working Papers Visiting Scholars Staff Discussion Notes Online Subscriptions The IMF Research Bulletin is available exclusively online. To receive a free email notification when quarterly issues are posted, please

Vicente Galbis

some cases, as a result of many diverse and complex causes. Among them are unabating inflationary expectations, exchange rate risk perceptions that accompany stabilization efforts that are not fully credible, attempts to stabilize an economy with stringent monetary policies but with inadequate fiscal consolidation, attempts by oligopolistic financial institutions to capture a larger market share of deposits, the financing by banks of distressed borrowers in an attempt to avoid provisioning and write-offs for loan losses, and the moral hazard resulting from explicit