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Articles by Raphael W Lam
Fiscal Rules Foster Stability As Spending Pressures Grow - Analysis
Countries have increasingly adopted fiscal rules and frameworks that aim to give clarity and predictability to government spending. But these rules have not been as effective in keeping deficits and debt within their intended limits. As we show in a new report, about 40 percent of advanced economies and nearly two-thirds of emerging markets exceed their own fiscal limits.
Las reglas fiscales fomentan la estabilidad a medida que aumenta la presión de gasto
Alrededor del 40% de las economías avanzadas y casi dos tercios de los mercados emergentes superan sus propios límites fiscales. Unas normas fiscales sólidas y eficaces son esenciales para hacer frente a los crecientes desafíos que enfrentan los países, desde la deuda récord y las crecientes presiones de gasto en defensa hasta el envejecimiento de la población y las necesidades sociales y de desarrollo. Con estos desafíos, las finanzas públicas se están agotando.
Global Public Debt is Probably Worse Than It Looks
Global public debt is very high. It is expected to exceed $100 trillion, or about 93 percent of global gross domestic product by the end of this year and will approach 100 percent of GDP by 2030. This is 10 percentage points of GDP above 2019, that is, before the pandemic.
Es probable que el nivel de deuda pública mundial sea peor de lo que parece
El nivel mundial de deuda pública es muy elevado. Se prevé que para el final de este año supere los USD 100 billones, el 93% del PIB mundial, y que se acerque al 100% del PIB para 2030. Esto supone 10 puntos porcentuales del PIB más que la cota observada en 2019, antes de la pandemia.
Countries Must Contain Global Warming While Keeping Debt in Check
As the window of opportunity to contain global warming is closing rapidly, many countries are pursuing policies to reduce emissions. Several rely heavily on spending measures, such as increasing public investment and subsidies for renewable energy. These decarbonization efforts are welcome. Yet, in some cases these policies entail large fiscal costs. Climate action presents policymakers with difficult tradeoffs.
Los países deben contener el calentamiento global y mantener la deuda bajo control
Conforme se aleja rápidamente la oportunidad para contener el calentamiento mundial, muchos países están adoptando políticas para reducir las emisiones. Varios de esos países recurren mucho a medidas de gasto, como el incremento de la inversión y los subsidios públicos para energías renovables. Estas iniciativas de descarbonización son encomiables, pero en ciertos casos las políticas implican grandes costos fiscales. La acción por el clima pone a las autoridades ante complejas disyuntivas.
Fiscal policy can help people rebound from cost of living crisis
Governments confront difficult trade-offs amid sharp increases in food and energy prices. Policymakers must protect low-income families from large real income losses and ensure their access to food and energy. But they must also reduce vulnerabilities from large public debts and, in response to high inflation, maintain a tight fiscal stance so that fiscal policy does not work at cross-purposes with monetary policy.
Fiscal Policy Can Help People Rebound From Cost of Living Crisis
العربية español français 日本語 中文 português Countries should prioritize protecting the vulnerable through targeted support while keeping a tight fiscal stance to help fight inflation Governments confront difficult trade-offs amid sharp increases in food and energy prices. Policymakers must protect low-income families from large real income losses and ensure their access to food and energy.
Government Support Is Vital As Countries Race To Vaccinate - Analysis
The COVID-19 pandemic is accelerating in many countries and uncertainty is unusually high. Decisive government actions are necessary to ensure swift and extensive vaccine rollouts, protect the most vulnerable households and otherwise viable firms, and foster a durable and inclusive recovery. Many countries have continued to support people and firms amid the resurgence of infections and renewed restrictions, while calibrating their responses to the evolving economic situation.
IMF Staff Completes 2017 Article IV Mission to China
IMF Staff Completes 2017 Article IV Mission to China June 14, 2017 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
IMF Staff Completes 2017 Article IV Mission to China
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
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