| Description |
1 online resource (29 pages) : color illustrations |
| Series |
IMF working paper ; WP/14/4 |
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IMF working paper ; WP/14/4.
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| Contents |
Cover; Contents; I. Introduction; Boxes; 1. China: Explaining ""Augmented"" Government Debt and Deficit; II. Background; A. Definition of Government; 2. Examples of LGFV; B. Other Estimates of Augmented Fiscal Debt; III. Augmented Fiscal Deficit and Net Borrowing; A. Augmented Net Borrowing; 3. Land Financing Model; Figures; 1. Real Estate Investment in Local Finances; B. Augmented Fiscal Deficit; C. Robustness Check: Above-the-Line Estimates; D. Interpretting the Estimates; IV. Augmented Fiscal Debt; A. Debt Sustainability; B. Interest Rate Growth Differential |
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2. China: Debt Sustainability, 2008-2018C. Gross Financing Needs; V. Other Considerations; A. Coverage of Augmented Data; B. Contingent Liabilities; C. Government Assets; VI. Conclusion; References |
| Summary |
"China weathered the global financial crisis better than most, thanks to a large and timely stimulus. This stimulus, however, was mainly in the form of off-budget infrastructure spending and thus not visible in the headline fiscal data. We construct a time series for the augmented fiscal deficit and debt--augmented to include off-budget activity--that better illustrates the counter-cyclical role of fiscal policy. The results also show that the augmented fiscal deficit and debt are both considerably higher than the headline government data suggest. Nonetheless, at around 45 percent of GDP, the augmented debt is still at a manageable level"--Abstract |
| Notes |
At head of title: Fiscal Affairs Department and Asia and Pacific Department |
|
"January 2014." |
| Bibliography |
Includes bibliographical references |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed Jan. 30, 2014) |
| Subject |
Local government -- China -- Finance
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Budget deficits -- China
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Debts, Public -- China
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Fiscal policy -- China
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Budget deficits
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Debts, Public
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Fiscal policy
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Local government -- Finance
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China
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| Form |
Electronic book
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| Author |
Barnett, Steven (Steven Alan), author.
|
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International Monetary Fund. Fiscal Affairs Department, issuing body.
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International Monetary Fund. Asia and Pacific Department, issuing body.
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| ISBN |
9781484349953 |
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1484349954 |
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