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Alternative, far more complete, frameworks have been proposed (e.g., Tobin and De Macedo (1980) and Branson and Henderson (1985)) which describe worlds in which mutual trading of assets between two countries take place. But while these were path-breaking studies, neither described the sequential processes which would bring about a state of equilibrium. Much more complex, yet parsimonious, models have been proposed by Godley (1999), Godley and Lavoie (2004) and Taylor (2004), which extended the earlier models by Tobin et al referred to above. There remains a place however for a very simple statement of this alternative view, and. | F S S S S O E March 28 2012 SDN 12 02 Accounting Devices and Fiscal Illusions Timothy C. Irwin I N T E R N AT I O N A L M O N E T A R Y F U N D INTERNATIONAL MONETARY FUND Fiscal Affairs Department Accounting Devices and Fiscal Illusions1 Prepared by Timothy C. Irwin Authorized for distribution by Carlo Cottarelli March 28 2012 DISCLAIMER This Staff Discussion Note represents the views of the author and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the author and not to the IMF its Executive Board or its management. Staff Discussion Notes are published to elicit comments and to further debate. JEL Classification Numbers H60 M41 Keywords Fiscal reporting fiscal rules fiscal consolidation Authors E-mail Addresses tirwin@imf.org 1This note an earlier version of which was prepared as background for Appendix 2 of the IMF s Fiscal Monitor of April 2011 has benefitted from comments and advice from many people including Ali Abbas Marco Cangiano Adrienne Cheasty Carlo Cottarelli Richard Hughes Andrea Lemgruber Iva Petrova Carla Sateriale and Anke Weber. 2 Contents Page Executive summary.3 I. Introduction.4 II. A Taxonomy of Accounting Devices.5 III. Hidden Borrowing.6 IV. Disinvestment.7 V. Deferred Spending.8 VI. Foregone Investment.10 VII. Disappearing Government.11 VIII. The Size of the Problem.12 IX. Countering Accounting Devices.14 X. Conclusion.19 Tables 1. Taxonomy of Deficit Devices .5 2. Composition of Recognized Liabilities of Five Central Governments 2010.10 3. U.S. Federal Government s Summary of Long-Term Fiscal Projections 2010.17 4. A Suite of Balance Indicators Australia 2009-10.18 5. A Comprehensive Balance Sheet.19 Figures 1. European Union Relationship of Accounting Devices 1993-2003 and CDS Spreads January 2011.13 2. Two Measures of the U.S. Federal Government Deficit 1995-2010 .14 .
