TAILIEUCHUNG - IMF STAFF DISCUSSION NOTE - Accounting Devices and Fiscal Illusions

Alternative, far more complete, frameworks have been proposed (., 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@ 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 I. II. A Taxonomy of Accounting III. Hidden IV. V. Deferred VI. Foregone VII. Disappearing VIII. The Size of the IX. Countering Accounting X. Tables 1. Taxonomy of Deficit Devices .5 2. Composition of Recognized Liabilities of Five Central Governments 3. . Federal Government s Summary of Long-Term Fiscal Projections 4. A Suite of Balance Indicators Australia 5. A Comprehensive Balance Figures 1. European Union Relationship of Accounting Devices 1993-2003 and CDS Spreads January 2. Two Measures of the . Federal Government Deficit 1995-2010 .14 .

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