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Contents
Composition of Spending Fiscal Policy Lessons from the Crisis Annex 6A Revenue Projections of Select African Lower-Income Countries Annex 6B Fiscal Stance of Select African Lower-Income Countries, Pre- and Postcrisis Notes References Afterword
231 242 244 246 248 250 255
Boxes 1.1 1.2 1.3 1.4 1.5 2.1 3.1 3.2 4.1 4.2 4.3 4.4 6.1
Social Spending in Argentina in Times of Crisis Social Spending and Tax Policy in the Republic of Korea Policy Responses in Peru and Indonesia Limited Fiscal Space and Stimulus Policies in the Philippines Fiscal Policies and the Help of Automatic Stabilizers in Thailand Fiscal Policy in the Republic of Korea Is Annual Public Investment Too Volatile? Are Ministries of Finance Well Informed about Public Infrastructure Investments? The Resource Curse Resource Discoveries in the National Accounts Chile’s Copper Stabilization Fund The National Investment System of Chile Accommodation versus Stimulus? Limited Impact of Additional Spending? Evidence from Fiscal Multipliers—and Evidence from Kenya
47 48 50 53 55 91 124 128 149 152 157 164
219
Figures O.1 O.2 O.3 O.4 O.5
World Output Growth, 1961–2012 Frequency Distribution of GDP Growth, Developed and Developing Countries, 2009 General Government Debt, Medians, 2002–11 General Government Debt, All Developing Countries, 2002–11 Fiscal Policy for Growth and Development, A Framework
3 3 4 7 8