With a modest recovery in the global economy underway, and amid rising concerns about the sharp increase in government debt in several countries, debate has increasingly focused on the need to identify and implement fiscal exit strategies. This paper reviews the medium-term plans of 25 countries - the G20 plus six others with large adjustment needs - and finds that most of them have made reasonable progress in defining these strategies. Nevertheless, strategies fall short in some areas, including committing to long-term debt targets, spelling out adjustment measures in detail, and tackling rising health care costs.
The most viable exit strategies for owners of mid-sized companies For many business owners, cashing out of a business is a lifelong dream. For some, exiting a business can be a nightmare. Business Exit Planning: Options, Value Enhancement, and Transaction Management for Business Owners provides a comprehensive view of what every business owner needs to know to plan and execute a business exit. The book Includes 30 relevant mini-case studies on business exit planning and transaction management, as well as a glossary of frequently used technical terms Details options for those owners who no longer want to be active in the business, as well as for those who want to remain invested Covers a wide range of topics related to business exit planning and transaction management, including IPO, MBO, refinancing, ESOPs, building an exit team, business plan and valuation, due diligence, and estate planning Regardless of whether a business owner seeks an immediate exit or a staged exit over time, Business Exit Planning provides a comprehensive strategy and road map to define exit-related objectives.
This book shows the owners of private businesses how to plan for the most important event in their business lives - a successful exit from their businesses. It is unique because it is written from the owner's point of view, bringing together in one place all you need to know about planning for this key event.
Written by John Leonetti—attorney, wealth manager, merger and acquisition associate, and fellow exiting business owner in his own right—Exiting Your Business, Protecting Your Wealth will guide you in thoughtfully planning out your exit options as well as helping you analyze your financial and mental readiness for your business exit. Easy to follow and essential for every business owner, this guide reveals how to establish an exit strategy plan that is in harmony with your goals.
Overall, fiscal risks remain elevated, according to this issue, although there are signs that in some key respects they are less acute than six months ago. Past efforts with fiscal consolidation are beginning to bear fruit, particularly when buttressed by credible institutional commitments. Nevertheless, debt ratios in many advanced economies are at historical levels and rising, borrowing requirements remain very large, financial markets continue to be in a state of alert, and downside risks to the global economy predominate. In this uncertain environment, the challenge for fiscal policy is to find the right balance between exploiting short-term space to support the fragile recovery and rebuilding longer-term space by advancing fiscal consolidation. Against that background, this issue examines in more detail the concept of fiscal space, or the scope that policymakers have to calibrate the pace of fiscal adjustment without undermining fiscal sustainability. A number of conclusions emerge in regard to countries ongoing vulnerability to unexpected shocks, the potential for substantial negative impacts of fiscal adjustment on activity, possible overstatements of short-term pressures on the public finances in some countries as general government gross debt ratios have risen, the implications of countries having flexibility in the short term but not the longer term, and the monitoring and enforcement challenges raised by second-generation fiscal rules.
The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.
In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.
This paper focuses on post-crisis fiscal priorities in the ASEAN-5 economies - Indonesia, Malaysia, Philippines, Singapore and Thailand. Sound economic fundamentals and timely and forceful policy responses to the crisis, including fiscal stimulus, contributed to rapid economic recovery in the ASEAN-5. As growth rebounds, these economies are beginning to identify, communicate and implement their strategies for unwinding the fiscal stimulus while addressing long-term growth challenges. In this context, the paper highlights the need for fiscal policies to address infrastructure gaps, stimulate private consumption and expand social safety nets. Creating fiscal space to address these challenges will require raising revenues and reorienting public spending rather than increasing borrowing. Supporting structural reforms, aiming to stimulate private infrastructure investment, could help address long-term growth challenges, while easing the burden on fiscal policy.
This paper identifies broad principles for exiting from extraordinary and unprecedented crisis-related intervention policies implemented by countries across the globe following the onset of the crisis in the summer of 2007. It responds to the requests of the IMFC and the Board to make Fund advice and views on exiting from crisis-related intervention measures more concrete. Drawing on previous and ongoing work by staff, it mostly focuses on medium and large advanced and emerging market economies, in which interventions have been more substantial.
For private business owners, managing a successful exit from their business is one of the most important events in their business lives. This book shows you how to do so with the minimum of fuss and maximum return. It is unique because the author writes from the owner's point of view, bringing together in one place all you need to know about planning this complex process. Exit Strategy Planning emphasises the need to place exit planning on a firm foundation, with taxation planning and business continuity planning providing the basis to ensure a smooth transition that will yield the maximum return. The first three parts of the book ('Laying the Foundations', 'Choosing your Exit Strategy' and 'Preparing and Implementing your Plans') present a best practice approach to this complex subject. Here the book highlights the importance of planning, often several years in advance, and explains the need to make the business 'investor ready' by identifying and removing impediments to sale. Part 3 culminates in a step-by-step guide to producing and implementing your Master Exit Strategy Plan. Following on from this the extensive appendices in Part 4 discuss in detail each of the exit options open to you (many of which you have probably never considered) and show how to choose the optimum exit route. Exit Strategy Planning is a book that will do more than save you time and money now and in the future; it will help you to maximise on what may well be a lifetime's investment.
