Fiscal Governance In Europe PDF Download
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Author | : Mark Hallerberg |
Publisher | : Cambridge University Press |
Total Pages | : 235 |
Release | : 2009-03-16 |
Genre | : Political Science |
ISBN | : 1139476270 |
Download Fiscal Governance in Europe Book in PDF, ePub and Kindle
This book presents a theoretical framework to discuss how governments coordinate budgeting decisions. There are two modes of fiscal governance conducive to greater fiscal discipline, a mode of delegation and a mode of contracts. These modes contrast with a fiefdom form of governance, in which the decision-making process is decentralized. An important insight is that the effectiveness of a given form of fiscal governance depends crucially upon the underlying political system. Delegation functions well when there are few, or no, ideological differences among government parties, whereas contracts are effective when there are many such differences. Empirically, delegation and contract states perform better than fiefdom states if they match the underlying political system. Additional chapters consider why countries have the fiscal institutions that they do, fiscal governance in Central and Eastern Europe, and the role of such institutions in the European Union.
Author | : Luc Eyraud |
Publisher | : International Monetary Fund |
Total Pages | : 50 |
Release | : 2015-03-24 |
Genre | : Business & Economics |
ISBN | : 1475517882 |
Download Playing by the Rules Book in PDF, ePub and Kindle
The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issues covered include: (i) the growing complexity of the European framework and ways to simplify it; (ii) the difficulties to measure and implement structural stance indicators; (iii) the challenge of reconciling fiscal sustainability and growth; (iv) the need to enhance coordination in the area of monitoring; and (v) the obstacles to compliance and proposals to strengthen enforcement.
Author | : Michal Andrle |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2015-05-21 |
Genre | : Business & Economics |
ISBN | : 1498338283 |
Download Reforming Fiscal Governance in the European Union Book in PDF, ePub and Kindle
Successive reforms have brought many positive elements to the European Union’s fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.
Author | : |
Publisher | : |
Total Pages | : 28 |
Release | : 2015 |
Genre | : Fiscal policy |
ISBN | : 9781513585864 |
Download Reforming Fiscal Governance in the European Union Book in PDF, ePub and Kindle
Successive reforms have brought many positive elements to the European Union's fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.
Author | : Mark Hallerberg |
Publisher | : Cornell University Press |
Total Pages | : 268 |
Release | : 2004 |
Genre | : Business & Economics |
ISBN | : 9780801442711 |
Download Domestic Budgets in a United Europe Book in PDF, ePub and Kindle
Under European Monetary Union, member states lose the ability to steer their economies by manipulating monetary policy. Domestic Budgets in a United Europe, which explains the content, evolution, and effectiveness of fiscal institutions, will be the definitive account of European budget reform in the late twentieth century.Mark Hallerberg examines the making of budgets in EU countries from 1973 to 2000 and explores why those countries introduced fiscal rules when they did. In 1993, when the fiscal-policy criteria for monetary union were first announced, only Luxembourg and the Republic of Ireland would have qualified. In 1997, only Greece failed. Various explanations have been advanced for this rapid turnaround, including luck (a favorable economic climate reduced pressures on local budgets), accounting tricks, and the increasing pressures caused by international capital mobility. Underlying these various explanations is a basic skepticism about whether countries in the European Union actively worked to reform their national budgeting procedures. In rich case studies, Hallerberg shows that the member-states did indeed reform their budget institutions. Many of them, he finds, had started that process long before the formal signing of the Maastricht Treaty of 1991, making domestic changes that allowed them to qualify individually under EMU criteria.
Author | : Anthony Annett |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2006-05 |
Genre | : Business & Economics |
ISBN | : |
Download Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework Book in PDF, ePub and Kindle
The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework.
Author | : Helmut K. Anheier |
Publisher | : |
Total Pages | : 312 |
Release | : 2013-08-29 |
Genre | : Business & Economics |
ISBN | : 0199674930 |
Download Governance Challenges and Innovations Book in PDF, ePub and Kindle
Governance Challenges and Innovations examines the state of governance with a special focus on financial and fiscal governance in the wake of the crises beginning in 2007. Other chapters assess existing governance-related indicators and propose a new framework for applying governance-related information.
Author | : Luc Eyraud |
Publisher | : International Monetary Fund |
Total Pages | : 132 |
Release | : 2018-04-13 |
Genre | : Business & Economics |
ISBN | : 1484350936 |
Download Second-Generation Fiscal Rules Book in PDF, ePub and Kindle
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Author | : Mr.Carlo Cottarelli |
Publisher | : International Monetary Fund |
Total Pages | : 270 |
Release | : 2014-12-05 |
Genre | : Business & Economics |
ISBN | : 1138783226 |
Download Designing a European Fiscal Union Book in PDF, ePub and Kindle
Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
Author | : Céline Allard |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2013-09-25 |
Genre | : Business & Economics |
ISBN | : 1484307372 |
Download Toward A Fiscal Union for the Euro Area Book in PDF, ePub and Kindle
This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged in Europe, and it will be important to put out staff views on this issue. In that context, publication as an SDN is appropriate, given the high profile nature and relevance of the topic—much like the Banking Union paper done a few months ago.