Fiscal Rules Anchoring Expectations For Sustainable Public Finances PDF Download
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| Author | : International Monetary Fund. Fiscal Affairs Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 73 |
| Release | : 2009-12-11 |
| Genre | : Business & Economics |
| ISBN | : 1498335160 |
Download Fiscal Rules—Anchoring Expectations for Sustainable Public Finances Book in PDF, ePub and Kindle
The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
| Author | : Internationaler Währungsfonds |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
Download Fiscal Rules-Anchoring Expectations for Sustainable Public Finances Book in PDF, ePub and Kindle
The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
| Author | : Mr.Serhan Cevik |
| Publisher | : International Monetary Fund |
| Total Pages | : 22 |
| Release | : 2019-11-07 |
| Genre | : Business & Economics |
| ISBN | : 1513519123 |
Download Back to the Future: Fiscal Rules for Regaining Sustainability Book in PDF, ePub and Kindle
This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the period since 1976. While the government’s recent commitment to maintain a primary surplus of at least 2 percent of GDP until 2021 is supporting debt reduction, stochastic simulations indicate that further improvement in the primary balance is necessary to reliably bring the debt-to-GDP ratio to a sustainable path. Given Belize’s history of large economic shocks, this paper proposes explicit fiscal rules designed for countercyclical policy and debt sustainability. It recommends integrating such rules into a well-designed fiscal responsibility law and establishing an independent fiscal council to improve accountability and transparency.
| Author | : Roberto Perotti |
| Publisher | : Centre for Economic Policy Research |
| Total Pages | : 88 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : 9781898128359 |
Download Sustainability of Public Finances Book in PDF, ePub and Kindle
A central tenet of the Maastricht Treaty is that a successful European Monetary Union requires sustainable public finances of its member states, yet there is no clear definition of sustainability. This book develops a concept of sustainability focusing on the controllability of public finances. After reviewing the theoretical and empirical arguments for a disaggregate and institutions-oriented approach to correcting non-sustainable deficits, the authors propose a practical procedure to assess the sustainability of a country's public finances.
| Author | : Francesca Caselli |
| Publisher | : International Monetary Fund |
| Total Pages | : 37 |
| Release | : 2022-10-11 |
| Genre | : Business & Economics |
| ISBN | : |
Download The Return to Fiscal Rules Book in PDF, ePub and Kindle
Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging. Governments need to communicate fiscal plans to reduce debt sustainability risks and promote consistent macroeconomic policies. Many envisage a return to fiscal rules that had been suspended during the pandemic to strengthen credibility. This situation offers an opportunity to rethink fiscal rules and determine how governments can make fiscal policy more agile, including in responding to crises, without undermining fiscal sustainability. A risk-based medium-term fiscal framework that combines standards, rules, and strengthened institutions would strike a better balance between flexibility and credibility.
| Author | : Ms.Andrea Schaechter |
| Publisher | : International Monetary Fund |
| Total Pages | : 49 |
| Release | : 2012-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1475505353 |
Download Fiscal Rules in Response to the Crisis Book in PDF, ePub and Kindle
Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - covering national and supranational fiscal rules, in 81 countries from 1985 to end-March 2012 - and presents details about the rules’ key design elements, particularly in support of enforcement. This information is summarized in a set of fiscal rules indices. Three key findings emerge: (i) many new fiscal rules have been adopted and existing ones strengthened in response to the crisis; (ii) the number of fiscal rules and the comprehensiveness of the design features in emerging economies has caught up to those in advanced economies; and (iii) the "next-generation" fiscal rules are increasingly complex as they combine the objectives of sustainability and with the need for flexibility in response to shocks, thereby creating new challenges for implementation, communication, and monitoring.
| 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 | : Carlos Garcia |
| Publisher | : International Monetary Fund |
| Total Pages | : 44 |
| Release | : 2011-03-01 |
| Genre | : Business & Economics |
| ISBN | : 1455221007 |
Download Fiscal Rules in a Volatile World Book in PDF, ePub and Kindle
It is widely agreed that a fiscal rule should boost discipline and credibility, reduce macroeconomic volatility, and be easily understood. To support such goals, a government may run structural surpluses and accumulate a precautionary cushion of assets on behalf of agents who do not enjoy access to capital markets. As an additional criterion, that level of assets should be bounded. We provide an example of a structural surplus rule that satisfies all such criteria. In our general equilibrium simulations, we show that such a rule benefits credit-constrained consumers but may hurt others.
| Author | : Galina Kolev |
| Publisher | : Wilfried Martens Centre for European Studies |
| Total Pages | : 108 |
| Release | : 2013-05-10 |
| Genre | : Political Science |
| ISBN | : 2930632291 |
Download Smart Fiscal Consolidation Book in PDF, ePub and Kindle
PDF downloadable for free from http://martenscentre.eu/publications/smart-fiscal-consolidation-strategy-achieving-sustainable-public-finances-and-growth Due to high government debt levels and the dangers of self-defeating austerity, smart fiscal consolidation measures are needed that foster economic growth. A thorough review of the relevant literature provides many useful insights. To regain credibility, a clearly communicated broad reform program (including structural reforms) is required. Targeting mainly public expenditures, rather than revenues, raises the chances of expansionary effects. The timing of consolidation should focus on adjustment in structural terms to leave room for automatic stabilisers. The main part of the study evaluates the impact of individual consolidation and fiscal reform measures on consolidation success, on economic growth (in the long and short term), and on social fairness.
| Author | : Mrs.Nina Budina |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 2012-11-14 |
| Genre | : Business & Economics |
| ISBN | : 1475518021 |
Download Fiscal Rules at a Glance Book in PDF, ePub and Kindle
This paper provides country-specific information on fiscal rules in use in 81 countries from 1985 to end-September 2012. It serves as background material and update of the July 2012 Working Paper “Fiscal Rules in Response to the Crisis—Toward the ‘Next Generation’ Rules: A New Dataset” and is also available in an easy accessible electronic data visualization tool (http://www.imf.org/external/datamapper/FiscalRules/map/map.htm.).The dataset covers four types of rules: budget balance rules, debt rules, expenditure rules, and revenue rules, applying to the central or general government or the public sector. It also presents details on various characteristics of rules, such as their legal basis, coverage, escape clauses, as well as key supporting features such as independent monitoring bodies.
