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Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 63 |
Release | : 2013-07-16 |
Genre | : Business & Economics |
ISBN | : 1498341497 |
Download The Functions and Impact of Fiscal Councils Book in PDF, ePub and Kindle
In recent years, a rapidly growing number of countries have established independent agencies aimed at promoting sound fiscal policies. Although these institutions vary greatly in terms of their remit, tasks, and institutional forms, they tend to share an explicit mandate enshrined in legislation, a “watchdog” role implying a direct contribution to the public debate on fiscal policy, and strict non-partisanship in their activities. Importantly, fiscal councils do not have the discretion to set policy instruments. Unlike independent central banks in the monetary policy area, they are only facilitators of sound fiscal public finances, not decision makers deliberately insulated from politics. Earlier IMF staff analysis of non-partisan fiscal agencies (IMF, 2005, expanded by Debrun, Hauner and Kumar, 2009) referred to the generic term of “fiscal council” to designate these institutions. A handful of similar bodies have been in place for a long time—mostly in advanced economies.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 2013-07-16 |
Genre | : Business & Economics |
ISBN | : 1498341470 |
Download Case Studies of Fiscal Councils - Functions and Impact Book in PDF, ePub and Kindle
This supplement presents case studies of seven fiscal councils and examines how each council performs its core functions and if and how it impacts on the fiscal policy debate. The seven fiscal councils are: Belgium (Conseil Supérieur des Finances—HCF), Canada (Parliamentary Budget Officer—PBO), Hungary (Költségvetési Tanács), Korea (National Assembly Budget Office—NABO), the Netherlands (Centraal Planbureau—CPB), Sweden (Finanspolitiska rådet), and the United States (Congressional Budget Office-CBO). The main paper presents the comparative lessons and the general findings of this study based on a systematic comparison of these fiscal councils’ experiences. This supplement discusses in detail each individual fiscal council’s experiences.
Author | : Internationaler Währungsfonds |
Publisher | : |
Total Pages | : 0 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download The Functions and Impact of Fiscal Councils Book in PDF, ePub and Kindle
In recent years, a rapidly growing number of countries have established independent agencies aimed at promoting sound fiscal policies. Although these institutions vary greatly in terms of their remit, tasks, and institutional forms, they tend to share an explicit mandate enshrined in legislation, a 'watchdog' role implying a direct contribution to the public debate on fiscal policy, and strict non-partisanship in their activities. Importantly, fiscal councils do not have the discretion to set policy instruments. Unlike independent central banks in the monetary policy area, they are only facilitators of sound fiscal public finances, not decision makers deliberately insulated from politics. Earlier IMF staff analysis of non-partisan fiscal agencies (IMF, 2005, expanded by Debrun, Hauner and Kumar, 2009) referred to the generic term of 'fiscal council' to designate these institutions. A handful of similar bodies have been in place for a long time-mostly in advanced economies.
Author | : Mr.Roel M. W. J. Beetsma |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2016-04-12 |
Genre | : Business & Economics |
ISBN | : 1475520069 |
Download Fiscal Councils Book in PDF, ePub and Kindle
The paper discusses the effectiveness of independent fiscal institutions—or fiscal councils—in taming the deficit bias that emerged in the 1970s. After a review of the main theoretical arguments and recent trends about fiscal councils, we develop a stylized model showing how a fiscal council can effectively mitigate the deficit bias even though it has no direct lever on the conduct of fiscal policy. We show that the capacity of the fiscal council to improve the public’s understanding of the quality of fiscal policy contributes to better align voters and policymakers’ incentives and to tame the deficit bias affecting well-intended governments. After mapping the model’s key features into a broad set of criteria likely to contribute to the effectiveness of a fiscal council, we use the 2014 vintage of the IMF dataset on independent fiscal institutions to assess whether existing institutions have been built to work.
Author | : Mr.Roel M. W. J. Beetsma |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2018-03-23 |
Genre | : Business & Economics |
ISBN | : 1484348281 |
Download Independent Fiscal Councils: Recent Trends and Performance Book in PDF, ePub and Kindle
Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.
Author | : Mr.Roel M. W. J. Beetsma |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2016-04-08 |
Genre | : Business & Economics |
ISBN | : 1484322908 |
Download Fiscal Councils Book in PDF, ePub and Kindle
The paper discusses the effectiveness of independent fiscal institutions—or fiscal councils—in taming the deficit bias that emerged in the 1970s. After a review of the main theoretical arguments and recent trends about fiscal councils, we develop a stylized model showing how a fiscal council can effectively mitigate the deficit bias even though it has no direct lever on the conduct of fiscal policy. We show that the capacity of the fiscal council to improve the public’s understanding of the quality of fiscal policy contributes to better align voters and policymakers’ incentives and to tame the deficit bias affecting well-intended governments. After mapping the model’s key features into a broad set of criteria likely to contribute to the effectiveness of a fiscal council, we use the 2014 vintage of the IMF dataset on independent fiscal institutions to assess whether existing institutions have been built to work.
Author | : Mr.Roel M. W. J. Beetsma |
Publisher | : International Monetary Fund |
Total Pages | : 48 |
Release | : 2017-09-01 |
Genre | : Business & Economics |
ISBN | : 1484318390 |
Download The Political Economy of Fiscal Transparency and Independent Fiscal Councils Book in PDF, ePub and Kindle
The global surge in independent fiscal councils (IFCs) raises three related questions: How can IFCs improve the conduct of fiscal policy? Are they simultaneously desirable for voters and elected policymakers? And are they resilient to changes in political conditions? We build a model in which voters cannot observe the true competence of elected policymakers. IFCs’ role is to mitigate this imperfection. Equilibrium public debt is excessive because policymakers are “partisan” and “opportunistic.” If voters only care about policymakers’ competence, both the incumbent and the voters would be better off with an IFC as the debt bias would shrink. However, when other considerations eclipse competence and give the incumbent a strong electoral advantage or disadvantage, setting up an IFC may be counterproductive as the debt bias would increase. If the incumbent holds a moderate electoral advantage or disadvantage, voters would prefer an IFC, but an incumbent with a large advantage may prefer not to have an IFC. The main policy implications are that (i) establishing an IFC can only lower the debt bias if voters care sufficiently about policymakers’ competence; (ii) not all political environments are conducive to the emergence of IFCs; and (iii) IFCs are consequently vulnerable to shifts in political conditions.
Author | : Vitor Gaspar |
Publisher | : International Monetary Fund |
Total Pages | : 548 |
Release | : 2017-04-07 |
Genre | : Business & Economics |
ISBN | : 1475547900 |
Download Fiscal Politics Book in PDF, ePub and Kindle
Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2014-07-30 |
Genre | : Business & Economics |
ISBN | : 1498342949 |
Download 2014 Triennial Surveillance Review - External Study - Structural Policies in Fund Surveillance Book in PDF, ePub and Kindle
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Author | : International Monetary |
Publisher | : International Monetary Fund |
Total Pages | : 110 |
Release | : 2021-11-11 |
Genre | : Business & Economics |
ISBN | : 1616350709 |
Download Chile: Fiscal Transparency Evaluation Book in PDF, ePub and Kindle
Strong fiscal institutions have contributed to Chile’s macroeconomic stability, and recent reform initiatives have focused on enhancing these institutions and fiscal transparency. This report assesses fiscal transparency practices in Chile in relation to the requirements of the IMF’s Fiscal Transparency Code and confirms that many elements of sound fiscal transparency practices are already in place. Chile’s practices meet the principles of the code at a good or advanced level for 21 out of the 36 principles. This is a good score, compared to the average for Latin American Countries and Emerging Market Economies. On a further nine principles, Chile meets the basic standard of practice. Chile’s fiscal transparency practices are very strong for fiscal forecasting and budgeting, followed by fiscal reporting, while fiscal risk analysis and management demonstrate more mixed results. Further improvements could be achieved relatively easily through the publication of some internal analyses or through a more timely or user-friendly publication of already available information.