The Return To Fiscal Rules PDF Download
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| 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 | : Mr. Hamid R Davoodi |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2022-01-27 |
| Genre | : Business & Economics |
| ISBN | : |
Download Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic Book in PDF, ePub and Kindle
Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy room to respond to the health crisis. But the unprecedented fiscal actions have led to large and widespread deviations from deficit and debt limits. The evidence shows that fiscal rules, in general, have been flexible during crises but have not prevented a large and persistent buildup of debt over time. Experience shows that deviations from debt limits are very difficult to reverse. The paper also presents evidence on the benefits of a good track record in abiding by the rules. All these highlight the difficult policy choices ahead and need to further improve rules-based fiscal frameworks.
| 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 | : 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 | : 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.Evan Tanner |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2003-11-01 |
| Genre | : Business & Economics |
| ISBN | : 1451875223 |
Download Fiscal Rules and Countercyclical Policy Book in PDF, ePub and Kindle
Fiscal rules—legal restrictions on government borrowing, spending, or debt accumulation (like the Gramm-Rudman-Hollings Act in the United States)—have recently been adopted or considered in several countries, both industrial and developing. Previous literature stresses that such laws restrict countercyclical government borrowing, thus preventing intertemporal equalization of marginal deadweight losses of taxation—an idea associated with Frank Ramsey. However, such literature typically abstracts from persistent current deficits that are financed by future tax increases. Eliminating such deficits may substantially reduce tax rate variability—the very goal of countercyclical borrowing—even over a finite horizon. Thus, Gramm-Rudman-Hollings and Frank Ramsey are not necessarily enemies and they may even be good friends!
| Author | : Luis Serven |
| Publisher | : World Bank Publications |
| Total Pages | : 36 |
| Release | : 2007 |
| Genre | : Access to Finance |
| ISBN | : |
Download Fiscal Rules, Public Investment, and Growth Book in PDF, ePub and Kindle
Abstract: Solvency is an intertemporal concept, relating to the present value of revenues and expenditures, and encompassing both assets and liabilities. But the standard practice among policy makers, financial market participants and international financial institutions is to assess the strength of the fiscal accounts solely on the basis of the cash deficit. Short-term cash flows matter, but a preponderant focus on them can encourage governments to invest too little, especially during episodes of fiscal tightening. This has potentially adverse consequences for growth and, paradoxically, even for fiscal solvency itself. The paper offers an overview of the links between fiscal targets, public investment, and public sector solvency. After reviewing the international experience with public investment under fiscal adjustment, the paper lays out an analytical framework to illustrate the consequences of using the public deficit as a guide to solvency. The paper then discusses some alternatives to conventional cash deficit rules and their implications for investment and fiscal solvency.
| Author | : Lorenzo Bini Smaghi |
| Publisher | : |
| Total Pages | : 86 |
| Release | : 1994 |
| Genre | : Monetary policy |
| ISBN | : |
Download The Transition to EMU in the Maastricht Treaty Book in PDF, ePub and Kindle
| Author | : Daniel Gros |
| Publisher | : |
| Total Pages | : |
| Release | : 2021 |
| Genre | : |
| ISBN | : |
Download Fiscal Rules in a Post-Covid Brave New World Book in PDF, ePub and Kindle
| Author | : J. Ayuso-i-Casals |
| Publisher | : Springer |
| Total Pages | : 367 |
| Release | : 2009-08-14 |
| Genre | : Business & Economics |
| ISBN | : 0230271790 |
Download Policy Instruments for Sound Fiscal Policies Book in PDF, ePub and Kindle
This volume contributes to empirical research on the role of national fiscal rules and institutions in shaping fiscal policies. It provides original, policy-oriented analysis on a number of questions and gives illuminating conclusions about the devices which promote sound and sustainable policy. Contributors are leading experts.
