Australia S Fiscal Framework Revisiting Options For A Fiscal Anchor

Author : Allan Dizioli,Mr.Philippe D Karam,Mr.Dirk V Muir,Siegfried Steinlein
Publisher : International Monetary Fund
Page : 40 pages
File Size : 45,6 Mb
Release : 2017-12-22
Category : Business & Economics
ISBN : 9781484335383

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Australia’s Fiscal Framework: Revisiting Options for a Fiscal Anchor by Allan Dizioli,Mr.Philippe D Karam,Mr.Dirk V Muir,Siegfried Steinlein Pdf

This paper revisits options for fiscal anchors in Australia against the backdrop of a medium-term budget balance anchor that has led to larger than expected upward drift in the net debt to GDP ratio since the end of the mining investment boom. The IMF’s G20MOD model is used to compare the budget balance anchor with a long-term debt anchor. Using model simulations evaluated against objective macro stabilization-debt control criteria under three likely scenarios for the Australian economy, the latter is found to perform at least as well as the former. The paper also considers the operationalization of a long-term debt anchor utilizing a combination of fiscal rules which includes expenditure restrictions and a flexible time horizon for convergence, aiming at encouraging countercyclical fiscal policy and minimizing the cost in terms of real GDP foregone in the medium term under fiscal consolidation.

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 40 pages
File Size : 52,5 Mb
Release : 2019-02-21
Category : Business & Economics
ISBN : 9781484399033

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Australia by International Monetary Fund. Asia and Pacific Dept Pdf

This Selected Issues paper evaluates Australia’s experience with its principles-based fiscal framework. A key contribution of the paper is an evaluation of whether the medium-term budget balance anchor remains suitable in the post-Global Financial Crisis (GFC) economic environment. This paper analyzes the medium-term fiscal strategy (MTFS) in the context of the principles underlying the fiscal framework and offers suggestions for reinforcement. Comparing the alternative and current fiscal policy toolkits under a downside scenario demonstrates possible improvements to fiscal outcomes. The evaluation outlines that the operational principles of the MTFS have been consistent with the broad principles for sound fiscal policy laid out in the Charter, although implementation has involved difficult trade-offs. Options to deal with the treatment of debt, its accountability framework and its fiscal policy toolkit should help strengthen the statement and implementation of Australia’s fiscal strategy and reinforce its fiscal framework in the current and prospective economic environment.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 257 pages
File Size : 51,6 Mb
Release : 2015-04-20
Category : Business & Economics
ISBN : 9781498344654

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Fiscal Policy and Long-Term Growth by International Monetary Fund Pdf

This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 46 pages
File Size : 45,7 Mb
Release : 2019-01-28
Category : Social Science
ISBN : 9781484396292

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Senegal by International Monetary Fund. African Dept. Pdf

This Selected Issues paper estimates the macroeconomic impact of these discoveries and discusses potential fiscal frameworks for managing related revenues. Pre-production investment (2019–2021) will lead to an increase in the current account deficit; however, this will be followed by a boost to exports as hydrocarbon production comes online (2022 onward). Discoveries are important but will not lead to a major transformation of the economy, with hydrocarbons expected to make up not more than 5 percent of GDP. Fiscal revenues would average about 1.5 percent of GDP over a 25-year period and about 3 percent of GDP when production peaks. Given the relatively small gains in revenue, IMF staff recommends a fiscal framework that allows for an initial drawdown of government resources to finance large up-front investment needs, followed by an appropriate target level of the non-resource primary balance which is to serve as a medium-term fiscal anchor. Issues related to managing the volatility of resource revenues are also discussed.

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 48,5 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Author : World Bank
Publisher : World Bank Publications
Page : 261 pages
File Size : 51,9 Mb
Release : 2012-11-12
Category : Business & Economics
ISBN : 9780821396278

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Beyond the Annual Budget by World Bank Pdf

Beyond the Annual Budget is a comprehensive review of country experience with Medium Term Expenditure Frameworks (MTEFs) worldwide. It looks at countries both with and without MTEFs over the period 1990 to 2008 to obtain results about their impact on fiscal performance.

Author : Ms.Valerie Cerra,A. Fatas,Ms.Sweta Chaman Saxena
Publisher : International Monetary Fund
Page : 50 pages
File Size : 49,6 Mb
Release : 2020-05-29
Category : Business & Economics
ISBN : 9781513536996

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Hysteresis and Business Cycles by Ms.Valerie Cerra,A. Fatas,Ms.Sweta Chaman Saxena Pdf

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Author : Antonio Fatás,Mr.Atish R. Ghosh,Ugo Panizza,Mr.Andrea F Presbitero
Publisher : International Monetary Fund
Page : 53 pages
File Size : 46,7 Mb
Release : 2019-05-10
Category : Business & Economics
ISBN : 9781498312103

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The Motives to Borrow by Antonio Fatás,Mr.Atish R. Ghosh,Ugo Panizza,Mr.Andrea F Presbitero Pdf

Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation.

Author : Alfredo Fernando Calcagno,Sebastian Dullien,Alejandro Márquez-Velázquez,Nicolas Maystre,Jan Priewe
Publisher : Unknown
Page : 0 pages
File Size : 42,7 Mb
Release : 2015
Category : Business & Economics
ISBN : 9211128943

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Rethinking Development Strategies After the Financial Crisis by Alfredo Fernando Calcagno,Sebastian Dullien,Alejandro Márquez-Velázquez,Nicolas Maystre,Jan Priewe Pdf

Recent economic trends and the challenges posed by the global crisis reinforce the importance of implementing strategies for development as opposed to leaving the economy to market forces. Countries need a strategic compass for long-run economic development. This comprises macroeconomic policies, sectoral policies (including financial sector, trade and industrial policies), institution building in key areas and development-friendly global governance. Within a chosen medium- or long-term strategy, governments need more policy space to adjust to the specific (and evolving) social, historical and institutional context. In this volume, issues that all developing countries need to handle are discussed.

Author : Laurent Ferrara,Ignacio Hernando,Daniela Marconi
Publisher : Springer
Page : 298 pages
File Size : 45,6 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9783319790756

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International Macroeconomics in the Wake of the Global Financial Crisis by Laurent Ferrara,Ignacio Hernando,Daniela Marconi Pdf

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Author : Ravi Ramamurti,Raymond Vernon
Publisher : World Bank Publications
Page : 344 pages
File Size : 45,5 Mb
Release : 1991-01-01
Category : Business & Economics
ISBN : 0821318632

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Privatization and Control of State-owned Enterprises by Ravi Ramamurti,Raymond Vernon Pdf

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 21 pages
File Size : 43,9 Mb
Release : 2024-01-18
Category : Business & Economics
ISBN : 9798400264054

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Australia by International Monetary Fund. Asia and Pacific Dept Pdf

Australia: Selected Issues

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 105 pages
File Size : 45,9 Mb
Release : 2013-12-15
Category : Business & Economics
ISBN : 9781484366806

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Annual Report on Exchange Arrangements and Exchange Restrictions 2013 by International Monetary Fund. Monetary and Capital Markets Department Pdf

This is the 64th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2012, alongside a strengthening of the financial sector regulatory framework. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2012, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.

Author : National Academies of Sciences, Engineering, and Medicine,Health and Medicine Division,Board on Health Sciences Policy,Committee on Pain Management and Regulatory Strategies to Address Prescription Opioid Abuse
Publisher : National Academies Press
Page : 483 pages
File Size : 49,9 Mb
Release : 2017-09-28
Category : Medical
ISBN : 9780309459570

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Pain Management and the Opioid Epidemic by National Academies of Sciences, Engineering, and Medicine,Health and Medicine Division,Board on Health Sciences Policy,Committee on Pain Management and Regulatory Strategies to Address Prescription Opioid Abuse Pdf

Drug overdose, driven largely by overdose related to the use of opioids, is now the leading cause of unintentional injury death in the United States. The ongoing opioid crisis lies at the intersection of two public health challenges: reducing the burden of suffering from pain and containing the rising toll of the harms that can arise from the use of opioid medications. Chronic pain and opioid use disorder both represent complex human conditions affecting millions of Americans and causing untold disability and loss of function. In the context of the growing opioid problem, the U.S. Food and Drug Administration (FDA) launched an Opioids Action Plan in early 2016. As part of this plan, the FDA asked the National Academies of Sciences, Engineering, and Medicine to convene a committee to update the state of the science on pain research, care, and education and to identify actions the FDA and others can take to respond to the opioid epidemic, with a particular focus on informing FDA's development of a formal method for incorporating individual and societal considerations into its risk-benefit framework for opioid approval and monitoring.

Author : International Commission on the Futures of Education
Publisher : UNESCO Publishing
Page : 185 pages
File Size : 48,9 Mb
Release : 2021-11-06
Category : Political Science
ISBN : 9789231004780

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Reimagining our futures together by International Commission on the Futures of Education Pdf

The interwoven futures of humanity and our planet are under threat. Urgent action, taken together, is needed to change course and reimagine our futures.