Fiscal Impulse

Author : Mr.Mark Scott Lutz,Mr.Garry J. Schinasi
Publisher : International Monetary Fund
Page : 13 pages
File Size : 48,8 Mb
Release : 1991-09-01
Category : Business & Economics
ISBN : 9781451851441

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Fiscal Impulse by Mr.Mark Scott Lutz,Mr.Garry J. Schinasi Pdf

The concept of fiscal impulse is defined, discussed, and differentiated from measures that attempt to summarize the macroeconomic effects of fiscal policy. Two methodologies are briefly discussed and their corresponding measures presented for the G-7 countries over the ten-year period ending in 1989. Controversies about the measure are highlighted and potential improvements are also discussed.

Author : Sheetal K. Chand
Publisher : International Monetary Fund
Page : 18 pages
File Size : 54,7 Mb
Release : 1992-05-01
Category : Business & Economics
ISBN : 9781451977530

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Fiscal Impulses and their Fiscal Impact by Sheetal K. Chand Pdf

Fiscal impulse measures are used in the WEO and elsewhere to indicate the changing impact of the budget on the economy. Such measures are intended to provide more accurate indications of whether the budget is becoming more or less expansionary than would just observing moments in the actual budget balance. However, they have been criticized for lacking an analytical rationale. This paper uses a simple framework to show that the fiscal impulse measure can be analytically derived. While this removes one source of criticism, the measure, nevertheless, should be used carefully when making inferences of fiscal impact.

Author : Mr.Serhan Cevik
Publisher : International Monetary Fund
Page : 20 pages
File Size : 50,6 Mb
Release : 2019-03-25
Category : Business & Economics
ISBN : 9781498302937

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Anchor Me: The Benefits and Challenges of Fiscal Responsibility by Mr.Serhan Cevik Pdf

This paper discusses the benefits and challenges of implementing a rule-based fiscal responsibility framework, using the Philippines as a case study. It estimates structural measures of the fiscal stance over the period 1980–2016 and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis indicates that discretionary fiscal policy has been procyclical, and the degree of procyclicality has increased in recent years. While the national government’s non-binding ceiling on the overall budget deficit is helpful, it does not constitute an appropriate operational target to guide fiscal policy over the economic cycle and necessarily ensure that the fiscal stance meets the government’s intertemporal budget constraint. To this end, using stochastic simulations, this paper makes the case for a well-designed fiscal responsibility law that enshrines explicit fiscal rules designed for countercyclical policy and long-term debt sustainability, and an independent fiscal council to improve accountability and transparency.

Author : Till Cordes,Mr. Tidiane Kinda,Miss Priscilla S. Muthoora,Anke Weber
Publisher : International Monetary Fund
Page : 29 pages
File Size : 48,6 Mb
Release : 2015-02-12
Category : Business & Economics
ISBN : 9781498343312

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Expenditure Rules: Effective Tools for Sound Fiscal Policy? by Till Cordes,Mr. Tidiane Kinda,Miss Priscilla S. Muthoora,Anke Weber Pdf

This paper provides new evidence on the effectiveness of expenditure rules. The analysis is based on a unique dataset covering all countries with national and supranational fiscal rules, including 33 expenditure rules, between 1985 and 2013. It contributes to the existing literature on fiscal rules in two main ways. First, it is the most comprehensive assessment of compliance with rules and of the potential role of expenditure rules, in particular regarding long-term sustainability. Second, it analyzes whether expenditure rules are associated with changes in public investment and its efficiency.

Author : Mr.Mario I. Bléjer,MissA. Cheasty
Publisher : International Monetary Fund
Page : 404 pages
File Size : 41,5 Mb
Release : 1991-09-15
Category : Business & Economics
ISBN : 1557751927

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How to Measure the Fiscal Deficit by Mr.Mario I. Bléjer,MissA. Cheasty Pdf

Fiscal policy seeks to equilibrate the public sector's financing needs with the private sector's demand for investment and a sustainable balance of payments. Correct measurement of the public sector's net use of resources is therefore an important prerequisite for managing the macroeconomy. This volume, edited by Mario I. Blejer and Adrienne Cheasty, is organized around four issues: the adequacy of summary measures of the fiscal deficit, conventional and adjusted deficits, coverage (size) of the public sector, and the public sector's intertemporal budget constraint.

Author : Mr.Alberto Alesina,Mr.Roberto Perotti
Publisher : International Monetary Fund
Page : 52 pages
File Size : 47,6 Mb
Release : 1996-07-01
Category : Business & Economics
ISBN : 9781451960433

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Fiscal Adjustments in OECD Countries by Mr.Alberto Alesina,Mr.Roberto Perotti Pdf

This paper studies how the composition of fiscal adjustments influences their likelihood of “success”, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary. We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.

Author : Garry J. Schinasi
Publisher : Unknown
Page : 54 pages
File Size : 54,5 Mb
Release : 1986
Category : Budget
ISBN : IND:30000105803047

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International Comparisons of Fiscal Policy by Garry J. Schinasi Pdf

Author : Mr.C. John McDermott,Mr.Robert F. Westcott
Publisher : International Monetary Fund
Page : 26 pages
File Size : 44,6 Mb
Release : 1996-06-01
Category : Business & Economics
ISBN : 9781451965957

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An Empirical Analysis of Fiscal Adjustments by Mr.C. John McDermott,Mr.Robert F. Westcott Pdf

This study uses the fiscal expansion and consolidation experiences of the industrial countries over the period 1970 to 1995 to examine the interplay between fiscal adjustments and economic performance. A key finding is that fiscal consolidation need not trigger an economic slowdown. Fiscal consolidation that concentrates on the expenditure side, and especially on transfers and government wages, is more likely to succeed in reducing the public debt ratio than tax-based consolidation. Also, the greater the magnitude of the fiscal consolidation, the more likely it is to succeed in reducing the debt ratio.

Author : Carolina Correa-Caro,Leandro Medina,Mr.Marcos Poplawski Ribeiro,Mr.Bennett W Sutton
Publisher : International Monetary Fund
Page : 38 pages
File Size : 43,9 Mb
Release : 2018-11-28
Category : Business & Economics
ISBN : 9781484380659

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Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis by Carolina Correa-Caro,Leandro Medina,Mr.Marcos Poplawski Ribeiro,Mr.Bennett W Sutton Pdf

Using financial statement data from the Thomson Reuter’s Worldscope database for 22,333 non-financial firms in 52 advanced and emerging economies, this paper examines how fiscal stimulus (i.e., changes in structural deficit) interacted with sectoral business cycle sensitivity affected corporate profitability during the recovery period of the global financial crisis (GFC). Using cross-sectional analyses, our findings indicate that corporate profitability improved significantly after the GFC fiscal stimulus, especially in manufacturing, utilities and retail sectors. Firm size and leverage are also found to be significant in explaining changes in corporate profitability.

Author : Mark Hallerberg,Rolf Rainer Strauch,Jürgen von Hagen
Publisher : Cambridge University Press
Page : 235 pages
File Size : 52,6 Mb
Release : 2009-03-16
Category : Political Science
ISBN : 9781139476270

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Fiscal Governance in Europe by Mark Hallerberg,Rolf Rainer Strauch,Jürgen von Hagen Pdf

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 : Sheetal Chand
Publisher : Unknown
Page : 18 pages
File Size : 43,6 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291212552

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Fiscal Impulses and Their Fiscal Impact by Sheetal Chand Pdf

Fiscal impulse measures are used in the WEO and elsewhere to indicate the changing impact of the budget on the economy. Such measures are intended to provide more accurate indications of whether the budget is becoming more or less expansionary than would just observing moments in the actual budget balance. However, they have been criticized for lacking an analytical rationale. This paper uses a simple framework to show that the fiscal impulse measure can be analytically derived. While this removes one source of criticism, the measure, nevertheless, should be used carefully when making inferences of fiscal impact.

Author : Mr.Bernardin Akitoby,Ms.Sharmini Coorey
Publisher : International Monetary Fund
Page : 249 pages
File Size : 42,9 Mb
Release : 2012-08-16
Category : Business & Economics
ISBN : 9781475549126

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Oil Wealth in Central Africa by Mr.Bernardin Akitoby,Ms.Sharmini Coorey Pdf

Despite its vast oil wealth, central Africa still struggles to sustain strong, inclusive economic growth and to generate sufficient employment opportunities, particularly for its fast-growing youth population. Drawing on new research, Oil Wealth in Central Africa lays out the macroeconomic and growth challenges facing the region; examines oil wealth management and its implications for poverty reduction; and includes four case studies that exemplify lessons learned.

Author : Victor E. Argy,John Nevile
Publisher : Routledge
Page : 444 pages
File Size : 51,9 Mb
Release : 2016-04-20
Category : Business & Economics
ISBN : 9781317216780

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Inflation and Unemployment by Victor E. Argy,John Nevile Pdf

Originally published in 1985 and contributed to by internationally renowned economists, this volume discusses theoretical issues and country-specific experiences to review the underlying causes of the stagflation of the 1970s and early 1980s, as well as summarizing the kinds of macro-policies that were adopted to deal with the stagflation.

Author : Pierre-Richard Agénor
Publisher : La Editorial, UPR
Page : 794 pages
File Size : 48,8 Mb
Release : 2004-09-30
Category : Business & Economics
ISBN : 0674015789

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The Economics of Adjustment and Growth by Pierre-Richard Agénor Pdf

This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. It has particular relevance to the economics of developing countries. The book is directed to economists interested in an overview of the economics of reform; economists in international organizations, such as the UN, the IMF, and the World Bank, dealing with development; and economists in developing countries. It is also a text for advanced undergraduate students pursuing a degree in economic policy and management and students in political science and public policy.

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 86 pages
File Size : 40,8 Mb
Release : 2015-06-23
Category : Business & Economics
ISBN : 9781513546940

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Cyprus by International Monetary Fund. European Dept. Pdf

This paper discusses Cyprus’s Fifth, Sixth, and Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Nonobservance of a Performance Criterion (PC), and Rephasing of Access. Economic developments have been encouraging. The recession in 2014 was milder than expected, and GDP growth was positive in the first quarter of 2015 for the first time in almost four years. Program performance has been generally strong. Compliance with quantitative conditionality has been good, and the authorities have advanced structural reforms. Further efforts to strengthen banking supervision and restructure banks are needed. The ongoing structural reform program is also crucial for public finances and growth.