From Stimulus To Consolidation Revenue And Expenditure Policies In Advanced And Emerging Economies

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From Stimulus to Consolidation

Mr.Benedict J. Clements,Mr.Juan Toro R.,Ms.Victoria J Perry
From Stimulus to Consolidation Book PDF

Author : Mr.Benedict J. Clements,Mr.Juan Toro R.,Ms.Victoria J Perry
Publisher : International Monetary Fund
Page : 122 pages
File Size : 48,7 Mb
Release : 2010-10-06
Category : Business & Economics
ISBN : 9781616350420

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From Stimulus to Consolidation by Mr.Benedict J. Clements,Mr.Juan Toro R.,Ms.Victoria J Perry Pdf

This paper identifies policy tools that could be used for fiscal consolidation in advanced and emerging economies in the years ahead. The consolidation strategy, particularly in advanced countries, should aim to stabilize age-related spending in relation to GDP, reduce non-age-related expenditure ratios, and increase revenues. Bold reforms are needed to offset projected increases in age-related spending, particularly health care. On the revenue side, measures could include improving tax compliance, for example through better international cooperation, as well as increasing the yield from VAT by eliminating exemptions and reduced rates, further developing property taxes, and increasing excise rates within the range of rates already applicable in comparable countries.

From Stimulus to Consolidation - Revenue and Expenditure Policies in Advanced and Emerging Economies

International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Office of Budget and Planning
From Stimulus to Consolidation Revenue and Expenditure Policies in Advanced and Emerging Economies Book PDF

Author : International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Office of Budget and Planning
Publisher : International Monetary Fund
Page : 93 pages
File Size : 43,6 Mb
Release : 2010-06-07
Category : Business & Economics
ISBN : 9781498337359

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From Stimulus to Consolidation - Revenue and Expenditure Policies in Advanced and Emerging Economies by International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Office of Budget and Planning Pdf

This review marks the 10th anniversary of the safeguards policy. Introduced in March 2000, the policy’s main objective is to mitigate potential risks of misuse of resources, including Fund resources, and misreporting of monetary program data. The policy was last reviewed in 2005, when the Executive Board re-affirmed the effectiveness of the policy, and its application to central banks. In keeping with previous reviews, a panel of experts was invited to provide advice for the Executive Board on the implementation of the policy, and recommendations to guide the focus and application of the policy going forward.

The Economic Effects of Fiscal Consolidation with Debt Feedback

Mr.Marcello M. Estevão,Issouf Samaké
The Economic Effects of Fiscal Consolidation with Debt Feedback Book PDF

Author : Mr.Marcello M. Estevão,Issouf Samaké
Publisher : International Monetary Fund
Page : 51 pages
File Size : 44,6 Mb
Release : 2013-05-31
Category : Business & Economics
ISBN : 9781484304488

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The Economic Effects of Fiscal Consolidation with Debt Feedback by Mr.Marcello M. Estevão,Issouf Samaké Pdf

The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth.

Strategies for Fiscal Consolidation in the Post-Crisis World

Mr.Mauricio Villafuerte,Ms.Cemile Sancak,Jan Gottschalk,S. M. Ali Abbas,Olivier Basdevant,Ricardo Velloso,Fuad Hasanov,Greetje Everaert,Stephanie Eble,Junhyung Park
Strategies for Fiscal Consolidation in the Post Crisis World Book PDF

Author : Mr.Mauricio Villafuerte,Ms.Cemile Sancak,Jan Gottschalk,S. M. Ali Abbas,Olivier Basdevant,Ricardo Velloso,Fuad Hasanov,Greetje Everaert,Stephanie Eble,Junhyung Park
Publisher : International Monetary Fund
Page : 64 pages
File Size : 40,5 Mb
Release : 2010-09-17
Category : Business & Economics
ISBN : 9781589069374

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Strategies for Fiscal Consolidation in the Post-Crisis World by Mr.Mauricio Villafuerte,Ms.Cemile Sancak,Jan Gottschalk,S. M. Ali Abbas,Olivier Basdevant,Ricardo Velloso,Fuad Hasanov,Greetje Everaert,Stephanie Eble,Junhyung Park Pdf

In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.

Fiscal Policy and Long-Term Growth

International Monetary Fund
Fiscal Policy and Long Term Growth Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 257 pages
File Size : 53,6 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.

The Economics of Public Health Care Reform in Advanced and Emerging Economies

Mr.David Coady,Mr.Benedict J. Clements,Mr.Sanjeev Gupta
The Economics of Public Health Care Reform in Advanced and Emerging Economies Book PDF

Author : Mr.David Coady,Mr.Benedict J. Clements,Mr.Sanjeev Gupta
Publisher : International Monetary Fund
Page : 381 pages
File Size : 52,5 Mb
Release : 2012-06-01
Category : Business & Economics
ISBN : 9781616352448

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The Economics of Public Health Care Reform in Advanced and Emerging Economies by Mr.David Coady,Mr.Benedict J. Clements,Mr.Sanjeev Gupta Pdf

Using cross-country analysis and case studies, this book provides new insights and potential policy responses for the key fiscal policy challenges that both advanced and emerging economies will be facing.

The Challenge of Public Pension Reform in Advanced and Emerging Economies

Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto
The Challenge of Public Pension Reform in Advanced and Emerging Economies Book PDF

Author : Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto
Publisher : International Monetary Fund
Page : 86 pages
File Size : 55,9 Mb
Release : 2013-01-25
Category : Business & Economics
ISBN : 9781475566314

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The Challenge of Public Pension Reform in Advanced and Emerging Economies by Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto Pdf

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.

Fiscal Monitor, October 2012

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Monitor October 2012 Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 115 pages
File Size : 48,8 Mb
Release : 2012-10-08
Category : Business & Economics
ISBN : 9781475510935

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Fiscal Monitor, October 2012 by International Monetary Fund. Fiscal Affairs Dept. Pdf

With growth weakening in many parts of the world and downside risks on the rise, fiscal consolidation remains challenging. However, considerable progress has been made in strengthening fiscal accounts following their sharp deterioration in 2008-09. This issue of the Fiscal Monitor takes stock of this progress, focusing on its size, composition, and implications for employment and social equity. The issue finds that most countries--and especially advanced economies--have made significant headway in rolling back fiscal deficits, but that efforts at controlling debt stocks are taking longer to yield results. The mix of revenue and expenditure policies employed by countries with sizable fiscal consolidation needs has differed, with advanced economies in general relying more on spending retrenchment than emerging markets and low-income countries. Both spending and revenue measures have important implications for employment and social equity, the issue finds, and these implications need to be taken into account if the large consolidation efforts underway are to be sustainable.

Inequality and Fiscal Policy

Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Inequality and Fiscal Policy Book PDF

Author : Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Publisher : International Monetary Fund
Page : 450 pages
File Size : 40,9 Mb
Release : 2015-09-21
Category : Business & Economics
ISBN : 9781513567754

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Inequality and Fiscal Policy by Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen Pdf

The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distributional issues to the top of the policy agenda. The challenge for many governments is to address concerns over rising inequality while simultaneously promoting economic efficiency and more robust economic growth. The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality. It affects households ‘consumption directly (through taxes and transfers) and indirectly (via incentives for work and production and the provision of public goods and individual services such as education and health). An important message of the book is that growth and equity are not necessarily at odds; with the appropriate mix of policy instruments and careful policy design, countries can in many cases achieve better distributional outcomes and improve economic efficiency. Country studies (on the Netherlands, China, India, Republic of Congo, and Brazil) demonstrate the diversity of challenges across countries and their differing capacity to use fiscal policy for redistribution. The analysis presented in the book builds on and extends work done at the IMF, and also includes contributions from leading academics.

The Challenge of Public Pension Reform in Advanced and Emerging Economies

International Monetary Fund. Fiscal Affairs Dept.
The Challenge of Public Pension Reform in Advanced and Emerging Economies Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 72 pages
File Size : 44,6 Mb
Release : 2011-12-28
Category : Business & Economics
ISBN : 9781498338059

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The Challenge of Public Pension Reform in Advanced and Emerging Economies by International Monetary Fund. Fiscal Affairs Dept. Pdf

This paper reviews past trends in public pension spending and provides projections for 27 advanced and 25 emerging economies over 2011–2050. In constructing these projections, the paper incorporates the impact of recent pension reforms and highlights the key assumptions underlying these projections and associated risks. The paper also presents reform options to address future pension spending pressures in the advanced and emerging economies. These reforms—mainly increasing retirement ages, reducing replacement rates, or increasing payroll taxes—are discussed in the context of their role in fiscal consolidation, and their implications for both equity and economic growth. In addition, the paper examines the challenge of emerging economies of expanding coverage in a fiscally sustainable manner

Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design

Vybhavi Balasundharam,Olivier Basdevant,Dalmacio Benicio,Andrew Ceber,Yujin Kim,Luca Mazzone,Hoda Selim,Yongzheng Yang
Fiscal Consolidation Taking Stock of Success Factors Impact and Design Book PDF

Author : Vybhavi Balasundharam,Olivier Basdevant,Dalmacio Benicio,Andrew Ceber,Yujin Kim,Luca Mazzone,Hoda Selim,Yongzheng Yang
Publisher : International Monetary Fund
Page : 39 pages
File Size : 54,6 Mb
Release : 2023-03-17
Category : Electronic
ISBN : 9798400235221

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Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design by Vybhavi Balasundharam,Olivier Basdevant,Dalmacio Benicio,Andrew Ceber,Yujin Kim,Luca Mazzone,Hoda Selim,Yongzheng Yang Pdf

Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design

Fiscal Monitor, April 2013

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Monitor April 2013 Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 92 pages
File Size : 43,9 Mb
Release : 2013-04-16
Category : Business & Economics
ISBN : 9781557757715

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Fiscal Monitor, April 2013 by International Monetary Fund. Fiscal Affairs Dept. Pdf

Continued progress in reducing advanced economy deficits and a gradually improving external environment have lowered short-term fiscal risks, according to this issue, but global prospects nevertheless remain subdued, and many advanced economies face a lengthy, difficult, and uncertain path to fiscal sustainability. Though many advanced economies are now close to achieving primary surpluses that will allow them to stabilize their debt ratios, this is only a first step, as merely stabilizing advanced economy debt at current levels would be detrimental to medium- and longer-term economic prospects. The key elements of the required policy package are well known: foremost among them is setting out—and implementing—a clear and credible plan to bring debt ratios down over the medium term. Debt dynamics have remained relatively positive in most emerging market economies and low-income countries, and most plan to continue to allow the automatic stabilizers to operate fully, while pausing the underlying fiscal adjustment process. Those with low general government debt and deficits can afford to maintain a neutral stance in response to a weaker global outlook. But countries with relatively high or quickly increasing debt levels are exposed to sizable risks, especially once effective interest rates rise as monetary policy normalizes in the advanced economies and concessional financing from advanced economies declines. The widespread use of energy subsidies makes commodity prices an additional source of vulnerability in many emerging market and low-income economies; subsidy reform, higher consumption taxes, and broadening of tax bases would help support consolidation efforts.

Fiscal Adjustment for Stability and Growth

Mr.James Daniel
Fiscal Adjustment for Stability and Growth Book PDF

Author : Mr.James Daniel
Publisher : International Monetary Fund
Page : 80 pages
File Size : 54,6 Mb
Release : 2006-08-17
Category : Business & Economics
ISBN : 1589065131

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Fiscal Adjustment for Stability and Growth by Mr.James Daniel Pdf

The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stability and growth. Structured around five practical questions—when to adjust, how to assess the fiscal position, what makes for successful adjustment, how to carry out adjustment, and which institutions can help—it covers topics such as tax policies, debt sustainability, fiscal responsibility laws, and transparency.

Fiscal Devaluation and Fiscal Consolidation

Ruud A. de Mooij,Mr.Michael Keen
Fiscal Devaluation and Fiscal Consolidation Book PDF

Author : Ruud A. de Mooij,Mr.Michael Keen
Publisher : International Monetary Fund
Page : 49 pages
File Size : 53,6 Mb
Release : 2012-03-01
Category : Business & Economics
ISBN : 9781475570663

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Fiscal Devaluation and Fiscal Consolidation by Ruud A. de Mooij,Mr.Michael Keen Pdf

This paper focuses on two core tax design issues that arise in addressing current fiscal challenges. It first explores the idea, prominent in troubled Eurozone countries, of a "fiscal devaluation": shifting from social contributions to the VAT as a way to mimic a nominal devaluation. Empirical evidence is presented which suggests that in Eurozone countries this may indeed improve the trade balance in the short-run, though, as theory predicts, the effects eventually disappear. The paper then assesses the wider scope for VAT reform in meeting fiscal consolidation needs, developing and beginning to apply a methodology for finding additional VAT revenue in ways less distortionary and fairer than further raising the standard rate.

Fiscal Rules—Anchoring Expectations for Sustainable Public Finances

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Rules Anchoring Expectations for Sustainable Public Finances Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 73 pages
File Size : 41,7 Mb
Release : 2009-12-11
Category : Business & Economics
ISBN : 9781498335164

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Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by International Monetary Fund. Fiscal Affairs Dept. Pdf

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.