How To Measure The Fiscal Deficit

Author : Mr.Mario I. Bléjer,MissA. Cheasty
Publisher : International Monetary Fund
Page : 404 pages
File Size : 43,5 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 : International Monetary Fund
Publisher : International Monetary Fund
Page : 65 pages
File Size : 52,9 Mb
Release : 1990-11-01
Category : Business & Economics
ISBN : 9781451947380

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Analytical and Methodological Issues in the Measurement of Fiscal Deficits by International Monetary Fund Pdf

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 84 pages
File Size : 42,5 Mb
Release : 1988-06-16
Category : Business & Economics
ISBN : 1557750165

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Measurement of Fiscal Impact by International Monetary Fund Pdf

This paper describes methodological issues pertaining to measurement of fiscal impact. The fiscal deficit is, under any circumstances, a crude tool for assessing the impact of fiscal policy on the economy. This paper also analyzes various ways in which the conventional definition of the fiscal deficit is affected by high rates of inflation. It has shown that, as the rate of inflation rises, the picture emerging from the conventional measure may, under certain circumstances, become somewhat blurred since the conventional measure may magnify the size of the fiscal adjustment that a country need. In fact, the size of the debt service that compensates bondholders for the reduction in the real value of their assets arising from inflation should be made explicit so as to indicate that part of the deficit whose impact depends mainly on portfolio decisions regarding the public's demand for government bonds, and on the potential effects of these bonds on the monetary and liquidity conditions of the economy.

Author : Mr.Timothy Irwin
Publisher : International Monetary Fund
Page : 36 pages
File Size : 48,6 Mb
Release : 2015-11-20
Category : Business & Economics
ISBN : 9781513547503

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Defining the Government’s Debt and Deficit by Mr.Timothy Irwin Pdf

Although the budget deficit and the public debt feature prominently in political debate and economic research, there is no agreement about how they should be measured. They can be defined for different sets of public institutions, including the nested sets corresponding to central government, general government, and the public sector, and, for any definition of government, there are many measures of the debt and deficit, including those generated by four kinds of accounts (cash, financial, full accrual, and comprehensive), which can be derived from four nested sets of assets and liabilities. Each debt and deficit measure says something about public finances, but none tells the whole story. Each is also vulnerable to manipulation, and is likely to be manipulated if it is subject to a binding fiscal rule or target. Narrow definitions of government encourage the shifting of spending to entities outside the defined perimeter of government. Narrow definitions of debt and deficit encourage operations involving off-balance-sheets assets and liabilities, while broad measures are susceptible to the mismeasurement of on-balance-sheet assets and liabilities. Reviewing the literature on these issues, the paper concludes that governments should publish several measures of the debt and deficit in a form that clearly reveals their interrelationships.

Author : Mr.Michael Kumhof,Mr.Douglas Laxton
Publisher : International Monetary Fund
Page : 37 pages
File Size : 42,5 Mb
Release : 2009-10-01
Category : Business & Economics
ISBN : 9781451873849

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Fiscal Deficits and Current Account Deficits by Mr.Michael Kumhof,Mr.Douglas Laxton Pdf

The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate. Second, they cause a short run current account deterioration equal to around 50 percent of the fiscal deficit deterioration. Third, the longer run current account deterioration equals almost 75 percent for a large economy such as the United States, and almost 100 percent for a small open economy.

Author : Mario Israel BLEJER,Adrienne Cheasty
Publisher : Unknown
Page : 61 pages
File Size : 45,7 Mb
Release : 2024-06-02
Category : Budget deficits
ISBN : OCLC:1101881872

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Analytical and Methodological Issues in the Measurement of Fiscal Deficits by Mario Israel BLEJER,Adrienne Cheasty Pdf

Author : Timothy C. Irwin
Publisher : Unknown
Page : 37 pages
File Size : 43,8 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1306221737

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Defining the Government's Debt and Deficit by Timothy C. Irwin Pdf

Although the budget deficit and the public debt feature prominently in political debate and economic research, there is no agreement about how they should be measured. They can be defined for different sets of public institutions, including the nested sets corresponding to central government, general government, and the public sector, and, for any definition of government, there are many measures of the debt and deficit, including those generated by four kinds of accounts (cash, financial, full accrual, and comprehensive), which can be derived from four nested sets of assets and liabilities. Each debt and deficit measure says something about public finances, but none tells the whole story. Each is also vulnerable to manipulation, and is likely to be manipulated if it is subject to a binding fiscal rule or target. Narrow definitions of government encourage the shifting of spending to entities outside the defined perimeter of government. Narrow definitions of debt and deficit encourage operations involving off-balance-sheets assets and liabilities, while broad measures are susceptible to the mismeasurement of on-balance-sheet assets and liabilities. Reviewing the literature on these issues, the paper concludes that governments should publish several measures of the debt and deficit in a form that clearly reveals their interrelationships.

Author : Mr.Timothy C Irwin
Publisher : International Monetary Fund
Page : 36 pages
File Size : 42,8 Mb
Release : 2016-11-17
Category : Business & Economics
ISBN : 9781475555516

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Defining the Government’s Debt and Deficit by Mr.Timothy C Irwin Pdf

Although the budget deficit and the public debt feature prominently in political debate and economic research, there is no agreement about how they should be measured. They can be defined for different sets of public institutions, including the nested sets corresponding to central government, general government, and the public sector, and, for any definition of government, there are many measures of the debt and deficit, including those generated by four kinds of accounts (cash, financial, full accrual, and comprehensive), which can be derived from four nested sets of assets and liabilities. Each debt and deficit measure says something about public finances, but none tells the whole story. Each is also vulnerable to manipulation, and is likely to be manipulated if it is subject to a binding fiscal rule or target. Narrow definitions of government encourage the shifting of spending to entities outside the defined perimeter of government. Narrow definitions of debt and deficit encourage operations involving off-balance-sheets assets and liabilities, while broad measures are susceptible to the mismeasurement of on-balance-sheet assets and liabilities. Reviewing the literature on these issues, the paper concludes that governments should publish several measures of the debt and deficit in a form that clearly reveals their interrelationships.

Author : Rudolph Gerhard Penner
Publisher : The Urban Insitute
Page : 222 pages
File Size : 47,5 Mb
Release : 1991
Category : Business & Economics
ISBN : 0877664854

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The Great Fiscal Experiment by Rudolph Gerhard Penner Pdf

The book focuses on the macro fiscal policy changes and asks what have been learned from this turbulent decade about the effects of fiscal policy on the economy.

Author : Daniel Shaviro
Publisher : University of Chicago Press
Page : 362 pages
File Size : 45,5 Mb
Release : 1997-05
Category : Business & Economics
ISBN : 0226751120

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Do Deficits Matter? by Daniel Shaviro Pdf

Do deficits matter? Yes and no, says Daniel Shaviro in this political and economic study. Yes, because fiscal policy affects generational distribution, national saving, and the level of government spending. And no, because the deficit is an inaccurate measure with little economic content. This book provides an invaluable guide for anyone wanting to know exactly what is at stake for Americans in this ongoing debate. "[An] excellent, comprehensive, and illuminating book. Its analysis, deftly integrating considerations of economics, law, politics, and philosophy, brings the issues of 'balanced budgets,' national saving, and intergenerational equity out of the area of religious crusades and into an arena of reason. . . . A magnificent, judicious, and balanced treatment. It should be read and studied not just by specialists in fiscal policy but by all those in the economic and political community."—Robert Eisner, Journal of Economic Literature "Shaviro's history, economics, and political analysis are right on the mark. For all readers."—Library Journal

Author : OECD
Publisher : OECD Publishing
Page : 280 pages
File Size : 52,7 Mb
Release : 2021-07-09
Category : Electronic
ISBN : 9789264921412

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Government at a Glance 2021 by OECD Pdf

The 2021 edition includes input indicators on public finance and employment; process indicators include data on institutions, budgeting practices, human resources management, regulatory governance, public procurement, governance of infrastructure, public sector integrity, open government and digital government. Outcome indicators cover core government results (e.g. trust, political efficacy, inequality reduction) and indicators on access, responsiveness, quality and satisfaction for the education, health and justice sectors.

Author : Willem H. Buiter
Publisher : Unknown
Page : 76 pages
File Size : 52,5 Mb
Release : 1982
Category : Budget
ISBN : IND:39000000314562

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The Proper Measurement of Government Budget Deficits by Willem H. Buiter Pdf

The paper studies budgetary, financial and monetary policy evaluationand design using a comprehensive wealth or permanent income accounting framework. A set of stylized balance sheets and permanent income accountsis constructed for the public, private and overseas sectors. These are then contrasted with the conventionally measured balance sheet and flow of funds accounts. This permits a new look at the issues of "crowding out"and the "eventual monetization of fiscal deficits."The conventionally measured public sector financial surplus, evenwhen evaluated at constant prices or as a proportion of GNP, presents apotentially very misleading picture of the change in the real net worth of the public sector. One reason is that capital gains and losses on outstanding stocks of marketable financial assets and liabilities are not included in the flow of funds. This includes changes in the real valueof nominally denominated public sector debt due to inflation. A second reason is the omission of revaluations in non-marketable (and often merely implicit) assets and liabilities such as the future stream of tax receipts and the future stream of benefit payments. The paper then proposes some general rules for the design of stabilization policy-policies to facilitate expenditure smoothing by avoiding or minimizing the incidence of capital market imperfections. Both national governments and international agencies should designfiscal, financial and budgetary policies so as to induce an evolution of the conventionally measured balance sheet and flow of funds accounts that permits private agents and national economies, respectively, to approximate the behavior that would be adopted if comprehensive wealth or permanent income were the only binding constraint on economic behavior. This can beachieved by keeping disposable income in line with permanent income and by ensuring an adequate share of disposable financial wealth in total wealth

Author : William Russell Easterly
Publisher : World Bank Publications
Page : 36 pages
File Size : 46,9 Mb
Release : 1999
Category : Assets (Accounting)
ISBN : 8210379456XXX

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When is Fiscal Adjustment an Illusion? by William Russell Easterly Pdf

Author : Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 42,9 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455294695

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Expansionary Austerity New International Evidence by Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo Pdf

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.

Author : Sheetal K. Chand
Publisher : International Monetary Fund
Page : 26 pages
File Size : 40,5 Mb
Release : 1992-05
Category : Business & Economics
ISBN : UCSD:31822008103798

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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.