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A Buffer Stock Model For The Government Balancing Stability And Sustainability
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Book Synopsis A Buffer-Stock Model for the Government: Balancing Stability and Sustainability by : Jean-Marc Fournier
Download or read book A Buffer-Stock Model for the Government: Balancing Stability and Sustainability written by Jean-Marc Fournier and published by International Monetary Fund. This book was released on 2019-07-22 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fiscal reaction function to debt and the cycle is built on a buffer-stock model for the government. This model inspired by the buffer-stock model of the consumer (Deaton 1991; Carroll 1997) includes a debt limit instead of the Intertemporal Budget Constraint (IBC). The IBC is weak (Bohn, 2007), a debt limit is more realistic as it reflects the risk of losing market access. This risk increases the welfare cost of fiscal stimulus at high debt. As a result, the higher the debt, the less governments should smooth the cycle. A larger reaction of interest rates to debt and higher hysteresis magnify this interaction between the debt level and the appropriate reaction to shocks. With very persistent shocks, the appropriate reaction to negative shocks in highly indebted countries can even be procyclical.
Book Synopsis A Buffer-Stock Model for the Government: Balancing Stability and Sustainability by : Jean-Marc Fournier
Download or read book A Buffer-Stock Model for the Government: Balancing Stability and Sustainability written by Jean-Marc Fournier and published by International Monetary Fund. This book was released on 2019-07-22 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fiscal reaction function to debt and the cycle is built on a buffer-stock model for the government. This model inspired by the buffer-stock model of the consumer (Deaton 1991; Carroll 1997) includes a debt limit instead of the Intertemporal Budget Constraint (IBC). The IBC is weak (Bohn, 2007), a debt limit is more realistic as it reflects the risk of losing market access. This risk increases the welfare cost of fiscal stimulus at high debt. As a result, the higher the debt, the less governments should smooth the cycle. A larger reaction of interest rates to debt and higher hysteresis magnify this interaction between the debt level and the appropriate reaction to shocks. With very persistent shocks, the appropriate reaction to negative shocks in highly indebted countries can even be procyclical.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1513567098 Total Pages :75 pages Book Rating :4.5/5 (135 download)
Book Synopsis Israel by : International Monetary Fund. European Dept.
Download or read book Israel written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2021-01-21 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic impact of the COVID-19 pandemic is unprecedented. Israel’s economic activity recorded a historic contraction, and the outlook remains challenging, with possible long-term scarring. Uncertainty is high, mainly driven by the evolution of the pandemic, the prospects for widespread vaccine distribution, and political uncertainty.
Book Synopsis Republic of Lithuania: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Lithuania by : International Monetary
Download or read book Republic of Lithuania: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Lithuania written by International Monetary and published by International Monetary Fund. This book was released on 2021-09 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: With a demonstrated resilience to the crisis and the recovery gaining strength, macroeconomic policies should aim at preserving stability and complementing structural reforms that address long-standing challenges. A medium-term plan to rebuild buffers, support potential growth, and target pockets of vulnerability would help address pre-existing disparities and poverty. Sustained productivity growth, supported by the implementation of politically difficult but needed structural reforms, is the only way to support high wage growth and convergence with Western Europe. Failure to do so could jeopardize Lithuania’s hard-earned competitiveness gains.
Book Synopsis Fiscal Monitor, April 2020 by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Monitor, April 2020 written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2020-04-15 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 argues that fiscal policies are at the forefront of responding to the COVID-19 pandemic. Fiscal measures can save lives, protect the most-affected people and firms from the economic impact of the pandemic, and prevent the health crisis from turning into a deep long-lasting slump. A key priority is to fully accommodate spending on health and emergency services. Global coordination is for a universally low-cost vaccine and to support countries with limited health capacity. Large, temporary and targeted support is urgently needed for affected workers and firms until the emergency abates. As the shutdowns end, broad-based, coordinated fiscal stimulus—where financing conditions permit—will become more effective in fostering the recovery. Chapter 2 argues that fiscal policies are at the forefront of facilitating an economic recovery from the COVID-19 pandemic once the Great Lockdown ends. Policymakers can achieve this objective with IDEAS: Invest for the future—in health systems, infrastructure, low carbon technologies, education, and research; adopt well-planned Discretionary policies that can be deployed quickly; and Enhance Automatic Stabilizers, which are built-in budgetary tax and spending measures that automatically stabilize incomes and consumption. Importantly, improving unemployment benefit systems and social safety nets can protect household incomes from adverse shocks and strengthen resilience against future epidemics. Over the past decade, state-owned enterprises (SOEs) have doubled in importance among the world’s largest corporations. They often deliver basic services such as water, electricity, and loans for families and small businesses. At their best, they can help promote higher economic growth and achieve development goals. However, many are a burden to taxpayers and the economy. Chapter 3 discusses what governments can do to get the most out of SOEs. This includes ensuring the firm’s managers have the right incentives and there is effective oversight. It also requires a high degree of transparency of their activities.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1513584146 Total Pages :114 pages Book Rating :4.5/5 (135 download)
Book Synopsis Strengthening the Credibility of Public Finances by : International Monetary Fund
Download or read book Strengthening the Credibility of Public Finances written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-10-13 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 argues that fiscal policy should remain nimble and strengthen its medium-term frameworks, as countries face highly uncertain and differentiated prospects. Vaccination has saved lives and is helping fuel a nascent recovery, but risks are elevated amidst new virus variants, high debt, and poverty. In advanced economies, the shift in fiscal support toward medium-term packages to “build back better” will have overall positive effects globally. Emerging markets and low-income developing countries face a more challenging outlook, with permanent economic scarring and revenue losses. They need international support to increase vaccine availability and financing to achieve the Sustainable Development Goals. Many countries find themselves in a situation where fiscal support is still invaluable to protect lives and livelihoods. At the same time, governments are also facing questions on their elevated debt and gross financing needs. Chapter 2 provides countries with guidance on how they can both avoid withdrawing fiscal support too early, and yet signal to the public that their debt levels are sustainable in the long run. To commit to future deficit reduction, governments have several instruments, including undertaking structural fiscal reforms (such as pension reform or subsidies reform), pre-legislating changes to taxes or spending, committing to fiscal rules that lead to deficit reduction in the future. Countries that follow debt rules, for instance, manage to reduce debt faster that other countries, although fiscal rules should also provide enough flexibility to spend in times of need. Overall, governments that commit to sound public finances and that achieve high levels of fiscal transparency reap meaningful benefits: their budgets are more credible, their announcements are better perceived by the media, and they pay lower interest rates on their debt.
Book Synopsis The Fiscal Stance in Japan: A Model-based Analysis by : Jean-Marc Fournier
Download or read book The Fiscal Stance in Japan: A Model-based Analysis written by Jean-Marc Fournier and published by International Monetary Fund. This book was released on 2022-08-19 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses Japan’s fiscal stance in the past and the future with a stochastic structural model called the Buffer-Stock Model of the Government. Our retrospective analysis suggests that the fiscal stance in the 1990s and the early 2000s was overall looser than the model recommendations. As for the future, the model advises the near-term fiscal policy to be supportive with a view to narrowing the output gap and minimizing hysteresis, while recommending a fiscal consolidation over the medium-term at a gradual pace.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1513508504 Total Pages :42 pages Book Rating :4.5/5 (135 download)
Book Synopsis France by : International Monetary Fund. European Dept.
Download or read book France written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2019-07-24 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper analyzes France’s fiscal stance using a structural stochastic model. The theoretical model features a forward-looking benevolent government that needs to decide the optimal fiscal stance given the level of public debt, the cyclical position of the economy, and expectations about future shocks. This paper shows that a fiscal consolidation can help build buffers that could help France confront the next downturn from a stronger fiscal position. The analysis highlights that, on average, fiscal policy in France exhibited a deficit bias over the past four decades, being unable to react to either rising debt levels, or cyclical conditions. A model-based analysis further confirms that fiscal policy was generally looser than warranted by cyclical and debt sustainability considerations, and this is only partly due to the fact policymakers need to take decisions based on real-time output gap measures that are subject to uncertainty.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :51 pages Book Rating :4.4/5 (2 download)
Book Synopsis Portugal by : International Monetary Fund. European Dept.
Download or read book Portugal written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-06-22 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Portugal: Selected Issues
Book Synopsis Optimal Fiscal Path Considerations by : Mr. Ippei Shibata
Download or read book Optimal Fiscal Path Considerations written by Mr. Ippei Shibata and published by International Monetary Fund. This book was released on 2023-07-11 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite achieving a rapid reduction in the public debt-to-GDP ratio in recent years, Portugal's debt ratio remains relatively high at 113.9 percent of GDP in end-2022. This paper employs an analytical model to determine the appropriate trajectory for structural consolidation to sustain ambitious debt reduction over the medium term, taking into account the uncertainties in the economic landscape. The model points to a need for continued fiscal tightening between 2024 and 2028. Optimal consolidation would be higher under higher longterm interest rates, lower medium-term growth prospects, or increased market sensitivity to debt.
Book Synopsis Japan: Selected Issues by : International Monetary
Download or read book Japan: Selected Issues written by International Monetary and published by International Monetary Fund. This book was released on 2022-04-06 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan: Selected Issues
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :151353887X Total Pages :15 pages Book Rating :4.5/5 (135 download)
Book Synopsis Belgium by : International Monetary Fund. European Dept.
Download or read book Belgium written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2020-03-31 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper analyzes Belgium’s fiscal stance using a structural stochastic model. This note uses a theoretical model that explicitly accounts for the trade-offs between the short-term cost of fiscal tightening and the long-term gains associated with higher fiscal buffers. This paper shows that once the current crisis is over, rebuilding fiscal buffers is essential to helping Belgium confront the next shock from a stronger fiscal position. Overall, this illustrates a major motivation for a credible medium-term fiscal consolidation strategy. When a government reduces debt, it increases its capacity to react to shocks later. This entails a short-term cost that is, in the case of Belgium, worth the effort as this capacity to smooth future shocks increases future welfare. In addition, a large capacity to react with fiscal policy reduces the risk of long-lasting effects of a large crisis. Historical data show that in the past, the Belgium government’s reaction to the cycle was limited to a single event. By contrast, if Belgium could firmly anchor public debt on a downward path, future governments would be able to offset downturns while keeping debt sustainability concerns under control.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1513516906 Total Pages :75 pages Book Rating :4.5/5 (135 download)
Book Synopsis Regional Economic Outlook, October 2019, Middle East and Central Asia by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Regional Economic Outlook, October 2019, Middle East and Central Asia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2019-11-06 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth in the near term remains subdued for oil exporters in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, amid volatile oil prices, precarious global growth, elevated fiscal vulnerabilities, and heightened geopolitical tensions. In addition, declining productivity is dampening medium-term growth prospects. To reduce dependence on oil prices and pave the way for more sustainable growth, fiscal consolidation needs to resume, underpinned by improved medium-term fiscal frameworks. In parallel, structural reforms and further financial sector development would boost foreign direct investment (FDI) and domestic private investment and foster diversification, thus contributing to improved productivity and potential growth.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :90 pages Book Rating :4.4/5 (2 download)
Book Synopsis Iceland by : International Monetary Fund. European Dept.
Download or read book Iceland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-06-23 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Iceland has recovered from the shocks of recent years faster than envisaged and scarring from the pandemic is expected to be minimal. The recovery reflects pent-up demand from the pandemic, a rebound of the tourism industry, rapid immigration, and the fact that, unlike most European countries, Iceland experienced an improvement in its terms of trade in 2022. The economy is currently operating above potential. Absent an adjustment in policies, imbalances are likely to increase. Risks are tilted to the downside.
Book Synopsis A Model-based Fiscal Taylor Rule and a Toolkit to Assess the Fiscal Stance by : Jean-Marc Fournier
Download or read book A Model-based Fiscal Taylor Rule and a Toolkit to Assess the Fiscal Stance written by Jean-Marc Fournier and published by International Monetary Fund. This book was released on 2020-02-14 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a model-based fiscal Taylor rule and a toolkit to assess the fiscal stance, defined as the change in the structural primary balance. This is built on the normative buffer-stock model of the government (Fournier, 2019) which includes key channels like hysteresis, cycle-dependent multipliers and a risk premium. A simple fiscal Taylor rule prescribes the fiscal stance as a function of past government debt, past output gap and the past structural primary balance. Applications suggest several advanced economies could have better managed their fiscal stance over the last 20 years. Simulations provide fiscal stance recommendations over the medium-term.
Book Synopsis Sustainable Appetite: Redefining Food Production for the Planet by : Shu Chen Hou
Download or read book Sustainable Appetite: Redefining Food Production for the Planet written by Shu Chen Hou and published by Shu Chen Hou. This book was released on with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introducing "Sustainable Appetite: Redefining Food Production for the Planet” 🌱 Are you ready to be a part of the change our planet urgently needs? Discover the groundbreaking book that unveils a transformative journey towards a sustainable food future—"Sustainable Appetite: Redefining Food Production for the Planet.” 🌍 In a world grappling with environmental challenges, food scarcity, and the undeniable impact of our choices, this book is your guide to understanding and embracing a food system that nourishes both people and the planet. 🍽️ Explore the World of Sustainable Food: Dive into a comprehensive exploration of the global food production challenge, the staggering environmental impact of conventional practices, and the undeniable need for sustainable solutions. With meticulously researched insights, this book reveals how our food choices can redefine the world around us. 🌿 Uncover Innovative Solutions: Discover innovative practices that promise to revolutionize how we produce, distribute, and consume food. From agroecology and urban farming to lab-grown alternatives and circular economies, "Sustainable Appetite" offers a glimpse into the future of food production. 🛤️ Navigate Challenges and Solutions: Delve into the complexities of economic constraints, technological limitations, consumer awareness, and policy changes. This book equips you with actionable strategies to address these challenges and drive meaningful change. 🤝 Join the Movement: Embrace your role in shaping a more sustainable food future. Through compelling case studies, empowering consumer choices, and effective policy advocacy, "Sustainable Appetite" empowers you to become an agent of transformation. 📚 Order Your Copy Today: 🌟 Empower yourself with knowledge that empowers the planet. 🌟 Be part of a movement that redefines how we nourish ourselves and our world. 🌟 Embrace sustainable practices that create a brighter future for generations to come. Step into the pages of "Sustainable Appetite: Redefining Food Production for the Planet" and discover how every choice you make can be a step towards a thriving and resilient global food system. 🌎 Order Now and Be Part of the Solution! 🌱
Book Synopsis Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Rules—Anchoring Expectations for Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-11 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
