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Do Fiscal Rules Foster Fiscal Discipline In Resource Rich Countries
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Book Synopsis Do Fiscal Rules Foster Fiscal Discipline in Resource-Rich Countries? by : Ablam Estel Apeti
Download or read book Do Fiscal Rules Foster Fiscal Discipline in Resource-Rich Countries? written by Ablam Estel Apeti and published by International Monetary Fund. This book was released on 2023-04-29 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the performance of fiscal rules in resource-rich countries (RRC). Using panel data for 57 commodity exporting countries from 1976 to 2021, we find that fiscal rules: (i) reduce the procyclicality of real public expenditures with terms of trade in oil exporting countries, and (ii) improve non-resource primary balances in all RRC, especially during terms of trade upturns. The rules’ design matters. Addressing the procyclicality of public expenditures with terms-of-trade can be achieved with expenditure rules, and, for oil-exporters, revenue rules (althoug limited data on the latter calls for taking the results cautiously). To improve non-resource fiscal balances, debt rules and fiscal balance rules are shown to have a positive impact, especially in oil exporting countries. We further investigate the effect of fiscal rules and other features of the fiscal framework through case studies (for Botswana, Mongolia, and Timor-Leste). These cases highlight that even when fiscal rules are not fully complied with, they lead to some degree of fiscal discipline. The case studies also highlight the importance of the quality of fiscal frameworks: frequent revisions, lack of compliance or low stringency of the rules can significantly hamper their effectiveness.
Book Synopsis Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy by : Francesca G Caselli
Download or read book Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy written by Francesca G Caselli and published by International Monetary Fund. This book was released on 2019-03-05 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may affect the adoption of domestic reforms through peer pressure and imitational effects. We find that fiscal rules correlate with lower deficits, but the positive link disappears when endogeneity is correctly addressed. However, when considering an index of fiscal rules’ design, we show that well-designed rules have a statistically significant impact on fiscal balances. We conduct several robustness tests and show that our results are not affected by weak instrument problems.
Book Synopsis Fiscal Regimes for Extractive Industries—Design and Implementation by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Regimes for Extractive Industries—Design and Implementation written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2012-08-16 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344658 Total Pages :257 pages Book Rating :4.4/5 (983 download)
Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Expenditure Ceilings - A Survey by : Gösta Ljungman
Download or read book Expenditure Ceilings - A Survey written by Gösta Ljungman and published by International Monetary Fund. This book was released on 2008-12 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper looks at the factors that have to be considered when designing an aggregate expenditure ceiling. It is argued that expenditure ceilings are effective in promoting fiscal discipline and sustainability, but that a number of trade-offs have to be made when setting up a fiscal framework that will survive in a politically charged environment. The paper illustrates the discussion with a case study of medium-term aggregate expenditure ceilings in three countries: Finland, the Netherlands and Sweden.
Book Synopsis Trinidad and Tobago by : International Monetary
Download or read book Trinidad and Tobago written by International Monetary and published by International Monetary Fund. This book was released on 2024-06-05 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Book Synopsis Global Shocks Unfolding: Lessons from Fragile and Conflict-affected States by : Jocelyn Boussard
Download or read book Global Shocks Unfolding: Lessons from Fragile and Conflict-affected States written by Jocelyn Boussard and published by International Monetary Fund. This book was released on 2024-10-04 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the consequences of global shocks on a sample of low- and lower-middle-income countries with a particular focus on fragile and conflict-affected states (FCS). FCS are a group of countries that display institutional weakness and/or are negatively affected by active conflict, thereby facing challenges in macroeconomic policy management. Examining different global shocks associated with commodity prices, external demand, and financing conditions, this paper establishes that FCS economies are more vulnerable to these shocks compared to non-FCS peers. The higher sensitivity of FCS economies is mainly driven by procyclical fiscal responses, aggravated by the lack of effective spending controls and timely access to financial sources. External financing serves as a source of stability, partially mitigating the adverse impact of global shocks. This paper contributes to a better understanding of how conditions of fragility, which are on the rise in many parts of the world today, can amplify the effects of negative exogenous shocks. Its results highlight the diverse nature of underlying sources of vulnerabilities, spanning from fiscal and external buffers to institutional quality and economic structure, with lessons applicable to a broader set of countries. Efficient and timely external financial support from external partners, including international financial institutions, should help countries’ counter-cyclical responses to mitigate adverse shocks and achieve macroeconomic stability.
Book Synopsis Global Economic Prospects, January 2024 by : World Bank Group
Download or read book Global Economic Prospects, January 2024 written by World Bank Group and published by World Bank Publications. This book was released on 2024-02-13 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
Book Synopsis Fiscal Adjustment for Stability and Growth by : Mr.James Daniel
Download or read book Fiscal Adjustment for Stability and Growth written by Mr.James Daniel and published by International Monetary Fund. This book was released on 2006-08-17 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe by : Ananya Kotia
Download or read book Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe written by Ananya Kotia and published by International Monetary Fund. This book was released on 2016-04-12 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how fiscal rules interact with the intergovernmental fiscal framework to foster fiscal discipline among European subnational governments. We use political variables describing the fiscal attitudes of the central government as instruments to obtain consistent estimates of the impact of subnational fiscal rules on fiscal balances. The results suggest that the discipline-enhancing effect of fiscal rules is weaker when there are large “vertical fiscal imbalances” that is, large differences in revenue and spending assignments across the different levels of government. These findings imply that separate reforms to reduce excessive vertical fiscal imbalances complement a rules-based fiscal framework that is aimed at fostering fiscal discipline.
Book Synopsis Public Financial Management and Its Emerging Architecture by : Mr. M. Cangiano
Download or read book Public Financial Management and Its Emerging Architecture written by Mr. M. Cangiano and published by International Monetary Fund. This book was released on 2013-04-05 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch
Book Synopsis Fiscal Sustainability in Theory and Practice by : Craig Burnside
Download or read book Fiscal Sustainability in Theory and Practice written by Craig Burnside and published by World Bank Publications. This book was released on 2005 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Topics discussed in this publication include: an introduction to theoretical and practical aspects of fiscal sustainability; theoretical prerequisites for fiscal sustainability analysis; debt indicators in the measurement of vulnerability; cyclical adjustment of budget surplus; pro-cyclical fiscal policy using Mexico's fiscal accounts as a case study; fiscal rules and the experience of Chile; currency crises and models for deal with financing costs.
Book Synopsis Creating Fiscal Space for Poverty Reduction in Ecuador by :
Download or read book Creating Fiscal Space for Poverty Reduction in Ecuador written by and published by World Bank Publications. This book was released on 2005-01-01 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication reviews Ecuador's fiscal management and public expenditure policies in the context of its development and poverty reduction goals. Findings include that the country's impressive fiscal performance of 2003 is encouraging but fragile, as several structural bottlenecks could impede fiscal discipline and recovery. Reversing poverty trends is critical for the country's stability, and this can only be achieved with well-targeted, effective and efficient pro-poor programmes.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :49 pages Book Rating :4.4/5 (2 download)
Book Synopsis Saudi Arabia by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Saudi Arabia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2022-08-17 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Book Synopsis Diversified Development by : Indermit S. Gill
Download or read book Diversified Development written by Indermit S. Gill and published by World Bank Publications. This book was released on 2014-02-26 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eurasian economies have to become efficient more productive, job-creating, and stable. But efficiency is not the same as diversification. Governments need to worry less about the composition of exports and production and more about asset portfolios natural resources, built capital, and economic institutions.
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Book Synopsis Beyond the Annual Budget by : World Bank
Download or read book Beyond the Annual Budget written by World Bank and published by World Bank Publications. This book was released on 2012-11-12 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
