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Author : Carlos Alfredo Rodríguez
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)
Download or read book Economic Consequences of Quasi-fiscal Deficits written by Carlos Alfredo Rodríguez and published by . This book was released on 1993 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Seok Gil Park
Publisher : International Monetary Fund
ISBN 13 : 1463981007
Total Pages : 35 pages
Book Rating : 4.4/5 (639 download)
Download or read book Central Banks Quasi-Fiscal Policies and Inflation written by Mr.Seok Gil Park and published by International Monetary Fund. This book was released on 2012-01-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In particular, the paper shows that in the absence of the fiscal authorities' full backing of the central bank's balance sheet, strange things can happen. For instance, an exit from quantitative easing could be inflationary and central banks cannot successfully unwind inflated balance sheets. Therefore, the fiscal authorities' full backing of the monetary authorities' quasi-fiscal operations is a pre-condition for effective monetary policy.
Author : L.H. Meyer
Publisher : Springer Science & Business Media
ISBN 13 : 9400966849
Total Pages : 243 pages
Book Rating : 4.4/5 (9 download)
Download or read book The Economic Consequences of Government Deficits written by L.H. Meyer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: On October 29 and 30, 1982, the Center for the Study of American Business and the Institute for Banking and Financial Markets at Washington "The Economic Consequences of University cosponsored a conference on Government Deficits. " This was the sixth annual Economic Policy Con ference sponsored by the Center, and the first it has cosponsored with the Institute. This book contains the papers and comments delivered at that conference. Recent and prospective large federal deficits have prompted a thorough reconsideration of the political sources and economic consequences of government deficits. The papers in Part I focus on the implications of deficits for monetary growth and inflation, and the papers in Part II consider the effect of deficits on interest rates and capital formation. The papers in Part III deal with the political sources and remedies for the explosive growth in government spending and increased reliance on deficits. The papers in Part I by Alan S. Blinder, Professor of Economics at Princeton University, and Preston J. Miller, Assistant Vice President and Research Advisor at the Federal Reserve Bank of Minneapolis, discuss the relation between monetary growth and deficits and present evidence on the of deficits on inflation and output. A deficit is said to be monetized effects vii viii THE ECONOMIC CONSEQUENCES OF GOVERNMENT DEFICITS when the Federal Reserve purchases bonds to aid the Treasury in financing the deficit.
Author : Philippe Le Houerou
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Estimating Quasi-fiscal Deficits in a Consistency Framework written by Philippe Le Houerou and published by . This book was released on 1993 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: To assess fully the effect of adjustment programs and development strategies, it is essential that the fiscal deficit include quasi- fiscal deficits-- the losses of public financial institutions such as the central bank. A flow- of- funds format may be the best approach for doing so, as this case shows.
Author : Mr.George A. Mackenzie
Publisher : International Monetary Fund
ISBN 13 : 9781557755834
Total Pages : 58 pages
Book Rating : 4.7/5 (558 download)
Download or read book Quasi-Fiscal Operations of Public Financial Institutions written by Mr.George A. Mackenzie and published by International Monetary Fund. This book was released on 1996-10-24 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 9781557750167
Total Pages : 84 pages
Book Rating : 4.7/5 (51 download)
Download or read book Measurement of Fiscal Impact written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-06-16 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.Mario I. Bléjer
Publisher : International Monetary Fund
ISBN 13 : 9781557751928
Total Pages : 404 pages
Book Rating : 4.7/5 (519 download)
Download or read book How to Measure the Fiscal Deficit written by Mr.Mario I. Bléjer and published by International Monetary Fund. This book was released on 1991-09-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.Paul Cashin
Publisher : International Monetary Fund
ISBN 13 : 1451854463
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)
Download or read book Tax Smoothing in a Financially Repressed Economy written by Mr.Paul Cashin and published by International Monetary Fund. This book was released on 1998-08-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: India has a long history of running fiscal deficits. Two broad considerations motivate a government to run a deficit: tax smoothing and tax tilting. This paper tests a version of Barro’s tax-smoothing model, using Indian data for the period 1951-52 to 1996-97. The empirical results indicate that the central government of India has tax-smoothed, while the regional governments of India have not. The paper also finds evidence of tax tilting, reflected in financial repression, which has led to the accumulation of excessive public liabilities.
Author : Mr.Michael Kumhof
Publisher : International Monetary Fund
ISBN 13 : 1451873840
Total Pages : 37 pages
Book Rating : 4.4/5 (518 download)
Download or read book Fiscal Deficits and Current Account Deficits written by Mr.Michael Kumhof and published by International Monetary Fund. This book was released on 2009-10-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 I. Bléjer
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (318 download)
Download or read book Analytical and Methodological Issues in the Measurement of Fiscal Deficits written by Mario I. Bléjer and published by International Monetary Fund. This book was released on 1990-11 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Alejandro Rodríguez
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (13 download)
Download or read book Quasi-Fiscal Deficit Financing and (Hyper) Inflation written by Alejandro Rodríguez and published by . This book was released on 2018 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Argentine hyperinflations of 1989 and 1990, quasi-fiscal deficits were a major part of the problem. The Central Bank ́s quasi-fiscal activities are financed directly by money printing but in some cases the monetary authority tries to sterilize the effect on the money supply by issuing debt or by increasing reserve requirements (it is not uncommon to pay interest on reserves when this happens). Thus, a new source of quasi-fiscal deficit arises, i.e. the interest payments on the Bank ́s liabilities. When nominal interest rates are high and debt reaches unsustainable levels, the interest payments can take a life of their own leading to hyperinflation. The traditional explanation is that the Central Bank has to finance the quasi-fiscal deficit through the use of the inflation tax but as inflation increases money demand drops and there is a limit to how much revenue can be collected which is determined by a Laffer curve. Trying to finance a quasi-fiscal deficit beyond that limit (or any fiscal deficit for that matter) leads to hyperinflation. In this paper we demonstrate that very high inflation can arise even if money demand is perfectly inelastic with respect to inflation and the real value of interest payments is relatively low. The key insight is that if expected inflation is a function of the current state of the economy the Central Bank has an additional incentive to alter the future state which results in higher inflation today.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451844239
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author : Vito Tanzi
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.F/5 ( download)
Download or read book Policies, Institutions and the Dark Side of Economics written by Vito Tanzi and published by Edward Elgar Publishing. This book was released on 2000 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: From his two-decade position as Director of Fiscal Affairs Department of the International Monetary Fund, Tanzi casts light on the gap that exists between the economics found in textbooks and the one discussed at policy makers' meetings. The collection of 15 essays--some new, some previously published, and some significantly revised from earlier publication-- he shows how the outcome of tidy formulae becomes variable due to the role of the institutions responsible for implementing policy and the behavior of people working for the institutions. He explores the different ways of looking at the role of government and at the instruments it uses; phenomena such as corruption, tax evasion, money laundering, and the underground economy; and the role institutions play in economic policy. Annotation copyrighted by Book News, Inc., Portland, OR
Author : Lev M. Freinkman
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.F/5 ( download)
Download or read book Quasi-fiscal Activities, Hidden Government Subsidies, and Fiscal Adjustment in Armenia written by Lev M. Freinkman and published by World Bank Publications. This book was released on 2003 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes quasi-fiscal deficits and subsidies, and their impact on ArmeniaA's fiscal performance in the second part of the 1990s. In addition, it discusses the specific features of quasi-fiscal financing in transition economies. Estimates of ArmeniaA's actuarial and hidden deficits in the second part of the 1990s shows that its deficits were relatively modest compared to similar economies. While these deficits remain, they have declined recently, becoming the main source of fiscal adjustment in Armenia. This study also presents a comprehensive picture of subsidization in Armenia, including hidden and quasi-fiscal subsidies that were a primary cause of the hidden deficit. The paper shows the ultimate sources and main beneficiaries of these subsidies. It concludes that the main distortive impact of quasi-fiscal subsidies is on social policy, not on enterprise restructuring and private sector performance.
Author : Sònia Muñoz
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (318 download)
Download or read book Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe written by Sònia Muñoz and published by International Monetary Fund. This book was released on 2007-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe (RBZ). Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit inflation reached in 2006. The remedy for the current situation is clearly to eliminate the causes of losses by implementing measures to improve the cash-flow of the bank and restore its financial position.
Author : Mr.J. D. Craig
Publisher : International Monetary Fund
ISBN 13 : 155775697X
Total Pages : 50 pages
Book Rating : 4.5/5 (577 download)
Download or read book Transparency in Government Operations written by Mr.J. D. Craig and published by International Monetary Fund. This book was released on 1998-02-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344658
Total Pages : 257 pages
Book Rating : 4.4/5 (983 download)
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.
