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Fiscal Adjustment In Transition Countries
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Book Synopsis Fiscal Adjustment in Transition Countries by : MissCatriona Purfield
Download or read book Fiscal Adjustment in Transition Countries written by MissCatriona Purfield and published by International Monetary Fund. This book was released on 2003-02-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of adjustment, are important in transition economies. It finds that larger consolidations were more successful in addressing fiscal imbalances on a durable basis. Policies focusing on expenditure reductions were more successful than those relying on revenue increases. There is little evidence of expansionary fiscal contractions, but fiscal contractions did not have a significantly negative impact on growth either. Few fiscal stimuli succeeded in boosting growth.
Book Synopsis New Evidence on Fiscal Adjustment and Growth in Transition Economies by : Alejandro Simone
Download or read book New Evidence on Fiscal Adjustment and Growth in Transition Economies written by Alejandro Simone and published by International Monetary Fund. This book was released on 2006-10 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between fiscal adjustment and real GDP growth in a panel of 26 transition economies during 1992-2001. Unlike most previous studies using cross-country regressions, the paper finds a positive and statistically significant relationship between fiscal adjustment and growth that is robust to different model specifications and estimation methods. The paper also presents country experiences to delve deeper into the mechanisms that may underlie this statistical relationship.
Book Synopsis Fiscal Adjustments in Transition Economies by : Barbara Fakin
Download or read book Fiscal Adjustments in Transition Economies written by Barbara Fakin and published by World Bank Publications. This book was released on 1997 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Adjustment in Transition Countries by : Catriona Purfield
Download or read book Fiscal Adjustment in Transition Countries written by Catriona Purfield and published by . This book was released on 2007 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of adjustment, are important in transition economies. It finds that larger consolidations were more successful in addressing fiscal imbalances on a durable basis. Policies focusing on expenditure reductions were more successful than those relying on revenue increases. There is little evidence of expansionary fiscal contractions, but fiscal contractions did not have a significantly negative impact on growth either. Few fiscal stimuli succeeded in boosting growth.
Book Synopsis Fiscal Issues in Adjustment in Developing Countries by : Jaime de Melo
Download or read book Fiscal Issues in Adjustment in Developing Countries written by Jaime de Melo and published by Springer. This book was released on 1993-07-15 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book deals with aspects of the recent fiscal crisis in developing countries. Macro aspects cover theoretical underpinning of fiscal policy, the size of the required adjustment and the link between internal and external transfers. Micro aspects cover the relation between private and public investment, the experience of tax and expenditure reforms, and the impact of fiscal adjustment on the poor.
Book Synopsis Fiscal Adjustment for Stability and Growth by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Adjustment for Stability and Growth written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2006-01-27 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to inform policymakers, and other interested parties, about the IMF’s approach to fiscal adjustment. The approach focuses on the role of sound and sustainable government finances in promoting macroeconomic stability and growth. Achieving, and maintaining, such a fiscal position often requires adjusting fiscal policy, as well as strengthening fiscal institutions. Fiscal adjustment may involve either tightening or loosening the fiscal stance, depending on individual country circumstances.
Book Synopsis Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries by : Huixin Bi
Download or read book Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries written by Huixin Bi and published by International Monetary Fund. This book was released on 2014-03-31 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies fiscal policy effects in developing countries with external debt and sovereign default risks. State-dependent distributions of fiscal limits are simulated based on macroeconomic uncertainty and fiscal policy specifications. The analysis shows that expected future revenue plays an important role in the low fiscal limits of developing countries, relative to those of developed countries. External debt carries additional risks since large devaluation of the real exchange rate can suddenly raise default probabilities. Consistent with majority views, fiscal consolidations are counterproductive in the short and medium runs. When an economy approaches its fiscal limits, government spending can be less expansionary than in a low-debt state. As more revenue is required to service debt in a high-debt state, higher tax rates raise the economic cost of increasing consumption, reducing the fiscal multiplier.
Book Synopsis Fiscal Adjustments in Transition Economies Transfers and the Efficiency of Public Spending by : Barbara Fakin
Download or read book Fiscal Adjustments in Transition Economies Transfers and the Efficiency of Public Spending written by Barbara Fakin and published by . This book was released on 2016 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social security contributions and outlays in the economies of Central Europe do not differ much from those in the OECD countries, so experience in the OECD countries is relevant to them. The main problem: Loose eligibility criteria that allow too much pension money to go to early retirees. Despite a dramatic shift away from subsidies in the early years of transition, the countries of Central Europe still show signs of unsuccessful fiscal adjustment, insufficient deficit reduction, and loose spending policy. High social transfers and low efficiency of government spending remain two challenges of fiscal adjustment and long-term sustainability of budgetary policy choices. A cross-country regression analysis shows that the problems with high social-security outlays are largely the result of loose eligibility criteria (many pensions go to early retirees) under current state pay-as-you-go pension systems- not so much to old populations or high replacement rates. Fakin and de Crombrugghe suggest that transition economies should strive for a real social consensus on the reform of future pension rights. The transition to a funded pension system could be financed by a combination of: Government debt. Proceeds from privatization. Efficiency gains from lowering and/or restructuring government spending in favor of infrastructure, retraining, and market-oriented tertiary education. This paper - a joint product of the Office of the Senior Vice President, Development Economics and Chief Economist, and Research Support Staff - is part of Fiscal Reform in Poland (RPO 678-96), a study funded by the Bank's Research Support Budget.
Book Synopsis Fiscal Policy in Developing Countries: by : Roberto Perotti
Download or read book Fiscal Policy in Developing Countries: written by Roberto Perotti and published by World Bank Publications. This book was released on 2007 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys fiscal policy in developing countries from the point of view of long-run growth. The first section reviews existing methodologies to estimate the effects of fiscal policy shocks and of systematic fiscal policy, with time series or with cross-sectional methods, and their applicability to developing countries. The second section surveys optimal fiscal policy in developing countries, by considering the role of the intertemporal government budget, and sustainability and solvency. It also reviews the fuzzy debate on "fiscal space" and "macroeconomic space" - and the usefulness (or lack thereof) of these terms for policy analysis. The third section asks what theory tells us about the optimal cyclical behavior of fiscal policy in developing countries. It shows that it very much depends on the assumptions about the interactions between credit market imperfections at the individual, firms, or government level, and on the supply of external funds to the country. Different sets of assumptions lead to different implications about optimal cyclical behavior. The available evidence on the cyclical behavior of fiscal policy, and possible reasons for the observed prevalence of a procyclical behavior in developing countries, is also reviewed. If one agrees that fiscal policy is indeed less countercyclical than we think is optimal, the issue is how to correct the problem. One obvious question is why government do not self-insure, i.e. why they do not accumulate assets in upturns and decumulate them in downturns. This leads to the analysis of fiscal rules and stabilization funds, in the fourth section. The last section concludes with what the author considers important research and policy questions in each part.
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 Fiscal Adjustments in Transition Economies Transfers and the Efficiency of Public Spending: A Comparison with OECD Countries by : de Alain Crombrugghe
Download or read book Fiscal Adjustments in Transition Economies Transfers and the Efficiency of Public Spending: A Comparison with OECD Countries written by de Alain Crombrugghe and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: July 1997 Social security contributions and outlays in the economies of Central Europe do not differ much from those in the OECD countries, so experience in the OECD countries is relevant to them. The main problem: Loose eligibility criteria that allow too much pension money to go to early retirees. Despite a dramatic shift away from subsidies in the early years of transition, the countries of Central Europe still show signs of unsuccessful fiscal adjustment, insufficient deficit reduction, and loose spending policy. High social transfers and low efficiency of government spending remain two challenges of fiscal adjustment and long-term sustainability of budgetary policy choices. A cross-country regression analysis shows that the problems with high social-security outlays are largely the result of loose eligibility criteria (many pensions go to early retirees) under current state pay-as-you-go pension systems- not so much to old populations or high replacement rates. Fakin and de Crombrugghe suggest that transition economies should strive for a real social consensus on the reform of future pension rights. The transition to a funded pension system could be financed by a combination of: * Government debt. * Proceeds from privatization. * Efficiency gains from lowering and/or restructuring government spending in favor of infrastructure, retraining, and market-oriented tertiary education. This paper-a joint product of the Office of the Senior Vice President, Development Economics and Chief Economist, and Research Support Staff-is part of Fiscal Reform in Poland (RPO 678-96), a study funded by the Bank's Research Support Budget.
Book Synopsis Fiscal Issues in Adjustment Programs in Developing Countries by : Vito Tanzi
Download or read book Fiscal Issues in Adjustment Programs in Developing Countries written by Vito Tanzi and published by . This book was released on 1990 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Decade of Fiscal Transition by : Asad Alam
Download or read book A Decade of Fiscal Transition written by Asad Alam and published by . This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Helping Countries Develop by : Mr.Sanjeev Gupta
Download or read book Helping Countries Develop written by Mr.Sanjeev Gupta and published by International Monetary Fund. This book was released on 2004-09-17 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sets out principles for conducting fiscal policy in developing countries. Examines the role of public spending in meeting the Millennium Development Goals. Discusses the determinants of fiscal sustainability, the effectiveness of social spending, the limits to absorptive capacity, the volatility of aid flows and their impact on dependency, and a range of other contentious issues.
Book Synopsis When is Fiscal Adjustment an Illusion? by : William Russell Easterly
Download or read book When is Fiscal Adjustment an Illusion? written by William Russell Easterly and published by World Bank Publications. This book was released on 1999 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is Fiscal Policy the Answer? by : Blanca Moreno-Dodson
Download or read book Is Fiscal Policy the Answer? written by Blanca Moreno-Dodson and published by World Bank Publications. This book was released on 2012-11-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of fiscal policy measures, both taxes and public spending, adopted by developing countries in response to the 2009 global crisis are still uncertain. This book discusses them using an analytical framework that allows for distilling possible implications on growth and social welfare.
Book Synopsis How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments by : Mr.Julio Escolano
Download or read book How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments written by Mr.Julio Escolano and published by International Monetary Fund. This book was released on 2014-09-25 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility. To answer this question, we rely on historical evidence from a sample of 91 adjustment episodes of countries during 1945–2012 that needed and wanted to adjust in order to stabilize debt to GDP. We find that, in at least half the cases, countries improved their cyclically adjusted primary balances by close to 5 percent of GDP. We also observe that, while countries typically make substantial efforts to stabilize debt, once this objective is achieved, they tend to ease their primary balances and do not necessarily get back to their initial lower debt-to-GDP ratio. We find that consolidations tended to be larger when the initial deficit was high and adjustment efforts were sustained over time. Fiscal adjustments also tended to be larger when accompanied by an easing of monetary conditions and, to a lesser extent, by an improvement in credit conditions.
