Fiscal Impulse

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Publisher : International Monetary Fund
ISBN 13 : 1451851448
Total Pages : 13 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Fiscal Impulse by : Mr.Mark Scott Lutz

Download or read book Fiscal Impulse written by Mr.Mark Scott Lutz and published by International Monetary Fund. This book was released on 1991-09-01 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of fiscal impulse is defined, discussed, and differentiated from measures that attempt to summarize the macroeconomic effects of fiscal policy. Two methodologies are briefly discussed and their corresponding measures presented for the G-7 countries over the ten-year period ending in 1989. Controversies about the measure are highlighted and potential improvements are also discussed.

Fiscal Impulses and their Fiscal Impact

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1451977530
Total Pages : 18 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Fiscal Impulses and their Fiscal Impact by : Sheetal K. Chand

Download or read book Fiscal Impulses and their Fiscal Impact written by Sheetal K. Chand and published by International Monetary Fund. This book was released on 1992-05-01 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Fiscal Impulses and Their Fiscal Impact

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Author :
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Fiscal Impulses and Their Fiscal Impact by : Sheetal Chand

Download or read book Fiscal Impulses and Their Fiscal Impact written by Sheetal Chand and published by . This book was released on 2006 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

An Empirical Analysis of Fiscal Adjustments

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Publisher : International Monetary Fund
ISBN 13 : 1451965958
Total Pages : 26 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis An Empirical Analysis of Fiscal Adjustments by : Mr.C. John McDermott

Download or read book An Empirical Analysis of Fiscal Adjustments written by Mr.C. John McDermott and published by International Monetary Fund. This book was released on 1996-06-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study uses the fiscal expansion and consolidation experiences of the industrial countries over the period 1970 to 1995 to examine the interplay between fiscal adjustments and economic performance. A key finding is that fiscal consolidation need not trigger an economic slowdown. Fiscal consolidation that concentrates on the expenditure side, and especially on transfers and government wages, is more likely to succeed in reducing the public debt ratio than tax-based consolidation. Also, the greater the magnitude of the fiscal consolidation, the more likely it is to succeed in reducing the debt ratio.

A Review of the Fiscal Impulse, with Estimates of the Structural Budget Balance

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Author :
Publisher :
ISBN 13 :
Total Pages : 71 pages
Book Rating : 4.:/5 (95 download)

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Book Synopsis A Review of the Fiscal Impulse, with Estimates of the Structural Budget Balance by :

Download or read book A Review of the Fiscal Impulse, with Estimates of the Structural Budget Balance written by and published by . This book was released on 1985 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Anchor Me: The Benefits and Challenges of Fiscal Responsibility

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Publisher : International Monetary Fund
ISBN 13 : 1498305032
Total Pages : 20 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Anchor Me: The Benefits and Challenges of Fiscal Responsibility by : Mr.Serhan Cevik

Download or read book Anchor Me: The Benefits and Challenges of Fiscal Responsibility written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2019-03-25 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the benefits and challenges of implementing a rule-based fiscal responsibility framework, using the Philippines as a case study. It estimates structural measures of the fiscal stance over the period 1980–2016 and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis indicates that discretionary fiscal policy has been procyclical, and the degree of procyclicality has increased in recent years. While the national government’s non-binding ceiling on the overall budget deficit is helpful, it does not constitute an appropriate operational target to guide fiscal policy over the economic cycle and necessarily ensure that the fiscal stance meets the government’s intertemporal budget constraint. To this end, using stochastic simulations, this paper makes the case for a well-designed fiscal responsibility law that enshrines explicit fiscal rules designed for countercyclical policy and long-term debt sustainability, and an independent fiscal council to improve accountability and transparency.

How to Measure the Fiscal Deficit

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Publisher : International Monetary Fund
ISBN 13 : 9781557751928
Total Pages : 404 pages
Book Rating : 4.7/5 (519 download)

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Book Synopsis How to Measure the Fiscal Deficit by : Mr.Mario I. Bléjer

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.

Fiscal Policy after the Financial Crisis

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Publisher : University of Chicago Press
ISBN 13 : 022601844X
Total Pages : 596 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Fiscal Policy after the Financial Crisis by : Alberto Alesina

Download or read book Fiscal Policy after the Financial Crisis written by Alberto Alesina and published by University of Chicago Press. This book was released on 2013-06-25 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis

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Publisher : International Monetary Fund
ISBN 13 : 1484386973
Total Pages : 38 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis by : Carolina Correa-Caro

Download or read book Fiscal Stimulus Impact on Firms' Profitability During the Global Financial Crisis written by Carolina Correa-Caro and published by International Monetary Fund. This book was released on 2018-11-28 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using financial statement data from the Thomson Reuter’s Worldscope database for 22,333 non-financial firms in 52 advanced and emerging economies, this paper examines how fiscal stimulus (i.e., changes in structural deficit) interacted with sectoral business cycle sensitivity affected corporate profitability during the recovery period of the global financial crisis (GFC). Using cross-sectional analyses, our findings indicate that corporate profitability improved significantly after the GFC fiscal stimulus, especially in manufacturing, utilities and retail sectors. Firm size and leverage are also found to be significant in explaining changes in corporate profitability.

Fiscal Indicators

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Publisher :
ISBN 13 :
Total Pages : 1172 pages
Book Rating : 4.:/5 (9 download)

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Book Synopsis Fiscal Indicators by : Banca d'Italia. Servizio studi

Download or read book Fiscal Indicators written by Banca d'Italia. Servizio studi and published by . This book was released on 2006 with total page 1172 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Review of the Fiscal Impulse Measure, with Estimates of the Structural Budget Balance

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Author :
Publisher :
ISBN 13 :
Total Pages : 71 pages
Book Rating : 4.:/5 (753 download)

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Book Synopsis A Review of the Fiscal Impulse Measure, with Estimates of the Structural Budget Balance by : Peter S. Heller

Download or read book A Review of the Fiscal Impulse Measure, with Estimates of the Structural Budget Balance written by Peter S. Heller and published by . This book was released on 1985 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fiscal Stimulus and Credibility in Emerging Countries

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Publisher : International Monetary Fund
ISBN 13 : 1455200824
Total Pages : 26 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Fiscal Stimulus and Credibility in Emerging Countries by : Mrs.Hanan Morsy

Download or read book Fiscal Stimulus and Credibility in Emerging Countries written by Mrs.Hanan Morsy and published by International Monetary Fund. This book was released on 2010-05-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Across a sample of thirty four emerging countries, the evidence shows the frequent existence of a pro-cyclical fiscal impulse. However, the scope for countercyclical policy increases with the availability of international reserves as it enhances credibility and mitigates concerns about the effect of expansionary fiscal policy on the cost of borrowing and debt service. The paper also examines the effectiveness of the fiscal policy in emerging countries in the short- and long-run and its underlying conditions, which does not appear to be uniform. In some cases, contractionary fiscal policy could stimulate growth in the short-run, if fiscal tightness lowers the cost of borrowing and debt service, and mitigates concerns about debt sustainability. However, an increase in international reserves is evident to mitigate these concerns. On the other hand, high inflation increases concerns about the impact of fiscal spending on inflationary expectations and the cost of borrowing, countering the effectiveness of the fiscal stimulus on output growth in the short-run. Where the debt burden is high, fiscal expansion has a longlasting negative effect on real growth.

Stochastic Trends, Debt Sustainability and Fiscal Policy

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1513574752
Total Pages : 45 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Stochastic Trends, Debt Sustainability and Fiscal Policy by : Karim Barhoumi

Download or read book Stochastic Trends, Debt Sustainability and Fiscal Policy written by Karim Barhoumi and published by International Monetary Fund. This book was released on 2016-03-10 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study empirically the reaction of fiscal policy to changes in the permanent and transitory components of GDP in a panel of countries. We find evidence that government spending tends to be counter-cyclical conditional on temporary shocks and pro-cyclical conditional on permanent shocks. We also find no evidence that developing countries are systematically different from developed ones in terms of fiscal policy. We present a theory featuring a fiscal reaction function to the output gap and a measure of debt sustainability. The fiscal impulse response to a permanent (temporary) shock to GDP is positive (negative) as the effect on debt sustainability (current output gap) dominates. The results are mostly sensitive to the relative weight of debt sustainability in the fiscal reaction function as well as to the extent of real rigidities in the economy.

International Comparisons of Fiscal Policy

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Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis International Comparisons of Fiscal Policy by : Garry J. Schinasi

Download or read book International Comparisons of Fiscal Policy written by Garry J. Schinasi and published by . This book was released on 1986 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fiscal Adjustments in OECD Countries

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Publisher : International Monetary Fund
ISBN 13 : 1451960433
Total Pages : 52 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Fiscal Adjustments in OECD Countries by : Mr.Alberto Alesina

Download or read book Fiscal Adjustments in OECD Countries written by Mr.Alberto Alesina and published by International Monetary Fund. This book was released on 1996-07-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how the composition of fiscal adjustments influences their likelihood of “success”, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary. We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.

The Cyclicality of Fiscal Policy in the Middle East and Central Asia

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1451982127
Total Pages : 28 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis The Cyclicality of Fiscal Policy in the Middle East and Central Asia by : International Monetary Fund

Download or read book The Cyclicality of Fiscal Policy in the Middle East and Central Asia written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-03-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countries of the Middle East and North Africa, and the Caucasus and Central Asia have the highest output volatility in the world. Fiscal policy is a powerful tool that can help dampen the business cycles. This paper analyzes the cyclical properties of fiscal policy in the region during the past four decades and explores whether the response during the current global economic crisis is different in 2009. Across a sample of 28 countries, we find that fiscal policy has typically amplified the business cycles and that it has been more procyclical in good times than in bad times. However, the response to the current crisis has differed from the past in that about half of the countries responded countercyclically in 2009. Going forward, the fiscal space during downturns varies widely across countries, depending on the level of debt, access to capital markets, and natural resource wealth. Not surprisingly, the oil exporters have more fiscal room than oil importers, although there are some oil importers that still have room to respond countercyclically in bad times.

The Challenge of Debt Reduction during Fiscal Consolidation

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Publisher : International Monetary Fund
ISBN 13 : 1616357568
Total Pages : 57 pages
Book Rating : 4.6/5 (163 download)

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Book Synopsis The Challenge of Debt Reduction during Fiscal Consolidation by : Luc Eyraud

Download or read book The Challenge of Debt Reduction during Fiscal Consolidation written by Luc Eyraud and published by International Monetary Fund. This book was released on 2013-03-08 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies suggest that fiscal multipliers are currently high in many advanced economies. One important implication is that fiscal tightening could raise the debt ratio in the short term, as fiscal gains are partly wiped out by the decline in output. Although this effect is not long-lasting and debt eventually declines, it could be an issue if financial markets focus on the short-term behavior of the debt ratio, or if country authorities engage in repeated rounds of tightening in an effort to get the debt ratio to converge to the official target. We discuss whether these problems could be addressed by setting and monitoring debt targets in cyclically-adjusted terms.