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Fiscal Space
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Book Synopsis Understanding Fiscal Space by : Mr.Peter S. Heller
Download or read book Understanding Fiscal Space written by Mr.Peter S. Heller and published by International Monetary Fund. This book was released on 2005-03-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: With new initiatives to provide low income countries with external assistance in support of the Millennium Development Goals (MDGs), donors and NGOs are seeking to understand whether "fiscal space" can be provided in the context of IMF-supported programs to support these initiatives. This paper defines the concept of fiscal space and its link to fiscal sustainability, describes alternative ways in which fiscal space can be created, and notes how the IMF can support appropriate efforts to create fiscal space. The paper underscores that the issues that arise in creating fiscal space are not novel, but have always confronted governments in judging whether there is scope for additional expenditure.
Book Synopsis The Air Force Budget by : United States. Air Force. Office of Comptroller
Download or read book The Air Force Budget written by United States. Air Force. Office of Comptroller and published by . This book was released on 1977 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1498345581 Total Pages :28 pages Book Rating :4.4/5 (983 download)
Book Synopsis Assessing Fiscal Space - An Initial Consistent Set of Considerations by : International Monetary Fund. Asia and Pacific Dept
Download or read book Assessing Fiscal Space - An Initial Consistent Set of Considerations written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2016-06-23 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal space is a multi-dimensional concept reflecting whether a government can raise spending or lower taxes without endangering market access and debt sustainability. Making such a determination requires a comprehensive approach considering, among other things, initial economic and structural conditions, market access, the level and trajectory of public debt, present and future financing needs, and dynamic analysis of the liquidity and solvency of the fiscal position under alternative policies. Balancing these considerations involves careful analysis and judgment. Fund staff has over the years developed a variety of indicators to inform assessments of fiscal space in bilateral and multilateral surveillance. The Fund’s core operational framework for such analysis is the debt sustainability framework, which includes a number of indicators, while allowing room for staff judgment. Surveillance also relies importantly on indicators developed by the Fiscal Affairs Department (FAD)––including those that have been used in the internal Vulnerability Exercise and Fiscal Monitors––while more recent methods based on fiscal stress tests and probabilistic approaches proposed in IMF (2016) are also promising. In addition, teams have used scenario analysis and general equilibrium modeling approaches to evaluate fiscal policy choices and their implications for sustainability. When applied to fiscal space, each indicator and approach has pros and cons and none covers all the relevant factors. Ultimately, therefore, assessing fiscal space requires judgment, informed by a broad range of tools. This note seeks to bring together various approaches developed by Fund staff to outline a consistent set of considerations and indicators to help inform assessments of fiscal space, especially for advanced and emerging markets. The intent is to facilitate continued consistency between country team assessments by providing some common considerations and approaches to inform their judgment. The proposed framework will support Fund surveillance and policy advice going forward, informing discussions of the appropriate fiscal stance at all stages of the economic cycle.
Book Synopsis Boosting Fiscal Space by : Mr.Jonathan David Ostry
Download or read book Boosting Fiscal Space written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2018-03-14 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Noting that the aftermath of the global financial crisis has left many advanced economies with very high sovereign debt ratios and some emerging markets with high debt, this report considers whether there are ways to expand fiscal space that do not involve countries paying down debt or promising to do so in the future, to make fiscal consolidation more growth-friendly. It explains that policymakers argue that their fiscal space is limited and that it would be difficult to take advantage of the opportunity of low interest rates to undertake fiscal expansion, and it considers a ways to raise fiscal space that does not require contractionary fiscal policy and whether there is a way to make fiscal consolidation more growth-friendly to produce larger gains in fiscal space. It argues that debt management policies may provide an answer to expanding fiscal space for a given path of primary fiscal balances by reducing the risk that a sovereign may default in bad states and generate a payoff in terms of reduced to real borrowing costs. It describes two debt management policies: issuance of GDP-linked debt and issuance of longer maturity bonds, as opposed to short-term debt. It focuses on the effect of these debt management policies on real borrowing costs and default risk for the sovereign and details the literature on GDP-linked debt and the maturity structure and how the report fills gaps in the literature; how uncertainty affects fiscal space and how debt management can play a role in increasing it, with estimates and simulations of potential gains in fiscal space flowing from debt management; and the sensitivity of the findings to underlying assumptions and policy implications.
Book Synopsis Central Banks as Fiscal Players by : Willem Buiter
Download or read book Central Banks as Fiscal Players written by Willem Buiter and published by Cambridge University Press. This book was released on 2020-11-12 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.
Download or read book Fiscal Space written by Rathin Roy and published by Routledge. This book was released on 2012-05-31 with total page 523 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the deadline for achieving the 2015 Millennium Development Goals (MDGs) less than a decade away, the uneven progress is raising important questions about the ability of the international community to 'scale up' its efforts to finance the goals. Securing adequate financing for development has thus become the most pressing issue of the development agenda. This groundbreaking volume, by leading development economists and practitioners, addresses the central concern for policymakers involved in long term planning for the MDGs: how to create 'fiscal space' for the MDGs and strengthen domestic resource mobilization for human development, while ensuring long-term sustainability and freedom from reliance on aid. By looking at the evidence with fresh perspectives, the authors present a novel approach by which fiscal policy can be made to work for the poor, for the long term. Published with UNDP and Revenue Watch.
Book Synopsis Can They Do It All? Fiscal Space in Low-Income Countries by : Ms.Anja Baum
Download or read book Can They Do It All? Fiscal Space in Low-Income Countries written by Ms.Anja Baum and published by International Monetary Fund. This book was released on 2017-05-05 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to U.N. estimates, low-income countries will have to increase their annual public spending by up to 30 percent of GDP to achieve the Sustainable Development Goals (SDGs), raising the question of whether they can do it all. This paper develops a new metric of fiscal space in low-income countries that accounts for macroeconomic uncertainty, allowing us to assess whether those spending needs can be accommodated. Illustrative simulations based on this methodology imply that, even under benign conditions, the fiscal space available in lowincome countries is likely insufficient to undertake the spending needed to achieve the SDGs. Improving public investment efficiency and domestic revenue mobilization can somewhat narrow the gap but it will require major efforts relative to recent trends.
Book Synopsis Making Fiscal Space Happen by : Mr.Xavier Debrun
Download or read book Making Fiscal Space Happen written by Mr.Xavier Debrun and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-12-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Debt relief and the scaling up of aid to low-income countries should allow for greater fiscal space for expenditure programs to create long-term growth and lower poverty rates. But designing a suitable medium-term fiscal framework that fosters a sustainable delivery of better public services and infrastructure while maintaining a credible commitment to fiscal prudence confronts many challenges. This paper discusses what low-income countries can do to shape fiscal policy frameworks that are ambitious in trying to absorb additional aid while still ensuring longer-term sustainability for government expenditure programs and finances. It suggests what approaches can be used to manage the greater fiscal policy risks associated with a scaled-up aid environment, including coordination with monetary policy. The paper also discusses what institutional changes are needed if donors and countries are to facilitate the implementation of a higher level of aid-financed spending programs.
Download or read book Fiscal Space written by Rathin Roy and published by Routledge. This book was released on 2012-05-31 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the deadline for achieving the 2015 Millennium Development Goals (MDGs) less than a decade away, the uneven progress is raising important questions about the ability of the international community to 'scale up' its efforts to finance the goals. Securing adequate financing for development has thus become the most pressing issue of the development agenda. This groundbreaking volume, by leading development economists and practitioners, addresses the central concern for policymakers involved in long term planning for the MDGs: how to create 'fiscal space' for the MDGs and strengthen domestic resource mobilization for human development, while ensuring long-term sustainability and freedom from reliance on aid. By looking at the evidence with fresh perspectives, the authors present a novel approach by which fiscal policy can be made to work for the poor, for the long term. Published with UNDP and Revenue Watch.
Download or read book Fiscal Space written by Jun Il Kim and published by INTERNATIONAL MONETARY FUND. This book was released on 2010-09-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense that increases in debt elicit sufficient increases in primary fiscal balances to stabilize the debt-to-GDP ratio. At high debt levels, however, the dynamics may turn unstable, and the debt ratio may not converge to a finite level. Such a framework allows the authors to define a "debt limit" that is consistent with a country's historical track record of adjustment in the sense that, without an extraordinary fiscal effort, any debt increment beyond this limit would cause debt to increase without bound. This debt limit is not an absolute and immutable barrier, however, but rather defines a critical point above which a country's normal fiscal response to rising debt becomes insufficient to maintain debt sustainability. Nor should this debt limit be interpreted as being in any sense the optimal level of public debt. Indeed, since this limit delineates the point at which fiscal solvency is called into question-and the analysis abstracts entirely from liquidity/rollover risk-prudence dictates that countries will typically want to be well below their debt limit. Given a country's normal pattern of adjustment, "fiscal space" is then simply the difference between its debt limit and its current level of debt.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498309275 Total Pages :66 pages Book Rating :4.4/5 (983 download)
Book Synopsis Assessing Fiscal Space by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Assessing Fiscal Space written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2018-06-15 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the experience with the fiscal space assessment framework that was piloted during 2017–18. In 2016, staff proposed an operational definition of fiscal space and a new four-stage framework for its assessment. These were discussed informally by the Board in June, and a Board paper “Assessing Fiscal Space: An Initial Consistent Set of Considerations” incorporating Directors’ views was published in December. Fiscal space was narrowly defined as the room for undertaking discretionary fiscal policy relative to existing plans without endangering market access and debt sustainability. The framework was developed in response to the need to provide a more systematic approach to assessing fiscal space in the Fund’s surveillance. It was designed as a tool to inform the availability of fiscal space over a 3 to 4 year horizon for discretionary action, as opposed to the optimality of its use. Indeed, it was stressed that the availability of space does not necessarily mean that it should be used or should not be further expanded. The framework was piloted in the Article IV consultations of 34 advanced economies and emerging markets, comprising almost 80 percent of global GDP in PPP terms.
Book Synopsis Tobacco Taxes by : Asian Development Bank
Download or read book Tobacco Taxes written by Asian Development Bank and published by Asian Development Bank. This book was released on 2012-11-01 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the potential fiscal, health, and poverty impacts of increasing cigarette taxes in five countries---the People's Republic of China, India, the Philippines, Thailand, and Viet Nam. For each of these countries, increasing taxes on cigarettes would result in substantially fewer long-term smokers and a reduction in premature deaths from tobacco-related diseases, while increasing tax revenues. The poorest groups in each country only bear a small part of the extra tax burdens, but do reap a substantial proportion of the health benefits of reduced smoking.
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.
Book Synopsis Economic Activity, Fiscal Space and Types of COVID-19 Containment Measures by : Amr Hosny
Download or read book Economic Activity, Fiscal Space and Types of COVID-19 Containment Measures written by Amr Hosny and published by International Monetary Fund. This book was released on 2022-01-28 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that the type of COVID-19 containment measures affects the trade-offs between infection cases, economic activity and sovereign risk. Using local projection methods and a year and a half of high-frequency daily data covering 44 advanced and emerging economies, we find that smart (e.g. testing) as opposed to physical (e.g. lockdown) measures appear to be best placed to tackle these trade-offs. Initial conditions also matter whereby containment measures can be less disruptive when public health response time is fast and public debt is low. We also construct a database of daily fiscal announcements for Euro area countries, and find that sovereign risk is improved under a combination of large support packages and smart measures.
Book Synopsis Fiscal Space for Health in Uganda by : Peter Okwero
Download or read book Fiscal Space for Health in Uganda written by Peter Okwero and published by World Bank Publications. This book was released on 2010-04-05 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the performance of the health sector in Uganda. It addresses concerns in the Ugandan health community that health financing must be increased to improve health, nutrition, and population outcomes, especially given the rapid increase in the country s population. Although international development aid targeted to health has increased dramatically, Uganda s first priority is actions to reduce waste and inefficiency in existing health expenditures. Such actions could include improved management of human resources in the health sector, strengthened procurement and logistics management for medicines and medical supplies, and better programming of development assistance of health. This paper is targeted to health policy makers and those involved in health services financing, both in the government and in donor agencies. This working paper was produced as part of the World Bank s Africa Region Health Systems for Outcomes (HSO) Program. The Program, funded by the World Bank, the Government of Norway, the Government of the United Kingdom, and the Global Alliance for Vaccines and Immunization (GAVI), focuses on strengthening health systems in Africa to reach the poor and achieve tangible results related to Health, Nutrition, and Population. The main pillars and focus of the program center on knowledge and capacity building related to Human Resources for Health, Health Financing, Pharmaceuticals, Governance and Service Delivery, and Infrastructure and ICT.
Book Synopsis Strengthening Fiscal Frameworks and Improving the Spending Mix in Small States by : Ezequiel Cabezon
Download or read book Strengthening Fiscal Frameworks and Improving the Spending Mix in Small States written by Ezequiel Cabezon and published by International Monetary Fund. This book was released on 2015-06-19 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reflecting diseconomies of scale in providing public goods and services, recurrent spending in small states typically represents a large share of GDP. For some small states, this limits the fiscal space available for growth-promoting capital spending. Small states generally face greater revenue volatility than other country groups, owing to their exposure to exogenous shocks (including natural disasters) and narrow production bases. With limited buffers, revenue volatility often results in procyclical fiscal policy as the econometric analysis shows. To strengthen fiscal frameworks, small states should seek to streamline and prioritize recurrent spending to create fiscal space for capital spending. The quality of spending could also be improved through public financial management reform and multiyear budgeting.
Book Synopsis Rigidities and Fiscal Space in Latin America by : Oscar Centrángolo
Download or read book Rigidities and Fiscal Space in Latin America written by Oscar Centrángolo and published by United Nations Publications. This book was released on 2010 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper begins with a conceptual overview and comparative analysis of the cases studied in Latin America. First, there is an analysis and review of the theoretical justifications and arguments used in the political debate which underlies the emergence and persistence of rigidities in countries of the region, following a typology which allows for the classification of the reasons for rigidities. Based on the case studies the potential effects of fiscal rigidities on public budgets and their impact on fiscal-policy management are evaluated. The ultimate goal of this comparative study is to provide a set of recommendations to help guide future improvements in the management of public budgets.
