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Author :
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (318 download)
Download or read book Front-loaded Or Back-loaded Fiscal Adjustments written by and published by . This book was released on 2004 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Benedict J. Clements
Publisher :
ISBN 13 : 9781462329694
Total Pages : 33 pages
Book Rating : 4.3/5 (296 download)
Download or read book Front-Loaded Or Back-Loaded Fiscal Adjustments written by Benedict J. Clements and published by . This book was released on 2004-08-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the political and economic determinants of successful fiscal adjustment in 25 emerging market economies from 1980 to 2001. the results show that large and back-loaded fiscal adjustments have the highest likelihood of success. Fiscal consolidations based on expenditure cuts increase the probability of approaching and achieving fiscal sustainability but are insufficient to maintain it unless accompanied by revenue reforms. Adjustment episodes launched in countries where governments enjoy a parliamentary majority and do not face imminent elections, are found to be more successful. Fiscal consolidations undertaken under IMF-supported programs also have a higher probability of success.
Author : Emanuele Baldacci
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (129 download)
Download or read book Front-Loaded or Back-Loaded Fiscal Adjustments written by Emanuele Baldacci and published by . This book was released on 2006 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the political and economic determinants of successful fiscal adjustment in 25 emerging market economies from 1980 to 2001. The results show that large and back-loaded fiscal adjustments have the highest likelihood of success. Fiscal consolidations based on expenditure cuts increase the probability of approaching and achieving fiscal sustainability but are insufficient to maintain it unless accompanied by revenue reforms. Adjustment episodes launched in countries where governments enjoy a parliamentary majority and do not face imminent elections, are found to be more successful. Fiscal consolidations undertaken under IMF-supported programs also have a higher probability of success.
Author : Ran Bi
Publisher : International Monetary Fund
ISBN 13 : 1475561148
Total Pages : 32 pages
Book Rating : 4.4/5 (755 download)
Download or read book Assessing the Impact and Phasing of Multi-year Fiscal Adjustment written by Ran Bi and published by International Monetary Fund. This book was released on 2013-08-23 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a general framework to assess the output and debt dynamics of an economy undertaking multi-year fiscal adjustment. The framework allows country-specific assumptions about the magnitude and persistence of fiscal multipliers, hysteresis effects, and endogenous financing costs. In addition to informing macro projections, the framework can also shed light on the appropriate phasing of fiscal consolidation—in particular, on whether it should be front- or back-loaded. The framework is applied to stylized advanced and emerging economy examples. It suggests that for a highly-indebted economy undertaking large multi-year fiscal consolidation, high multipliers do not always argue against frontloaded adjustment. The case for more gradual or back-loaded adjustment is strongest when hysteresis effects are in play, but it needs to be balanced against implications for debt sustainability. Application to actual country examples tends to cast doubt on claims that very large multipliers have been operating post-crisis. It seems that the GDP forecast errors for Greece may have been due more to over-optimism on potential growth estimates than to underestimating fiscal multipliers.
Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
ISBN 13 : 1513594478
Total Pages : 116 pages
Book Rating : 4.5/5 (135 download)
Download or read book Growth and Adjustment in IMF-Supported Programs written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2021-09-09 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This evaluation assesses how well IMF-supported programs helped to sustain economic growth while delivering adjustment needed for external viability over the period 2008–19. The evaluation finds that the Fund’s increasing attention to growth in the programs has delivered some positive results. Specifically, it does not find evidence of a consistent bias towards excessive austerity in IMF-supported programs. Indeed, programs have yielded growth benefits relative to a counterfactual of no Fund engagement and boosted post-program growth performance. Notwithstanding these positive findings, program growth outcomes consistently fell short of program projections. Such shortfalls imply less protection of incomes than intended, fuel adjustment fatigue and public opposition to reforms, and jeopardize progress towards external viability. The evaluation examines how different policy instruments were applied to support better growth outcomes while achieving needed adjustment. Fiscal policies typically incorporated growth-friendly measures but with mixed success. Despite some success in promoting reforms and growth, structural conditionalities were of relatively low depth and their potential growth benefits were not fully realized. Use of the exchange rate as a policy tool to support growth and external adjustment during programs was quite limited. Lastly, market debt operations were useful in some cases to restore debt sustainability and renew market access, yet sometimes were too little and too late to deliver the intended benefits. The evaluation concludes that the IMF should seek to further enhance program countries’ capacity to sustain activity while undertaking needed adjustment during the program and to enhance growth prospects beyond the program. Following this conclusion, the report sets out three recommendations aimed at strengthening attention to growth implications of IMF-supported programs, including the social and distributional consequences.
Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498341608
Total Pages : 65 pages
Book Rating : 4.4/5 (983 download)
Download or read book Reassessing the Role and Modalities of Fiscal Policy in Advanced Economies written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-06-21 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how developments during and after the 2008–09 crisis have changed economists’ and policymakers’ views on: (i) fiscal risks and fiscal sustainability; (ii) the effectiveness of fiscal policy as a countercyclical tool; (iii) the appropriate design of fiscal adjustment programs; and (iv) the role of fiscal institutions.
Author : Olusegun Ayodele Akanbi
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.4/5 (2 download)
Download or read book Calibrating Fiscal Rules written by Olusegun Ayodele Akanbi and published by International Monetary Fund. This book was released on 2023-07-31 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note assesses how large shocks from natural disasters are key source of vulnerabilities for public finances. It extends the IMF Fiscal Affairs Department calibration toolkit by developing a methodology to calibrate fiscal rules in the event of natural disaster shocks and the possibility of implementing climate adaptation and mitigation measures. The features incorporated in this technical note would allow the calibration of a prudent medium-term fiscal anchor as well as annual budgetary limits that ensure the sustainability of public finances. The note is accompanied by a set of toolkits that provides instructions on calibrating a medium-term debt anchor and corresponding operational rules in the presence of natural disaster risks, accounting for climate investment and other mitigation mechanisms.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 145521079X
Total Pages : 68 pages
Book Rating : 4.4/5 (552 download)
Download or read book A Status Update on Fiscal Exit Strategies written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: With a modest recovery in the global economy underway, and amid rising concerns about the sharp increase in government debt in several countries, debate has increasingly focused on the need to identify and implement fiscal exit strategies. This paper reviews the medium-term plans of 25 countries - the G20 plus six others with large adjustment needs - and finds that most of them have made reasonable progress in defining these strategies. Nevertheless, strategies fall short in some areas, including committing to long-term debt targets, spelling out adjustment measures in detail, and tackling rising health care costs.
Author : Vybhavi Balasundharam
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.4/5 (2 download)
Download or read book Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design written by Vybhavi Balasundharam and published by International Monetary Fund. This book was released on 2023-03-17 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design
Author : Mr.Kenji Moriyama
Publisher : International Monetary Fund
ISBN 13 : 1451982224
Total Pages : 45 pages
Book Rating : 4.4/5 (519 download)
Download or read book Fiscal Adjustment in Sudan Size, Speed, and Composition written by Mr.Kenji Moriyama and published by International Monetary Fund. This book was released on 2010-03-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper aims to identify the optimal size, speed and composition of the medium-term fiscal adjustment in the context of Sudan's limited oil reserves. The permanently sustainable non-oil primary balance approach suggests the need for significant fiscal adjustment over the medium term, requiring a widening of the tax base. Cross-country comparisons highlight VAT and personal income tax (as well as tax administration) as key areas for reform. The paper also suggests the need for complementary expenditure-side measures in the areas of petroleum pricing and anchoring fiscal policy in non-oil indicators.
Author : Paolo Mauro
Publisher : John Wiley & Sons
ISBN 13 : 1118113063
Total Pages : 348 pages
Book Rating : 4.1/5 (181 download)
Download or read book Chipping Away at Public Debt written by Paolo Mauro and published by John Wiley & Sons. This book was released on 2011-06-17 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Path-breaking research on one of the most important macroeconomic policy challenges in the post-crisis world, presented in accessible language Written and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes, and explaining why objectives were met in some cases but missed in others. An overview reveals pitfalls to avoid and lessons learned for securing successful fiscal adjustment. Written by experts in the field Addresses public concern about skyrocketing government debts Contains cutting edge research that changes the way we look at fiscal adjustment Presents meticulous archival research in compelling and engaging case studies Explores lessons learned and policy implications going forward Includes country coverage of all G7 and European Union economies Educating and informing investors, economists, and the general public, this important book looks at why some attempts to curb debts and deficits succeed whereas others fail, as well as how to ensure successful fiscal adjustment in the period ahead.
Author : George A. Akerlof
Publisher : MIT Press
ISBN 13 : 0262529858
Total Pages : 369 pages
Book Rating : 4.2/5 (625 download)
Download or read book What Have We Learned? written by George A. Akerlof and published by MIT Press. This book was released on 2016-09-02 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.
Author : Enrique Alberola
Publisher : Edward Elgar Publishing
ISBN 13 : 1035300567
Total Pages : 253 pages
Book Rating : 4.0/5 (353 download)
Download or read book Fiscal Policy in a Turbulent Era written by Enrique Alberola and published by Edward Elgar Publishing. This book was released on 2024-02-12 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the changing practice of fiscal policy and how it is adapting to the unpredictable nature of the 21st century. Expert academic and practitioner contributors consider the resources which underpin current fiscal policy, assessing its overall effectiveness before outlining the changing priorities –ageing, inequality, climate change- and the financial tools available, and considering the future of fiscal policy in uncertain times.
Author : S. Ali Abbas
Publisher : Oxford University Press
ISBN 13 : 0192591401
Total Pages : 288 pages
Book Rating : 4.1/5 (925 download)
Download or read book Sovereign Debt written by S. Ali Abbas and published by Oxford University Press. This book was released on 2019-10-21 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude -for better and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject. Sovereign Debt brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic. It explores debt management with debt sustainability; debt reduction policies with crisis prevention policies; and the history with the conjuncture. It is a foundation text for all those interested in sovereign debt, with a particular focus real world examples and issues.
Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484380754
Total Pages : 98 pages
Book Rating : 4.4/5 (843 download)
Download or read book Brazil written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-05-12 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2014 Article IV Consultation highlights that Brazil’s growth has decelerated in recent years. The boost from decade-old reforms, expanding labor income, and favorable external conditions, which enabled consumption and credit-led growth and underpinned sustained poverty reduction, has lost steam. Investment has been sluggish, reflecting eroding competitiveness, a worsening business environment, and lower commodity prices. The IMF staff projects negative output growth of 1 percent in 2015, with some drag from tighter fiscal and monetary policies and from the cuts in investment by Petrobras, adding to the downward momentum in activity carried over from 2014.
Author : United States. Congress. Senate. Special Committee on Aging
Publisher :
ISBN 13 :
Total Pages : 348 pages
Book Rating : 4.:/5 (319 download)
Download or read book Developments in Aging written by United States. Congress. Senate. Special Committee on Aging and published by . This book was released on 2002 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher : Government Printing Office
ISBN 13 :
Total Pages : 1476 pages
Book Rating : 4./5 ( download)
Download or read book Presidential Appointments Improvement Act of 2007 written by and published by Government Printing Office. This book was released on with total page 1476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
