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Quasi Fiscal Operations Of Public Financial Institutions
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Book Synopsis Quasi-Fiscal Operations of Public Financial Institutions by : Mr.George A. Mackenzie
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.
Book Synopsis Fiscal Accounting of Bank Restructuring by : Mr.Jeffrey M. Davis
Download or read book Fiscal Accounting of Bank Restructuring written by Mr.Jeffrey M. Davis and published by International Monetary Fund. This book was released on 1997-05-01 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current guidelines and practice for classifying government bank assistance operations inadequately capture in the fiscal balance some of the most common, and important, operations. The shortcomings result from the focus on the general government, the exclusion of non-cash operations, and divergences between the timing of cash outlays and the economic impact of assistance operations. Complementing the standard measures of the fiscal balance with an “augmented” balance would provide a definition that is transparent, comprehensive, and reasonably comparable across countries. The augmented balance would explicitly incorporate the major quantifiable fiscal costs of bank assistance operations that are not already included in current definitions of the overall balance.
Book Synopsis Transparency in Government Operations by : Mr.J. D. Craig
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.
Book Synopsis Estimating Quasi-fiscal Deficits in a Consistency Framework by : Philippe Le Houerou
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.
Book Synopsis Do Central Banks Need Capital? by : Mr.Peter Stella
Download or read book Do Central Banks Need Capital? written by Mr.Peter Stella and published by International Monetary Fund. This book was released on 1997-07-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
Book Synopsis Quasi-Fiscal Implications of Central Bank Crisis Interventions by : John Hooley
Download or read book Quasi-Fiscal Implications of Central Bank Crisis Interventions written by John Hooley and published by International Monetary Fund. This book was released on 2023-06-02 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from intervention announcements, we document the risks to the public sector balance sheet from central banks’ interventions in response to the Covid-19 crisis, including non-conventional lending to the financial and non-financial sectors and large-scale purchases of government securities. Case study analysis indicates that management of fiscal risks from central bank crisis interventions varies greatly across countries, although several good practices can be identified.
Book Synopsis Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe by : Sònia Muñoz
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.
Book Synopsis Government Role and the Efficiency of Policy Instruments by : Mr.Vito Tanzi
Download or read book Government Role and the Efficiency of Policy Instruments written by Mr.Vito Tanzi and published by International Monetary Fund. This book was released on 1995-10-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comparisons about the role of the government in an economy are usually made by reference to the share of tax revenue or of public expenditure in gross domestic product. However, governments often use other tools for pursuing their objectives. The paper discusses these other tools, shows the extent to which they can replace the traditional fiscal instruments, and assesses their quantitative importance. Various highly speculative hypotheses are advanced about the role of these other tools in countries at different levels of development.
Book Synopsis Government Finance Statistics Manual 2014 by : Mrs.Sage De Clerck
Download or read book Government Finance Statistics Manual 2014 written by Mrs.Sage De Clerck and published by International Monetary Fund. This book was released on 2015-03-10 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007–09 international financial crisis underscored the importance of reliable and timely statistics on the general government and public sectors. Government finance statistics are a basis for fiscal analysis and they play a vital role in developing and monitoring sound fiscal programs and in conducting surveillance of economic policies. The Government Finance Statistics Manual 2014 represents a major step forward in clarifying the standards for compiling and presenting fiscal statistics and strengthens the worldwide effort to improve public sector reporting and transparency.
Book Synopsis 한국은행의 준재정활동 (Quasi-Fiscal Activities of the Bank of Korea). by : Youngsun Koh
Download or read book 한국은행의 준재정활동 (Quasi-Fiscal Activities of the Bank of Korea). written by Youngsun Koh and published by . This book was released on 2016 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: English Abstract: Quasi-fiscal activities (QFAs) refer to those activities that public corporations carry out to achieve policy objectives of the government. QFAs often lead to the understatement of the government involvement in the economy and the overstatement of its financial balance, thereby lowering fiscal transparency and hiding fiscal risks. Central banks, as public corporations, perform various QFAs in many countries. I define QFAs in this case as those activities that are not directly related to the intrinsic function of central banks, whose responsibility lies in the administration of monetary policy and the provision of banking services for the government and commercial banks. In Korea, the Bank of Korea (BOK) has been an active source of QFAs. Of particular importance are the policy loans to commercial banks to promote their lending to small- and medium-sized enterprises and others. The outstanding stock of policy loans increased rapidly in the aftermath of the recent economic crisis, and stood at 7.6 trillion won (20 percent of the reserve money) at the end of 2002. Another important QFA by BOK stems from the transfer of part of its profits to the central government. The accumulated transfer during 1998-2002 amounted to 9.9 trillion won. My calculation shows that if these and other QFAs had been carried out by the government as explicit fiscal activities, the consolidated central government financial balance would have been below the actual balance by about 0.5 percent of GDP in each year since the economic crisis. It is suggested that the QFAs by BOK be reduced in coming years not only to enhance fiscal transparency but also to expand the flexibility of BOK's reserve management. Abolishing policy loans and minimizing transfers to the government would be the first step in this direction. BOK should also consider paying interest on the government deposit held in BOK.
Book Synopsis Quasi-Fiscal Implications of Central Bank Crisis Interventions: Case Studies by : John Hooley
Download or read book Quasi-Fiscal Implications of Central Bank Crisis Interventions: Case Studies written by John Hooley and published by International Monetary Fund. This book was released on 2023-06-02 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents case studies of central bank crisis interventions during the Covid-19 and the Global Financial Crises in four jurisdictions (Canada, Chile, the United Kingdom, and the United States). The paper serves as an Annex to the main IMF Working Paper WP/23/114 ‘Quasi-Fiscal Implications of Central Bank Crisis Interventions.’
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
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.
Book Synopsis How to Improve the Financial Oversight of Public Corporations by : Mr.Richard I Allen
Download or read book How to Improve the Financial Oversight of Public Corporations written by Mr.Richard I Allen and published by International Monetary Fund. This book was released on 2016-11-23 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many studies have highlighted how failures of public corporations (otherwise known as state-owned enterprises) can result in huge economic and fiscal costs. To contain the risks associated with these costs, an effective regime for the financial supervision and oversight of public corporations should be put in place. This note discusses the legal, institutional, and procedural arrangements that governments need to oversee the financial operations of their public corporations, ensure accountability for their performance, and manage the fiscal risks they present. In particular, it recommends that governments should focus their surveillance on public corporations that are large in relation to the economy, create fiscal risks, are not profitable, are unstable financially, or are heavily dependent on government subsidies or guarantees.
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.
Book Synopsis Central Bank Finances by : David Archer
Download or read book Central Bank Finances written by David Archer and published by . This book was released on 2013 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Fiscal Affairs Department Publisher :International Monetary Fund ISBN 13 : Total Pages :104 pages Book Rating :4.F/5 ( download)
Book Synopsis Manual on Fiscal Transparency by : International Monetary Fund. Fiscal Affairs Department
Download or read book Manual on Fiscal Transparency written by International Monetary Fund. Fiscal Affairs Department and published by International Monetary Fund. This book was released on 2001 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: In preparing the Manual, a number of points have been taken into account. First, the Code is being implemented on a voluntary basis. To promote an appreciation of the rationale for the Code, and an understanding of its fiscal transparency requirements, the Manual sets out in detail the principles and practices included in the Code. However, because of the complexity of fiscal management systems, the Manual does not provide comprehensive directions on how all the good practices are to be put in place. Instead, it contains numerous references and website addresses that can assist with the practical implementation of the Code. Second, fiscal transparency is only one aspect of good fiscal management, and care is needed to distinguish fiscal transparency from two other key aspects, namely the efficiency of fiscal policy, and the soundness of public finances. Third, diversity of institutional backgrounds and capacity constraints to improving fiscal management are clearly recognized. For this reason, the Code is not a best practice standard. Rather, it is a set of good practices that can be implemented by most countries over the medium to longer term.
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451820355 Total Pages :32 pages Book Rating :4.8/5 (23 download)
Book Synopsis Jordan: Report on Observance of Standards and Codes--Fiscal Transparency Module by : International Monetary Fund
Download or read book Jordan: Report on Observance of Standards and Codes--Fiscal Transparency Module written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-01-18 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the Report on the Observance of Standards and Codes on Jordan's fiscal transparency. Government activities are generally distinguished from those of public financial institutions, which carry out quasi-fiscal activities. Government holdings of fully owned corporations, and equity participations are moderate, but the management of state assets is not defined clearly, and the monitoring system is inadequate. Quasi-fiscal activities have been particularly prominent in the energy sector, related to the maintenance of fuel prices below world prices.
