Public Expenditure And Consumption Volatility

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public expenditure and consumption volatility

Author : Herrera
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4./5 ( download)

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Book Synopsis public expenditure and consumption volatility by : Herrera

Download or read book public expenditure and consumption volatility written by Herrera and published by World Bank Publications. This book was released on 2008 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Recent estimates of the welfare cost of consumption volatility find that it is significant in developing nations, where it may reach an equivalent of reducing consumption by 10 percent per year. Hence, examining the determinants of consumption volatility is of utmost relevance. Based on cross-country data for the period 1960-2005, the paper explains consumption volatility using three sets of variables: one refers to the volatility of income and the persistence of income shocks; the second set of variables refers to policy volatility, considering the volatility of public spending and the size of government; while the third set captures the ability of agents to smooth shocks, and includes the depth of the domestic financial markets as well as the degree of integration to international capital markets. To allow for potential endogenous regressors, in particular the volatility of fiscal policy and the size of government, the system is estimated using the instrumental variables method. The results indicate that, besides income volatility, the variables with the largest and most robust impact on consumption volatility are government size and the volatility of public spending. Results also show that deeper and more stable domestic financial markets reduce the volatility of consumption, and that more integrated financial markets to the international capital markets are associated with lower volatility of consumption.

Public Expenditure and Consumption Volatility

Author : Santiago Herrera
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Public Expenditure and Consumption Volatility by : Santiago Herrera

Download or read book Public Expenditure and Consumption Volatility written by Santiago Herrera and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent estimates of the welfare cost of consumption volatility find that it is significant in developing nations, where it may reach an equivalent of reducing consumption by 10 percent per year. Hence, examining the determinants of consumption volatility is of utmost relevance. Based on cross-country data for the period 1960-2005, the paper explains consumption volatility using three sets of variables: one refers to the volatility of income and the persistence of income shocks; the second set of variables refers to policy volatility, considering the volatility of public spending and the size of government; while the third set captures the ability of agents to smooth shocks, and includes the depth of the domestic financial markets as well as the degree of integration to international capital markets. To allow for potential endogenous regressors, in particular the volatility of fiscal policy and the size of government, the system is estimated using the instrumental variables method. The results indicate that, besides income volatility, the variables with the largest and most robust impact on consumption volatility are government size and the volatility of public spending. Results also show that deeper and more stable domestic financial markets reduce the volatility of consumption, and that more integrated financial markets to the international capital markets are associated with lower volatility of consumption.

public expenditure and growth

Author : Santiago Herrera
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4./5 ( download)

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Book Synopsis public expenditure and growth by : Santiago Herrera

Download or read book public expenditure and growth written by Santiago Herrera and published by World Bank Publications. This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Given that public spending will have a positive impact on GDP if the benefits exceed the marginal cost of public funds, the present paper deals with measuring costs and benefits of public spending. The paper discusses one cost seldom considered in the literature and in policy debates, namely, the volatility derived from additional public spending. The paper identifies a relationship between public spending volatility and consumption volatility, which implies a direct welfare loss to society. This loss is substantial in developing countries, estimated at 8 percent of consumption. If welfare losses due to volatility are this sizeable, then measuring the benefits of public spending is critical. Gauging benefits based on macro aggregate data requires three caveats: a) considering of the impact of the funding (taxation) required for the additional public spending; b) differentiating between investment and capital formation; c) allowing for heterogeneous response of output to different types of capital and differences in network development. It is essential to go beyond country-specificity to project-level evaluation of the benefits and costs of public projects. From the micro viewpoint, the rate of return of a project must exceed the marginal cost of public funds, determined by tax levels and structure. Credible evaluations require microeconomic evidence and careful specification of counterfactuals. On this, the impact evaluation literature and methods play a critical role. From individual project evaluation, the analyst must contemplate the general equilibrium impacts. In general, the paper advocates for project evaluation as a central piece of any development platform. By increasing the efficiency of public spending, the government can permanently increase the rate of productivity growth and, hence, affect the growth rate of GDP.

Public Expenditure and Consumption Volatility

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (837 download)

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Book Synopsis Public Expenditure and Consumption Volatility by :

Download or read book Public Expenditure and Consumption Volatility written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Public Expenditure and Consumption Volatility

Author : Santiago Herrera
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Public Expenditure and Consumption Volatility by : Santiago Herrera

Download or read book Public Expenditure and Consumption Volatility written by Santiago Herrera and published by . This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent estimates of the welfare cost of consumption volatility find that it is significant in developing nations, where it may reach an equivalent of reducing consumption by 10 percent per year. Hence, examining the determinants of consumption volatility is of utmost relevance. Based on cross-country data for the period 1960-2005, the paper explains consumption volatility using three sets of variables: one refers to the volatility of income and the persistence of income shocks; the second set of variables refers to policy volatility, considering the volatility of public spending and the size of government; while the third set captures the ability of agents to smooth shocks, and includes the depth of the domestic financial markets as well as the degree of integration to international capital markets. To allow for potential endogenous regressors, in particular the volatility of fiscal policy and the size of government, the system is estimated using the instrumental variables method. The results indicate that, besides income volatility, the variables with the largest and most robust impact on consumption volatility are government size and the volatility of public spending. Results also show that deeper and more stable domestic financial markets reduce the volatility of consumption, and that more integrated financial markets to the international capital markets are associated with lower volatility of consumption.

Public Expenditure and Growth

Author : Santiago Herrera
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Public Expenditure and Growth by : Santiago Herrera

Download or read book Public Expenditure and Growth written by Santiago Herrera and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Given that public spending will have a positive impact on GDP if the benefits exceed the marginal cost of public funds, the present paper deals with measuring costs and benefits of public spending. The paper discusses one cost seldom considered in the literature and in policy debates, namely, the volatility derived from additional public spending. The paper identifies a relationship between public spending volatility and consumption volatility, which implies a direct welfare loss to society. This loss is substantial in developing countries, estimated at 8 percent of consumption. If welfare losses due to volatility are this sizeable, then measuring the benefits of public spending is critical. Gauging benefits based on macro aggregate data requires three caveats: a) considering of the impact of the funding (taxation) required for the additional public spending; b) differentiating between investment and capital formation; c) allowing for heterogeneous response of output to different types of capital and differences in network development. It is essential to go beyond country-specificity to project-level evaluation of the benefits and costs of public projects. From the micro viewpoint, the rate of return of a project must exceed the marginal cost of public funds, determined by tax levels and structure. Credible evaluations require microeconomic evidence and careful specification of counterfactuals. On this, the impact evaluation literature and methods play a critical role. From individual project evaluation, the analyst must contemplate the general equilibrium impacts. In general, the paper advocates for project evaluation as a central piece of any development platform. By increasing the efficiency of public spending, the government can permanently increase the rate of productivity growth and, hence, affect the growth rate of GDP.

The Volatility of Consumption in a Simple General Equilibrium Model

Author : Gunnar Tersman
Publisher : International Monetary Fund
ISBN 13 : 1451946139
Total Pages : 34 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis The Volatility of Consumption in a Simple General Equilibrium Model by : Gunnar Tersman

Download or read book The Volatility of Consumption in a Simple General Equilibrium Model written by Gunnar Tersman and published by International Monetary Fund. This book was released on 1992-12-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the volatility of consumption relative to output in the context of a simple general equilibrium model of a small open economy subject to exogenous shocks in productivity. With infinite horizons and exogenous relative prices, the model generates variance estimates that are well above what can be observed in empirical data. While finite horizons and endogenous terms of trade reduce the volatility of consumption, the model fails to generate sufficient serial correlation with respect to the consumption growth rate. If the household’s decision problem is modified to take into account durability and adjustment costs, the model does well on both dimensions.

Government Consumption Volatility and the Size of Nations

Author : Davide Furceri
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (553 download)

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Book Synopsis Government Consumption Volatility and the Size of Nations by : Davide Furceri

Download or read book Government Consumption Volatility and the Size of Nations written by Davide Furceri and published by . This book was released on 2009 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Government Consumption Volatility and Country Size

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (836 download)

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Book Synopsis Government Consumption Volatility and Country Size by :

Download or read book Government Consumption Volatility and Country Size written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Optimal Government Spending and Unemployment

Author : Ludger Linnemann
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (223 download)

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Book Synopsis Optimal Government Spending and Unemployment by : Ludger Linnemann

Download or read book Optimal Government Spending and Unemployment written by Ludger Linnemann and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Managing Public Expenditure A Reference Book for Transition Countries

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264192603
Total Pages : 497 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Managing Public Expenditure A Reference Book for Transition Countries by : OECD

Download or read book Managing Public Expenditure A Reference Book for Transition Countries written by OECD and published by OECD Publishing. This book was released on 2001-03-20 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managing Public Expenditure presents a comprehensive and in-depth analysis of all aspects of public expenditure management from the preparation of the budget to the execution, control and audit stages.

Kyrgyz Republic - Public Expenditure Review

Author : Weltbank
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Kyrgyz Republic - Public Expenditure Review by : Weltbank

Download or read book Kyrgyz Republic - Public Expenditure Review written by Weltbank and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Kyrgyz Republic suffered severe shocks during the early years of independence, loosing its traditional markets in the Former Soviet Union republics, as well as substantial transfers and subsidies from the Soviet Union, that included a falling GDP during the first five years of transition. These circumstances prompted the Kyrgyz Republic to adopt a wide range of reforms to accelerate the transition to a market economy, emphasizing price and trade liberalization, and the shift of ownership of state assets to the private sector, including land, and most state-owned enterprises (SOEs). Since the mid-l990s, the economy has shown steady signs of recovery. Despite these favorable developments, the Kyrgyz Republic remains the second poorest of the FSU republics, and one of the poorest countries in the world. Absolute poverty affected about half of the population in spite of progress made in 2001, and, although poverty is highest in rural areas, there are large regional disparities, where transient poverty is high as a result of high consumption volatility. Access to public services such as water and sewerage, electricity, district heating, and telecommunication services, is very low. This Public Expenditure Review (PER) has sought to provide a strategic framework for fiscal adjustment and public expenditure reform, consistent with the government's objectives for accelerated growth and poverty reduction. The broad contours o f the strategy are: To stabilize the government's finances through stronger revenue, and expenditure management instruments and institutions, as well as through debt relief; to re-align sector policies with the most essential country priorities, with a general thrust toward improving targeted, and efficient use of resources in both social and public infrastructure sectors; to revamp the public administration to improve policy implementation and service delivery; and, to secure external financial support. Given the fragile external debt situation and the extent of poverty, priority has to be given to fiscal adjustment and the expenditure reform agenda. Government performance needs to be monitored, particularly at the grass roots levels, through systematic diagnoses of institutional problems, and through quantitative performance indicators, to monitor progress and competition in public service delivery.

Government Size and Output Volatility: Should We Forsake Automatic Stabilization?

Author : Xavier Debrun
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451869828
Total Pages : 53 pages
Book Rating : 4.8/5 (698 download)

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Book Synopsis Government Size and Output Volatility: Should We Forsake Automatic Stabilization? by : Xavier Debrun

Download or read book Government Size and Output Volatility: Should We Forsake Automatic Stabilization? written by Xavier Debrun and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-05-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper takes stock of the debate on the positive link between output volatility and the size of government-which reflects automatic stabilizers. After a survey of the literature, we show that the contribution of automatic stabilizers to output stability may have disappeared since the 1990s. However, econometric analysis suggests that the breakdown in the government size-volatility relationship largely reflects temporary developments (better monetary management and financial intermediation). Once these factors are taken into account, the stabilizing role of government size remains important although little extra stability can be gained by expanding public expenditure beyond 40 percent of GDP.

Kyrgyz Republic - Public Expenditure Review

Author : Weltbank
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Kyrgyz Republic - Public Expenditure Review by : Weltbank

Fiscal Rules

Author : Mr.Jiro Honda
Publisher : International Monetary Fund
ISBN 13 : 148430957X
Total Pages : 53 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Fiscal Rules by : Mr.Jiro Honda

Download or read book Fiscal Rules written by Mr.Jiro Honda and published by International Monetary Fund. This book was released on 2017-09-12 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, Lesotho and Swaziland have faced significant volatility in their fiscal revenues, owing to highly unstable Southern African Customs Union (SACU) receipts. Based on model analysis, this paper explores the advantages of implementing fiscal rules to deal with such volatility. It finds that the use of a structural balance target could smooth the growth impact from revenue shocks while helping preserve sufficient international reserves during bad times. From a long-term perspective, it suggests possible welfare gains from introducing fiscal rules. Last, it concludes that, based on experiences in other countries, developing strong institutions and improving public financial management are necessary steps to ease the transitions to a rules-based fiscal policy framework.

Government Expenditure and Economic Growth

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451974159
Total Pages : 30 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Government Expenditure and Economic Growth by : International Monetary Fund

Download or read book Government Expenditure and Economic Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-05-15 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the empirical evidence on the contribution that government and, in particular, capital expenditure make to the growth performance of a sample of developing countries. Using the Denison growth accounting approach, this study finds that social expenditures may have a significant impact on growth in the short run, but infrastructure expenditures may have little influence. While current expenditures for directly productive purposes may exert a positive influence, capital expenditure in these sectors appears to exert a negative influence. Experiments with other explanatory variables confirm the importance of the growth of exports to the overall growth rate.

Guidelines for Public Expenditure Management

Author : Mr.Jack Diamond
Publisher : International Monetary Fund
ISBN 13 : 9781557757876
Total Pages : 84 pages
Book Rating : 4.7/5 (578 download)

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Book Synopsis Guidelines for Public Expenditure Management by : Mr.Jack Diamond

Download or read book Guidelines for Public Expenditure Management written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 1999-07-01 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.