Fiscal Expectations Under The Stability And Growth Pact
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Author | : Mr.Marcos Poplawski-Ribeiro |
Publisher | : International Monetary Fund |
Total Pages | : 42 |
Release | : 2011-03-01 |
Genre | : Business & Economics |
ISBN | : 1455218944 |
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The paper uses survey data to analyze whether financial market expectations on government budget deficits changed in France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact (SGP). Our findings indicate that accuracy of financial expert deficit forecasts increased in France. Convergence between the European Commission's and market experts’ deficit forecasts also increased in France, Italy, and the United Kingdom, particularly during the period after SGP’s reform in 2005. Yet, convergence between markets’ forecasts and those of the French, German, and Italian national fiscal authorities seems not to have increased significantly during the SGP.
Author | : Marcos Poplawski-Ribeiro |
Publisher | : |
Total Pages | : |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Fiscal Expectations on the Stability and Growth Pact Book in PDF, Epub and Kindle
Author | : Mr.Michael Deppler |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2005-02-01 |
Genre | : Business & Economics |
ISBN | : 1451975481 |
Download Reforming the Stability and Growth Pact Book in PDF, Epub and Kindle
A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.
Author | : Anthony Annett |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2006-05 |
Genre | : Business & Economics |
ISBN | : |
Download Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework Book in PDF, Epub and Kindle
The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework.
Author | : Jasper de Jong |
Publisher | : |
Total Pages | : 27 |
Release | : 2014 |
Genre | : |
ISBN | : |
Download Does the Stability and Growth Pact Induce a Bias in the EC's Fiscal Forecasts? Book in PDF, Epub and Kindle
Author | : Martin Larch |
Publisher | : Routledge |
Total Pages | : 219 |
Release | : 2009-12-16 |
Genre | : Business & Economics |
ISBN | : 1135234949 |
Download Fiscal Policy Making in the European Union Book in PDF, Epub and Kindle
""Fiscal policy making in the European Union is a national prerogative that is carried out and co-ordinated within the remits of the Stability and Growth Pact (SGP). The SGP Member States have agreed upon a rules-based framework which, abstracting from operational details, aims to ensure long-term sustainability of public finances while allowing for short-term fiscal stabilization. The success of the EU fiscal framework depends to a large extent on the effectiveness and accuracy of the tool-kit of indicators and methods used at the EU level to monitor and assess the fiscal performance of the Member States vis-a-vis the requirements of the SGP. The contributions to this volume examine key aspects of the measurement of fiscal policy making in the context of the EU fiscal surveillance framework. They highlight strengths and weaknesses of current assessment practice, including innovations implied by the 2005 revision of the SGP." "--Jacket.
Author | : Lars Jonung |
Publisher | : |
Total Pages | : 44 |
Release | : 2004 |
Genre | : European Economic Community countries |
ISBN | : |
Download Improving Fiscal Policy in the EU Book in PDF, Epub and Kindle
Recoge: 1. Introduction - 2. Forecasts biases in the present fiscal policy making process - 3. The case for independent fiscal forecasts - 4. Comparisons with other proposals for fiscal policy reform - 5. Summary.
Author | : Luc Eyraud |
Publisher | : International Monetary Fund |
Total Pages | : 132 |
Release | : 2018-04-13 |
Genre | : Business & Economics |
ISBN | : 1484350936 |
Download Second-Generation Fiscal Rules Book in PDF, Epub and Kindle
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Author | : Mr.George Kopits |
Publisher | : International Monetary Fund |
Total Pages | : 58 |
Release | : 1998-07-22 |
Genre | : Business & Economics |
ISBN | : 9781557757043 |
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What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.
Author | : Niels Gilbert |
Publisher | : |
Total Pages | : 0 |
Release | : 2014 |
Genre | : |
ISBN | : |
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