Independent Fiscal Councils and Their Possible Role in Greece

Independent Fiscal Councils and Their Possible Role in Greece
Author: Vassilis T. Rapanos
Publisher:
Total Pages: 0
Release: 2022
Genre:
ISBN:
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There is a growing interest in the role of independent fiscal councils in strengthening the incentives for fiscal discipline and improving fiscal performance. This paper discusses the motivation for the establishment of such councils and draws on the existing literature and the range of fiscal councils in OECD countries to discuss their key functions. In light of the recent fiscal crisis in Greece, the paper examines the potential role of such a council in enhancing fiscal transparency and accountability in the conduct of fiscal policy and sets out the conditions under which this role can be played effectively.

OECD Economic Surveys: Greece 2011

OECD Economic Surveys: Greece 2011
Author: OECD
Publisher: OECD Publishing
Total Pages: 161
Release: 2011-08-02
Genre:
ISBN: 9264093494
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This 2011 edition of OECD's periodic survey of the Greek economy includes chapters covering fiscal sustainability, structural fiscal reforms, and labour and product market reforms.

Independent Fiscal Councils: Recent Trends and Performance

Independent Fiscal Councils: Recent Trends and Performance
Author: Mr.Roel M. W. J. Beetsma
Publisher: International Monetary Fund
Total Pages: 28
Release: 2018-03-23
Genre: Business & Economics
ISBN: 1484348281
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Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.

OECD Economic Surveys: Greece 2011

OECD Economic Surveys: Greece 2011
Author: OECD
Publisher: OECD Publishing
Total Pages: 164
Release: 2011-08-16
Genre:
ISBN: 9789264093478
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This 2011 edition of OECD's periodic survey of the Greek economy includes chapters covering fiscal sustainability, structural fiscal reforms, and labour and product market reforms.

Fiscal Councils

Fiscal Councils
Author: Mr.Roel M. W. J. Beetsma
Publisher: International Monetary Fund
Total Pages: 26
Release: 2016-04-08
Genre: Business & Economics
ISBN: 1484322908
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The paper discusses the effectiveness of independent fiscal institutions—or fiscal councils—in taming the deficit bias that emerged in the 1970s. After a review of the main theoretical arguments and recent trends about fiscal councils, we develop a stylized model showing how a fiscal council can effectively mitigate the deficit bias even though it has no direct lever on the conduct of fiscal policy. We show that the capacity of the fiscal council to improve the public’s understanding of the quality of fiscal policy contributes to better align voters and policymakers’ incentives and to tame the deficit bias affecting well-intended governments. After mapping the model’s key features into a broad set of criteria likely to contribute to the effectiveness of a fiscal council, we use the 2014 vintage of the IMF dataset on independent fiscal institutions to assess whether existing institutions have been built to work.

Transparency in Government Operations

Transparency in Government Operations
Author: Mr.J. D. Craig
Publisher: International Monetary Fund
Total Pages: 50
Release: 1998-02-03
Genre: Business & Economics
ISBN: 155775697X
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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.

Funding the Greek Crisis

Funding the Greek Crisis
Author: Constantinos Ikonomou
Publisher: Academic Press
Total Pages: 338
Release: 2018-06-15
Genre: Business & Economics
ISBN: 0128145676
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How does one distinguish between European Union investments that improve welfare and those that create economic malaise? Funding the Greek Crisis: The European Union, Cohesion Policies, and the Great Recession explores the sources of the Greek Crisis that lie primarily in EU policies that appeared to have worked better for other countries but not for Greece. Without overly simplifying the Greek condition, it provides insights into policies the countries of the euro area may need to implement in order to ensure collective cohesion and individual success. Arguing that EU preferences for autonomous investments discouraged organic development with lasting implications, Funding the Greek Crisis sheds new light on the nature of regional competitiveness and public economics. Encompasses public economics, macroeconomics, international trade, competitiveness, microeconomics and regional development studies Sheds light on key policies that affect millions of EU citizens Examines Solow’s growth model Provides a different way of explaining growth from real business cycle theory

OECD Economic Surveys: Euro Area 2010

OECD Economic Surveys: Euro Area 2010
Author: OECD
Publisher: OECD Publishing
Total Pages: 167
Release: 2010-12-13
Genre:
ISBN: 9264090010
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The 2010 edition of OECD's periodic review of the Euro area economy. This edition includes chapters covering exiting from the crisis, resolving unsustainable imbalances, rebuilding public finances and fiscal discipline and minimising risks from imbalances in European banking.

Public Spending and the Role of the State

Public Spending and the Role of the State
Author: Ludger Schuknecht
Publisher: Cambridge University Press
Total Pages: 305
Release: 2020-11-12
Genre: Business & Economics
ISBN: 1108496237
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Up-to-date, holistic and comprehensive discussion of public expenditure, its history, value for money, risks and remedies.

Global Trends 2040

Global Trends 2040
Author: National Intelligence Council
Publisher: Cosimo Reports
Total Pages: 158
Release: 2021-03
Genre:
ISBN: 9781646794973
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"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.