Second Generation Fiscal Rules
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| Author | : Luc Eyraud |
| Publisher | : International Monetary Fund |
| Total Pages | : 132 |
| Release | : 2018-04-13 |
| Genre | : Business & Economics |
| ISBN | : 1484350685 |
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 | : 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 | : Ms.Elva Bova |
| Publisher | : International Monetary Fund |
| Total Pages | : 27 |
| Release | : 2014-07-10 |
| Genre | : Business & Economics |
| ISBN | : 1498305520 |
Download Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World Book in PDF, Epub and Kindle
This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either as part of the toolkit to join currency unions or to strengthen fiscal frameworks during and after large stabilization and policy reform episodes. The paper also finds that the greater use of fiscal rules has not shielded these countries from procyclicality, since fiscal policy remains procyclical following the adoption of a fiscal rule. We find partial evidence that some features of “second generation” rules, such as the use of cyclically-adjusted targets, well-defined escape clauses, together with stronger legal and enforcement arrangements, may be associated with less procyclicality.
| Author | : Francesca G Caselli |
| Publisher | : International Monetary Fund |
| Total Pages | : 27 |
| Release | : 2019-03-05 |
| Genre | : Business & Economics |
| ISBN | : 1498300863 |
Download Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy Book in PDF, Epub and Kindle
This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may affect the adoption of domestic reforms through peer pressure and imitational effects. We find that fiscal rules correlate with lower deficits, but the positive link disappears when endogeneity is correctly addressed. However, when considering an index of fiscal rules’ design, we show that well-designed rules have a statistically significant impact on fiscal balances. We conduct several robustness tests and show that our results are not affected by weak instrument problems.
| Author | : Vitor Gaspar |
| Publisher | : International Monetary Fund |
| Total Pages | : 548 |
| Release | : 2017-04-07 |
| Genre | : Business & Economics |
| ISBN | : 1475547900 |
Download Fiscal Politics Book in PDF, Epub and Kindle
Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
| Author | : Mr.Roel M. W. J. Beetsma |
| Publisher | : International Monetary Fund |
| Total Pages | : 28 |
| Release | : 2018-03-23 |
| Genre | : Business & Economics |
| ISBN | : 1484348281 |
Download Independent Fiscal Councils: Recent Trends and Performance Book in PDF, Epub and Kindle
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.
| Author | : Ms.Andrea Schaechter |
| Publisher | : International Monetary Fund |
| Total Pages | : 49 |
| Release | : 2012-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1475505353 |
Download Fiscal Rules in Response to the Crisis Book in PDF, Epub and Kindle
Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - covering national and supranational fiscal rules, in 81 countries from 1985 to end-March 2012 - and presents details about the rules’ key design elements, particularly in support of enforcement. This information is summarized in a set of fiscal rules indices. Three key findings emerge: (i) many new fiscal rules have been adopted and existing ones strengthened in response to the crisis; (ii) the number of fiscal rules and the comprehensiveness of the design features in emerging economies has caught up to those in advanced economies; and (iii) the "next-generation" fiscal rules are increasingly complex as they combine the objectives of sustainability and with the need for flexibility in response to shocks, thereby creating new challenges for implementation, communication, and monitoring.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 257 |
| Release | : 2015-04-20 |
| Genre | : Business & Economics |
| ISBN | : 1498344658 |
Download Fiscal Policy and Long-Term Growth Book in PDF, Epub and Kindle
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
| Author | : Korea Institute of Public Finance |
| Publisher | : OECD Publishing |
| Total Pages | : 260 |
| Release | : 2015-11-18 |
| Genre | : |
| ISBN | : 9264246967 |
Download OECD Fiscal Federalism Studies Institutions of Intergovernmental Fiscal Relations Challenges Ahead Book in PDF, Epub and Kindle
This book takes an interdisciplinary look at how the institutions of intergovernmental fiscal relations are shaped, drawing on work by both academics and practitioners in the field.
| Author | : Barry W. Poulson |
| Publisher | : Rowman & Littlefield |
| Total Pages | : 303 |
| Release | : 2023-07-03 |
| Genre | : Business & Economics |
| ISBN | : 1666932043 |
Download New Perspectives on State Government Fiscal Challenges Book in PDF, Epub and Kindle
In this book on new fiscal approaches, nineteen experts examine topics ranging from constitutional reform and debt fatigue to fiscal rules and zero-based budgeting. Together, these contributions inform a multifaceted, nuanced argument for the need to formalize spending restraint and redefine state debt to include unfunded liabilities. Scholars will find the book useful as a reference tool explaining how rules-based fiscal policy is used to address debt fatigue and unsustainable spending growth. Legislators and practitioners will find the book useful as a reference source in designing and simulating second generation fiscal rules, and educators will find the book helpful for its close analysis of policies in representative states such as Illinois, New York, New Jersey, Nebraska, and California.
