Assessing Fiscal Space
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Assessing Fiscal Space An Initial Consistent Set Of Considerations
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2016-06-23
Assessing Fiscal Space An Initial Consistent Set Of Considerations written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-23 with Business & Economics categories.
Fiscal space is a multi-dimensional concept reflecting whether a government can raise spending or lower taxes without endangering market access and debt sustainability. Making such a determination requires a comprehensive approach considering, among other things, initial economic and structural conditions, market access, the level and trajectory of public debt, present and future financing needs, and dynamic analysis of the liquidity and solvency of the fiscal position under alternative policies. Balancing these considerations involves careful analysis and judgment. Fund staff has over the years developed a variety of indicators to inform assessments of fiscal space in bilateral and multilateral surveillance. The Fund’s core operational framework for such analysis is the debt sustainability framework, which includes a number of indicators, while allowing room for staff judgment. Surveillance also relies importantly on indicators developed by the Fiscal Affairs Department (FAD)––including those that have been used in the internal Vulnerability Exercise and Fiscal Monitors––while more recent methods based on fiscal stress tests and probabilistic approaches proposed in IMF (2016) are also promising. In addition, teams have used scenario analysis and general equilibrium modeling approaches to evaluate fiscal policy choices and their implications for sustainability. When applied to fiscal space, each indicator and approach has pros and cons and none covers all the relevant factors. Ultimately, therefore, assessing fiscal space requires judgment, informed by a broad range of tools. This note seeks to bring together various approaches developed by Fund staff to outline a consistent set of considerations and indicators to help inform assessments of fiscal space, especially for advanced and emerging markets. The intent is to facilitate continued consistency between country team assessments by providing some common considerations and approaches to inform their judgment. The proposed framework will support Fund surveillance and policy advice going forward, informing discussions of the appropriate fiscal stance at all stages of the economic cycle.
Assessing Fiscal Space
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2018-06-15
Assessing Fiscal Space written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-15 with Business & Economics categories.
This paper reviews the experience with the fiscal space assessment framework that was piloted during 2017–18. In 2016, staff proposed an operational definition of fiscal space and a new four-stage framework for its assessment. These were discussed informally by the Board in June, and a Board paper “Assessing Fiscal Space: An Initial Consistent Set of Considerations” incorporating Directors’ views was published in December. Fiscal space was narrowly defined as the room for undertaking discretionary fiscal policy relative to existing plans without endangering market access and debt sustainability. The framework was developed in response to the need to provide a more systematic approach to assessing fiscal space in the Fund’s surveillance. It was designed as a tool to inform the availability of fiscal space over a 3 to 4 year horizon for discretionary action, as opposed to the optimality of its use. Indeed, it was stressed that the availability of space does not necessarily mean that it should be used or should not be further expanded. The framework was piloted in the Article IV consultations of 34 advanced economies and emerging markets, comprising almost 80 percent of global GDP in PPP terms.
Assessing Fiscal Space For Health In The Sdg Era
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Author : Helene Barroy
language : en
Publisher:
Release Date :
Assessing Fiscal Space For Health In The Sdg Era written by Helene Barroy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Initially defined for overall public purposes, the concept of fiscal space was subsequently developed and adapted for the health sector. In this context, it has been applied in research and policy in over 50 low- and middle-income countries over the past ten years. Building on this vast experience and against the backdrop of shifts in the global health financing landscape in the Sustainable Development Goals (SDG) era, the commentary highlights key lessons and challenges in the approach to assessing potential fiscal space for health. In looking forward, the authors recommend that future fiscal space for health analyses primarily focus on domestic sources, with specific attention to potential expansion from the improved use and performance of public resources. Embedding assessments in national health planning and budgeting processes, with due consideration of the political economy dynamics, will provide a way to inform and impact allocative decisions more effectively.
Assessing Fiscal Space For Health In Nepal
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Author : Tekabe Belay
language : en
Publisher:
Release Date : 2011
Assessing Fiscal Space For Health In Nepal written by Tekabe Belay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Assessing Fiscal Space For Health In Nepal
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Author :
language : en
Publisher:
Release Date : 2011
Assessing Fiscal Space For Health In Nepal written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Electronic book categories.
Assessing Public Expenditure On Health From A Fiscal Space Perspective
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Author : Ajay Tandon
language : en
Publisher:
Release Date : 2013
Assessing Public Expenditure On Health From A Fiscal Space Perspective written by Ajay Tandon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This document delineates a simple conceptual framework for assessing fiscal space for health and provides an illustrative roadmap for guiding such assessments. The roadmap draws on lessons learned from analyses of seven fiscal space case studies conducted over the past two years in Cambodia, India, Indonesia, Rwanda, Tonga, Uganda, and Ukraine. The document also includes a summary of the fiscal space assessments from these seven case studies. Any assessment of fiscal space typically entails an examination of whether and how a government could feasibly increase its expenditure in the short-to-medium term, and do so in a way that is consistent with a country's macroeconomic fundamentals. Although fiscal space generally refers to overall government expenditure, for a variety of reasons there has been growing demand for a framework for analyzing fiscal space specifically for the health sector. This document outlines ways in which generalized fiscal space assessments could be adapted to take a more health-sector specific perspective: what is the impact of broader macroeconomic factors on government expenditures for health? Are there sector-specific considerations that might expand the set of possible options for generating fiscal space for health? Are there country-specific examples of innovative strategies that have been successful in increasing fiscal space for health?
Assessing Fiscal Space In Sub Saharan Africa
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Author : Cesar Calderon
language : en
Publisher:
Release Date : 2018
Assessing Fiscal Space In Sub Saharan Africa written by Cesar Calderon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Economic development categories.
This paper presents new empirical evidence on how fiscal space in Sub-Saharan Africa has evolved over the past 15 years. Fiscal space is a multi-dimensional concept that is proxied by indicators capturing aspects of fiscal sustainability, balance sheet vulnerabilities, external debt positions, and market perception. The analysis relies on a new comprehensive database developed on a wide array of indicators (28) for a large set of countries in the world-of which 48 are in Sub-Saharan Africa. The analysis finds that, breaking with history, Sub-Saharan African countries were able to conduct countercyclical policies amid the 2008-09 global financial crisis, thanks to built-up liquidity and policy buffers. The evidence shows that fiscal adjustment efforts in the region were reversed amid the 2014-16 plunge in commodity prices, and oil and minerals and metals exporters saw a sharp deterioration in their primary balance sustainability gap. The paper finds a great deal of heterogeneity in the post-global financial crisis evolution of the fiscal space in the region. In countries with reduced fiscal space, the increase in the number of tax years to repay the debt fully was 1.1 years for the representative country, and in over one-third of the countries, this increase was more than one standard deviation above the median.
Giving More Weight To Health
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Author :
language : en
Publisher:
Release Date : 2009
Giving More Weight To Health written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Medical policy categories.
A Re Assessment Of Fiscal Space In Oecd Countries
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Author : Jarmila Botev
language : en
Publisher:
Release Date : 2016
A Re Assessment Of Fiscal Space In Oecd Countries written by Jarmila Botev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Economics categories.
Abstract: To what extent can public deficits increase without putting fiscal sustainability at risk, given the specific current macroeconomic situation of protracted low growth and low interest rates, combined with relatively high government debt levels? The answer depends on many factors, such as the state of the economy, the fiscal track record and projections of population ageing and their effect on government spending. This paper makes use of three different approaches to better assess fiscal space, which can be defined in a broad manner as the extent to which public debt can increase. These approaches converge to a conclusion that there is fiscal space in most of the large advanced economies. There is also evidence that fiscal space may have risen in most OECD countries since 2014, mainly driven by the decrease in interest rates. Reforms to health and pension programmes would help to create additional fiscal space
Indonesia Giving More Weight To Health
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Author : Weltbank
language : en
Publisher:
Release Date : 2012
Indonesia Giving More Weight To Health written by Weltbank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This report analyzes fiscal space issues related to government health spending in Indonesia. Fiscal space refers to the ability of a government to increase expenditures for a desired purpose. In all likelihood, and for a variety of reasons, Indonesia will need to boost health spending in the near future as it expands access to care through the expansion of Jamkesmas, the health insurance scheme for the poor and near poor. In addition, projections based on demographic and epidemiological changes in the country indicate there is likely to be a significant increase in the demand and need for health services and more sophisticated care. Despite a tripling of the public budget for health over the past five years, this increased need, combined with the fact that Indonesia remains a comparatively low spender on health, indicates that there will continue to be upward pressure on resources for the health sector in the near future. A number of different drivers of fiscal space for health in Indonesia are discussed in this paper. These include: (i) conducive macroeconomic conditions; (ii) reprioritization of health within the overall government budget; (iii) increasing health-specific foreign aid and grants; (iv) an increase in other health-specific resources; for example, through earmarked taxation or the introduction of premiums for mandatory health insurance; and (v) an increase in the efficiency of government health outlays. In addition to laying out the possibilities for Indonesia with regard to each of these options, relevant international experiences are also highlighted.