Budget Consolidation
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Budget Consolidation
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Author : Mr.Douglas Laxton
language : en
Publisher: International Monetary Fund
Release Date : 2010-07-01
Budget Consolidation written by Mr.Douglas Laxton 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 2010-07-01 with Business & Economics categories.
The paper evaluates the costs and benefits of fiscal consolidation using simulations based on the IMFs global DSGE model GIMF. Over the longer run, well-targeted permanent reductions in budget deficits lead to a considerable increase in both the growth rate and the level of output. The gains may be enhanced by shifting some of the tax burden from incomes to consumption. In the short run, credibility plays a crucial role in determining the size of initial output loses. Global current account imbalances would be significantly reduced if budget consolidation was larger in countries with current account deficits.
Fiscal Consolidation In Southeastern European Countries
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Author : Mr.Brian Olden
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-01
Fiscal Consolidation In Southeastern European Countries written by Mr.Brian Olden 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 2012-05-01 with Business & Economics categories.
This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.
A New Action Based Dataset Of Fiscal Consolidation
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Author : Mr.Daniel Leigh
language : en
Publisher: International Monetary Fund
Release Date : 2011-06-01
A New Action Based Dataset Of Fiscal Consolidation written by Mr.Daniel Leigh 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 2011-06-01 with Business & Economics categories.
This paper presents a new dataset of fiscal consolidation for 17 OECD economies during 1978-2009. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, Budget Speeches, central bank reports, Convergence and Stability Programs submitted by the authorities to the European Commission, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation.
Successful Budget Consolidation
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Author : Uwe Wagschal
language : en
Publisher: Bertelsmann Foundation Publishers
Release Date : 2008
Successful Budget Consolidation written by Uwe Wagschal and has been published by Bertelsmann Foundation Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Demographic change is one of the most important challenges for public finances in future. In the absence of counteractive measures, the increasing demand for expenditures from an ageing society will inevitably lead to a debt crisis in many European countries. Nevertheless, the impressive budget consolidations in some industrialized countries show that a reversal is possible. In Germany, the already strained state of public finances will even worsen in the medium term. On the revenue side, the retirement of the "baby boomer" generation will lead to decreasing revenues from taxes and social security contributions. In terms of expenditure, the ageing of society will cause higher outlays for pension payments and increase the demands for services provided by the social security system. Therefore, a strict budget consolidation is necessary. In view of the need for budget consolidation, Professor Uwe Wagschal at Ruprecht-Karls-Universitat in Heidelberg examines what factors can explain the successful budget consolidations in 23 OECD countries between 1980 and 2005. The international comparison shows how a successful budget consolidation can be achieved through a combination of expenditure cuts and revenue increases - accompanied by reforms of the political institutions. Book jacket.
Governments And Promised Fiscal Consolidations
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Author : Mr.Sanjeev Gupta
language : en
Publisher: International Monetary Fund
Release Date : 2017-02-23
Governments And Promised Fiscal Consolidations written by Mr.Sanjeev Gupta 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 2017-02-23 with Business & Economics categories.
This paper analyses the causes and consequences of fiscal consolidation promise gaps, defined as the distance between planned fiscal adjustments and actual consolidations. Using 74 consolidation episodes derived from the narrative approach in 17 advanced economies during 1978 – 2015, the paper shows that promise gaps were sizeable (about 0.3 percent of GDP per year, or 1.1 percent of GDP during an average fiscal adjustment episode). Both economic and political factors explain the gaps: for example, greater electoral proximity, stronger political cohesion and higher accountability were all associated with smaller promise gaps. Finally, governments which delivered on their fiscal consolidation plans were rewarded by financial markets and not penalized by voters.
Strategies For Fiscal Consolidation In The Post Crisis World
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Author : Mr.Mauricio Villafuerte
language : en
Publisher: International Monetary Fund
Release Date : 2010-09-17
Strategies For Fiscal Consolidation In The Post Crisis World written by Mr.Mauricio Villafuerte 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 2010-09-17 with Business & Economics categories.
In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.
From Stimulus To Consolidation Revenue And Expenditure Policies In Advanced And Emerging Economies
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2010-06-07
From Stimulus To Consolidation Revenue And Expenditure Policies In Advanced And Emerging Economies written by International Monetary Fund. Finance 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 2010-06-07 with Business & Economics categories.
This review marks the 10th anniversary of the safeguards policy. Introduced in March 2000, the policy’s main objective is to mitigate potential risks of misuse of resources, including Fund resources, and misreporting of monetary program data. The policy was last reviewed in 2005, when the Executive Board re-affirmed the effectiveness of the policy, and its application to central banks. In keeping with previous reviews, a panel of experts was invited to provide advice for the Executive Board on the implementation of the policy, and recommendations to guide the focus and application of the policy going forward.
Fiscal Consolidation In Southeastern European Countries
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Author : International Monetary Fund
language : en
Publisher:
Release Date : 2012-05-01
Fiscal Consolidation In Southeastern European Countries written by International Monetary Fund and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with categories.
This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.
Strategies For Fiscal Consolidation In The Post Crisis World
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Author :
language : en
Publisher:
Release Date : 2010
Strategies For Fiscal Consolidation In The Post Crisis World written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Budget categories.
From Stimulus To Consolidation
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Author : Mr.Benedict J. Clements
language : en
Publisher: International Monetary Fund
Release Date : 2010-10-06
From Stimulus To Consolidation written by Mr.Benedict J. Clements 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 2010-10-06 with Business & Economics categories.
This paper identifies policy tools that could be used for fiscal consolidation in advanced and emerging economies in the years ahead. The consolidation strategy, particularly in advanced countries, should aim to stabilize age-related spending in relation to GDP, reduce non-age-related expenditure ratios, and increase revenues. Bold reforms are needed to offset projected increases in age-related spending, particularly health care. On the revenue side, measures could include improving tax compliance, for example through better international cooperation, as well as increasing the yield from VAT by eliminating exemptions and reduced rates, further developing property taxes, and increasing excise rates within the range of rates already applicable in comparable countries.