Determinants Of National Imf Policy
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Determinants Of National Imf Policy
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Author : Caroline Silva-Garbade
language : en
Publisher: Hispano-Americana
Release Date : 2011
Determinants Of National Imf Policy written by Caroline Silva-Garbade and has been published by Hispano-Americana this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Argentina categories.
This book analyzes the determinants of national policy toward the International Monetary Fund (IMF) in the course of a credit arrangement. It examines why national governments decide to enter into a credit arrangement with the IMF and under what circumstances they implement the conditions attached to such credit. Based on a political economy framework, various hypotheses on the determinants of national policy toward the IMF are elaborated. These include the influence of political and economic factors and also consider the behavior of the IMF. The author validates the hypotheses by analyzing the policy of Brazil between 1993 and 2005, as well as the policy of Argentina between 1991 and 2001. In each country, five actual or potential credit arrangements are examined.
Repeated Use Of Imf Supported Programs Determinants And Forecasting
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Author : Martin Iseringhausen
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-08
Repeated Use Of Imf Supported Programs Determinants And Forecasting written by Martin Iseringhausen 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 2019-11-08 with Business & Economics categories.
This paper studies the determinants of repeated use of Fund-supported programs in a large sample covering virtually all General Resources Account (GRA) arrangements that were approved between 1952 and 2012. Generally, the revolving nature of the IMF’s resources calls for the temporary sup-port of member countries to address balance of payments problems while repeated use has often been viewed as program failure. First, using probit models we show that a small number of country-specific variables such as growth, the current account balance, the international reserves position, and the institutional framework play a significant role in explaining repeated use. Second, we discuss the role of IMF-specific and program-specific variables and find evidence that a country’s track record with the Fund is a good predictor of repeated use. Finally, we conduct an out-of-sample forecasting exer-cise. While our approach has predictive power for repeated use, exact forecasting remains challenging. From a policy perspective, the results could prove useful to assess the risk IMF programs pose to the revolving nature of the Fund’s financial resources.
Fundamental Determinants Of The Effects Of Fiscal Policy
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Author : Mr.Dennis P. J. Botman
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-03-01
Fundamental Determinants Of The Effects Of Fiscal Policy written by Mr.Dennis P. J. Botman 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 2006-03-01 with Business & Economics categories.
We explore the underlying determinants of the macroeconomic effects of fiscal policy and tax and social security reform using the Global Fiscal Model (GFM). We show that the planning horizon of consumers, access to financial markets, and the elasticity of labor supply, as well as the characteristics of utility and production functions, and the degree of competition are all critical for determining the impact of fiscal policy. Four topical fiscal policy issues, for a representative large and small economy, are examined: the effects of changes in government debt; higher government spending; tax reform; and privatization of retirement savings.
Is It Still Mostly Fiscal Determinants Of Sovereign Spreads In Emerging Markets
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Author : Mr. Sanjeev Gupta
language : en
Publisher: International Monetary Fund
Release Date : 2008-11-01
Is It Still Mostly Fiscal Determinants Of Sovereign Spreads In Emerging Markets 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 2008-11-01 with Business & Economics categories.
Using a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging markets. Lower levels of political risk are associated with tighter spreads, while efforts at fiscal consolidation narrow credit spreads, especially in countries that experienced prior defaults. The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as the fiscal position remains sustainable and the fiscal deficit does not worsen.
Fundamental Determinants Of The Effects Of Fiscal Policy
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Author : Dennis Petrus Johannes Botman
language : en
Publisher: International Monetary Fund
Release Date : 2006
Fundamental Determinants Of The Effects Of Fiscal Policy written by Dennis Petrus Johannes Botman 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 2006 with Fiscal policy categories.
We explore the underlying determinants of the macroeconomic effects of fiscal policy and tax and social security reform using the Global Fiscal Model (GFM). We show that the planning horizon of consumers, access to financial markets, and the elasticity of labor supply, as well as the characteristics of utility and production functions, and the degree of competition are all critical for determining the impact of fiscal policy. Four topical fiscal policy issues, for a representative large and small economy, are examined: the effects of changes in government debt; higher government spending; tax reform; and privatization of retirement savings.
Fiscal Policy And Long Term Growth
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-04-20
Fiscal Policy And Long Term Growth written by International Monetary Fund 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 2015-04-20 with Business & Economics categories.
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.
The Imf And The Silent Revolution
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Author : Mr.James M. Boughton
language : en
Publisher: International Monetary Fund
Release Date : 2000-09-11
The Imf And The Silent Revolution written by Mr.James M. Boughton 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 2000-09-11 with Business & Economics categories.
This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.
On The Determinants Of Fiscal Non Compliance
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Author : Victor Duarte Lledo
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-20
On The Determinants Of Fiscal Non Compliance written by Victor Duarte Lledo 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 2017-01-20 with Business & Economics categories.
This paper proposes an empirical framework that distinguishes voluntary from involuntary compliance with fiscal deficit targets on the basis of economic, institutional, and political factors. The framework is applied to Spain’s Autonomous Communities (regions) over the period 2002-2015. Fiscal noncompliance among Spain’s regions has shown to be persistent. It increases with the size of growth forecast errors and the extent to which fiscal targets are tightened, factors not fully under the control of regional governments. Non-compliance also tends to increase during election years, when vertical fiscal imbalances accentuate, and market financing costs subside. Strong fiscal rules have not shown any significant impact in containing fiscal non-compliance. Reducing fiscal non-compliance in multilevel governance systems such as the one in Spain requires a comprehensive assessment of intergovernmental fiscal arrangements that looks beyond rules-based frameworks by ensuring enforcement procedures are politically credible.
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-23
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries written by International Monetary Fund 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 2015-10-23 with Business & Economics categories.
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
The Motives To Borrow
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Author : Antonio Fatás
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-10
The Motives To Borrow written by Antonio Fatás 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 2019-05-10 with Business & Economics categories.
Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation.