Fiscal Policy And Long Term Growth
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Fiscal Policy Stabilization And Growth
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Author : Guillermo E. Perry
language : en
Publisher: World Bank Publications
Release Date : 2007-10-19
Fiscal Policy Stabilization And Growth written by Guillermo E. Perry and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-10-19 with Business & Economics categories.
Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
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.
Fiscal Rules And Economic Size In Latin America And The Caribbean
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Author : Fernando Blanco
language : en
Publisher: World Bank Publications
Release Date : 2020-10-08
Fiscal Rules And Economic Size In Latin America And The Caribbean written by Fernando Blanco and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-08 with Business & Economics categories.
Following the collapse of commodity prices in Latin America and the Caribbean (LAC) in 2014-15, many countries in the region were unable to cushion the impact of the shock in order to experience a more gradual adjustment, to a large extent because they had not built adequate fiscal buffers during the commodities’ windfall from 2010-14. Many LAC countries entered 2020 and the COVID-19 crisis in an even more difficult position, with rising debt and limited fiscal space to smooth the negative impacts of the pandemic and adequately support their economies. Fiscal policy in most LAC countries has been procyclical. Public expenditure and debt levels have expanded in good times and contracted in severe downswings due to insufficient fiscal buffers, making crises deeper. Fiscal rules represent a promising policy option for these and other economies. If well-designed and implemented, they can help build buffers during periods of strong economic performance that will be available during rainy days to smooth economic shocks. This book—which was prepared before the COVID-19 crisis—reviews the performance and implementation of different fiscal rules in the region and world. It provides analytical and practical criteria for policy makers for the design, establishment, and feasible implementation of fiscal rules based on each country's business cycle features, external characteristics, type of shocks faced, initial fiscal conditions, technical and institutional capacities, and political context. While establishing new fiscal rules would not help to attenuate the immediate effects of this pandemic crisis, higher debt levels in the aftermath of COVID-19 will demand rebuilding better and stronger institutional frameworks of fiscal policy in LAC and emerging economies globally. Having stronger fiscal mechanisms that include fiscal rules can help countries prepare for the next crisis and should be on the front burner for policy makers in coming years. The findings and lessons discussed apply to economies of different sizes, with some differences under certain scenarios in terms of the technical design and criteria needed for implementation. In this book, policy makers will find that fiscal rules, if tailored to country characteristics, can work and be an essential fiscal tool for larger and particularly smaller economies.
The Effectiveness Of Fiscal Policy In Stimulating Economic Activity
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Author : Richard Hemming
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
The Effectiveness Of Fiscal Policy In Stimulating Economic Activity written by Richard Hemming 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 2002-12 with Business & Economics categories.
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Fiscal Policy After The Financial Crisis
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Author : Alberto Alesina
language : en
Publisher: University of Chicago Press
Release Date : 2013-06-25
Fiscal Policy After The Financial Crisis written by Alberto Alesina and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-25 with Business & Economics categories.
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Aging And The Macroeconomy
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Author : National Research Council
language : en
Publisher: National Academies Press
Release Date : 2013-01-10
Aging And The Macroeconomy written by National Research Council and has been published by National Academies Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-10 with Social Science categories.
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Singapore S Fiscal Strategies For Growth A Journey Of Self Reliance
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Author : Kok Fatt Lee
language : en
Publisher: World Scientific Publishing Company
Release Date : 2017-11-29
Singapore S Fiscal Strategies For Growth A Journey Of Self Reliance written by Kok Fatt Lee and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-29 with Business & Economics categories.
Singapore's fiscal strategies have helped sustain the country's growth as a small and open economy. This book is a pioneering effort in terms of providing a non-technical, holistic view of Singapore's strategies. The author, formerly Director of Fiscal Policy in Singapore's Ministry of Finance and the Principal Private Secretary to the President of Singapore, provides an insider's bird's eye view of how Singapore's fiscal strategies support monetary and economic policies, and address the needs of Singaporeans.The book is structured to explain how the various aspects of Singapore's fiscal policies inter-relate and work together as a functioning system, enabling the small city-state to prosper and progress since its independence in 1965. Besides providing a documentation of the development of Singapore's fiscal strategies over the years, the current and impending national challenges to be addressed by fiscal strategies are also discussed. The author also addresses the importance of culture to a nation's success, and highlights the impact of fiscal policy in this regard.
The Quality Of Public Finances And Economic Growth
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Author : Salvador Barrios
language : en
Publisher:
Release Date : 2008
The Quality Of Public Finances And Economic Growth written by Salvador Barrios and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Economic development categories.
Improving the quality of public finances (QPF) has become a new focus for European policy makers. This focus is largely a response to preparing the European economies for the dual challenge of ageing populations and increased exposure to global competition. Better QPF can help tackle both challenges: either directly through fiscal consolidation, pension and expenditure reforms or indirectly by creating conditions in support of long-term growth as expenditure and revenue systems become more efficient and less distortionary. At the EU level, the Stability and Growth Pact and the Lisbon Strategy for Growth and Jobs provide, in principle, the appropriate tools for fostering such policies, but in practice both instruments have not yet focused much on QPF which is a common component of both tools. This is partly because a broad-based conceptual framework on what makes up QPF has been missing. This paper attempts to close this gap by developing a multi-dimensional approach on QPF. The framework aims at bringing together the many different pieces of QPF that have so far mostly been studied in isolation. The paper summarises empirical findings on the links between QPF and growth, reviews how EU Member States fare in those aspects and analyses some links between QPF and growth based on a growth-accounting approach, using discriminant analysis.
The Macroeconomics Of Fiscal Policy
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Author : Richard W. Kopcke
language : en
Publisher:
Release Date : 2006
The Macroeconomics Of Fiscal Policy written by Richard W. Kopcke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Leading academics and former policy makers assess the effectiveness of postwar American fiscal policy as questions about the role of fiscal policy once again come to the forefront of economic research and debate. The United States's post-World War II emphasis on activist fiscal policy for short-term economic stabilization was called into question in the 1960s, and by the late 1980s was superseded by the view that fiscal policy should focus on long-run structural concerns. For the past two decades both public policy and economic research emphasized monetary policy as a stabilization tool. But there remain issues in American macroeconomic policy having to do with budget deficits, present and projected, as well as a recent revival of interest in fiscal policy as a stabilization tool. Overall, the academic pendulum is swinging back towards a renewed consideration of fiscal policy. This volume brings together leading researchers and policy makers to assess the effectiveness and consequences of fiscal policy. Drawing on postwar policy experience and recent economic research, this book offers a state-of-the-art consideration of where fiscal policy stands today. Contributors address both the appropriateness of fiscal policy as a tool for short-run macroeconomic stabilization and the longer-term impact of fiscal decisions and economic policy. Topics covered include the legacy of the Reagan administration's tax cuts; whether public policy has encouraged such behavior as "overconsumption," which may foster persistent budget and trade deficits; and, in light of recent experience, how and when fiscal policy might be appropriate as a short-term stabilization tool. Contributors Alan J. Auerbach, Susanto Basu, Olivier J. Blanchard, Alan S. Blinder, Barry P. Bosworth, W. Elliott Brownlee, William H. Buiter, Jonathan Coppel, Jean-Philippe Cotis, Luiz de Mello, James S. Duesenberry, Douglas W. Elmendorf, Eric Engen, Jeffrey A. Frankel, Benjamin M. Friedman, Richard W. Kopcke, Catherine L. Mann, Van Doorn Ooms, Rudolph G. Penner, Alice M. Rivlin, Christopher A. Sims, C. Eugene Steuerle, Geoffrey M.B. Tootell, Robert K. Triest, Edwin M. Truman
Coordination Of Monetary And Fiscal Policies
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1998-03-01
Coordination Of Monetary And Fiscal Policies 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 1998-03-01 with Business & Economics categories.
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.