Fiscal Transparency And Economic Outcomes

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Fiscal Transparency And Economic Outcomes

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Author : Farhan Hameed
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2005-12-01

Fiscal Transparency And Economic Outcomes written by Farhan Hameed 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 2005-12-01 with categories.

This paper develops indices of fiscal transparency for a broad range of countries based on the IMF's Code of Good Practices on Fiscal Transparency, using data derived from published fiscal transparency modules of the Reports on the Observance of Standards and Codes (ROSCs). The indices covers four clusters of fiscal transparency practices: data assurances, medium-term budgeting, budget execution reporting, and fiscal risk disclosures. More transparent countries are shown to have better credit ratings, better fiscal discipline, and less corruption, after controlling for other socioeconomic variables.

Fiscal Transparency Fiscal Performance And Credit Ratings

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Author : Ms.Elif Arbatli
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-01

Fiscal Transparency Fiscal Performance And Credit Ratings written by Ms.Elif Arbatli 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 2012-06-01 with Business & Economics categories.

This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between advanced and developing economies. Fiscal transparency is measured by an index based on the IMF’s Reports on the Observance of Standards and Codes (ROSCs). We find that fiscal transparency has a positive and significant effect on ratings, but it works through different channels in advanced and developing economies. In advanced economies the indirect effect of transparency through better fiscal outcomes is more significant whereas for developing economies the direct uncertainty-reducing effect is more relevant. Our results suggest that a one standard deviation improvement in fiscal transparency index is associated with a significant increase in credit ratings: by 0.7 and 1 notches in advanced and developing economies respectively.

Fiscal Transparency Accountability And Risk

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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-08

Fiscal Transparency Accountability And Risk written by International Monetary Fund. Fiscal Affairs 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 2012-07-08 with Business & Economics categories.

This paper surveys that state of fiscal transparency in the wake of the current crisis and looks at what can be done to improve it. It examines the relationship between fiscal transparency and fiscal outcomes; reviews progress in promoting greater fiscal transparency over the past decade; considers the lessons of the recent crisis for existing fiscal transparency standards, practices, and monitoring arrangements; and makes a series of recommendations for renewing the global fiscal transparency effort in the wake of the crisis.

Stock Flow Adjustments And Fiscal Transparency

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Author : Anke Weber
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01

Stock Flow Adjustments And Fiscal Transparency written by Anke Weber 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 2012-01-01 with Business & Economics categories.

Over the past three decades, large and persistent discrepancies between the annual change in public debt and the budget deficit, so-called stock-flow adjustments, were a prominent feature of debt dynamics in many economies. The aim of this paper is to investigate the underlying determinants of such discrepancies and their relationship with fiscal transparency using data for 163 countries. Results show that such discrepancies can only be partly explained by balance sheet effects and the realization of contingent liabilities and that significant differences exist in average stock-flow adjustments across countries reflecting country-specific factors. The more fiscally transparent the country, the smaller these tend to be. The contribution of stock-flow adjustments to increases in debt is likewise smaller in countries with above average fiscal transparency. This may not be coincidental, as a lack of fiscal transparency may make it easier for governments to engage in deceptive fiscal stratagems.

Fiscal Transparency Its Determinants And Consequences For Developing Countries

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Author : Yves Mathurin Tehou Tekeng
language : en
Publisher:
Release Date : 2014

Fiscal Transparency Its Determinants And Consequences For Developing Countries written by Yves Mathurin Tehou Tekeng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

This thesis has addressed the issue of fiscal transparency for developing countries in three essays. The first essay provided an overview of the existing literature on fiscal transparency and related questions, focusing on different angles and measurement methodologies involved. Our review was structured around four principal axes that include the determinants of fiscal transparency; the links between fiscal transparency and some selected institutional factors relating to international capital markets, and fiscal discipline, corruption, and economic growth. One of the major shortcomings discovered in the literature is the lack of exclusive attention devoted to developing countries on this important issue of fiscal transparency and how this could affect their growth potential. The second essay proposed a new, replicable and more objective index of fiscal transparency based on criteria of developing countries as used by the World Bank in 2009. We also provided an analysis of the determinants of fiscal transparency based on information from 27 developing countries, taking into account a number of institutional and socio-economic determinants of fiscal transparency. For example, we examined the impacts of natural resources (wealth), quality of institution, openness on the above-mentioned index of fiscal transparency by the means of OLS and Two-Stage Least Square methods. Our empirical findings indicated that the performance of our proposed index appeared to be consistent with other existing indices. The third essay presented an analysis of some potential consequences of fiscal transparency for developing countries. More specifically, based on the availability of data across the 27 countries of the sample, it was found that fiscal transparency can have some impact on the structure of government spending, education and health outcomes, attraction of international capital, but not economic growth.

Fiscal Transparency Borrowing Costs And Foreign Holdings Of Sovereign Debt

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Author : Laurent Kemoe
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-24

Fiscal Transparency Borrowing Costs And Foreign Holdings Of Sovereign Debt written by Laurent Kemoe 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 2018-08-24 with Business & Economics categories.

This paper explores the effects of fiscal transparency on the borrowing costs of 33 emerging and developing economies (EMs), and on foreign demand for their sovereign debt. Using multiple indicators, including a constructed one based on the published data in the IMF’s Government Finance Statistics Yearbook, we measure the separate effects of the three dimensions of fiscal transparency: openness of the budget process, fiscal data transparency, and accountability of fiscal actors. The results suggest that higher fiscal transparency reduces sovereign interest rate spreads and increases foreign holdings of sovereign debt, with each dimension of fiscal transparency playing a different role. Availability of detailed cross-country comparable fiscal data, especially for balance sheet items, has shown to increase foreign investors’ willingness in holding EM sovereign debt.

Fiscal Transparency And Fiscal Policy Outcomes In Oecd Countries

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Author : James E. Alt
language : en
Publisher:
Release Date : 2003

Fiscal Transparency And Fiscal Policy Outcomes In Oecd Countries written by James E. Alt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.

Fiscal Transparency And The Performance Of Government Financial Assets

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Author : Mr.Mike Seiferling
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-22

Fiscal Transparency And The Performance Of Government Financial Assets written by Mr.Mike Seiferling 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 2015-01-22 with Business & Economics categories.

Stock-flow adjustments are typically measured as the difference between changes in gross debt and deficits. These are interpreted as a proxy for unexplained fiscal discrepancies, and often associated with a lack of fiscal transparency. However, such measures fail to capture the role of financial assets and valuation changes and therefore do not correctly predict fiscal transparency. The purpose of this paper is to provide a more detailed exposition of stock-flow residuals and the relationship with fiscal transparency, highlighting government acquisition of equities and investment fund shares and their performance in secondary markets. The results suggest that the performance of government equity portfolios correlates with fiscal transparency to the extent that fully transparent governments are expected to generate between 6 and 8 percent higher returns on their equity portfolios than others. These findings suggest that the performance of government assets may be a promising area for future research of fiscal transparency and stock-flow residuals.

Hungary

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2007-01-12

Hungary 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 2007-01-12 with Business & Economics categories.

This report provides an assessment of fiscal transparency practices in Hungary in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency. The report reveals that Hungary has increased its level of transparency in a number of areas since the last fiscal Report on the Observance of Standards and Codes in 2001. In particular, the coverage of fiscal reporting and the budget has been considerably extended. Fiscal reporting now covers virtually all of general government.

Open Budgets

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Author : Sanjeev Khagram
language : en
Publisher: Brookings Institution Press
Release Date : 2013

Open Budgets written by Sanjeev Khagram and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.

Explicates political economy factors that have brought about greater transparency and participation in budget settings across Asia, Africa, and Latin America. This title presents the strategies, policies, and institutions through which improvements can occur and produce change in policy and institutional outcomes.