Green Fiscal Rules Challenges And Policy Alternatives

DOWNLOAD

Download Green Fiscal Rules Challenges And Policy Alternatives PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Green Fiscal Rules Challenges And Policy Alternatives book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page

Green Fiscal Rules Challenges And Policy Alternatives

DOWNLOAD
Author : Francesca Caselli
language : en
Publisher: International Monetary Fund
Release Date : 2024-06-21

Green Fiscal Rules Challenges And Policy Alternatives written by Francesca Caselli 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 2024-06-21 with categories.

This paper studies the impact of green fiscal rules – designed to protect climate-related spending –on debt dynamics. Simulations of green rules that exempt green spending from the rule limits for an emergingmarket economy illustrate that they can lead to unsustainable debt dynamics when the net zero emissions goal is pursued mostly using spending-based instruments (e.g., investment and subsidies). Or the rule would need to implicitly assume a large fiscal adjustment in the non-green budget, which would undermine its credibility. It will be needed to build broad public consensus for a more comprehensive fiscal strategy that tackles the difficult policy tradeoffs that will be required and takes into account long-term effects. A more appropriate mix of climate policies, including actively employing carbon pricing, should be pursued within the overall setting of fiscal and debt objectives. Developing ‘green’ medium-term fiscal frameworks would help to integrate climate change considerations into fiscal policy design in a more comprehensive manner.

Upgrading Fiscal Frameworks In Asia Pacific

DOWNLOAD
Author : Enrique Flores
language : en
Publisher: International Monetary Fund
Release Date : 2024-09-16

Upgrading Fiscal Frameworks In Asia Pacific written by Enrique Flores 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 2024-09-16 with Business & Economics categories.

This paper seeks to guide the reform of fiscal frameworks in Asia-Pacific in the context of calls for a more active fiscal policy in a shock-prone world. It highlights that the cost of fiscal support is large and that fiscal frameworks, including fiscal rules, are being put to the test given the sharp increase in debt, high interest and weaker growth prospects. The stress is only compounded by long-term challenges like aging populations, climate change and the need to deliver on the sustainable development goals. In this context, it is timely to review the effectiveness of fiscal policy in Asia-Pacific and seek for ways to strengthen fiscal frameworks. After the global financial crisis, fiscal policy in Asia-Pacific became more countercylical and stronger than in other regions—especially in advanced economies. The paper shows that the degree of countercyclicality has been asymetric, with larger responses during periods of weak growth, and in particular in response to large shocks—the global financial crisis and the pandemic. It highlights that responses to the pandemic were large and used a wide range of tools, and how fiscal and monetary policy complemented each as they responded to large shocks. It looks into the deterioration of debt dynamics in Asia-Pacific, as public debt has been rising persistently across most countries driven by declining growth and rising deficits—particualrly after the global financial crisis for advanced economies and after the pandemic for emerging market and low income countries. The paper reviews fiscal frameworks across Asia-Pacific, including the use of fiscal rules, medium-term fiscal frameworks, and fiscal councils. It describes the characteristics of fiscal rules, which usually focus on debt and budget balances and are set by law but tend to lack well-specified enforcement mechanism or escape clauses. It highlights that compliance with the rules has worsened following the pandemic as—in contrast with the outturns before the pandemic--Asia-Pacific countries tend to show larger deviations relative to other regions. It also shows that despite the increase adoption of medium-term fiscal frameworks in Asia-Pacific forward guidance has been hampered by the lack of binding targets and ex-post analysis. Moreover, they do not seem to have resulted in better macro-fiscal forecast in part due to weak capacity and enforcement, lack of integration with the annual budget, and exposure to shocks—with risk analysis mostly limited to qualitative discussions. Proposed reforms seek to implement a comprehensive, risk-based approach to public finances. They focus on strengthening the medium-term orientation of fiscal policy through credible medium-term fiscal plans, fiscal rules linked to the medium-term strategy and the annual budgets, and a stronger reliance on fiscal councils. They also emphasize the need for a broader view of the public sector as fiscal policy is being conducted through multiple channels, which requires assessing and managing vulnerabilities and a significant improvement in fiscal statistics. They also address aging and climate change by focusing on assessing large intergenerational trade-offs, reporting on long-term debt dynamics, and on green medium-term fiscal frameworks that incorporate the effects of climate change and climate policies.

The Return To Fiscal Rules

DOWNLOAD
Author : Francesca Caselli
language : en
Publisher: International Monetary Fund
Release Date : 2022-10-11

The Return To Fiscal Rules written by Francesca Caselli 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 2022-10-11 with Business & Economics categories.

Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging. Governments need to communicate fiscal plans to reduce debt sustainability risks and promote consistent macroeconomic policies. Many envisage a return to fiscal rules that had been suspended during the pandemic to strengthen credibility. This situation offers an opportunity to rethink fiscal rules and determine how governments can make fiscal policy more agile, including in responding to crises, without undermining fiscal sustainability. A risk-based medium-term fiscal framework that combines standards, rules, and strengthened institutions would strike a better balance between flexibility and credibility.

Beyond Debt Net Worth Fiscal Anchors

DOWNLOAD
Author : Hua Chai
language : en
Publisher: International Monetary Fund
Release Date : 2024-07-09

Beyond Debt Net Worth Fiscal Anchors written by Hua Chai 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 2024-07-09 with categories.

This paper proposes anchoring medium- to long-term fiscal policy in a Public Sector Net Worth (PSNW) target. Such a target widens the scope of fiscal policy to include public sector assets, in addition to liabilities—the focus of debt-based rules. A PSNW target is directly relevant to ongoing policy debates on green fiscal rules and more generally, the reform of fiscal frameworks (such as the Euro Area’s) to allow for public investment in a high debt environment. Modeling a small open economy with public investment and endogenous growth, we show that, compared to debt-based anchors, a PSNW anchor is more conducive to public investment and economic growth, while providing for sensible policy reactions to changes in long-term interest rates. The net worth anchor also precludes unsustainable debt dynamics. Simulated transition dynamics show that replacing a debt anchor with a net worth anchor does not necessarily lead to higher debt-to-GDP ratios. In addition to the merits of a net worth anchor, the paper also discusses some operational challenges.

Oecd Economic Surveys United Kingdom 2024

DOWNLOAD
Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2024-09-11

Oecd Economic Surveys United Kingdom 2024 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-11 with categories.

Economic growth is resuming, but challenges remain. Gradual fiscal consolidation is required over the short term to support the return of inflation to target and rebuild fiscal space, following substantial support during the pandemic and the energy crisis. Growing spending needs due to ageing and investment necessary to support the green transition call for tax reforms to strengthen revenues. Supply-side reforms are needed to sustain growth, including by providing businesses with certainty regarding taxation and land use planning to boost investment, and by strengthening work incentives to reduce economic inactivity. The United Kingdom is a front runner in the progress to reach net zero by 2050, but more effort is needed to accelerate emission reductions in residential housing, including a clear long-term strategy, pricing signals, regulatory timelines, and financial support to stimulate the market for decarbonised heating solutions. SPECIAL FEATURES: BOOSTING LABOUR SUPPLY; ENHANCING BUSINESS INVESTMENT TO LIFT PRODUCTIVITY; GREENING THE RESIDENTIAL HOUSING SECTOR

Economic Outlook For Southeast Asia China And India 2022 Financing Sustainable Recovery From Covid 19

DOWNLOAD
Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2022-03-22

Economic Outlook For Southeast Asia China And India 2022 Financing Sustainable Recovery From Covid 19 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-22 with categories.

Economic Outlook for Southeast Asia, China and India 2022 addresses financing sustainable recovery from the COVID-19 pandemic. The COVID-19 pandemic is proving to be extremely costly, both economically and socially and sustainable financing solutions are crucial for an equitable and inclusive recovery.

A New Fiscal Framework For Resource Rich Countries

DOWNLOAD
Author : Mr. Luc Eyraud
language : en
Publisher: International Monetary Fund
Release Date : 2023-11-03

A New Fiscal Framework For Resource Rich Countries written by Mr. Luc Eyraud 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 2023-11-03 with Business & Economics categories.

This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics. One of the contributions of the paper is to propose fiscal frameworks that are centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.

The Changing Politics And Policy Of Austerity

DOWNLOAD
Author : Stephen McBride
language : en
Publisher: Policy Press
Release Date : 2021-09-30

The Changing Politics And Policy Of Austerity written by Stephen McBride and has been published by Policy Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-30 with Business & Economics categories.

Experts from around the world review the complex and rapidly changing politics and policies of austerity in this comprehensive collection of essays. The book details the many different means and expressions of austerity since the financial crisis of 2008, as well as backlashes and emerging political alternatives.

Key Challenges Faced By Fossil Fuel Exporters During The Energy Transition

DOWNLOAD
Author : Diego Mesa Puyo
language : en
Publisher: International Monetary Fund
Release Date : 2024-03-27

Key Challenges Faced By Fossil Fuel Exporters During The Energy Transition written by Diego Mesa Puyo 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 2024-03-27 with Business & Economics categories.

The global energy transition is affecting fossil fuel exporters from multiple angles. It is adding to longstanding uncertainties on relative movements of fossil fuel demand and supply—which impact fossil fuel-related exports, fiscal flows, investment and subsequently external and fiscal accounts, economic growth, and employment. While policymakers are very familiar with these challenges, they now also face expectations of a permanent decline in the long-run global demand for fossil fuels. Key factors that could determine country-level impacts include (i) the type of fossil fuel a country exports (ii) extraction costs and (iii) country characteristics. The monitoring and mitigation of fiscal risks will need to be stepped up. Fiscal policy also has a role in reducing domestic emissions, encouraging adoption of low-carbon technologies, and helping those most vulnerable to changes from the transition. Broader macroeconomic risks can be reduced by accelerating ongoing structural reforms that support alternative engines of growth. Low- or zero-carbon emission energy industries could offer new avenues that build on existing fossil fuel knowledge and infrastructure. Concurrently, improved financial regulation and supervision could reduce financial sector exposures. Finally, international coordination on the design and implementation of climate policy as well as international transfer schemes (financing and capacity development) could reduce uncertainties surrounding the transition path and associated adverse economic consequences.

Economic Policies For Sustainability And Resilience

DOWNLOAD
Author : Philip Arestis
language : en
Publisher: Springer Nature
Release Date : 2021-11-16

Economic Policies For Sustainability And Resilience written by Philip Arestis and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-16 with Political Science categories.

This book explores the issues caused by climate change and environmental degradation, alongside the economic policies that can help secure an environmentally sustainable future. Through examining sustainability and resilience, the neoliberal globalised trading system and recent economic policies are questioned to inquire into whether capitalist economies are compatible with addressing climate change. Prolonged economic growth, forms of ownership, economic equality, the global ecosystem, universal basic services, the Green New Deal, and inclusive growth, are also discussed. Economic Policies for Sustainability and Resilience aims to provide policy options to develop sustainable and resilient market economies. It will be relevant to students, researchers, and policymakers interested in the political economy, environment economics, and economic policy.