Macro Policy Lessons For A Sound Design Of Fiscal Decentralization
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Macro Policy Lessons For A Sound Design Of Fiscal Decentralization
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-07-27
Macro Policy Lessons For A Sound Design Of Fiscal Decentralization 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 2009-07-27 with Business & Economics categories.
Fiscal decentralization has been, and remains high on the policy agenda of many countries. It is mainly driven by political pressures, which tend to be especially evident in countries with multiple ethnicities, and/or wide regional disparities in incomes or resource endowments. More generally, decentralization pressures frequently reflect a desire for more participatory government and greater voice of local constituents in the allocation of budgetary resources. Regardless of its motivation, fiscal decentralization can have important macroeconomic implications. Therefore, Fund advice to member countries (whether in the context of surveillance, program design, or technical assistance) has often focused on the design and implementation of intergovernmental fiscal arrangements. This paper distills the main lessons from the Fund’s engagement with member countries in this area, drawing in particular, (but not exclusively) on technical assistance (TA) provided by the Fiscal Affairs Department (FAD) to ten countries which are broadly representative of the range of members that have requested assistance in this area.
Macro Policy Lessons For A Sound Design Of Fiscal Decentralization Background Studies
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-07-27
Macro Policy Lessons For A Sound Design Of Fiscal Decentralization Background Studies 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 2009-07-27 with Business & Economics categories.
This paper provides background to the Board paper on Macro Policy Lessons for a Sound Design of Fiscal Decentralization. It summarizes the findings and recommendations of the Fiscal Affairs Department (FAD) for ten countries to which it provided advice on fiscal decentralization. The selected countries (Bolivia, People’s Republic of China, Colombia, Democratic Republic of Congo, Indonesia, Kosovo, Liberia, FYR Macedonia, Mexico, and Nigeria) represent different regions, varying institutional arrangements, and diverse stages of the decentralization process.
Morocco
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-05
Morocco written by International Monetary Fund. Middle East and Central Asia 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 2013-04-05 with Business & Economics categories.
Morocco’s sound economic performance has been challenged by domestic and external shocks. The Precautionary and Liquidity Line (PLL) program is on track, and its design remains adequate. The fiscal consolidation and efforts to rebuild buffers and address medium-term challenges taken up by the government has been commended. Reforms of both the subsidy system and the pension system are required. There is a need to strengthen competitiveness and better equip the economy to respond to external shocks. Efforts are under way to continue strengthening regulation and supervision while fostering the development of the financial sector.
Romania
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2015-03-27
Romania written by International Monetary Fund. European 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 2015-03-27 with Business & Economics categories.
This Selected Issues paper discusses benefits of boosting quality public infrastructure spending in Romania. Since the financial crisis, fiscal and current account deficits have been tackled, but the infrastructure deficit has widened. Quality public investment in infrastructure can boost domestic demand and potential GDP growth, particularly in low growth environments. The IMF staff simulations employing the European Union’s production function methodology show significant growth benefits from higher quality infrastructure spending. As a result of higher investment, real GDP would increase by about 1 percent initially with the impact peaking in 2025.
Designing A European Fiscal Union
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Author : Mr.Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-05
Designing A European Fiscal Union written by Mr.Carlo Cottarelli 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 2014-12-05 with Business & Economics categories.
Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
Fiscal Performance Institutional Design And Decentralization In European Union Countries
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Author : Mr.Julio Escolano
language : en
Publisher: International Monetary Fund
Release Date : 2012-02-01
Fiscal Performance Institutional Design And Decentralization In European Union Countries written by Mr.Julio Escolano 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 2012-02-01 with Business & Economics categories.
This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements. We find that spending decentralization has been associated with sizably better fiscal performance, especially when transfer dependency of subnational governments is low. However, subnational fiscal rules do not seem to be associated with better performance.
Imf Research Bulletin December 2008
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2008-12-11
Imf Research Bulletin December 2008 written by International Monetary Fund. Research 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 2008-12-11 with Business & Economics categories.
December 2008: IMF research summaries on global herding in financial markets (by Marco Cipriani) and on fiscal decentralization (by Lusine Lusinyan); article on the experiences of IMF staff at the Nobel Laureate Meetings in Lindau, Germany (by Chris Crowe); listing of visiting scholars at the IMF during August–December 2008; listing of contents of Vol. 55 No. 4 of IMF Staff Papers; listing of recent IMF Working Papers; listing of recent external publications by IMF staff; and a Call for Papers for an upcoming conference on structural reforms.
The Great Divide Regional Inequality And Fiscal Policy
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Author : William Gbohoui
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-02
The Great Divide Regional Inequality And Fiscal Policy written by William Gbohoui 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 2019-05-02 with Business & Economics categories.
Growing regional inequality within countries has raised the perception that “some places and people” are left behind. This has prompted a shift toward inward-looking policies and away from pro-growth reforms. This paper presents novel stylized facts on regional inequality for OECD countries. It shows that regional disparity in per-capita GDP is large (even after adjusting for regional price differences), persistent, and widening over time. The paper also finds that rising nationwide income inequality is associated with both rising within-region income inequality and widening average income across regions. The rise in inequality is related to declining incentives for interregional labor mobility, especially for poor households in lagging regions, which are estimated to reduce by as much as one-third in the United States. Against these facts, the paper proposes a framework to identify whether, how and by whom fiscal policies can be used to tackle regional inequality. It outlines conditions under which those policies should be spatially-targeted and illustrates how they can be complementary to conventional means-testing methods in mitigating income inequality.
Myanmar
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2014-10-08
Myanmar written by International Monetary Fund. Asia and Pacific 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 2014-10-08 with Business & Economics categories.
KEY ISSUES Context: The authorities continue to make progress on their far-reaching political and economic reform program. Key economic reform priorities are being realized. However, macroeconomic and financial risks are building, and capacity constraints are slowing institutional reform. Constitutional amendments are being considered ahead of the 2015 elections, and peace negotiations are continuing despite religious and ethnic tensions. Macroeconomic situation and outlook: Growth is accelerating, with average growth projected around 81⁄4 percent in the next few years, and inflation should remain broadly stable. After depreciating in 2013, the exchange rate has stabilized. The external current account has widened despite improved export performance but rising capital account inflows should enable Central Bank of Myanmar (CBM)’s international reserves to grow rapidly from their current low levels. Monetary aggregates are growing at double-digit rates. The underlying fiscal deficit in 2013/14 is estimated at 3 percent of GDP and is forecast to widen to around 51⁄2 percent of GDP in 2014/15, but should decline below 5 percent of GDP in the medium term. However, off budget operations could increase the deficit. Risks also arise from capacity constraints and thin fiscal and external buffers. Medium- and long-term prospects: Economic prospects remain strong. Myanmar’s long-run growth potential is estimated at around 7 percent, in line with peer countries’ experience, but sound institutional and policy frameworks need to be built to realize this. Key policy recommendations: Macroeconomic policy challenges are likely to intensify in the short term. Monetary policy tools need to be more aggressively deployed, and mechanisms established to transfer public sector foreign exchange earnings automatically to the CBM. The regulatory framework for the banking sector needs to be urgently upgraded and supervision strengthened, particularly as foreign banks will soon enter. Tax policy and administration should aim at simplifying the system and preparing for the introduction of a value-added tax (VAT). Technical assistance (TA): Capacity building will be crucial to achieve policy objectives. The IMF continues to provide intensive TA in key areas, including in a wide range of CBM operations, tax policy and administration, public financial management and statistics.
Lessons For Effective Fiscal Decentralization In Sub Saharan Africa
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Author : Mr.Niko A Hobdari
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-06
Lessons For Effective Fiscal Decentralization In Sub Saharan Africa written by Mr.Niko A Hobdari 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 2018-07-06 with Business & Economics categories.
Fiscal decentralization is becoming a pressing issue in a number of countries in sub-Saharan Africa, reflecting demands for a greater local voice in spending decisions and efforts to strengthen social cohesion. Against this backdrop, this paper seeks to distill the lessons for an effective fiscal decentralization reform, focusing on the macroeconomic aspects. The main findings for sub-Saharan African countries that have decentralized, based on an empirical analysis and four case studies (Kenya, Nigeria, South Africa, Uganda), are as follows: • Determinants and effectiveness: Empirical results suggest that (1) the major driving forces behind fiscal decentralization in sub-Saharan Africa include efforts to defuse ethnic conflicts, the initial level of income, and the urban-ization rate, whereas strength of democracy is not an important determi-nant for decentralization; and (2) decentralization in sub-Saharan Africa is associated with higher growth in the presence of stronger institutions. • Spending assignments: The allocation of spending across levels of gov-ernment in the four case studies is broadly consistent with best practice. However, in Uganda, unlike in the other three case studies, subnational governments have little flexibility to make spending decisions as a result of a deconcentrated rather than a devolved system of government. • Own revenue: The assignment of taxing powers is broadly in line with best practice in the four case studies, with the bulk of subnational revenue coming from property taxes and from fees for local services. However, own revenues are a very small fraction of subnational spending, reflecting weak cadaster systems and a high level of informality in the economy.