Policy Coordination In Fiscal Federalism
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Policy Coordination In Fiscal Federalism
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Author : Mr.Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2011-06-01
Policy Coordination In Fiscal Federalism written by Mr.Serhan Cevik 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 2011-06-01 with Business & Economics categories.
Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and after the crisis. The empirical findings show that procyclical fiscal policies prior to the crisis reinforced the financial sector cycle, exacerbated the economic upswing, and thereby contributed to the build-up of macro-financial vulnerabilities. The paper also sets out policy lessons to develop a rule-based fiscal framework that would help strengthen fiscal policy coordination between the various layers of government and ensure long-term fiscal sustainability and a more equitable intergenerational distribution of wealth.
Fiscal Federalism And Macroeconomic Governance
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Author : Anwar Shah
language : en
Publisher: World Bank Publications
Release Date : 1998
Fiscal Federalism And Macroeconomic Governance written by Anwar Shah 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 1998 with Control fiscal categories.
November 1998 Shah concludes that, contrary to a common misconception, decentralized fiscal systems offer more potential for improved macroeconomic governance than do centralized fiscal systems, because they require greater clarity about the roles of various players and decisionmakers and-to ensure fair play-greater transparency in rules governing interactions. In analyzing the institutional environment for macroeconomic management, Shah discusses monetary policy, fiscal policy, and subnational borrowing. In analyzing the macroeconomic dimensions of securing an economic union, he discusses the regulatory environment, tax coordination, transfer payments and social insurance, intergovernmental fiscal transfers, and regional equity. Finally, he discusses the challenges of globalization and draws lessons from experience about fiscal reform in developing countries: Among them: * Monetary policy is best entrusted to an independent central bank with a mandate for price stability. * Fiscal rules accompanied by gatekeeper intergovernmental councils or committees provide a useful framework for fiscal discipline and coordination of fiscal policy. * The integrity and independence of the financial sector contribute to fiscal prudence in the public sector. * To ensure fiscal discipline, governments at all levels must be made to face the financial consequences of their decisions. * Societal norms and consensus about the roles of various levels of government and limits to their authority are vital to the success of decentralized decisionmaking. * Tax decentralization is a prerequisite for subnational access to credit markets. * Higher-level institutional assistance may be needed to finance local capital projects. * An internal common market is best preserved by constitutional guarantees. * Intergovernmental transfers in developing countries undermine fiscal discipline and accountability while building transfer dependencies that cause a slow economic strangulation of fiscally disadvantaged regions. * Periodic review of jurisdictional assignments is essential to realign responsibilities with changing economic and political realities. * Finally, and contrary to a common misconception, decentralized fiscal systems offer more potential for improved macroeconomic governance than do centralized fiscal systems. This paper-a product of the Country and Regional Relations Division, Operations Evaluation Department-is part of a larger effort in the department to learn lessons of experience in improving public sector performance in developing countries. The author may be contacted at [email protected].
Local Accountability And National Coordination In Fiscal Federalism
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Author : Charles R. Hankla
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
Local Accountability And National Coordination In Fiscal Federalism written by Charles R. Hankla and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
This book argues that fiscal federalism will consistently deliver on its governance promises only when democratic decentralization is combined with the integration of political parties. It formalizes this argument and, using new data on subnational political institutions, tests it with models of education, health, and infrastructure service delivery in 135 countries across 30 years. It also presents comparative case studies of Senegal and Nigeria. The book emphasizes that a “fine balance” in local governance can be achieved when integrated party structures compensate for the potential downsides of a decentralized state.
Consolidation Policies In Federal States
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Author : Dietmar Braun
language : en
Publisher: Routledge
Release Date : 2016-12-19
Consolidation Policies In Federal States written by Dietmar Braun and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-19 with Political Science categories.
The Global Financial Crisis has led to a renewed attention for the management of public debt and deficits of advanced and developing industrial states. To successfully deal with such problems of public finances raises particular concerns in federal states where fiscal competencies are split between two levels of government. This book offers comparative in-depth knowledge of political struggles related to fiscal consolidation policies in eleven federal states since the 1990s, including the Global Financial Crisis and its aftermath. It identifies conditions that lead to "robust" solutions that can both commit federal actors to prudent fiscal policy-making and avoid conflicts between federal actors that cause federal instability. This text will be of key interest to scholars and students of political economy and comparative politics in general and comparative federalism and EU Politics in particular.
Fiscal Decentralization And Fiscal Performance
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Author : Anwar Shah
language : en
Publisher: World Bank Publications
Release Date : 2005
Fiscal Decentralization And Fiscal Performance written by Anwar Shah 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 2005 with Federal government categories.
Fiscal rules binding on all levels can help sustain political commitment in countries having coalitions or fragmented regimes in power. Coordinating institutions help in the use of moral suasion to encourage a coordinated response. Industrial countries' experiences also show that unilaterally imposed federal controls and constraints on subnational governments typically do not work. Instead, societal norms based on fiscal conservatism such as the Swiss referenda and political activism of the electorate play important roles. Ultimately capital markets and bond-rating agencies provide more effective discipline on fiscal policy. In this context, it is important not to backstop state and local debt and not to allow ownership of the banks by any level of government. Transparency of the budgetary process and institutions, accountability to the electorate, and general availability of comparative data encourages fiscal discipline.
Fiscal Federalism In The European Union And Its Countries
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Author : Clément Vaneecloo
language : en
Publisher: Peter Lang
Release Date : 2006
Fiscal Federalism In The European Union And Its Countries written by Clément Vaneecloo and has been published by Peter Lang this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
The book tackles a key issue for the European Union: Fiscal Federalism. It evaluates the applicability of this theoretical perspective for the EU. Conversely, it pinpoints ways in which the diversity of existing fiscal settings and organisations, both at national and European levels, can throw light on the theory. The study analyses two of the most important European policies: Cohesion Policy and the Stability and Growth Pact. It compares the episode of German Unification to the 2004 European Enlargement. It pioneers a cross-country analysis of the various national fiscal settings. Finally, it highlights the close links between the dynamics of decision-making related to the main budgetary choices and the integration process. The questions raised are crucial in the current context of economic and institutional uncertainty: How should we apprehend the Cohesion Policy, the main expression of European solidarity? How can the coordination of national fiscal policies be improved? How are European countries and their regions organised in fiscal and budgetary terms? What lessons can the EU draw from its own fiscal past and from that of its Member States? Over and above the originality of the answers provided by the authors, the book suggests that it would be difficult to take the integration process further without first clarifying what Europe can, should or wants to do.
Fiscal Federalism In Theory And Practice
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Author : Mrs.Teresa Ter-Minassian
language : en
Publisher: International Monetary Fund
Release Date : 1997-09-10
Fiscal Federalism In Theory And Practice written by Mrs.Teresa Ter-Minassian 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 1997-09-10 with Business & Economics categories.
Over the past few decades, a clear trend has emerged worldwide toward the devolution of spending and, to a lesser extent, revenue-raising responsibilities to state and local levels of government. One view is that the decentralization of spending responsibilities can entail substantial gains in terms of distributed equity and macroeconomic management. The papers in this volume, edited by Teresa Ter-Minassian, examine the validity of these views in light of theoretical considerations, as well as the experience of a number of countries.
Fiscal Federalism In Belgium Challenges In Restoring Fiscal Sustainability
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Author : Yu Ching Wong
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-02
Fiscal Federalism In Belgium Challenges In Restoring Fiscal Sustainability written by Yu Ching Wong 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 2023-03-02 with Business & Economics categories.
Fiscal decentralization in Belgium progressed substantially in 2015-19. However, as decentralization of expenditure responsibilities continued to outpace decentralization of revenue authority, vertical fiscal gaps and greater reliance on transfers from shared resources may have reduced spending discipline. Consecutive shocks (pandemic, energy prices) have worsened the fiscal positions of all levels of government, requiring urgent and concerted effort to improve fiscal and debt sustainability. Fostering better fiscal policy coordination across all levels of government would improve the efficiency of Belgium’s decentralized fiscal framework. We recommend that fiscal adjustment at the subnational levels should be a part of the general government fiscal consolidation plan, with strict spending limits applying; integrating systematic spending reviews in the budgetary process; and adopting a more strategic, multi-annual fiscal framework to support adjustment. Implementing the 2013 Cooperation Arrangement—intended to provide fiscal rules to govern and coordinate public finances at all levels—is important. Also, the cost of overborrowing at the regional level should be fully internalized; recalibration of transfers could be considered; and some flexibility should be retained in the pace and scope of further decentralization. Finally, there is scope to improve the integration of fiscal sustainability objectives in federal and subnational structural reforms.
Fiscal Federalism
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Author : Robin Boadway
language : en
Publisher: Cambridge University Press
Release Date : 2009-05-11
Fiscal Federalism written by Robin Boadway and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-11 with Political Science categories.
This book provides a comprehensive account of the principles and practices of fiscal federalism based on the currently accepted theoretical framework and best practices. The traditional topics of assignment of responsibilities, intergovernmental fiscal arrangements, fiscal competition, and grants are covered in a unified framework with reference to actual practices followed in federations around the world. Special issues such as local government and the implications of natural resource issues are considered along with emerging issues such as governance, corruption, and the effect of globalization and the information revolution on the nation state. The treatment is non-technical and suitable for a wide variety of audiences, including scholars, instructors, students, policy advisors, and practitioners.
Fiscal Federalism Dimensions Of Tax Reform In Developing Countries
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Author : Robin W. Boadway
language : en
Publisher: World Bank Publications
Release Date : 1994
Fiscal Federalism Dimensions Of Tax Reform In Developing Countries written by Robin W. Boadway 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 1994 with Developing countries categories.