Promoting Fiscal Discipline
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Promoting Fiscal Discipline
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Author : Mr.Manmohan S. Kumar
language : en
Publisher: International Monetary Fund
Release Date : 2007-10-18
Promoting Fiscal Discipline written by Mr.Manmohan S. Kumar 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 2007-10-18 with Business & Economics categories.
Fiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. Discipline is especially important if countries, industrial as well as developing, are to successfully meet the challenges, and reap the benefits, of economic and financial globalization. Lack of fiscal discipline generally stems from the injudicious use of policy discretion. The benefits of discretion are seen in terms of the ability of policymakers to respond to unexpected shocks and in allowing elected political representatives to fulfill their mandates. But discretion can be misused, resulting in persistent deficits and procyclical policies, rising debt levels, and, over time, a loss in policy credibility. The authors first explore the role of discretion in fiscal policy, and the extent, consequences, and causes of procyclicality, particularly in good times. They then examine how a variety of institutional approaches—fiscal rules, fiscal responsibility laws, and fiscal agencies—can help improve fiscal discipline. While each of these approaches can play a useful role, the authors suggest that a strategy combining them is likely to be particularly beneficial. Although such a strategy requires political commitment and effective fiscal management, at the same time, the strategy itself can bolster political commitment by highlighting the restraints on government and raising the costs of failing to respect them.
Market Based Fiscal Discipline In Monetary Unions
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Author : Mr.Morris Goldstein
language : en
Publisher: International Monetary Fund
Release Date : 1991-09-01
Market Based Fiscal Discipline In Monetary Unions written by Mr.Morris Goldstein 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 1991-09-01 with Business & Economics categories.
The concept of market-based fiscal discipline posits that a government which runs persistent, excessive fiscal deficits will face an increased cost of borrowing and eventually, a reduced availability of credit, and that these market actions will provide an incentive to correct irresponsible fiscal behavior. This paper presents new empirical evidence on market-based fiscal discipline by estimating the relationship between the cost of borrowing and fiscal policy behavior across U.S. states. We find that U.S. states which have followed more prudent fiscal policies are perceived by the market as having lower default risk and are therefore able to reap the benefit of lower borrowing costs.
Local Governments Fiscal Balance Privatization And Banking Sector Reform In Transition Countries
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Author : Ernesto Crivelli
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-01
Local Governments Fiscal Balance Privatization And Banking Sector Reform In Transition Countries written by Ernesto Crivelli 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.
Several transition economies have undertaken fiscal decentralization reforms over the past two decades along with liberalization, privatization, and stabilization reforms. Theory predicts that decentralization may aggravate fiscal imbalances, unless the right incentives are in place to promote fiscal discipline. This paper uses a panel of 20 transition countries over 19 years to address a central question of fact: Did privatization help to promote local governments’ fiscal discipline? The answer is clearly ‘no’ for privatization considered in isolation. However, privatization and subnational fiscal autonomy along with reforms to the banking system - restraining access to soft financing - may prove effective at improving fiscal balances among local governments.
Structural Breaks In Fiscal Performance
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Author : Ms.Ana Corbacho
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01
Structural Breaks In Fiscal Performance written by Ms.Ana Corbacho 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 2010-11-01 with Business & Economics categories.
In recent years, many countries have adopted Fiscal Responsibility Laws to strengthen fiscal institutions and promote fiscal discipline in a credible, predictable and transparent manner. Still, results on the effectiveness of these laws remain tentative. In this paper, we test empirically whether fiscal performance, measured as the level of primary fiscal balances and their volatility, indeed improved after the implementation of Fiscal Responsibility Laws in a sample of Latin American and advanced economies. We show that traditional econometric approaches, which rely on the use of dummies in time series or panel regressions, yield biased estimates. In contrast, our empirical strategy recognizes that, a priori, the timing of the effect of these laws on fiscal performance is unknown, while controlling for the impact of the business and commodity cycles on fiscal outcomes. Overall, we find limited empirical evidence in support of the view that Fiscal Responsibility Laws have had a distinguishable effect on fiscal performance. However, Fiscal Responsibility Laws could still have other positive effects on the conduct of fiscal policy not analyzed here, for instance, through enhanced transparency and guidance in the budget process and lower risk premia.
Top Down Budgeting An Instrument To Strengthen Budget Management
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Author : Gösta Ljungman
language : en
Publisher: International Monetary Fund
Release Date : 2009-11-01
Top Down Budgeting An Instrument To Strengthen Budget Management written by Gösta Ljungman 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 2009-11-01 with Business & Economics categories.
This paper examines the rationale for a top-down approach to budget preparation and approval, and discusses some factors that have to be considered when reorienting the budget process along these lines. The paper argues that the sequence in which budgetary decisions are taken matters, and that a strong top-down approach strengthens fiscal discipline and improves policy prioritization and coordination. Top-down budgeting also alters the division of roles and responsibilities between the central budget authority and line ministries, and requires that the process of determining the total expenditure level, sectoral allocations and individual appropriations is clarified. Finally, the paper argues that strong top-down elements in the parliamentary budget voting process can be effective in addressing the risk of excessive and unsustainable amendments during budget approval.
Strengthening Post Crisis Fiscal Credibility
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Author : Mr.Xavier Debrun
language : en
Publisher: International Monetary Fund
Release Date : 2014-04-08
Strengthening Post Crisis Fiscal Credibility written by Mr.Xavier Debrun 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 2014-04-08 with Business & Economics categories.
Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in “fiscal councils,” independent watchdogs active in the public debate, has grown rapidly in recent years. This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members. The data documents a surge in the number of fiscal councils since the crisis. It also illustrates that well-designed fiscal councils are associated with stronger fiscal performance and better macroeconomic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate, and the monitoring of compliance with fiscal policy rules.
Governance Corruption And Public Financial Management
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Author : Salvatore Schiavo-Campo
language : en
Publisher:
Release Date : 1999
Governance Corruption And Public Financial Management written by Salvatore Schiavo-Campo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
This book is an assembly of the major papers presented during the Seminar on Public Financial Management and Accountability, and the World Conference on Governance held in Manila in April and June 1999. The papers cover the fundamentals of public financial management and the role of transparency and accountability in promoting aggregate fiscal discipline, the strategic allocation of budgetary resources, and the efficiency in the delivery of public services.
Expenditure Ceilings A Survey
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Author : Gösta Ljungman
language : en
Publisher: International Monetary Fund
Release Date : 2008-12
Expenditure Ceilings A Survey written by Gösta Ljungman 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 with Business & Economics categories.
This paper looks at the factors that have to be considered when designing an aggregate expenditure ceiling. It is argued that expenditure ceilings are effective in promoting fiscal discipline and sustainability, but that a number of trade-offs have to be made when setting up a fiscal framework that will survive in a politically charged environment. The paper illustrates the discussion with a case study of medium-term aggregate expenditure ceilings in three countries: Finland, the Netherlands and Sweden.
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.
Local Public Finance
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Author : René Geissler
language : en
Publisher: Springer Nature
Release Date : 2021-04-20
Local Public Finance written by René Geissler and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-20 with Law categories.
This book is based upon a comparative public administration research project, initiated by the Hertie School of Governance (Germany) and the Bertelsmann Foundation (Germany) and supported by a network of researchers from many EU countries. It analyzes both the regimes and the practices of local fiscal regulation in 21 European countries. The book brings together key findings of this research project. The regulatory discussion is not limited to the prominent issue of fiscal rules but focuses on every component of regulation. Beyond this, the book covers affiliated topics such as the impact of regulation for local governments, evolution of regulation, administrative costs and crisis prevention. The various book chapters throughout provide a broad picture of local public finance regulation in theory and in practice, using different theoretical and national lenses for the analysis. Furthermore, the authors investigate the effects of budgetary constraints and higher-level regulatory efforts on local governments and on democracy and public services in every European country. This book fills a gap with respect to the lack of discussion on local government finance from an international, comparative perspective and, in particular, the regulation of local public finance. With its mix of authors, this book will be useful for practitioners as well as for scholars and for theory-driven research.