Quasi Fiscal Operations Of Public Financial Institutions
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Quasi Fiscal Operations Of Public Financial Institutions
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Author : Mr.George A. Mackenzie
language : en
Publisher: International Monetary Fund
Release Date : 1996-10-24
Quasi Fiscal Operations Of Public Financial Institutions written by Mr.George A. Mackenzie 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 1996-10-24 with Business & Economics categories.
Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.
Fiscal Accounting Of Bank Restructuring
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Author : Mr.Jeffrey M. Davis
language : en
Publisher: International Monetary Fund
Release Date : 1997-05-01
Fiscal Accounting Of Bank Restructuring written by Mr.Jeffrey M. Davis 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 1997-05-01 with Business & Economics categories.
Current guidelines and practice for classifying government bank assistance operations inadequately capture in the fiscal balance some of the most common, and important, operations. The shortcomings result from the focus on the general government, the exclusion of non-cash operations, and divergences between the timing of cash outlays and the economic impact of assistance operations. Complementing the standard measures of the fiscal balance with an “augmented” balance would provide a definition that is transparent, comprehensive, and reasonably comparable across countries. The augmented balance would explicitly incorporate the major quantifiable fiscal costs of bank assistance operations that are not already included in current definitions of the overall balance.
Government Role And The Efficiency Of Policy Instruments
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Author : Mr.Vito Tanzi
language : en
Publisher: International Monetary Fund
Release Date : 1995-10-01
Government Role And The Efficiency Of Policy Instruments written by Mr.Vito Tanzi 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 1995-10-01 with Business & Economics categories.
Comparisons about the role of the government in an economy are usually made by reference to the share of tax revenue or of public expenditure in gross domestic product. However, governments often use other tools for pursuing their objectives. The paper discusses these other tools, shows the extent to which they can replace the traditional fiscal instruments, and assesses their quantitative importance. Various highly speculative hypotheses are advanced about the role of these other tools in countries at different levels of development.
Central Bank Quasi Fiscal Losses And High Inflation In Zimbabwe
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Author : Sònia Muñoz
language : en
Publisher: International Monetary Fund
Release Date : 2007-04
Central Bank Quasi Fiscal Losses And High Inflation In Zimbabwe written by Sònia Muñoz 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 2007-04 with Business & Economics categories.
Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe (RBZ). Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit inflation reached in 2006. The remedy for the current situation is clearly to eliminate the causes of losses by implementing measures to improve the cash-flow of the bank and restore its financial position.
Estimating Quasi Fiscal Deficits In A Consistency Framework
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Author : Philippe Le Houerou
language : en
Publisher:
Release Date : 1993
Estimating Quasi Fiscal Deficits In A Consistency Framework written by Philippe Le Houerou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Banks and banking, Central categories.
To assess fully the effect of adjustment programs and development strategies, it is essential that the fiscal deficit include quasi- fiscal deficits-- the losses of public financial institutions such as the central bank. A flow- of- funds format may be the best approach for doing so, as this case shows.
Quasi Fiscal Implications Of Central Bank Crisis Interventions
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Author : John Hooley
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-02
Quasi Fiscal Implications Of Central Bank Crisis Interventions written by John Hooley 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 2023-06-02 with Business & Economics categories.
We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from intervention announcements, we document the risks to the public sector balance sheet from central banks’ interventions in response to the Covid-19 crisis, including non-conventional lending to the financial and non-financial sectors and large-scale purchases of government securities. Case study analysis indicates that management of fiscal risks from central bank crisis interventions varies greatly across countries, although several good practices can be identified.
Transparency In Government Operations
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Author : Mr.J. D. Craig
language : en
Publisher: International Monetary Fund
Release Date : 1998-02-03
Transparency In Government Operations written by Mr.J. D. Craig 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 1998-02-03 with Business & Economics categories.
Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
How To Improve The Financial Oversight Of Public Corporations
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Author : Mr.Richard I Allen
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-23
How To Improve The Financial Oversight Of Public Corporations written by Mr.Richard I Allen 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 2016-11-23 with Business & Economics categories.
Many studies have highlighted how failures of public corporations (otherwise known as state-owned enterprises) can result in huge economic and fiscal costs. To contain the risks associated with these costs, an effective regime for the financial supervision and oversight of public corporations should be put in place. This note discusses the legal, institutional, and procedural arrangements that governments need to oversee the financial operations of their public corporations, ensure accountability for their performance, and manage the fiscal risks they present. In particular, it recommends that governments should focus their surveillance on public corporations that are large in relation to the economy, create fiscal risks, are not profitable, are unstable financially, or are heavily dependent on government subsidies or guarantees.
Quasi Fiscal Activities Of The Bank Of Korea
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Author : Youngsun Koh
language : ko
Publisher:
Release Date : 2016
Quasi Fiscal Activities Of The Bank Of Korea written by Youngsun Koh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
English Abstract: Quasi-fiscal activities (QFAs) refer to those activities that public corporations carry out to achieve policy objectives of the government. QFAs often lead to the understatement of the government involvement in the economy and the overstatement of its financial balance, thereby lowering fiscal transparency and hiding fiscal risks. Central banks, as public corporations, perform various QFAs in many countries. I define QFAs in this case as those activities that are not directly related to the intrinsic function of central banks, whose responsibility lies in the administration of monetary policy and the provision of banking services for the government and commercial banks. In Korea, the Bank of Korea (BOK) has been an active source of QFAs. Of particular importance are the policy loans to commercial banks to promote their lending to small- and medium-sized enterprises and others. The outstanding stock of policy loans increased rapidly in the aftermath of the recent economic crisis, and stood at 7.6 trillion won (20 percent of the reserve money) at the end of 2002. Another important QFA by BOK stems from the transfer of part of its profits to the central government. The accumulated transfer during 1998-2002 amounted to 9.9 trillion won. My calculation shows that if these and other QFAs had been carried out by the government as explicit fiscal activities, the consolidated central government financial balance would have been below the actual balance by about 0.5 percent of GDP in each year since the economic crisis. It is suggested that the QFAs by BOK be reduced in coming years not only to enhance fiscal transparency but also to expand the flexibility of BOK's reserve management. Abolishing policy loans and minimizing transfers to the government would be the first step in this direction. BOK should also consider paying interest on the government deposit held in BOK.
Manual On Fiscal Transparency
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Author : International Monetary Fund. Fiscal Affairs Department
language : en
Publisher: International Monetary Fund
Release Date : 2001
Manual On Fiscal Transparency written by International Monetary Fund. Fiscal Affairs Department 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 2001 with Business & Economics categories.
In preparing the Manual, a number of points have been taken into account. First, the Code is being implemented on a voluntary basis. To promote an appreciation of the rationale for the Code, and an understanding of its fiscal transparency requirements, the Manual sets out in detail the principles and practices included in the Code. However, because of the complexity of fiscal management systems, the Manual does not provide comprehensive directions on how all the good practices are to be put in place. Instead, it contains numerous references and website addresses that can assist with the practical implementation of the Code. Second, fiscal transparency is only one aspect of good fiscal management, and care is needed to distinguish fiscal transparency from two other key aspects, namely the efficiency of fiscal policy, and the soundness of public finances. Third, diversity of institutional backgrounds and capacity constraints to improving fiscal management are clearly recognized. For this reason, the Code is not a best practice standard. Rather, it is a set of good practices that can be implemented by most countries over the medium to longer term.