Strengthening Fiscal Frameworks And Improving The Spending Mix In Small States
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Strengthening Fiscal Frameworks And Improving The Spending Mix In Small States
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Author : Ezequiel Cabezon
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-19
Strengthening Fiscal Frameworks And Improving The Spending Mix In Small States written by Ezequiel Cabezon 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 2015-06-19 with Business & Economics categories.
Reflecting diseconomies of scale in providing public goods and services, recurrent spending in small states typically represents a large share of GDP. For some small states, this limits the fiscal space available for growth-promoting capital spending. Small states generally face greater revenue volatility than other country groups, owing to their exposure to exogenous shocks (including natural disasters) and narrow production bases. With limited buffers, revenue volatility often results in procyclical fiscal policy as the econometric analysis shows. To strengthen fiscal frameworks, small states should seek to streamline and prioritize recurrent spending to create fiscal space for capital spending. The quality of spending could also be improved through public financial management reform and multiyear budgeting.
Resilience And Growth In The Small States Of The Pacific
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Author : Hoe Ee Khor
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-10
Resilience And Growth In The Small States Of The Pacific written by Hoe Ee Khor 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 2016-08-10 with Business & Economics categories.
Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.
Macroeconomic Developments And Selected Issues In Small Developing States
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-09-03
Macroeconomic Developments And Selected Issues In Small Developing States 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 2015-09-03 with Business & Economics categories.
This report builds on the work in the 2013 Board paper on Fund Engagement with Small States, the 2013 background papers on Asian and Pacific small states and Caribbean small states, and the 2014 staff guidance note. It provides a deeper analysis and policy recommendations in respect of three challenges identified in these papers. Looking ahead, the paper also analyses the impact and possible policy responses to two global economic trends—lower oil prices and diverse movements in major currencies.
Handbook Of Governance In Small States
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Author : Lino Briguglio
language : en
Publisher: Routledge
Release Date : 2020-12-17
Handbook Of Governance In Small States written by Lino Briguglio and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-17 with Political Science categories.
This volume covers a wide spectrum of governance issues relating to small states in a global context. While different definitions of governance are given in the chapters, most authors associate governance with the setting and implementation of policies aimed at managing a country or territory, and with the related institutional structures and interventions by political actors. Generally, good governance is associated with concepts such as policy effectiveness, accountability, transparency, control of corruption, encouragement of citizens’ voice and gender equality—factors which are, in turn, linked with democracy. What emerges from the book is that the societies of small states are being re-shaped by various forces outside their control, including the globalization process and climate change, rendering their governance ever more complex. These problems are not solely faced by small states, but small country size tends to lead to a higher degree of exposure to external factors. The chapters are grouped into four sections broadly covering political, environmental, social and economic governance. Governance is influenced by many, often intertwined, factors; the division of the book into four parts therefore does not detract from the fact that governance is multifaceted, and such division was based on the primary focus of each particular study and its main disciplinary background. The expert authors have, moreover, used a variety of approaches in the studies, the subject of small states being well suited to scholarly work from different disciplines using qualitative, quantitative and mixed approaches to arrive at useful conclusions.
Enhancing Macroeconomic Resilience To Natural Disasters And Climate Change In The Small States Of The Pacific
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Author : Ezequiel Cabezon
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-19
Enhancing Macroeconomic Resilience To Natural Disasters And Climate Change In The Small States Of The Pacific written by Ezequiel Cabezon 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 2015-06-19 with Nature categories.
Natural disasters and climate change are interrelated macro-critical issues affecting all Pacific small states to varying degrees. In addition to their devastating human costs, these events damage growth prospects and worsen countries’ fiscal positions. This is the first cross-country IMF study assessing the impact of natural disasters on growth in the Pacific islands as a group. A panel VAR analysis suggests that, for damage and losses equivalent to 1 percent of GDP, growth drops by 0.7 percentage point in the year of the disaster. We also find that, during 1980-2014, trend growth was 0.7 percentage point lower than it would have been without natural disasters. The paper also discusses a multi-pillar framework to enhance resilience to natural disasters at the national, regional, and multilateral levels and the importance of enhancing countries’ risk-management capacities. It highlights how this approach can provide a more strategic and less ad hoc framework for strengthening both ex ante and ex post resilience and what role the IMF can play.
Excerpt Resilience And Growth In The Small States Of The Pacific
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Author : Hoe Ee Khor
language : en
Publisher: International Monetary Fund
Release Date : 2016-04-07
Excerpt Resilience And Growth In The Small States Of The Pacific written by Hoe Ee Khor 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 2016-04-07 with Nature categories.
This is a prepublication excerpt of Resilience and Growth in the Small States of the Pacific.
A Possible Approach To Fiscal Rules In Small Islands Incorporating Natural Disasters And Climate Change
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Author : Ryota Nakatani
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-06
A Possible Approach To Fiscal Rules In Small Islands Incorporating Natural Disasters And Climate Change written by Ryota Nakatani 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 2019-09-06 with Business & Economics categories.
A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertain donor grants. The question that arises is how should small developing countries formulate a fiscal policy to achieve economic stability and fiscal sustainability when prone to various shocks? We study how natural disasters affect long-term debt dynamics and propose fiscal policy rules that could help insulate the economy from such unexpected shocks. We propose fiscal rules to address these shocks and uncertainties using the example of Papua New Guinea. Our study finds the advantages of expenditure rules, especially a recurrent expenditure rule based on non-resource and non-grant revenue, interdependently determined by government debt and budget balance targets with expected disaster shocks. This paper contributes to the literature and policy dialogue by theoretically analyzing the impact of natural disasters on debt sustainability and proposing fiscal rules against natural disasters and climate changes. Our fiscal policy framework is practically applicable for many developing countries facing increasing frequency and impact of natural disasters and climate change. Our rules-based fiscal framework is crucial for sustainable and countercyclical macroeconomic policies to build resilience against devastating natural hazards.
Handbook Of Governance In Small States
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Author : Lino Briguglio
language : en
Publisher: Routledge
Release Date : 2020-12-18
Handbook Of Governance In Small States written by Lino Briguglio and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-18 with Political Science categories.
This volume covers a wide spectrum of governance issues relating to small states in a global context. While different definitions of governance are given in the chapters, most authors associate governance with the setting and implementation of policies aimed at managing a country or territory, and with the related institutional structures and interventions by political actors. Generally, good governance is associated with concepts such as policy effectiveness, accountability, transparency, control of corruption, encouragement of citizens’ voice and gender equality—factors which are, in turn, linked with democracy. What emerges from the book is that the societies of small states are being re-shaped by various forces outside their control, including the globalization process and climate change, rendering their governance ever more complex. These problems are not solely faced by small states, but small country size tends to lead to a higher degree of exposure to external factors. The chapters are grouped into four sections broadly covering political, environmental, social and economic governance. Governance is influenced by many, often intertwined, factors; the division of the book into four parts therefore does not detract from the fact that governance is multifaceted, and such division was based on the primary focus of each particular study and its main disciplinary background. The expert authors have, moreover, used a variety of approaches in the studies, the subject of small states being well suited to scholarly work from different disciplines using qualitative, quantitative and mixed approaches to arrive at useful conclusions.
Imf Research Bulletin September 2015
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2015-09-25
Imf Research Bulletin September 2015 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 2015-09-25 with Business & Economics categories.
The September 2015 issue of the IMF Research Bulletin covers a range of research topics. The Research Summaries featured in this issue are “Lower for Longer: Neutral Rates in the United States” (Andrea Pescatori and Jarkko Turunen) and “Economic Principles for Resource Revenue Management” (Anthony J. Venables and Samuel Wills). The Q&A article looks at “Seven Questions on Financing for Development” (Amadou Sy) and the global development agenda. The issue also includes special announcements on the 2015 Annual Research Conference and the 2015 IMF Annual Report, as well as new IMF publications. Readers will also find a link to a top-viewed article from the “IMF Economic Review”—the IMF’s official research journal.
Solomon Islands
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-09
Solomon Islands 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 2018-03-09 with Business & Economics categories.
This Selected Issues paper sets out options to demonstrate how the authorities could supplement their cash balance target and public debt limit with an anchor to help discipline annual budget decisions. The paper introduces the current fiscal framework and effective fiscal rules based on international experiences, including the characteristics of each rule. It also discusses the need for a new fiscal anchor, given high revenue volatility, high infrastructure needs, and the country’s exposure and vulnerability to natural disasters. Contingency warrants for unforeseen expenditures, including from natural disasters, should be included in the budget in line with international best practices. Furthermore, if a disaster does not occur, this allocation could be saved in a contingency fund for natural disasters, which would enable swift disbursement in the aftermath of the disaster. The fund would be set up once fiscal buffers have been rebuilt. The IMF Staff suggests a target for the overall fiscal deficit of 1.5 percent of gross domestic product as a possible fiscal anchor, which would strike a balance between safeguarding debt sustainability and addressing the severe infrastructure gap.