Strengthening Post Crisis Fiscal Credibility
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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.
Strengthening The Credibility Of Public Finances
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-13
Strengthening The Credibility Of Public Finances 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 2021-10-13 with Business & Economics categories.
Chapter 1 argues that fiscal policy should remain nimble and strengthen its medium-term frameworks, as countries face highly uncertain and differentiated prospects. Vaccination has saved lives and is helping fuel a nascent recovery, but risks are elevated amidst new virus variants, high debt, and poverty. In advanced economies, the shift in fiscal support toward medium-term packages to “build back better” will have overall positive effects globally. Emerging markets and low-income developing countries face a more challenging outlook, with permanent economic scarring and revenue losses. They need international support to increase vaccine availability and financing to achieve the Sustainable Development Goals. Many countries find themselves in a situation where fiscal support is still invaluable to protect lives and livelihoods. At the same time, governments are also facing questions on their elevated debt and gross financing needs. Chapter 2 provides countries with guidance on how they can both avoid withdrawing fiscal support too early, and yet signal to the public that their debt levels are sustainable in the long run. To commit to future deficit reduction, governments have several instruments, including undertaking structural fiscal reforms (such as pension reform or subsidies reform), pre-legislating changes to taxes or spending, committing to fiscal rules that lead to deficit reduction in the future. Countries that follow debt rules, for instance, manage to reduce debt faster that other countries, although fiscal rules should also provide enough flexibility to spend in times of need. Overall, governments that commit to sound public finances and that achieve high levels of fiscal transparency reap meaningful benefits: their budgets are more credible, their announcements are better perceived by the media, and they pay lower interest rates on their debt.
Independent Fiscal Councils Recent Trends And Performance
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Author : Mr.Roel M. W. J. Beetsma
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-23
Independent Fiscal Councils Recent Trends And Performance written by Mr.Roel M. W. J. Beetsma 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 2018-03-23 with Business & Economics categories.
Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.
Rethinking Fiscal Policy After The Crisis
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Author : Ľudovít Ódor
language : en
Publisher: Cambridge University Press
Release Date : 2017-05-18
Rethinking Fiscal Policy After The Crisis written by Ľudovít Ódor 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 2017-05-18 with Business & Economics categories.
After the financial crisis, what important lessons can we learn from fiscal policy? This book provides an answer to this question.
Strengthening The West African Economic And Monetary Union
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Author : Olivier Basdevant
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-23
Strengthening The West African Economic And Monetary Union written by Olivier Basdevant 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 2015-10-23 with Business & Economics categories.
West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject to frequent and, to a large extent, asymmetric shocks. They have remained poorly diversified and vulnerable to external shocks, such as changing weather conditions. In addition to limited shock-smoothing mechanisms at the regional level, WAEMU members’ ability to respond to shocks through national policies is also constrained by limited fiscal space and the need to preserve external stability—not only at the national level but also at the union level. In this context, developing a well-defined fiscal rule framework at the national level would help to build the necessary fiscal space for shock-smoothing. In addition, the development of specific shock-smoothing mechanisms—including a more developed and integrated financial sector—would also be critical. In addition, promoting financial development is also a challenge, which needs to be addressed in tandem with an adequate surveillance system. Some of these challenges have been faced by other monetary unions, such as the euro area.
When Do We Repair The Roof Insights From Responses To Fiscal Crisis Early Warning Signals
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Author : Mr.Jiro Honda
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-06
When Do We Repair The Roof Insights From Responses To Fiscal Crisis Early Warning Signals written by Mr.Jiro Honda 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 2018-04-06 with Business & Economics categories.
Should policymakers wait for fiscal crisis early warning signals before repairing the roof? We give an answer to this question by investigating the interlinkages between early warning signals for fiscal crisis, policy responses, and policy outcomes, using a broad panel of 119 countries. We find that fiscal adjsutment is a good remedy for countries that act proactively, reducing their likelihood of facing fiscal crisis by up to about 60 percent. For those waiting for wake-up calls from early-detection tools, however, fiscal adjustment may not fully prevent fiscal crisis occurrence, with the chance of fiscal crisis prevention not only smaller (about 30 percent) but also statistically not significant. These findings highlight the prominence of repairing the roof when the sun is shining, particularly in countries with weak institutions.
A Decade After The Global Recession
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Author : M. Ayhan Kose
language : en
Publisher: World Bank Publications
Release Date : 2021-03-19
A Decade After The Global Recession written by M. Ayhan Kose 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 2021-03-19 with Business & Economics categories.
This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.
Credibility And Crisis Stress Testing
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Author : Ms.Li L. Ong
language : en
Publisher: International Monetary Fund
Release Date : 2013-08-09
Credibility And Crisis Stress Testing written by Ms.Li L. Ong 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 2013-08-09 with Business & Economics categories.
Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since then, supervisory authorities in other jurisdictions have also conducted similar exercises. In some of those cases, the design and implementation of certainelements of the framework have been criticized for their lack of credibility. This paper proposes a set of guidelines for constructing an effective crisis stress test. It combines financial markets impact studies of previous exercises with relevant case study information gleaned from those experiences to identify the key elements and to formulate their appropriate design. Pertinent concepts, issues and nuances particular to crisis stress testing are also discussed. The findings may be useful for country authorities seeking to include stress tests in their crisis management arsenal, as well as for the design of crisis programs.
Paraguay
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-05-11
Paraguay written by International Monetary Fund. Western Hemisphere 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 2016-05-11 with Business & Economics categories.
This paper discusses the recent economic developments of Paraguay. Against the backdrop of a regional slowdown, Paraguay’s economy remains relatively resilient. The economy experienced some loss of momentum over the past year due to unfavorable external shocks. Inflation pressures remain contained despite significant depreciation of the guaraní against the U.S. dollar. Macroeconomic policies remain accommodative in light of subdued inflation and slower growth. Recently, credit growth has moderated, but credit quality has deteriorated. To further strengthen fiscal, monetary, and financial sector policy frameworks, Paraguay outlines structural reform agenda and measures. The national development plan places emphasis on inclusive growth and poverty reduction.
Constitutional Change Through Euro Crisis Law
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Author : Thomas Beukers
language : en
Publisher: Cambridge University Press
Release Date : 2017-07-06
Constitutional Change Through Euro Crisis Law written by Thomas Beukers 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 2017-07-06 with Law categories.
A multilevel and comparative constitutional analysis of the impact of Euro-crisis law on the EU Constitution and its Member States.