[PDF] From Stimulus To Consolidation eBook

Author : Mr.Benedict J. Clements
Publisher : International Monetary Fund
Page : 122 pages
File Size : 41,82 MB
Release : 2010-10-06
Category : Business & Economics
ISBN : 1616350423

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This paper identifies policy tools that could be used for fiscal consolidation in advanced and emerging economies in the years ahead. The consolidation strategy, particularly in advanced countries, should aim to stabilize age-related spending in relation to GDP, reduce non-age-related expenditure ratios, and increase revenues. Bold reforms are needed to offset projected increases in age-related spending, particularly health care. On the revenue side, measures could include improving tax compliance, for example through better international cooperation, as well as increasing the yield from VAT by eliminating exemptions and reduced rates, further developing property taxes, and increasing excise rates within the range of rates already applicable in comparable countries.

Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 93 pages
File Size : 42,56 MB
Release : 2010-06-07
Category : Business & Economics
ISBN : 149833735X

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This review marks the 10th anniversary of the safeguards policy. Introduced in March 2000, the policy’s main objective is to mitigate potential risks of misuse of resources, including Fund resources, and misreporting of monetary program data. The policy was last reviewed in 2005, when the Executive Board re-affirmed the effectiveness of the policy, and its application to central banks. In keeping with previous reviews, a panel of experts was invited to provide advice for the Executive Board on the implementation of the policy, and recommendations to guide the focus and application of the policy going forward.

Author : Mr.Marcello M. Estevão
Publisher : International Monetary Fund
Page : 51 pages
File Size : 34,33 MB
Release : 2013-05-31
Category : Business & Economics
ISBN : 1484304489

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The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth.

Author : Mr.Kevin Fletcher
Publisher : International Monetary Fund
Page : 31 pages
File Size : 50,24 MB
Release : 2015-03-05
Category : Business & Economics
ISBN : 1484350804

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We develop a simple model to examine the conditions under which delaying fiscal consolidation can affect the present value of GDP via the fiscal stance’s effects on the output gap and hysteresis. We find that the absolute size of the fiscal multiplier—the focus of much empirical investigation and policy debate—is likely inconsequential in this regard. Rather, what matters is the degree to which the multiplier during the initial period of fiscal stimulus differs from the multiplier when the stimulus is withdrawn. If the multiplier is constant over time, delaying consolidation is unlikely to significantly boost the present value of GDP via effects on the output gap and hysteresis. The potential success of such efforts relies instead on exploiting time-variation in multipliers.

Author : Mr.Mauricio Villafuerte
Publisher : International Monetary Fund
Page : 64 pages
File Size : 21,98 MB
Release : 2010-09-17
Category : Business & Economics
ISBN : 1589069374

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In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.

Author : World Bank
Publisher : World Bank Publications
Page : 62 pages
File Size : 17,78 MB
Release : 2022-04-07
Category : Business & Economics
ISBN : 1464818673

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The Latin America and the Caribbean region is consolidating its recovery from the COVID†?19 crisis, but the road ahead poses challenges: The damage inflicted by the pandemic on education and poverty require redress; new variants may appear; rising global inflation presents new policy dilemmas; and the long†?standing reform agenda needed to lay the foundations for renewed and inclusive growth remains pending. Further, the global context is evolving rapidly. Over the medium term, the tragedy unfolding in Ukraine will affect the region through unpredictable channels. Over the longer term, increased global alarm over the pace of climate change raises new policy issues. The region’s contribution to greenhouse gases is modest and can be reduced, but the impact of climate change on its people and productive sectors will require significant adaptation. The good news is that LAC’s unique endowments positions it well to seize emerging green growth opportunities if well†?managed. A key message is that improving the region’s capability to adapt and innovate needs to be placed at the center of both the growth and greening agendas and can generate synergies between them.

Author : Mr. M. Cangiano
Publisher : International Monetary Fund
Page : 468 pages
File Size : 12,7 MB
Release : 2013-04-05
Category : Business & Economics
ISBN : 1475512198

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The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch