Showing 1 - 10 of 24
Though many aspects of Russia's fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overall rather than the nonoil balance, and the regular use of supplemental budgets to...
Persistent link: https://www.econbiz.de/10011242442
External shocks pose major challenges to fiscal policy makers through lower output and large fiscal imbalances. This paper analyzes the case of Moldova, which faced parallel crises a decade apart: the Russian crisis of 1998 and the global financial crisis of 2008-2009. The country went through...
Persistent link: https://www.econbiz.de/10010790375
This paper provides an overview of the key economic factors that shape tax policy reform in many high-income countries … respect to tax rates and revenue ratios over the last some 20 years, and discusses selected structural reform initiatives that … with the restructuring of corporate tax, the impact of corporate taxes on FDI, key reform initiatives including dual income …
Persistent link: https://www.econbiz.de/10005768945
The fiscal position of the Eastern Caribbean Currency Union (ECCU) has deteriorated significantly in recent years, resulting in sharp increases in public debt. The sustainability of public debt is examined using the public sector budget constraint to derive the maximum public-debt-to-GDP ratio...
Persistent link: https://www.econbiz.de/10005605374
Fiscal impulse measures are used in the WEO and elsewhere to indicate the changing impact of the budget on the economy. Such measures are intended to provide more accurate indications of whether the budget is becoming more or less expansionary than would just observing moments in the actual...
Persistent link: https://www.econbiz.de/10005248137
The paper assesses the United Kingdom's golden rule and debt rule against "ideal characteristics" of fiscal rules. It concludes that they are clearly defined; transparent in institutional arrangements and measurement; adequate to ensure sustainability; and strike a good balance between flexibility...
Persistent link: https://www.econbiz.de/10005825796
effects of the planned VAT increase are likely modest, largely owing to the stimulating effect of other tax reductions. The … term. An additional package of expenditure restraint, entitlement reform, and tax-base broadening compares favorably to …
Persistent link: https://www.econbiz.de/10005826636
clear relationships between the type of political system and choice of tax and expenditure system. The paper also examines …
Persistent link: https://www.econbiz.de/10005599740
This paper discusses the findings of fiscal transparency reports on standards and codes (ROSCs) for most EU accession candidate countries. Emphasis is given to the need to establish effective and accountable medium-term budget frameworks to establish policy credibility and anchor adjustment...
Persistent link: https://www.econbiz.de/10005605347
To monitor fiscal sustainability, this paper proposes a recursive algorithm derived from the law of motion of the debt-to-GDP ratio, subject to a government reaction function that links convergence to the targeted debt ratio with primary fiscal surpluses. Based on quarterly estimates of this...
Persistent link: https://www.econbiz.de/10005826671