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Adjustment Under a Currency Peg; Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09
Purfield, Catriona; Rosenberg, Christoph B. - International Monetary Fund (IMF) - 2010
The paper traces the Baltics’ adjustment strategy during the 2008-09 global financial crisis. The abrupt end to the externally-financed domestic demand boom triggered a severe output collapse, bringing per capita income levels back to 2005/06 levels. In response to this shock, the Baltics...
Persistent link: https://www.econbiz.de/10008671289
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Fiscal Impulses and their Fiscal Impact
Chand, Sheetal K. - International Monetary Fund (IMF) - 1992
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
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Financial Markets and Public Finance in the Transformation Process
Tanzi, Vito - International Monetary Fund (IMF) - 1992
The paper surveys the role of financial markets and fiscal institutions in the transformation process going on in Eastern and Central Europe. It highlights (a) the need to create some sort of “social ecological balance” necessary for the working of a modern market economy; (b) the need to...
Persistent link: https://www.econbiz.de/10005264034
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Jointly Optimal Monetary and Fiscal Policy Rules Under Borrowing Constraints
Kumhof, Michael; Bi, Huixin - International Monetary Fund (IMF) - 2009
We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents,...
Persistent link: https://www.econbiz.de/10008561090
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The Russian Flat Tax Reform
Keen, Michael; Klemm, Alexander; Ivanova, Anna - International Monetary Fund (IMF) - 2005
Russia dramatically reduced its higher rates of personal income tax (PIT) in 2001 establishing a single marginal rate …. This 'flat tax' experience has attracted much attention (and emulation) among policymakers, making it perhaps the most … important tax reform of recent years. But it has been little studied. This paper asks whether the strong revenue performance of …
Persistent link: https://www.econbiz.de/10005825660
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Fiscal Sustainability; The Case of Eritrea
Yamauchi, Ayumu - International Monetary Fund (IMF) - 2004
The paper examines fiscal sustainability issues for the case of Eritrea but has wider implications for addressing fiscal and debt sustainability. It begins with a formal definition and explanation of analytical sustainability indicators, followed by an assessment of the causes of fiscal deficits...
Persistent link: https://www.econbiz.de/10005826168
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Expenditure Ceilings: A Survey
Ljungman, Gösta - International Monetary Fund (IMF) - 2008
This paper looks at the factors that have to be considered when designing an aggregate expenditure ceiling. It is argued that expenditure ceilings are effective in promoting fiscal discipline and sustainability, but that a number of trade-offs have to be made when setting up a fiscal framework...
Persistent link: https://www.econbiz.de/10005826284
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Indian Subnational Finances; Recent Performance
Prasad, A.; Kishore, Adarsh - International Monetary Fund (IMF) - 2007
The fiscal performance of the States in India has been an area of concern for quite some time. The Twelfth Finance Commission (TFC) recommended a three-pronged strategy to alleviate States' fiscal distress, built around greater orientation toward market discipline, incentives for fiscal...
Persistent link: https://www.econbiz.de/10005826330
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Sovereign Wealth Funds in the Pacific Island Countries; Macro-Fiscal Linkages
Medas, Paulo A.; Borgne, Eric Le - International Monetary Fund (IMF) - 2007
This paper looks at the role Sovereign Wealth Funds have played in the Pacific Island Countries in achieving key macro-fiscal policy objectives, namely, protecting the budget from high revenue volatility and strengthening fiscal prospects. Evidence shows that the funds' effectiveness has been...
Persistent link: https://www.econbiz.de/10005826400
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Priorities for Further Fiscal Reforms in the Commonwealth of Independent States
Lorie, Henri - International Monetary Fund (IMF) - 2003
is room for improvements, the CIS countries now have, broadly, levels of tax revenues and expenditures not out of line …
Persistent link: https://www.econbiz.de/10005826523