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Fiscal Policy Response to External Crises the Case of Moldova 1998-2010

Qehaja, Driton - International Monetary Fund (IMF) - 2012

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

Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union

Pellechio, Anthony J.; Rizavi, Saqib; Kufa, Phebby - International Monetary Fund (IMF) - 2003

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 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

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

Strengthening Russia's Fiscal Framework

Zakharova, Daria; Gust, Charleen - International Monetary Fund (IMF) - 2012

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

Fiscal Sustainability; A 21st Century Guide for the Perplexed

Tanner, Evan - International Monetary Fund (IMF) - 2013

Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. Instead, a DSA should be linked to some … objective regarding the distribution of fiscal burdens and distortions over time (in the tradition of Barro’s 1979 tax smoothing …

Persistent link: https://www.econbiz.de/10011242337

The Choice Between External and Domestic Debt in Financing Budget Deficits; The Case of Central and West African Countries

Beaugrand, Philippe; Mlachila, Montfort; Loko, Boileau - International Monetary Fund (IMF) - 2002

The paper reviews the principles and practical considerations involved in the choice between foreign and domestic financing of fiscal deficits, and derives a series of recommendations broadly applicable to Central and West African countries. The paper develops a simple analytical framework and...

Persistent link: https://www.econbiz.de/10005768940

Fiscal Transparency in EU Accession Countries; Progress and Future Challenges

Allan, William; Parry, Taryn - International Monetary Fund (IMF) - 2003

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

An Assessment of Fiscal Rules in the United Kingdom

Kell, Michael - International Monetary Fund (IMF) - 2001

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

Fiscal Policy Through Time-Varying Tax Rates; If and How

Kaufman, Martin David - International Monetary Fund (IMF) - 2000

This paper investigates if there are circumstances where time-varying tax rates could improve welfare and whether such …, the paper highlights the very particular circumstances that need to prevail. With liquidity constraints, a consumption-tax … break is in a better footing to boost consumption and welfare than an income-tax break. A hike in consumption taxes can also …

Persistent link: https://www.econbiz.de/10005825866