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This paper assesses Japan’s fiscal stance in the past and the future with a stochastic structural model called the Buffer-Stock Model of the Government. Our retrospective analysis suggests that the fiscal stance in the 1990s and the early 2000s was overall looser than the model...
Persistent link: https://www.econbiz.de/10014077412
In recent decades, population has been aging fast in Brazil while old age pensions and health related spending have increased. As the population ages, the spending trend threaten to reach unsustainable levels absent reforms. Increasing the retirement age is key, but by itself will not provide...
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There is relatively little literature that analyses the role, functions, and organization of finance ministries. The …'s history and institutional context. Over the past 30 years many finance ministries have moved from a 'traditional' to an …'s-length agencies or line ministries. The paper describes the challenges facing developing countries in strengthening their finance …
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balance sheet, and whether spending and revenue are reported on a cash or accrual basis. Drawing on government finance …
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This paper estimates the causal effect of fiscal rules on political budget cycles in a sample of 67 developing countries over the period 1985-2007. We exploit the geographical pattern in the adoption of fiscal rules to isolate an exogenous source of variation in the adoption of national fiscal...
Persistent link: https://www.econbiz.de/10012843304
This paper presents a model-based fiscal Taylor rule and a toolkit to assess the fiscal stance, defined as the change in the structural primary balance. This is built on the normative buffer-stock model of the government (Fournier, 2019) which includes key channels like hysteresis,...
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