Fiscal Adjustment In Eu Countries
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Author | : Mr.Kenji Moriyama |
Publisher | : International Monetary Fund |
Total Pages | : 27 |
Release | : 2004-08-01 |
Genre | : Business & Economics |
ISBN | : 1451856377 |
Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels.
Author | : Gian Maria Milesi-Ferretti |
Publisher | : |
Total Pages | : 34 |
Release | : 2004 |
Genre | : Debts, Public |
ISBN | : |
Author | : Mr.James Daniel |
Publisher | : International Monetary Fund |
Total Pages | : 80 |
Release | : 2006-08-17 |
Genre | : Business & Economics |
ISBN | : 9781589065130 |
The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stability and growth. Structured around five practical questions—when to adjust, how to assess the fiscal position, what makes for successful adjustment, how to carry out adjustment, and which institutions can help—it covers topics such as tax policies, debt sustainability, fiscal responsibility laws, and transparency.
Author | : Mr.Brian Olden |
Publisher | : International Monetary Fund |
Total Pages | : 89 |
Release | : 2012-05-01 |
Genre | : Business & Economics |
ISBN | : 1475562152 |
This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.
Author | : Mr.George Kopits |
Publisher | : International Monetary Fund |
Total Pages | : 58 |
Release | : 1998-07-22 |
Genre | : Business & Economics |
ISBN | : 9781557757043 |
What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.
Author | : Paolo Mauro |
Publisher | : John Wiley & Sons |
Total Pages | : 348 |
Release | : 2011-06-17 |
Genre | : Business & Economics |
ISBN | : 1118113063 |
Path-breaking research on one of the most important macroeconomic policy challenges in the post-crisis world, presented in accessible language Written and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes, and explaining why objectives were met in some cases but missed in others. An overview reveals pitfalls to avoid and lessons learned for securing successful fiscal adjustment. Written by experts in the field Addresses public concern about skyrocketing government debts Contains cutting edge research that changes the way we look at fiscal adjustment Presents meticulous archival research in compelling and engaging case studies Explores lessons learned and policy implications going forward Includes country coverage of all G7 and European Union economies Educating and informing investors, economists, and the general public, this important book looks at why some attempts to curb debts and deficits succeed whereas others fail, as well as how to ensure successful fiscal adjustment in the period ahead.
Author | : Michal Andrle |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2015-05-21 |
Genre | : Business & Economics |
ISBN | : 1498338283 |
Successive reforms have brought many positive elements to the European Union’s fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.
Author | : Mr.Roel M. W. J. Beetsma |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2018-03-23 |
Genre | : Business & Economics |
ISBN | : 1484348281 |
Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.
Author | : Mr. Santiago Acosta Ormaechea |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2021-05-28 |
Genre | : Business & Economics |
ISBN | : 151357728X |
This guide presents the analytical underpinnings and a user manual for the Excel-based Public Debt Dynamics Tool (DDT).
Author | : Luc Eyraud |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2017-01-30 |
Genre | : Business & Economics |
ISBN | : 1475572913 |
This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999–2015. We look for, but do not find, conclusive evidence of bias in procedures in relation to country size. The paper also briefly reviews the literature on political economy factors and policy biases, and offers some reflections on the euro area architecture.