Fiscal Sustainability In Theory And Practice

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Fiscal Sustainability In Theory And Practice

Author : World Bank
ISBN : 082135874X
Genre : Business & Economics
File Size : 33.43 MB
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Topics discussed in this publication include: an introduction to theoretical and practical aspects of fiscal sustainability; theoretical prerequisites for fiscal sustainability analysis; debt indicators in the measurement of vulnerability; cyclical adjustment of budget surplus; pro-cyclical fiscal policy using Mexico's fiscal accounts as a case study; fiscal rules and the experience of Chile; currency crises and models for deal with financing costs.
Category: Business & Economics

Assessing Fiscal Sustainability In Theory And Practice

Author : Nigel Andrew Chalk
ISBN :
Genre : Budget deficits
File Size : 68.33 MB
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The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability (including sustainability indicators), and sustainability and uncertainty. The paper then looks at the way in which fiscal sustainability has been assessed in different types of IMF work. Finally the link between fiscal and external sustainability is discussed.
Category: Budget deficits

Sustainable Fiscal Policy And Economic Stability

Author : Philippe Burger
ISBN : STANFORD:36105118022479
Genre : Political Science
File Size : 47.30 MB
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Fiscal sustainability - the origin, development and nature of the issue; the roots of mainstream theory on fiscal sustainability; the general balance framework; fiscal and financial sustainability and the nature of expectations, markets and preferences; economic instability as spreading unsustainability; towards more sophisticated policy rules to establish fiscal sustainability.
Category: Political Science

Population Aging And Long Term Fiscal Sustainability In Austria

Author : Mr. Leif Lybecker Eskesen
ISBN : 9781451919691
Genre : Business & Economics
File Size : 50.50 MB
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Austria faces significant population aging. This will increase public spending on pensions, health care, and long-term care, while tax and social security revenues will fall. This paper analyzes the fiscal burden facing Austria due to aging and the policy steps necessary to address it. The paper finds that Austria is not well prepared to meet the fiscal burden of aging and that fiscal sustainability is threatened, even under fairly optimistic assumptions about the effects of recent pension and labor market reforms. Consequently, to ensure long-term sustainability, pension reform must go further and other saving measures might also be necessary.
Category: Business & Economics

Fiscal Policy Sustainability In Oil Producing Countries

Author : Claire Liuksila
ISBN : UCSD:31822019112838
Genre : Fiscal policy
File Size : 75.31 MB
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Assessing the sustainability of a given fiscal policy is especially important for countries that depend on income from exhaustible resources. Political and growth pressures may push governments to raise expenditure when revenue from exhaustible resources rises, but cutting outlays when price swings reduce income is often difficult. Traditional fiscal accounting may give a misleading view of policy sustainability. This paper argues that for countries in which a significant proportion of government revenue is derived from the exploitation of an exhaustible natural resource, fiscal policy sustainability can best be assessed within a permanent income framework that takes into account total government wealth, including the imputed wealth from reserves of natural resources. Using this framework, the paper takes a sample of six countries where government revenue from petroleum extraction is significant and draws conclusions about the sustainability of their fiscal policies during 1980-92.
Category: Fiscal policy

The Baltic Countries Medium Term Fiscal Issues Related To Eu And Nato Accession

Author : Johannes Mueller
ISBN : 1589061047
Genre : European Union
File Size : 56.49 MB
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Ten years after regaining independence, the three Baltic countries of Estonia, Latvia, and Lithuania are now fully functioning market economies. They are on the verge of acceding to the European Union (EU) and the North Atlantic Treaty Organisation (NATO), and this paper discusses the fiscal challenges they face in the run-up to the accession process.
Category: European Union

Mexico Selected Issues

Author : International Monetary Fund. Western Hemisphere Dept.
ISBN : 9781475540918
Genre : Business & Economics
File Size : 42.94 MB
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This Selected Issues paper analyzes reforms to Mexico’s fiscal framework. Mexico’s resilient economic performance would be consolidated by increasing fiscal policy buffers and preparing for challenges associated with long-term budget pressures. In the short term, reducing public debt levels can create space to implement countercyclical fiscal policies and reduce exposure to high financing and hedging costs, which would protect Mexico’s credit rating at times of distress. The paper highlights that recent fiscal reform is designed with these policy objectives in mind, to build on the strengths of the previous fiscal framework.
Category: Business & Economics

From Crisis To Recovery

Author : T. Bracke
ISBN : 9781137034830
Genre : Political Science
File Size : 64.80 MB
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Emerging Europe has suffered a severe economic crisis in recent years, and is only gradually recovering; the prospects for a convergence with the rest of the EU are still uncertain. In this book policymakers, high-level practitioners and experts from central banks identify the main reasons for the crisis and the challenges for the recovery process.
Category: Political Science

Fiscal Sustainability

Author :
ISBN : UVA:X030588688
Genre : Economic forecasting
File Size : 78.61 MB
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Category: Economic forecasting

Fiscal Sustainability

Author : Banca d'Italia. Servizio studi
ISBN : UCBK:C073347297
Genre : Economic forecasting
File Size : 43.87 MB
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Category: Economic forecasting

Macroeconomics For Developing Countries

Author : Raghbendra Jha
ISBN : 9781134505432
Genre : Business & Economics
File Size : 41.46 MB
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This comprehensively revised and updated edition develops the themes presented in the first edition. Students and teachers who are familiar with the book will notice entirely new chapters as well as significant revision and uptating of existing chapters to take into account global economic changes since the turn of the millennium. With qu
Category: Business & Economics

Quantitative Approaches To Fiscal Sustainability Analysis

Author : Nina Budina
ISBN : UCSD:31822034343582
Genre : Balance of Payments Crises
File Size : 53.43 MB
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Fiscal sustainability analysis (FSA) is an important component of macroeconomic analysis. The authors review various quantitative approaches to FSA with a major objective to bring these approaches together and to present a user-friendly tool for FSA that reflects modern developments. They combine a dynamic simulations approach with a simplified version of the steady-state consistency approach. They also incorporate two different methods to deal with uncertainty: user-defined stress tests and stochastic simulations. The tool goes further by evaluating the required fiscal adjustment as a consequence of the stochastic realizations of the exogenous variables. Furthermore, the fiscal sustainability tool incorporates an endogenous debt feedback rule for the primary surplus, a fiscal policy reaction function. Besides outlining the theoretical framework, the authors also present a case study for Turkey.
Category: Balance of Payments Crises

Generational Accounting

Author : Holger Bonin
ISBN : 9783662045954
Genre : Political Science
File Size : 75.5 MB
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Among the concepts used to assess the sustainability of fiscal policy in a changing demographic environment, generational accounting has become the most prominent. This book gives a complete and up-to-date introduction to the theory and practice of the method. It reveals deficiencies of the original residual concept and discusses various measures of intergenerational redistribution based on the recent sustainability approach to generational accounting. An application using data on German public finances serves to provide an in-depth explanation and practical illustration of the technique. The study develops new procedures to evaluate the fiscal externalities of migration and the redistribution of net wealth among living generations resulting from Social Security reform. The book is an indispensable source of reference for analysts employing generational accounting and for those wishing to study intertemporal redistribution through fiscal policy.
Category: Political Science

The How To Of Fiscal Sustainability

Author : Luca Bandiera
ISBN : UCSD:31822036087153
Genre : Bank Policy
File Size : 48.19 MB
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Fiscal sustainability analysis (FSA) is an important component of macroeconomic analysis for many developing countries. To further enhance understanding of fiscal policy and the constraints faced by policymakers, the authors develop a toolkit for FSA in middle-income countries which builds on previous work in this area and on new developments in dealing with uncertainty. The FSA toolkit includes an Excel-based FSA tool and a technical manual accompanying it. The FSA tool is standardized and simple, but at the same time flexible enough to allow for user-defined country-specifics. This manual provides step-by-step technical instructions for running the FSA tool and includes mathematical appendices and a glossary.
Category: Bank Policy

Fiscal Sustainability In Emerging Markets

Author : Ahmed Galal
ISBN : 9774249925
Genre : Business & Economics
File Size : 38.96 MB
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Governments in developing countries often borrow to achieve socially desirable objectives and smooth consumption. But problems arise when borrowing is excessive relative to repayment capacity, when resources are expended inefficiently, and when revenues and expenditures are too inflexible to permit the conduct of countercyclical fiscal policy. This volume draws on international experience and the literature on fiscal sustainability to assist emerging economies address fiscal policy challenges. Further, it pays special attention to fiscal policy in Egypt, addressing such issues as debt management, social expenditures, civil service reform, and transparency and accountability of the budgetary process. Contributors: Pedro Alba, Richard Allen, Arup Banerji, Willem H. Buiter, Samiha Fawzy, Ahmed Galal, Heba Handoussa, Nadeem Ul Haque, Farrukh Iqbal, Alejandro Izquierdo, Nihal El Megharbel, Peter J. Montiel, Mustapha Nabli, Nivine El Orabi, Ugo Panizza, Sherine Al Shawarby.
Category: Business & Economics

Sovereign Debt Restructuring And Debt Sustainability

Author : Harald Finger
ISBN : UOM:39076002626575
Genre : Business & Economics
File Size : 22.41 MB
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Restoring a country's debt to a sustainable path after a sovereign debt restructuring is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries have restructured their sovereign liabilities, either following a default, or preemptively, to avoid a default. This Occasional Paper takes stock of the experiences of some of these countries -- Argentina, the Dominican Republic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay - with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored. The emphasis of the study is on sovereign debt owed to private creditors.
Category: Business & Economics

Finances Publiques

Author :
ISBN : UVA:X030292514
Genre : Finance, Public
File Size : 68.2 MB
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Category: Finance, Public

Public Finance

Author :
ISBN : PSU:000059728757
Genre : Finance, Public
File Size : 26.79 MB
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Category: Finance, Public

How Does My Country Grow

Author : Brian Pinto
ISBN : 9780191024108
Genre : Business & Economics
File Size : 77.14 MB
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Written by a former World Bank economist, How Does My Country Grow? distils growth policy lessons from the author's first-hand experience in Poland, Kenya, India, and Russia, and his contributions to the economic policy debates that followed the emerging market crises of 1997 to 2001, extending up to the global financial crisis of 2008-09. Based on living and working in the field, the author argues that country economic analysis is in effect a separate, integrative branch of economics that draws upon but is distinct from academic economics. The country stories recounted, reinforced by the emerging market experience since the 1980s, point to a canonical growth policy package built around three interconnected elements: the intertemporal budget constraint of the government; the micropolicy trio of hard budgets, competition and competitive real exchange rates; and managing volatility from external, but especially domestic, sources. This package is underpinned by good governance, which finds its most immediate expression in the management of the public finances. While the discussion is tilted towards developing countries, the insights have considerable relevance for advanced economies, many of which today are in the throes of their own growth-cum-sovereign debt crises.
Category: Business & Economics