Download or read book Indicators of Fiscal Sustainability written by Ms.Jocelyn Horne and published by International Monetary Fund. This book was released on 1991-01-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the usefulness of summary measures of fiscal sustainability for the purpose of multilateral surveillance. An overview of the main conceptual issues is first presented. Next, an assessment is made of the strengths and weaknesses of the summary measures in the context of their recent application to industrial countries by the OECD and the Fund. The measures are shown to highlight the inadequacy of using trends in public debt ratios to assess sustainability. However, the measures and their recent application are subject to a number of caveats, in particular in relation to their sensitivity to the discount rate, time paths of government expenditures and private sector behavior.
Download or read book Assessing Fiscal Sustainability written by Mr.Enzo Croce and published by International Monetary Fund. This book was released on 2003-07-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: To monitor fiscal sustainability, this paper proposes a recursive algorithm derived from the law of motion of the debt-to-GDP ratio, subject to a government reaction function that links convergence to the targeted debt ratio with primary fiscal surpluses. Based on quarterly estimates of this algorithm in the 1990s, 12 developed and developing countries are ranked according to their degree of sustainability. For a number of countries, the paper finds evidence of causality between the fiscal policy stance and growth-adjusted real interest rates.
Download or read book Assessing Fiscal Sustainability in Theory and Practice written by Nigel Andrew Chalk and published by International Monetary Fund. This book was released on 2000-04 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Fiscal Sustainability in Theory and Practice written by Craig Burnside and published by World Bank Publications. This book was released on 2005 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Fiscal Sustainability with Non Renewable Resources written by Mr.Nigel Andrew Chalk and published by International Monetary Fund. This book was released on 1998-03-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses sustainable fiscal behavior in an economy where wealth is derived predominantly from a non-renewable resource. It explores the issue in a simple dynamic framework that highlights the structural weaknesses in the underlying budgetary position, takes into account the rate of depletion of a country’s natural resource base, and examines the impact of changes in a country’s terms of trade. An alternative indicator of fiscal sustainability is derived, and the principal factors determining sustainability are identified. The results of the analysis are applied to Venezuela and Kuwait.
Download or read book Assessing Fiscal Space An Initial Consistent Set of Considerations written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2016-06-23 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal space is a multi-dimensional concept reflecting whether a government can raise spending or lower taxes without endangering market access and debt sustainability. Making such a determination requires a comprehensive approach considering, among other things, initial economic and structural conditions, market access, the level and trajectory of public debt, present and future financing needs, and dynamic analysis of the liquidity and solvency of the fiscal position under alternative policies. Balancing these considerations involves careful analysis and judgment. Fund staff has over the years developed a variety of indicators to inform assessments of fiscal space in bilateral and multilateral surveillance. The Fund’s core operational framework for such analysis is the debt sustainability framework, which includes a number of indicators, while allowing room for staff judgment. Surveillance also relies importantly on indicators developed by the Fiscal Affairs Department (FAD)––including those that have been used in the internal Vulnerability Exercise and Fiscal Monitors––while more recent methods based on fiscal stress tests and probabilistic approaches proposed in IMF (2016) are also promising. In addition, teams have used scenario analysis and general equilibrium modeling approaches to evaluate fiscal policy choices and their implications for sustainability. When applied to fiscal space, each indicator and approach has pros and cons and none covers all the relevant factors. Ultimately, therefore, assessing fiscal space requires judgment, informed by a broad range of tools. This note seeks to bring together various approaches developed by Fund staff to outline a consistent set of considerations and indicators to help inform assessments of fiscal space, especially for advanced and emerging markets. The intent is to facilitate continued consistency between country team assessments by providing some common considerations and approaches to inform their judgment. The proposed framework will support Fund surveillance and policy advice going forward, informing discussions of the appropriate fiscal stance at all stages of the economic cycle.
Download or read book Measuring Sustainability written by Debora Valentina Malito and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of sustainability emerged on the global governance agenda during the 1970s, when, the economic crisis put the spotlight on environmental and social risks associated with economic growth. Although much has been written about it, the literature on pillars, dimensions and measures of sustainability has developed quite independently from the discussions on the idea of sustainability as a set of interlinked and interdependent concentric thematic circles (that is its environmental, social, economic and institutional dimensions). Beginning with this conceptual debate, the present paper argues that indicators of fiscal sustainability are caught between demands of a solvency criterion and the principles of inter- and intra-generational equity. Bypassing their function as a mere representation of reality, these indicators have played a key role in de facto regulating the current fiscal crisis and in eclipsing the other dimensions of sustainability. To discuss this argument, the paper's first section explores the literature on sustainability indicators and composite indices of sustainable development. Its second part focuses on indicators of fiscal sustainability evaluating concepts, measures and demands. The third part gives insight into two measures, the United Nations' (UN) Debt to GNI ratio and the European Union's (EU) fiscal sustainability gap indicators. The fourth part concludes by summarising conceptual, normative and ontological questions.
Download or read book Fiscal Sustainability written by Mr.Evan Tanner and published by International Monetary Fund. This book was released on 2013-04-22 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt 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 objective). The paper discusses objective functions that yield simple and transparent fiscal policy rules.
Download or read book Measuring Sustainability written by and published by . This book was released on 2014 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of sustainability emerged on the global governance agenda during the 1970s, when, the economic crisis put the spotlight on environmental and social risks associated with economic growth. Although much has been written about it, the literature on pillars, dimensions and measures of sustainability has developed quite independently from the discussions on the idea of sustainability as a set of interlinked and interdependent concentric thematic circles (that is its environmental, social, economic and institutional dimensions). Beginning with this conceptual debate, the present paper argues that indicators of fiscal sustainability are caught between demands of a solvency criterion and the principles of inter- and intra-generational equity. Bypassing their function as a mere representation of reality, these indicators have played a key role in de facto regulating the current fiscal crisis and in eclipsing the other dimensions of sustainability. To discuss this argument, the paper's first section explores the literature on sustainability indicators and composite indices of sustainable development. Its second part focuses on indicators of fiscal sustainability evaluating concepts, measures and demands. The third part gives insight into two measures, the United Nations' (UN) Debt to GNI ratio and the European Union's (EU) fiscal sustainability gap indicators. The fourth part concludes by summarising conceptual, normative and ontological questions.
Download or read book Assessing Fiscal Sustainability in Theory and Practice written by Nigel Chalk and published by . This book was released on 2006 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Fiscal Sustainability of Health Systems Bridging Health and Finance Perspectives written by OECD and published by OECD Publishing. This book was released on 2015-09-24 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The health systems we enjoy today, and expected medical advances in the future, will be difficult to finance from public resources without major reforms. Public health spending in OECD countries has grown rapidly over most of the last half century. These spending increases have contributed to ...
Download or read book Fiscal Sustainability Definition Indicators and Assessment of Czech Public Finance Sustainability written by Aleš Krejdl and published by . This book was released on 2006 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ensuring Fiscal Sustainability in G 7 Countries written by Daniel Leigh and published by International Monetary Fund. This book was released on 2007-07 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rising longevity, falling fertility rates, and the retirement of the baby boom generation will substantially raise age-related government spending in most advanced and many emerging market countries. This paper assesses the evolution of fiscal sustainability for each of the G-7 countries using two standard primary gap indicators. The estimated fiscal adjustment required to ensure long-run fiscal sustainability is substantial for all G-7 countries. In particular, ensuring fiscal sustainability would require an average improvement in the primary balance of about 4 percentage points of GDP. While the overall adjustment required to achieve long-run fiscal sustainability in G-7 countries is large, there are significant growth benefits to putting public finances on a sustainable footing in the near term versus delayed adjustment.
Download or read book Representing Reducing Or Removing Complexity written by Nehal Bhuta and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last two decades numerous indicators measuring sustainability and its different dimensions have been created. The 2007 economic crisis led to increased scrutiny of public sector fiscal imbalances, and efforts to create more sophisticated measures of fiscal sustainability. The literature on this recent formulation and use of sustainability indicators is broad and contested. It however largely tends to focus on fiscal components, while wider meanings of sustainability are accounted for to a lesser degree. This working paper examines the conceptual and empirical questions relating to the production of indicators of sustainability, both in the sense of fiscal sustainability and sustainable development. It also discusses the uses of sustainability indicators.
Download or read book Indicators for Measuring Fiscal Sustainability written by Ulrich Benz and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal frameworks and fiscal sustainability in the Nordics written by Calmfors, Lars and published by Nordic Council of Ministers. This book was released on 2020-04-01 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public finances in the Nordics are facing great future challenges due to demographic developments. Increasing longevity is changing the age structure of the population, significantly raising the share of older people and thus the old-age dependency ratio. Over the last two decades, there has been a strong international trend to strengthen fiscal frameworks by adopting more stringent fiscal rules as well as increasing transparency and accountability. A first aim of the report is to survey and evaluate the fiscal frameworks in the Nordic countries. A second aim is to review how long-run sustainability analyses of public finances are made – and communicated to policy-makers and the general public – in the Nordics, by Ministries of Finance as well as by other institutions. The report also concludes the severity of the fiscal-sustainability problems in the Nordic countries.
Download or read book Public Debt Sustainability in Developing Asia written by Benno Ferrarini and published by Routledge. This book was released on 2012 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the global financial crisis has required fiscal intervention on a substantial scale by governments around the world. The consequent buildup of public debt, in particular its sustainability, has moved to center stage in the policy debate. If the Asia and Pacific region is to continue to serve as an engine for global growth, its public debt must be sustainable. Public Debt Sustainability in Developing Asia addresses this issue for Asia and the Pacific as a whole as well as for three of the most dynamic economies in the region: the People’s Republic of China, India, and Viet Nam. The book begins with a discussion of the reasons for increased attention to debt-related issues. It also introduces fiscal indicators for the Asian Development. Bank’s developing member countries and economies. The sustainability of their debt is assessed through extant approaches and with the most up-to-date data sources. The book also surveys the existing literature on debt sustainability, outlining the main issues related to it, and discusses the key implications for the application of debt sustainability analysis in developing Asia. Also highlighted is the importance of conducting individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g., federal), and the like, as well as the impact of debt on interest rates. The book further provides in-depth debt sustainability analyses for the People’s Republic of China, India, and Viet Nam. Public Debt Sustainability in Developing Asia offers a comprehensive analytical and empirical update on the sustainability of public debt in the region. It breaks new ground in examining characteristics that are crucial to understanding sustainability and offers richer policy analysis that should prove useful for policymakers, researchers, and graduate students.
