Download or read book Fiscal Rules and Fiscal Councils Recent Trends and Performance During the COVID 19 Pandemic written by Mr. Hamid R Davoodi and published by International Monetary Fund. This book was released on 2022-01-27 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy room to respond to the health crisis. But the unprecedented fiscal actions have led to large and widespread deviations from deficit and debt limits. The evidence shows that fiscal rules, in general, have been flexible during crises but have not prevented a large and persistent buildup of debt over time. Experience shows that deviations from debt limits are very difficult to reverse. The paper also presents evidence on the benefits of a good track record in abiding by the rules. All these highlight the difficult policy choices ahead and need to further improve rules-based fiscal frameworks.
Download or read book Fiscal Politics written by Vitor Gaspar and published by International Monetary Fund. This book was released on 2017-04-07 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
Download or read book Fiscal Policy Rules written by Mr.George Kopits and published by International Monetary Fund. This book was released on 1998-07-22 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Return to Fiscal Rules written by Francesca Caselli and published by International Monetary Fund. This book was released on 2022-10-11 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging. Governments need to communicate fiscal plans to reduce debt sustainability risks and promote consistent macroeconomic policies. Many envisage a return to fiscal rules that had been suspended during the pandemic to strengthen credibility. This situation offers an opportunity to rethink fiscal rules and determine how governments can make fiscal policy more agile, including in responding to crises, without undermining fiscal sustainability. A risk-based medium-term fiscal framework that combines standards, rules, and strengthened institutions would strike a better balance between flexibility and credibility.
Download or read book The Role of Crises in Shaping Financial Systems written by Małgorzata Iwanicz-Drozdowska and published by Taylor & Francis. This book was released on 2022-10-18 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Role of Crises in Shaping Financial Systems: From the Global Financial Crisis to COVID-19 underscores the role of crises as turning points for the financial sector and its interactions with the real economy. It sheds new light on the financial industry through the lens of three recent crises – the global financial crisis, the sovereign debt crisis, and the COVID-19 pandemic. The book provides in-depth insight into the financial systems in European Economic Area countries, accentuating the role of crises in shaping the condition and development of the financial arena. The authors pay special attention to the differences between “old” and “new” Europe, i.e. countries that joined the EU in 2004 or later. It explores the implications of recent turbulences for financial institutions, financial markets, and public finance, and their relationship with the economy. The book examines low or negative interest rates, non-standard monetary policy, fiscal stimulus, dense safety nets, regulatory inflation, weak profitability of the financial sector, and the sovereign-bank nexus. Post-crisis developments are assessed, comprehensively and empirically, from both macro- and microeconomic perspectives to help readers understand the nature of policy measures and their socio-economic implications. The authors outline their predictions for the future of financial systems, focusing on the structural changes and legacy of the COVID-19 crisis and global financial interlinkages. The book adopts both theoretical and practical approaches to explore the key issues and, as such, will appeal to academics and students of financial economics and international finance, as well as policymakers and financial regulators.
Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Download or read book Fiscal Policy in a Turbulent Era written by Enrique Alberola and published by Edward Elgar Publishing. This book was released on 2024-02-12 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the changing practice of fiscal policy and how it is adapting to the unpredictable nature of the 21st century. Expert academic and practitioner contributors consider the resources which underpin current fiscal policy, assessing its overall effectiveness before outlining the changing priorities –ageing, inequality, climate change- and the financial tools available, and considering the future of fiscal policy in uncertain times.
Download or read book Green Growth in South Asia written by World Bank and published by World Bank Publications. This book was released on 2023-10-03 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Notwithstanding global growth weakness and financial pressures, growth in South Asia is expected to remain robust, supported by slower fiscal consolidation than in other EMDEs, strong public investment, and a recovery as financial stress has subsided. Policy challenges include, in the short-term, preserving financial stability and restoring fiscal sustainability and, in the long-term, rekindling investment, and managing an energy transition. Currently, the energy intensity of South Asian economies is almost twice the global average—despite a decline over the past two decades that was almost entirely driven by firm-level, within-sector cuts in energy intensity. The potential benefit of regulatory policies, information interventions, and financial support to help accelerate the diffusion of these technologies, as well as the possibility that these could also lend broader support for countries' development objectives. The transition away from fossil fuels may have considerable labor market impacts. A wide range of policies, including better access to high-quality education, finance, and markets; improved labor mobility; and strengthened social safety nets, will be needed to facilitate the adjustment in labor markets while protecting vulnerable workers.
Download or read book Fiscal Monitor October 2024 written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2024-10-23 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global public debt is elevated. It is projected to exceed US$100 trillion in 2024 and will rise over the medium term. This chapter shows that risks to the debt outlook are heavily tilted to the upside. In a severely adverse scenario, global debt is estimated to be nearly 20 percentage points of GDP higher three years ahead than the baseline projection, reaching 115 percent of GDP. Much larger fiscal adjustments than currently planned are required to stabilize (or reduce) debt with high probability. Now is an opportune time for rebuilding fiscal buffers and delaying is costly. Rebuilding fiscal buffers in a growth-friendly manner and strengthening fiscal governance is essential to ensure sustainable public finances and financial stability.
Download or read book Evaluating Fiscal Rules for Lesotho written by Mr. Yibin Mu and published by International Monetary Fund. This book was released on 2022-12-06 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key challenge for Lesotho is the downward rigidity in public expenditure—which increases when SACU transfers are buoyant but fails to be pared back when they fall. Fiscal rules would be of value in Lesotho to help provide constraints on spending and resist political pressure to overspend, while embedding fiscal responsibility within the country’s macro-fiscal framework and ensuring debt sustainability. This paper evaluates options for fiscal rules for Lesotho, discusses the institutional framework required to help underpin a sound fiscal-rule framework, posits a possible fiscal-rule framework for Lesotho, and offers a roadmap to introduce the framework.
Download or read book Perspectives on Economics and Management written by Saibal Ghosh and published by Taylor & Francis. This book was released on 2024-08-28 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world of economics and management is being reshaped in more ways than one including rapid advancements in technology and business practices. This book weaves together a diverse set of issues such as consumption patterns, wealth disparities and the management, behaviour and financial health of businesses and consumers to analyse the effectiveness of economic and business strategies. Rapid technological advancements along with the need for cost-effectiveness and convenience are making service providers embrace technology as a partner rather than a tool in their economic journey. Relatedly, traditional management philosophy is coming under a scanner, with an increasing emphasis on holistic development of the organization, rather than a top-down approach, as has been the case in the past. Understanding major developments in economic and financial policymaking has perennially been a key concern of public policy, shaped by recent global and related developments, this has necessitated a relook at these issues, couched in a cross-cutting perspective. Viewed from this standpoint, the present volume, written to honour the rich academic work of the eminent economist Professor Anindya Sen intersects this triad of economics, finance and public policy that are integral to policy thinking and its formulation. The smorgasbord of research ideas, involving both theoretical analysis and empirical evidence, presented in this volume, provides useful perspectives on the drivers that are continually reshaping the dynamism in the world around us and, in the process, integrates a multidisciplinary perspective of focusing on several pertinent policy challenges. This book will be useful to researchers and students of economics, finance and public policy, economic theorists, microeconomics, and even to those with a broader canvass such as researchers in macroeconomics, international economics, business, management and marketing.
Download or read book Improving Fiscal Transparency to Raise Government Efficiency and Reduce Corruption Vulnerabilities in Central Eastern and Southeastern Europe written by Mr.Bernardin Akitoby and published by International Monetary Fund. This book was released on 2020-05-11 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This departmental paper investigates how countries in Central, Eastern, and Southeastern Europe (CESEE) can improve fiscal transparency, thereby raising government efficiency and reducing corruption vulnerabilities.
Download or read book Global Public Goods and Sustainable Development in the Practice of International Organizations written by and published by BRILL. This book was released on 2023-11-07 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines in an innovative and applied perspective the interdependence between the role of international organizations, the existence of global public goods and the need of sustainable development. Moreover, it is set within the context of current challenges in today’s world of dramatic transition and clearly responds to the need for filling the existing research gap in this area. It also demonstrates excellent knowledge of primary resources and a very good mastery of the various concepts and policy issues. Moreover, it offers an important added value to the theory, research and recent publications of the concerned broad study field. Contributors are: Aleksandra Borowicz, Leiza Brumat, Diego Caballero Vélez, Giuseppe T. Cirella, Rasa Daugėlienė, Agnieszka Domańska, Małgorzata Dziembała, Lenka Fojtíková, Katja Zajc Kejžar, Agnieszka Kłos, Ewa Kosycarz, Anatoliy Kruglashov, Andrzej Latoszek, Ewa Latoszek, Mirella Mărcuț, Willem Molle, Ewa Osuch-Rak, Marta Pachocka, Nina Ponikvar, Magdalena Proczek, Angela Maria Romito, Piotr Stolarczyk, Aleksandra Szczerba, and Anna Wójtowicz
Download or read book United Kingdom written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-07-11 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market stress following the September 2022 'mini-budget' has dissipated, in the context of a successful financial stability intervention by the Bank of England (BoE) and two prudent budgets. Post-Brexit uncertainty has declined somewhat due to the Windsor Framework agreement to resolve disputes around the Northern Ireland Protocol. Still, the economy faces several challenges. The post-pandemic recovery was disrupted by the sharp energy price shock due to Russia’s war in Ukraine; labor force participation has declined, mainly on account of rising long-term illness; and large policy rate increases—needed to arrest high and sticky inflation—have tightened financial conditions. Accordingly, and despite recent upgrades, GDP growth is forecast at a modest 0.4 percent for 2023, followed by 1 percent growth in 2024. Lower energy prices and emerging economic slack is projected to help reduce headline inflation to around 51⁄4 percent by end-2023 and to the 2 percent target by mid-2025. Risks are tilted to the downside for growth and to the upside for inflation. Tighter-than-expected global financial conditions present the key downside risk to growth, while robust wage growth and greater inflation persistence pose upside risks to inflation.
Download or read book Tax and Government in the 21st Century written by Miranda Stewart and published by Cambridge University Press. This book was released on 2022-09-08 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: A broad, accessible, evidence-based analysis of tax law and how democratic tax states are confronting today's global digital challenges.
Download or read book A New Fiscal Framework for Resource Rich Countries written by Mr. Luc Eyraud and published by International Monetary Fund. This book was released on 2023-11-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics. One of the contributions of the paper is to propose fiscal frameworks that are centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.
Download or read book Electoral Cycles in Tax Reforms written by Mr. Antonio David and published by International Monetary Fund. This book was released on 2022-11-04 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine electoral cycles in tax reforms using monthly data over the period of 1990-2018 for 22 advanced economies and emerging markets. We show that governments tend to avoid announcing tax reforms during the months running up to elections. In addition, they become more likely to announce those reforms in the first few months following elections, indicating that “political capital” plays a role in the timing of reforms. These patterns are broad-based regarding the changes in tax base and rate, and for various types of taxes. We also find that the pre-election decrease in the likelihood of tax reform announcements is stronger in emerging markets, and weaker in the countries with relatively better institutional quality. Finally, our results indicate that neither fiscal rules nor IMF programs appear to have differential effects on electoral cycles in tax reforms.
