Share

How to Calibrate Fiscal Rules

2018
Download How to Calibrate Fiscal Rules PDF Online Free

Author :
Release : 2018
Genre :
Kind : eBook
Book Rating : 301/5 ( reviews)

GET EBOOK


Book Synopsis How to Calibrate Fiscal Rules by : Luc Eyraud

Download or read book How to Calibrate Fiscal Rules written by Luc Eyraud. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance on how to calibrate fiscal rules, that is, how to determine the thresholds (ceiling, floor, or target) for specific fiscal aggregates constrained by rules. The note focuses, more specifically, on the calibration of the debt, balance, and expenditure rules. The note is divided into four sections. The first section discusses general principles used to calibrate rules. The second section reports international evidence on the numerical ceilings used in existing rules. The third and fourth sections provide guidance on the calibration of the debt ceiling and the operational rules (fiscal balance and expenditure rules). This is one of two guidance notes on the design of fiscal rules; the other one focuses on rule selection. The two exercises are linked: if a fiscal framework had to be built from scratch, rules would need to be selected and calibrated at the same time.

Calibrating Fiscal Rules

2023-07-31 Business & Economics
Download Calibrating Fiscal Rules PDF Online Free

Author :
Release : 2023-07-31
Genre : Business & Economics
Kind : eBook
Book Rating : /5 ( reviews)

GET EBOOK


Book Synopsis Calibrating Fiscal Rules by : Olusegun Ayodele Akanbi

Download or read book Calibrating Fiscal Rules written by Olusegun Ayodele Akanbi. This book was released on 2023-07-31. Available in PDF, EPUB and Kindle. Book excerpt: This technical note assesses how large shocks from natural disasters are key source of vulnerabilities for public finances. It extends the IMF Fiscal Affairs Department calibration toolkit by developing a methodology to calibrate fiscal rules in the event of natural disaster shocks and the possibility of implementing climate adaptation and mitigation measures. The features incorporated in this technical note would allow the calibration of a prudent medium-term fiscal anchor as well as annual budgetary limits that ensure the sustainability of public finances. The note is accompanied by a set of toolkits that provides instructions on calibrating a medium-term debt anchor and corresponding operational rules in the presence of natural disaster risks, accounting for climate investment and other mitigation mechanisms.

Fiscal Rules and the Sovereign Default Premium

2012-01-01 Business & Economics
Download Fiscal Rules and the Sovereign Default Premium PDF Online Free

Author :
Release : 2012-01-01
Genre : Business & Economics
Kind : eBook
Book Rating : 875/5 ( reviews)

GET EBOOK


Book Synopsis Fiscal Rules and the Sovereign Default Premium by : Juan Carlos Hatchondo

Download or read book Fiscal Rules and the Sovereign Default Premium written by Juan Carlos Hatchondo. This book was released on 2012-01-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper finds optimal fiscal rule parameter values and measures the effects of imposing fiscal rules using a default model calibrated to an economy that in the absence of a fiscal rule pays a significant sovereign default premium. The paper also studies the case in which the government conducts a voluntary debt restructuring to capture the capital gains from the increase in its debt market value implied by a rule announcement. In addition, the paper shows how debt ceilings may reduce the procyclicality of fiscal policy and thus consumption volatility.

How to Design Subnational Fiscal Rules

2020-02-25 Business & Economics
Download How to Design Subnational Fiscal Rules PDF Online Free

Author :
Release : 2020-02-25
Genre : Business & Economics
Kind : eBook
Book Rating : 037/5 ( reviews)

GET EBOOK


Book Synopsis How to Design Subnational Fiscal Rules by : Luc Eyraud

Download or read book How to Design Subnational Fiscal Rules written by Luc Eyraud. This book was released on 2020-02-25. Available in PDF, EPUB and Kindle. Book excerpt: This note discusses how to design subnational fiscal rules, including how to select them and calibrate them. It expands on the guidance provided at the national level on rule selection and calibration in IMF (2018a) and IMF (2018b). Thinking on subnational fiscal rules is still evolving, including their effectiveness (for example, Heinemann, Moessinger, and Yeter 2018; Kotia and Lledó 2016; Foremny 2014), and this note only provides a first analysis based on international experiences and the technical assistance provided by the IMF. Main findings are summarized in Box 1. The note is divided into five sections. The first section defines fiscal rules. The second section discusses the rationale for subnational rules. The third section provides some guidance on how to select the appropriate rule(s) and whether they should differ across individual jurisdictions. The fourth section explores the issue of flexibility by looking at how rules should adjust to shocks. Finally, the last section focuses on the “calibration” of the rules.

How to Select Fiscal Rules

2018
Download How to Select Fiscal Rules PDF Online Free

Author :
Release : 2018
Genre :
Kind : eBook
Book Rating : 233/5 ( reviews)

GET EBOOK


Book Synopsis How to Select Fiscal Rules by : Victor Duarte Lledo

Download or read book How to Select Fiscal Rules written by Victor Duarte Lledo. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance on how to select fiscal rules in a wide range of economies, including advanced, emerging market, and developing economies. The principles and methods discussed are intuitive and easy to implement, and leave room for policy judgment. The methods are based on past academic and IMF work, including analytic and policy papers, technical assistance missions, and training. The note is structured as follows. The first section lays out general principles regarding the design of fiscal rules. The second section reviews the most common rules and describes their pros and cons. The third section presents the various types of analytical tools used to select fiscal rules (some files and manuals accompany this note to implement the methods; they are available from the authors upon request). The last section offers some considerations on rules in developing countries, with a specific focus on commodity exporters. An overview of the theoretical literature is provided in the Appendix. This is one of two guidance notes on the design of fiscal rules; the other one focuses on rule calibration. The two exercises are linked: if a fiscal framework had to be built from scratch, rules would need to be selected and calibrated at the same time.

You may also like...