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How to Calibrate Fiscal Rules

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

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

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

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

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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.

Second-Generation Fiscal Rules

2018-04-13 Business & Economics
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Release : 2018-04-13
Genre : Business & Economics
Kind : eBook
Book Rating : 685/5 ( reviews)

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Book Synopsis Second-Generation Fiscal Rules by : Luc Eyraud

Download or read book Second-Generation Fiscal Rules written by Luc Eyraud. This book was released on 2018-04-13. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog

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