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How to Select Fiscal Rules

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

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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.

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.

Fiscal Rules—Anchoring Expectations for Sustainable Public Finances

2009-12-11 Business & Economics
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Release : 2009-12-11
Genre : Business & Economics
Kind : eBook
Book Rating : 160/5 ( reviews)

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Book Synopsis Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Fiscal Rules—Anchoring Expectations for Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept.. This book was released on 2009-12-11. Available in PDF, EPUB and Kindle. Book excerpt: The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.

Fiscal Rules in Response to the Crisis

2012-07-01 Business & Economics
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Release : 2012-07-01
Genre : Business & Economics
Kind : eBook
Book Rating : 353/5 ( reviews)

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Book Synopsis Fiscal Rules in Response to the Crisis by : Ms.Andrea Schaechter

Download or read book Fiscal Rules in Response to the Crisis written by Ms.Andrea Schaechter. This book was released on 2012-07-01. Available in PDF, EPUB and Kindle. Book excerpt: Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - covering national and supranational fiscal rules, in 81 countries from 1985 to end-March 2012 - and presents details about the rules’ key design elements, particularly in support of enforcement. This information is summarized in a set of fiscal rules indices. Three key findings emerge: (i) many new fiscal rules have been adopted and existing ones strengthened in response to the crisis; (ii) the number of fiscal rules and the comprehensiveness of the design features in emerging economies has caught up to those in advanced economies; and (iii) the "next-generation" fiscal rules are increasingly complex as they combine the objectives of sustainability and with the need for flexibility in response to shocks, thereby creating new challenges for implementation, communication, and monitoring.

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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