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Independent Fiscal Councils: Recent Trends and Performance

2018-03-23 Business & Economics
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Release : 2018-03-23
Genre : Business & Economics
Kind : eBook
Book Rating : 281/5 ( reviews)

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Book Synopsis Independent Fiscal Councils: Recent Trends and Performance by : Mr.Roel M. W. J. Beetsma

Download or read book Independent Fiscal Councils: Recent Trends and Performance written by Mr.Roel M. W. J. Beetsma. This book was released on 2018-03-23. Available in PDF, EPUB and Kindle. Book excerpt: Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.

Independent Fiscal Councils

2018 Economic forecasting
Download Independent Fiscal Councils PDF Online Free

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

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Book Synopsis Independent Fiscal Councils by : Roel M. W. J. Beetsma

Download or read book Independent Fiscal Councils written by Roel M. W. J. Beetsma. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: "Countries increasingly rely on independent fiscal councils to constrain policymakers' discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and possibly less optimistic fiscal forecasts, as well as greater compliance with fiscal rules."--Abstract.

Fiscal Councils

2016-04-08 Business & Economics
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Release : 2016-04-08
Genre : Business & Economics
Kind : eBook
Book Rating : 908/5 ( reviews)

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Book Synopsis Fiscal Councils by : Mr.Roel M. W. J. Beetsma

Download or read book Fiscal Councils written by Mr.Roel M. W. J. Beetsma. This book was released on 2016-04-08. Available in PDF, EPUB and Kindle. Book excerpt: The paper discusses the effectiveness of independent fiscal institutions—or fiscal councils—in taming the deficit bias that emerged in the 1970s. After a review of the main theoretical arguments and recent trends about fiscal councils, we develop a stylized model showing how a fiscal council can effectively mitigate the deficit bias even though it has no direct lever on the conduct of fiscal policy. We show that the capacity of the fiscal council to improve the public’s understanding of the quality of fiscal policy contributes to better align voters and policymakers’ incentives and to tame the deficit bias affecting well-intended governments. After mapping the model’s key features into a broad set of criteria likely to contribute to the effectiveness of a fiscal council, we use the 2014 vintage of the IMF dataset on independent fiscal institutions to assess whether existing institutions have been built to work.

Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic

2022-01-27 Business & Economics
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Release : 2022-01-27
Genre : Business & Economics
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Book Synopsis Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic by : Mr. Hamid R Davoodi

Download or read book Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic written by Mr. Hamid R Davoodi. This book was released on 2022-01-27. 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.

Independent Fiscal Councils: Recent Trends and Performance

2018-03-29 Business & Economics
Download Independent Fiscal Councils: Recent Trends and Performance PDF Online Free

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Release : 2018-03-29
Genre : Business & Economics
Kind : eBook
Book Rating : 38X/5 ( reviews)

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Book Synopsis Independent Fiscal Councils: Recent Trends and Performance by : Mr.Roel M. W. J. Beetsma

Download or read book Independent Fiscal Councils: Recent Trends and Performance written by Mr.Roel M. W. J. Beetsma. This book was released on 2018-03-29. Available in PDF, EPUB and Kindle. Book excerpt: Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.

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