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Monetary and Fiscal Policy: Politics

1994 Business & Economics
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Release : 1994
Genre : Business & Economics
Kind : eBook
Book Rating : 884/5 ( reviews)

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Book Synopsis Monetary and Fiscal Policy: Politics by : Torsten Persson

Download or read book Monetary and Fiscal Policy: Politics written by Torsten Persson. This book was released on 1994. Available in PDF, EPUB and Kindle. Book excerpt: This is the first of two volumes on a theory of macroeconomic policy that analyzes which policies are credible or politically feasible. Instead of looking at policy as an end product, the contributors approach policy as an ongoing process of revised goals, changes in tactics, and political pressures. They consider what kinds of incentives within different institutional settings, drive policy-making and the behaviour of policy-makers. The approach explains why certain monetary and fiscal policies are implemented, and provides insights into situations that occur repeatedly in macroeconomic policy, such as the bias toward government deficits, partisan competition and central bank independence.

Coordination of Monetary and Fiscal Policies

1998-03-01 Business & Economics
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Release : 1998-03-01
Genre : Business & Economics
Kind : eBook
Book Rating : 239/5 ( reviews)

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Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund

Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund. This book was released on 1998-03-01. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Strengthening Post-Crisis Fiscal Credibility

2014-04-08 Business & Economics
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Release : 2014-04-08
Genre : Business & Economics
Kind : eBook
Book Rating : 15X/5 ( reviews)

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Book Synopsis Strengthening Post-Crisis Fiscal Credibility by : Mr.Xavier Debrun

Download or read book Strengthening Post-Crisis Fiscal Credibility written by Mr.Xavier Debrun. This book was released on 2014-04-08. Available in PDF, EPUB and Kindle. Book excerpt: Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in “fiscal councils,” independent watchdogs active in the public debate, has grown rapidly in recent years. This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members. The data documents a surge in the number of fiscal councils since the crisis. It also illustrates that well-designed fiscal councils are associated with stronger fiscal performance and better macroeconomic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate, and the monitoring of compliance with fiscal policy rules.

Macroeconomic Policy, Credibility and Politics

2012-11-12 Business & Economics
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Release : 2012-11-12
Genre : Business & Economics
Kind : eBook
Book Rating : 590/5 ( reviews)

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Book Synopsis Macroeconomic Policy, Credibility and Politics by : T. Persson

Download or read book Macroeconomic Policy, Credibility and Politics written by T. Persson. This book was released on 2012-11-12. Available in PDF, EPUB and Kindle. Book excerpt: Uses a game theoretic approach to explore which economic policies are 'credible' and 'politically feasible', questions that had eluded traditional macroeconomic approaches.

Fiscal Stimulus and Credibility in Emerging Countries

2010-05-01 Business & Economics
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Release : 2010-05-01
Genre : Business & Economics
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Book Rating : 824/5 ( reviews)

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Book Synopsis Fiscal Stimulus and Credibility in Emerging Countries by : Mrs.Hanan Morsy

Download or read book Fiscal Stimulus and Credibility in Emerging Countries written by Mrs.Hanan Morsy. This book was released on 2010-05-01. Available in PDF, EPUB and Kindle. Book excerpt: Across a sample of thirty four emerging countries, the evidence shows the frequent existence of a pro-cyclical fiscal impulse. However, the scope for countercyclical policy increases with the availability of international reserves as it enhances credibility and mitigates concerns about the effect of expansionary fiscal policy on the cost of borrowing and debt service. The paper also examines the effectiveness of the fiscal policy in emerging countries in the short- and long-run and its underlying conditions, which does not appear to be uniform. In some cases, contractionary fiscal policy could stimulate growth in the short-run, if fiscal tightness lowers the cost of borrowing and debt service, and mitigates concerns about debt sustainability. However, an increase in international reserves is evident to mitigate these concerns. On the other hand, high inflation increases concerns about the impact of fiscal spending on inflationary expectations and the cost of borrowing, countering the effectiveness of the fiscal stimulus on output growth in the short-run. Where the debt burden is high, fiscal expansion has a longlasting negative effect on real growth.

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