Fiscal Policy Rules
International Monetary Fund, Jul 22, 1998 - Business & Economics - 45 pages
What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.
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automatic stabilizers balanced-budget rules baseline simulation beneﬁts Bretton Woods system budget deﬁcits Canada central bank central bank credit central bank ﬁnancing CFA franc zone compliance constraints context creative accounting credibility currency board arrangement cyclical debt ratio deﬁcit ceiling deﬁcit limit deﬁned difﬁcult discretionary policies effect enforced European exchange rate expenditure Federal ﬁnancial markets ﬁndings ﬁrst ﬁs ﬁscal adjustment Fiscal balance ﬁscal discipline ﬁscal policy rules ﬁscal rules ﬁxed ﬂexibility ﬂuctuations Germany govem government borrowing government consumption Government debt government deﬁcits Growth Pact implementation increase Indonesia inﬂation interest rates International Monetary Fund investment Italy Japan Kopits lntemational Monetary Fund Maastricht Treaty macroeconomic member countries ment MULTIMOD Netherlands noncompliance output variability paper percent of GDP percentage point policy credibility prohibition proposed public debt reﬂected regime rules-based shocks signiﬁcant speciﬁed Stability and Growth subnational sufﬁcient Switzerland Tax revenue tion tional transfers transparency treaty United Zealand
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Fiscal Policy Formulation and Implementation in Oil-producing Countries
International Monetary Fund
No preview available - 2003