Front Matter

Front Matter

Author(s):
Vitor Gaspar, Sanjeev Gupta, and Carlos Mulas-Granados
Published Date:
March 2017
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FISCAL POLITICS EDITORS

VITOR GASPAR · SANJEEV GUPTA CARLOS MULAS-GRANADOS

Note to Readers

This is an excerpt from Fiscal Politics, edited by Vitor Gaspar, Sanjeev Gupta, and Carlos Mulas-Granados.

Economics and politics are closely intertwined. Do elections influence budgetary policies? Is political fragmentation associated with the degree of fiscal discipline? What is the role of political ideology? If politics affects fiscal outcomes, can fiscal rules and institutions make a difference?

This volume looks at how politics affects fiscal policies. Two main themes stand out: (1) politics can distort fiscal policy through elections and political divisions, and (2) rules and institutions can keep this dynamic under control. The book presents empirical evidence from advanced and emerging market economies and developing countries. It also examines the relevance of deeper political, historical, and institutional forces that influence the budget at the national and international levels. The book includes chapters by IMF staff members, academics, policymakers, and researchers focusing on this complex subject. Their contributions help improve our understanding by offering new perspectives and looking at past findings.

This excerpt is taken from uncorrected page proofs. Please check quotations and attributions against the published volume.

Fiscal Politics

Edited by Vitor Gaspar, Sanjeev Gupta, and Carlos Mulas-Granados

ISBN: 978-1-47554-790-0

Pub. Date: Spring 2017

Format: Digital; Paperback, 6 x 9 in., 550 pp.

Price: US$40.00

For additional information on this book, please contact:

International Monetary Fund, IMF Publications

P.O. Box 92780, Washington, DC 20090, U.S.A.

Tel: (202) 623-7430 · Fax: (202) 623-7201

Email: publications@imf.orgwww.bookstore.imf.org

© 2017 International Monetary Fund

Contents

  • Foreword

  • Acknowledgments

  • Contributors

  • INTRODUCTION

  • 1 | Fiscal Politics

    Vitor Gaspar, Sanjeev Gupta, and Carlos Mulas-Granados

  • PART I | ELECTIONS, IDEOLOGY, AND POLITICAL FRAGMENTATION

  • 2 | Governments and Promised Fiscal Consolidations: Do They Mean What They Say?

    Sanjeev Gupta, João Tovar Jalles, Carlos Mulas-Granados, and Michela Schena

  • 3 | Fiscal Policy over the Election Cycle in Low-Income Countries

    Christian Ebeke and Dilan Ölçer

  • 4 | Economic and Political Determinants of Tax Policies in OECD Countries

    Mark Hallerberg and Jürgen von Hagen

  • 5 | Now or Later? The Political Economy of Public Investment in Democracies

    Sanjeev Gupta, Estelle X. Liu, and Carlos Mulas-Granados

  • 6 | Do Elections Affect the Wage Bill?

    Yehenew Endegnanew, Mauricio Soto, and Geneviève Verdier

  • 7 | Energy Subsidies and Public Social Spending: Theory and Evidence

    Christian Ebeke and Constant Lonkeng Ngouana

  • 8 | It’s Politics, Stupid! Political Constraints Determine Governments’ Reactions to the Great Recession

    Fabian Gunzinger and Jan-Egbert Sturm

  • 9 | Fragmented Politics and Public Debt

    Ernesto Crivelli, Sanjeev Gupta, Carlos Mulas-Granados, and Carolina Correa-Caro

  • PART II | INSTITUTIONS, RULES, AND FISCAL COUNCILS

  • 10 | Political Institutions, State Building, and Tax Capacity: Crossing the Tipping Point

    Vitor Gaspar, Laura Jaramillo, and Philippe Wingender

  • 11 | Fiscal Discipline and Exchange Rates: Does Politics Matter?

    João Tovar Jalles, Carlos Mulas-Granados, and José Tavares

  • 12 | Expenditure Rules: Effective Tools for Sound Fiscal Policy?

    Till Cordes, Tidiane Kinda, Priscilla Muthoora, and Anke Weber

  • 13 | Fiscal Rules to Tame the Political Budget Cycle: Evidence from Italian Municipalities

    Andrea Bonfatti and Lorenzo Forni

  • 14 | On the Determinants of Fiscal Noncompliance: An Empirical Analysis of Spanish Regions

    Mar Delgado-Téllez, Victor D. Lledó, and Javier J. Pérez

  • 15 | Budget Institutions in Low-Income Countries

    Sanjeev Gupta, Sami Yläoutinen, Brian Olden, Holger van Eden, Teresa Curristine, Tom Josephs, Eliko Pedastsaar, and Johann Seiwald

  • 16 | Fiscal Watchdogs and Sound Fiscal Policy: Is the Barking Loud Enough to Tame Politicians?

    Xavier Debrun, Marc Gérard, and Jason Harris

  • PART III | SUPRANATIONAL FISCAL POLITICS

  • 17 | The Making of a Continental Financial System: Lessons for Europe from Early American History

    Vitor Gaspar

  • 18 | Fiscal Politics in the Euro Area

    Luc Eyraud, Vitor Gaspar, and Tigran Poghosyan

  • 19 IMF Conditionality and Revenue Performance

    Ernesto Crivelli and Sanjeev Gupta

  • Index

Foreword

Politics lie at the heart of the role that the state plays in the economy. Decisions to allocate resources, redistribute income, or stabilize the economy have a strong political component. Political developments can therefore have a powerful impact on economic outcomes.

For example, sudden policy shifts, uncertainty from political gridlock, or stalled budget negotiations can lead to market volatility and bad economic outcomes.

For this reason, analyzing the influence of political economy on policy out-comes is essential for the IMF’s macroeconomic surveillance and policy analysis.

A deeper understanding of domestic and international constraints faced by policymakers facilitates our interactions with country authorities. By incorporating the understanding of a political dimension in its analysis, the IMF can also tailor its policy recommendations more closely to its mission of serving our member countries.

In particular, I believe that a better understanding of fiscal policy decisions can help us come up with more inclusive–and therefore more sustainable–macroeconomic policies.

I welcome the work done in the Fiscal Affairs Department in this area. It examines rigorously the impact of politics on fiscal decisions and presents compelling evidence that strong institutions and smart rules can have a positive effect on macroeconomic outcomes.

This book is a first step to further integrate political economy issues into the IMF’s policy analysis. I hope it will also spark further debate and research on this topic, both inside and outside the IMF.

Christine Lagarde

Managing Director

International Monetary Fund

Acknowledgments

This book has been a collective endeavor and has been enriched by contributions from both inside and outside the IMF. We would like to thank the contributing authors for their close collaboration and enthusiasm for the topic. The research presented here has benefited from the comments of staff in the IMF’s Fiscal Affairs Department and other departments. Comments presented at seminars hosted by other institutions have also made a valuable contribution to several chapters.

Michael Harrup of the IMF’s Communications Department efficiently managed all aspects related to the production of the book, and we are grateful for his excellent work. We also thank Michela Schena and Elijah Kimani for their excellent research assistance in putting together a broad political economy database used in many chapters of the book. Juliet Narsiah and Leigh Huffman also provided excellent administrative assistance during the many steps needed to bring a book into completion.

Vitor Gaspar

Sanjeev Gupta

Carlos Mulas-Granados

Editors

Contributors

Andrea Bonfatti is a postdoctoral fellow at the University of Padua currently working on the SHARE (Survey of Health, Ageing and Retirement in Europe) project. He previously worked in the Statistics Division of the United Nations Food and Agriculture Organization in Rome. His research focuses on the analysis of risk, aging, economic development, applied political economy, and commodity market modeling. He holds a PhD in economics from the University of Verona.

Till Cordes is a policy officer at the Federal Ministry of Finance and is responsible for bank resolution in the Directorate-General for financial market policy. He was previously an economic and financial officer at the British Embassy in Berlin and a Carlo Schmid Fellow at the IMF. He holds a BA in philosophy and economics from the University of Bayreuth, an MSc in international political economy from the London School of Economics and Political Science, and a PhD from the Hertie School of Governance. He has taught seminars at undergraduate and graduate levels on sovereign debt and international economics. His research focuses on fiscal policy and the political economy of sovereign debt.

Carolina Correa-Caro is a consultant in the Inter-American Development Bank’s Social Sector Department. She was previously a research analyst in the IMF’s Fiscal Affairs Department and research assistant for governmental organizations in Colombia.

Ernesto Crivelli is an economist in the IMF’s European Department. He is the desk economist on Romania and has worked on emerging economies in Central, Eastern, and South-Eastern Europe. He has previously worked in the IMF’s Fiscal Affairs Department. Before joining the IMF, he was a senior fellow at the Max Planck Institute in Germany. He has published on tax policy, aid, and fiscal decentralization issues. He received a PhD from the University of Bonn in Germany.

Teresa Curristine is a senior economist in the IMF’s Fiscal Affairs Department, where she provides advice to governments on managing their public finances. She leads projects and teams working on a variety of public financial management issues in Asia and Latin America, including medium-term budgeting, performance budgeting, managing fiscal risks, and developing independent fiscal councils. She has previously worked for the Organization for Economic Co-Operation and Development (OECD), where she was responsible for the OECD Senior Budget Officials Network on Performance and Results. She has also managed the cross-directorate project on improving public sector efficiency for the Germany Presidency of the European Union and a directoratewide project on public sector modernization. She has published several articles and edited three books: Public Financial Management and Its Emerging Architecture, Performance Budgeting in OECD Countries, and Modernising Government: The Way Forward. She was also previously a lecturer at Oxford University, where she received a PhD.

Xavier Debrun is chief of the Systemic Issues Division in the IMF’s Research Department. He has previously worked in the IMF’s Fiscal Affairs Department, contributing to Fiscal Monitor and to policy papers on fiscal governance. In 2006–07, he was a visiting fellow at Bruegel (Brussels’ leading think tank on European economic issues) and a visiting professor of economics at the Graduate Institute of International Studies in Geneva. He held various visiting professor positions, notably at the University of Geneva and at the CERDI-University of Auvergne. He received a PhD in international economics from the Graduate Institute in Geneva in 1999 and was a postdoctoral fellow in the Economics Department at Harvard University from 1999 to 2000. His research interests include international policy coordination, the economics of monetary unions, and macrofiscal issues, including the design and effectiveness of fiscal policy rules, and the stabilizing (or destabilizing) role of fiscal policy. His work has been published in prominent IMF series–notably the World Economic Outlook and Fiscal Monitor–as well as in various conference volumes and professional journals, including The Economic Journal, The European Economic Review, The Canadian Journal of Economics, and Economic Policy. In 2007 he was the first non-French national nominated for the Prize of the Best French Economist under 40 by newspaper Le Monde.

Mar Delgado-Téllez is an economist in the Fiscal Policy Unit of the Directorate-General of Economics and Statistics at Banco de España. Her research focuses on public economics–in particular, federalism, subnnational financing, and regional debt. Before joining the Spanish central bank in 2011, she worked for the Fundación de las Cajas de Ahorros.

Christian Ebeke is an economist in the IMF’s European Department, where he is part of the euro area team. He previously worked with the European Department’s Poland team, covering the fiscal and the real sectors. Mr. Ebeke has published a number of papers on a range of topics in macroeconomic stability, international finance, fiscal policy, natural resources and international migration. He holds a PhD in economics from the University of Auvergne in France.

Yehenew Endegnanew is an economist in the IMF’s Fiscal Affairs Department. Before joining the IMF, he was a researcher at the Central Bank of Ethiopia. His research interests and published works primarily focus on fiscal issues in developing countries. He holds a PhD from the Autonomous University of Barcelona.

Luc Eyraud is a deputy division chief in the Fiscal Policy Division of the IMF’s Fiscal Affairs Department. He has also worked in the IMF’s African Department and the Western Hemisphere Department. Before joining the IMF in 2007, Mr. Eyraud served as a civil servant at the French Treasury. He has published extensively on various fiscal issues, in particular the reform of fiscal rules in Europe, the design of fiscal decentralization, and fiscal multipliers.

Lorenzo Forni is currently a professor of economics at the University of Padua in Italy. He worked in the IMF’s Fiscal Affairs Department from 2010 to 2016 and previously at the Research Department of the Bank of Italy. He has written on a number of macroeconomic topics, ranging from the economic impact of fiscal policy to the role of public debt, from the effects of structural reforms to inflation convergence in the European monetary union. He has published in important journals such as the American Economic Review and the Journal of Public Economics. He holds a master’s in political economy and a PhD in economics from Boston University (2001) and has been visiting scholar at Harvard University (2005–06).

Vitor Gaspar is the director of the IMF’s Fiscal Affairs Department. Before joining the IMF, he held a variety of senior policy positions in Banco de Portugal, including most recently as a special adviser. He served as Minister of State and Finance of Portugal from 2011 to 2013. He was head of the European Commission’s Bureau of European Policy Advisers from 2007 to 2010 and director-general of research at the European Central Bank from 1998 to 2004. Mr. Gaspar holds a PhD and a postdoctoral agregado in economics from Universidade Nova de Lisboa. He has also studied at Universidade Católica Portuguesa.

Marc Gérard is an economist at the IMF, where has been working on macrofiscal and financial sector issues on low-income emerging market and advanced economies. He holds a PhD in economics from the University of Paris Ouest.

Sanjeev Gupta is a deputy director in the IMF’s Fiscal Affairs Department and previously worked in the IMF’s African Department and European Department. Mr. Gupta has led IMF missions to about 25 countries in Africa, Asia, Europe, and the Middle East. Before joining the IMF, he was a fellow of the Kiel Institute of World Economics, Germany; a professor in the Administrative Staff College of India, Hyderabad; and Secretary of the Federation of Indian Chambers of Commerce and Industry. Mr. Gupta has authored or coauthored more than 150 papers on macroeconomic and fiscal issues, many of which are published in well-known academic journals. He has also has authored, coauthored, or coedited 11 books, including three recently published by the IMF: The Economics of Public Health Care Reform in Advanced and Emerging Economies(2012), Energy Subsidy Reform: Lessons and Implications (2013), Equitable and Sustainable Pensions: Challenges and Experiences (2014), and Fiscal Policy and Inequality (2015).

Fabian Gunzinger is a graduate student at Oxford University, where he focuses of financial stability and financial networks. He was previously an economist at the Swiss National Bank and has received a BSc and a MSc in economics from the University of Bern.

Mark Hallerberg is a professor of public management and political economy at the Hertie School of Governance. His research focuses on fiscal governance, tax competition, financial crises, and European Union politics. He previously held academic positions at Emory University, where he maintains an affiliation with the political science department, as well as at the University of Pittsburgh and Georgia Institute of Technology. He received a PhD from the University of California–Los Angeles in 1995.

Jason Harris is an economist in the Public Financial Management Division I of the IMF’s Fiscal Affairs Department. He previously worked in the Australian Treasury preparing the Commonwealth Budget, and as an economic and fiscal adviser to the Australian Prime Minister. He has also spent 2 years at the Papua New Guinea Treasury, helping to prepare the country’s budget.

João Tovar Jalles is an economist in the IMF’s Fiscal Affairs Department. He was previously an economist in the OECD’s Economics Department where he was responsible for Portugal and Brazil. Before that, João was a fiscal economist at the European Central Bank, responsible for Malta and part of the Troika team for the Portuguese bailout program. João has also held visiting positions such as visiting scholar at the IMF’s Research Department and at the Bank of Portugal’s Research Department. He was an invited lecturer at Sciences Po in France and an assistant professor at the University of Aberdeen in the United Kingdom. He has also taught at the University of Cambridge in the United Kingdom and Universidade Nova de Lisboa in Portugal. João has worked mainly on fiscal-related topics and has published more than 50 academic papers in refereed journals. He has received a BSc, MSc, and PhD in economics from Universidade Nova de Lisboa, University of Warwick in the United Kingdom, and the University of Cambridge, respectively.

Laura Jaramillo is a deputy division chief in the Fiscal Operations II Division in the IMF’s Fiscal Affairs Department. Since joining the IMF, she has worked on advanced, emerging market, and low-income economies in Africa, Europe, and Latin America. Her latest research focuses on the nexus between taxation, productivity, and growth, and on the drivers of public debt. She also worked at the Ministry of Finance of Colombia in the aftermath of the 1998 financial crisis. She completed graduate studies at the Princeton University Woodrow Wilson School of Public and International Affairs and undergraduate studies at Universidad Externado de Colombia and Science Po.

Tom Josephs leads the Trade Policy Directorate at the United Kingdom’s Department of International Trade. He has previously worked in the Public Financial Management Division of the IMF’s Fiscal Affairs Department.

Tidiane Kinda is a special assistant to the director in the Asia and Pacific Department of the IMF. He previously worked in the IMF’s African Department and Fiscal Affairs Department, including in country teams covering the euro area, Canada, Chad, Croatia, Mali, Moldova, and Swaziland. Mr. Kinda previously worked in the Research Department of the World Bank and in the Research Division of the Central Bank of West African States. He has published widely on various topics, including capital flows, fiscal policy, and income inequality. He holds a PhD in economics from CERDI-Université de Clermont in France, where he taught macroeconomics and applied econometrics.

Estelle X. Liu is an economist in the IMF’s Fiscal Affairs Department. She has extensive experience in fiscal issues and has worked on country-specific fiscal issues in Brazil, Nepal, and Vietnam. She has worked on global financial market issues in the IMF’s Monetary and Capital Market Department; she was also the desk economist for the South Africa country team. Ms. Liu joined the IMF in 2010 and had previously worked at Hong Kong Monetary Authority.

Victor D. Lledó is a senior economist in the IMF’s Fiscal Affairs Department. He is one of the IMF experts on fiscal rules, fiscal councils, and fiscal federalism, having published regularly on these topics. Mr. Lledó was the IMF Resident Representative in Mozambique, and, until recently, the Fiscal Affairs Department economist for Spain. Mr. Lledó has worked extensively with both advanced and developing economies in a number of IMF departments as well as consultant for the United Kingdom’s Department for International Development and for the Brazilian government. Mr. Lledó holds a doctorate in development studies and a master’s in economics from the University of Wisconsin–Madison, a master in economics from the Getúlio Vargas Foundation School of Economics, and a bachelor in economics from the University of Brasilia.

Constant Lonkeng Ngouana is currently the IMF Resident Representative for Jamaica. Before this field position, he was an economist in the IMF’s Fiscal Affairs Department, where he worked on various issues including fiscal risks, the interaction between fiscal and monetary policy, and fiscal space, and contributed to Fiscal Monitor. He was the Fiscal Affairs Department economist for Indonesia and Jamaica. He has also worked in the IMF’s African Department, where he covered several countries under IMF-supported programs, and in the Institute for Capacity Development. He holds a master’s degree in international and development economics from the Economics School of Louvain, Belgium, and a PhD in economics from the University of Montreal in Canada.

Carlos Mulas-Granados is a senior economist in the IMF’s Fiscal Affairs Department. Since joining the IMF in 2012, he has led research for flagship publications such as Fiscal Monitor and the World Economic Outlook and has worked on country-specific fiscal issues in Brazil, Costa Rica, Portugal, Senegal, and the euro area. He is also a tenured professor of applied economics at Complutense University (on leave) and has served as a deputy director of the Spanish Prime Minister’s Economic Office. He is the author/editor of four books and has published dozens of articles in areas including political economy, fiscal adjustments, debt reduction, public investment, research and development, and inequality. He holds a PhD in economics from Cambridge University (United Kingdom), a European doctor degree in economics from Complutense University (Spain), and a master’s degree in international political economy from Columbia University (United States). In 2015, he received an IMF Global Award for his research on inequality issues.

Priscilla Muthoora is an economist in the African Division of the IMF Institute for Capacity Development. She joined the IMF in 2009 and has previously worked in the IMF’s Fiscal Affairs Department and in the Western Hemisphere Department. She received a PhD in economics from the University of Oxford. Her research focuses on fiscal policy and institutions and development macroeconomics.

Dilan Ölçer is a senior economist at Riksbank, where she works on issues related to financial stability and macroprudential policy. She is also consulted by the IMF as an expert in these areas. Before joining Riksbank, she held positions at international organizations such as the IMF, World Bank, and OECD. Her research focuses on political economics, development economics, fiscal politics, and oil-and gas-rich economies. She obtained a PhD in economics from Sciences Po Paris in 2013 and was a visiting fellow at Harvard University during 2009–10. She holds a master’s degree in international economics and business from the Stockholm School of Economics and a CEMS master’s degree in international management jointly from HEC Paris and the Stockholm School of Economics.

Brian Olden is a deputy division chief in the Public Financial Management Division I of the IMF’s Fiscal Affairs Department. Before joining the IMF, he was a regional public financial management advisor to South-East Europe and a senior economist. He has previously worked for FTI Management, Ltd., and the National Treasury Management Agency. He holds degrees from the University College of the Dublin and Dublin City University.

Eliko Pedastsaar is an economist in the Public Finance Management Division II of the IMF’s Fiscal Affairs Department. She has delivered technical assistance missions to the countries in Asia, Europe, the Middle East, and the Caribbean. Before joining the IMF, she worked as a deputy budget director in the Estonian Ministry of Finance and as a member of the executive board in the Estonian Health Insurance Fund. She has taught various courses in public administration in Tallinn University. Her main areas of expertise are budget management and medium-term planning. She holds master’s degrees in business administration from the Estonian Business School and in public administration from Tallinn University.

Javier J. Pérez is the head of division at the Directorate-General Economics and Statistics of Banco de España, the Spanish central bank. Before joining the Spanish central bank in 2008, he was a principal economist in the Fiscal Policies Division of the European Central Bank. Among other previous positions, he has been associate professor at University Pablo de Olavide of Seville and University Complutense of Madrid. He holds a PhD in economics from University Complutense of Madrid. He contributes regularly to international and national publications in the fields of macroeconomics, fiscal policies, fiscal federalism, and economic forecasting.

Tigran Poghosyan is an economist in the IMF’s Fiscal Affairs Department, where he covers fiscal issues in the euro area. He has also covered Ireland, Jordan, Lithuania, Ukraine, and Yemen in his previous assignments at the IMF and was a principal contributor to five issues of Fiscal Monitor over 2012–16. Before the IMF, he worked at the Central Bank of Armenia and was a visiting researcher at the Deutsche Bundesbank. His work on banking, international finance, asset pricing, and public finance is featured in IMF research and policy publications, books, and peer-reviewed journals, including the Journal of Money, Credit, and Banking, the Journal of Banking and Finance, Economics of Transition, and Empirical Economics. He holds two PhDs in economics—one from CERGE-EI and the other from the University of Groningen.

Michela Schena is a research analyst in the IMF’s Fiscal Affairs Department. She graduated from Tufts University in 2015 with a BA in international relations and economics.

Johann Seiwald has been a senior economist in the IMF’s Fiscal Affairs Department since 2012. Before joining the IMF, he was the head of the Austrian Performance Management Office, where he implemented the performance budgeting and management system in Austria. Before this, he was a senior expert in the Ministry of Finance, responsible for developing the Austrian Budget Reform, and the head of the Finance Department for the penitentiary system in the Ministry of Justice.

Mauricio Soto is a senior economist at the IMF, where he has assessed the fiscal impact of social insurance programs in advanced and emerging economies (largely pensions and health). He has collaborated with the authorities of more than a dozen countries in analyzing fiscal issues over the past 5 years. Before joining the IMF, he worked as a researcher on retirement issues–first at the Center for Retirement Research at Boston College and most recently at the Urban Institute. He has authored and coauthored several papers on age-related spending, and his research has been published in Labour, the Journal of Pension Economics and Finance, and the Journal of Financial Planning.

Jan-Egbert Sturm is a professor of applied macroeconomics as well as the director of the KOF Swiss Economic Institute at ETH Zurich. He was previous Chair of Monetary Economics in Open Economies at the University of Konstanz in Germany, which was coupled with the position of director of the Thurgau Institute of Economics in Kreuzlingen, Switzerland from 2003 to 2005. During 2001–03, he was a professor of economics at the University of Munich and the head of the Department for Economic Forecasting and Financial Markets at the Ifo Institute for Economic Research. He is editor of the European Journal of Political Economy and a member of several advisory committees in Switzerland and abroad. His research relies heavily on empirical methods and statistics, concentrating on monetary economics, macroeconomics, as well as political economy and with a special interest in fields that are closely related to practical and current problems. He has published several books and has contributed articles to various anthologies and internationally renowned journals. He received a PhD from the University of Groningen in 1997.

José Tavares is professor of economics at Universidade Nova de Lisboa and an affiliate researcher at the Centre for Economic Policy Research in London. He received a PhD in economics from Harvard University, where he specialized in political economy and macroeconomics. In addition, he has taught at Harvard University, the University of California–Los Angeles, and Universidade Católica Portuguesa. His research spans a broad set of issues, including the relation between democracy and economic growth, the macroeconomic cost of gender discrimination, and the role of globalization in countering corruption. His work has been published in academic journals, including the Journal of Monetary Economics, the Economics Journal, the Review of Economics and Statistics, and the Journal of Public Economics. He has also received coverage in media outlets such as Time magazine, the New York Times, and Handelsblatt.

Holger van Eden recently joined the IMF’s Technical Assistance Office in Thailand as a regional public financial management advisor for Southeast Asia, covering four emerging market economies–Indonesia, Malaysia, Philippines, Thailand–and four developing economies–Cambodia, Lao PDR, Myanmar, and Vietnam. He was previously the deputy division chief in the Public Financial Management II Division of the IMF’s Fiscal Affairs Department. He has worked extensively with ministries of finance in Eastern Europe, Asia, and Latin America and the Caribbean. His main focus areas are budget preparation, ministry of finance institutional restructuring, budget and fiscal responsibility laws, public investment management, and government treasury and cash management. Mr. van Eden has led and participated in more than 50 IMF technical assistance missions, including to Belgium, Bhutan, Brazil, China, Colombia, Greece, India, Indonesia, Japan, Mexico, Netherlands, Mongolia, and Thailand. At the IMF he has had a leadership role in developing IMF research and board papers on reform of budget institutions, public investment management, and fiscal transparency. Before joining the IMF, he worked as team leader and project coordinator in international consultancy, as an economic journalist and editor, and as a financial consultant for a global accounting firm. He started his career in the Dutch Ministry of Finance.

Geneviève Verdier is the deputy division chief of the Expenditure Policy Division of the IMF’s Fiscal Affairs Department. Before joining the IMF, she was an assistant professor at Texas A&M University. She also previously worked as an economist in the Research Department of the Bank of Canada, as well as the IMF’s Strategy, Policy, and Review Department; the African Department; and the Institute for Capacity Development. She earned a PhD from the University of British Columbia. Her work to date and publications in IMF research and policy publications, books, and peer-reviewed journals cover a wide range of macroeconomic issues related to public spending efficiency, public investment, sovereign debt restructuring, economic growth, international macroeconomics, and financial development.

Jürgen von Hagen is a professor of economics and the director of the Institut für Internationale Wirtschaftspolitik at the University of Bonn. He is also the vice president of the Public Finance Council of Portugal. He has previously been the director of the Center for European Integration in Bonn, a research fellow of the Centre for Economic Policy Research, a senior fellow of Bruegel, and a member of the Academic Advisory Council to the German Federal Minister of Economics and Labor. He has been a consultant or a visiting scholar at the European Commission, the European Parliament, the World Bank, the Inter-American Development Bank, the Federal Reserve of Saint Louis, and the IMF. His teaching appointments include the University of Bonn, Indiana University, and the University of Mannheim. His research interests include macroeconomics of European integration and the euro area and European public finance. He has published in major international economic journals and his acclaimed work on European integration addresses public finance and political economy issues has been widely cited. He holds a master’s and PhD in economics from the University of Bonn.

Anke Weber is an economist in the IMF’s European Department and previously was in the IMF’s Fiscal Affairs and Middle East and Central Asia departments. Before joining the IMF, Ms. Weber obtained a PhD in macroeconomics from the University of Cambridge. She has published articles on fiscal policy and growth, fiscal rules, central bank communication, and the role of expectations in macroeconomics.

Philippe Wingender is an economist in the IMF’s Fiscal Affairs Department. Mr. Wingender joined the IMF after obtaining his PhD in economics from the University of California, Berkeley. His research interests include the incidence of tax reform, taxation and informality and the macroeconomic effects of fiscal policy. His articles have appeared in the National Ta x Journal and a number of books. As an IMF economist, he has worked in several countries, including China, as well as on Uganda, Bosnia and Herzegovina, Kosovo, and Trinidad and Tobago.

Sami Yläoutinen is the director general in charge of economic policy coordination in the Finnish Ministry of Finance. Previously employed by the Bank of Finland, he joined the Ministry in 1999 and has since held several positions at the Ministry. During 2011–14 he worked in the IMF’s Fiscal Affairs Department. He holds a Doctor of Sciences in economics, and his dissertation focused on fiscal frameworks.

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