Front Matter

Front Matter

International Monetary Fund
Published Date:
June 1988
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    © International Monetary Fund, 1988

    Library of Congress Cataloging-in-Publication Data

    Measurement of fiscal impact.

    (Occasional paper / International Monetary Fund, ISSN 0251–6365; no. 59)

    “June 1988.”

    Includes bibliographies.

    1. Budget deficits. 2. Debts, Public. 3. Expenditure, Public—Effect of inflation on. 4. Inflation (Finance) 5. Fiscal policy. 6. Finance, Public—Accounting. I. Blejer, Mario I. II. Chu, Keyoung, 1941–. III. Series: Occasional paper (International Monetary Fund) ; no. 59

    HJ2005.M43 1988 339.5′2 88–9054

    ISBN 1-55775-016-5

    Price: US$7.50

    (US$4.50 university libraries, faculty members, and students)

    Address orders:

    External Relations Department, Publication Services

    International Monetary Fund, Washington, D.C. 20431


    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1984–85 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1985/86) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    Prefatory Note

    The Measurement of Fiscal Impact: Methodological Issues comprises five papers that were prepared by the staff of the Fund’s Fiscal Affairs Department. The papers deal with issues that have arisen directly from the authors’ involvement in Fund operations and are the result of analytical work on a common topic. The staff of the Fiscal Affairs Department have long been concerned with the methodological issues pertaining to the operations of the public sector and their macroeconomic implications. The studies in this volume reflect this concern.

    Although sharing a common theme, the papers were prepared without the intention of being collected in the present form. Once put together, however, they offer a central message, which is that the concern for the conventional flow concepts of the deficit should be supplemented with an examination of stock concepts, such as finance, real assets, liabilities, and net worth, to generate more meaningful measures about the fiscal impact on the economy. It was envisaged that, although some of the manuscripts have been published separately, publishing them in the present form would make them more accessible to a wider audience.

    The editors wish to thank all the contributing authors for their collaboration in adapting their respective written work to the format required for this volume. The editors are particularly indebted to M. Regina Llana and Leda Montero for their secretarial efforts, and to Juanita Roushdy of the External Relations Department for editorial assistance.

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