Back Matter

Back Matter

Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Published Date:
October 2014
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    Acronyms

    AE

    advanced economies

    CAB

    cyclically adjusted balance

    CAD

    cyclically adjusted deficit

    CAPB

    cyclically adjusted primary balance

    CEE

    Central and Eastern Europe

    EMMIEs

    emerging market and middle-income economies

    ESSC

    employer social security contribution

    EU

    European Union

    GDP

    gross domestic product

    GFSM

    Government Finance Statistics Manual

    LAC

    Latin America and the Caribbean

    LIDCS

    low-income developing countries

    MENA

    Middle East and North Africa

    MENAP

    Middle East and North Africa and Pakistan

    NAO

    National Audit Office

    OECD

    Organisation for Economic Co-operation and Development

    PRGT

    Poverty Reduction and Growth Trust

    SNA

    System of National Accounts

    SOE

    state-owned enterprise

    SSA

    Sub-Saharan Africa

    SSC

    social security contributions

    Country Abbreviations

    Code

    Country name

    AFG

    Afghanistan

    AGO

    Angola

    ALB

    Albania

    ARE

    United Arab Emirates

    ARG

    Argentina

    ARM

    Armenia

    ATG

    Antigua and Barbuda

    AUS

    Australia

    AUT

    Austria

    AZE

    Azerbaijan

    BDI

    Burundi

    BEL

    Belgium

    BEN

    Benin

    BFA

    Burkina Faso

    BGD

    Bangladesh

    BGR

    Bulgaria

    BHR

    Bahrain

    BHS

    Bahamas, The

    BIH

    Bosnia and Herzegovina

    BLR

    Belarus

    BLZ

    Belize

    BOL

    Bolivia

    BRA

    Brazil

    BRB

    Barbados

    BRN

    Brunei Darussalam

    BTN

    Bhutan

    BWA

    Botswana

    CAF

    Central African Republic

    CAN

    Canada

    CHE

    Switzerland

    CHL

    Chile

    CHN

    China

    CIV

    Côte d’Ivoire

    CMR

    Cameroon

    COD

    Congo, Democratic Republic of the

    COG

    Congo, Republic of

    COL

    Colombia

    COM

    Comoros

    CPV

    Cabo Verde

    CRI

    Costa Rica

    CYP

    Cyprus

    CZE

    Czech Republic

    DEU

    Germany

    DJI

    Djibouti

    DMA DNK

    Dominica Denmark

    Code

    Country name

    DOM

    Dominican Republic

    DZA

    Algeria

    ECU

    Ecuador

    EGY

    Egypt

    ERI

    Eritrea

    ESP

    Spain

    EST

    Estonia

    ETH

    Ethiopia

    FIN

    Finland

    FJI

    Fiji

    FRA

    France

    FSM

    Micronesia, Federated States of

    GAB

    Gabon

    GBR

    United Kingdom

    GEO

    Georgia

    GHA

    Ghana

    GIN

    Guinea

    GMB

    Gambia, The

    GNB

    Guinea-Bissau

    GNQ

    Equatorial Guinea

    GRC

    Greece

    GRD

    Grenada

    GTM

    Guatemala

    GUY

    Guyana

    HKG

    Hong Kong SAR

    HND

    Honduras

    HRV

    Croatia

    HTI

    Haiti

    HUN

    Hungary

    IDN

    Indonesia

    IND

    India

    IRL

    Ireland

    IRN

    Iran

    IRQ

    Iraq

    ISL

    Iceland

    ISR

    Israel

    ITA

    Italy

    JAM

    Jamaica

    JOR

    Jordan

    JPN

    Japan

    KAZ

    Kazakhstan

    KEN

    Kenya

    KGZ

    Kyrgyz Republic

    KHM

    Cambodia

    KIR

    Kiribati

    KNA

    Saint Kitts and Nevis

    Code

    Country name

    KOR

    Korea

    KWT

    Kuwait

    LAO

    Lao P.D.R.

    LBN

    Lebanon

    LBR

    Liberia

    LBY

    Libya

    LCA

    Saint Lucia

    LKA

    Sri Lanka

    LSO

    Lesotho

    LTU

    Lithuania

    LUX

    Luxembourg

    LVA

    Latvia

    MAR

    Morocco

    MDA

    Moldova

    MDG

    Madagascar

    MDV

    Maldives

    MEX

    Mexico

    MHL

    Marshall Islands

    MKD

    Macedonia, former Yugoslav Republic of

    MLI

    Mali

    MLT

    Malta

    MMR

    Myanmar

    MNE

    Montenegro

    MNG

    Mongolia

    MOZ

    Mozambique

    MRT

    Mauritania

    MUS

    Mauritius

    MWI

    Malawi

    MYS

    Malaysia

    NAM

    Namibia

    NER

    Niger

    NGA

    Nigeria

    NIC

    Nicaragua

    NLD

    Netherlands

    NOR

    Norway

    NPL

    Nepal

    NZL

    New Zealand

    OMN

    Oman

    PAK

    Pakistan

    PAN

    Panama

    PER

    Peru

    PHL

    Philippines

    PLW

    Palau

    PNG

    Papua New Guinea

    POL

    Poland

    PRT

    Portugal

    PRY

    Paraguay

    OAT

    Qatar

    Code

    Country name

    ROU

    Romania

    RUS

    Russia

    RWA

    Rwanda

    SAU

    Saudi Arabia

    SDN

    Sudan

    SEN

    Senegal

    SGP

    Singapore

    SLB

    Solomon Islands

    SLE

    Sierra Leone

    SLV

    El Salvador

    SMR

    San Marino

    SOM

    Somalia

    SRB

    Serbia

    STP

    Sao Tomé and Principe

    SUR

    Suriname

    SVK

    Slovak Republic

    SVN

    Slovenia

    SWE

    Sweden

    SWZ

    Swaziland

    SYC

    Seychelles

    SYR

    Syria

    TCD

    Chad

    TGO

    Togo

    THA

    Thailand

    TJK

    Tajikistan

    TKM

    Turkmenistan

    TLS

    Timor-Leste

    TON

    Tonga

    TTO

    Trinidad and Tobago

    TUN

    Tunisia

    TUR

    Turkey

    TUV

    Tuvalu

    TWN

    Taiwan Province of China

    TZA

    Tanzania

    UGA

    Uganda

    UKR

    Ukraine

    URY

    Uruguay

    USA

    United States

    UZB

    Uzbekistan

    VCT

    Saint Vincent and the Grenadines

    VEN

    Venezuela

    VNM

    Vietnam

    VUT

    Vanuatu

    WSM

    Samoa

    YEM

    Yemen

    ZAF

    South Africa

    ZMB

    Zambia

    ZWE

    Zimbabwe

    Glossary

    Term

    Definition

    Automatic stabilizers

    Budgetary measures that dampen fluctuation in real GDP, automatically triggered by the tax code and by spending rules.

    Contingent liabilities

    Obligations of a government, the timing and magnitude of which depend on the occurrence of some uncertain future event outside the government’s control. Can be explicit (obligations based on contracts, laws, or clear policy commitments) or implicit (political or moral obligations) and sometime arise from expectations that government will intervene in the event of a crisis or a disaster, or when the opportunity cost of not intervening is considered to be unacceptable.

    Cyclical balance

    Cyclical component of the overall fiscal balance, computed as the difference between cyclical revenues and cyclical expenditures. The latter are typically computed using country-specific elasticities of aggregate revenue and expenditure series with respect to the output gap. Where unavailable, standard elasticities (0,1) are assumed for expenditure and revenue, respectively.

    Cyclically adjusted balance (CAB)

    Difference between the overall balance and the automatic stabilizers; equivalently, an estimate of the fiscal balance that would apply under current policies if output were equal to potential.

    Cyclically adjusted (CA) expenditure and revenue

    Revenue and expenditure adjusted for temporary effects associated with the deviation of actual from potential output (i.e., net of automatic stabilizers).

    Cyclically adjusted primary balance (CAPB)

    Cyclically adjusted balance excluding net interest payments.

    Fiscal devaluation

    A revenue-neutral shift from employers’ social contributions toward value-added tax.

    Expenditure elasticity

    Elasticity of expenditure with respect to the output gap.

    Fiscal multiplier

    The ratio of a change in output to an exogenous and temporary change in the fiscal deficit with respect to their respective baselines.

    Fiscal stimulus

    Discretionary fiscal policy actions (including revenue reductions and spending increases) adopted in response to a financial crisis.

    General government

    All government units and all nonmarket, nonprofit institutions that are controlled and mainly financed by government units comprising the central, state, and local governments; includes Social Security funds, and does not include public corporations or quasi-corporations.

    Gross debt

    All liabilities that require future payment of interest and/or principal by the debtor to the creditor. This includes debt liabilities in the form of special drawing rights, currency, and deposits; debt securities; loans; insurance, pension, and standardized guarantee schemes; and other accounts payable. (See the 2001 edition of the IMF’s Government Finance Statistics Manual and Public Sector Debt Statistics Manual). The term “public debt” is used in the Fiscal Monitor, for simplicity, as synonymous with gross debt of the general government, unless otherwise specified. (Strictly speaking, the term “public debt” refers to the debt of the public sector as a whole, which includes financial and nonfinancial public enterprises and the central bank.)

    Gross financing needs (also gross financing requirements)

    Overall new borrowing requirement plus debt maturing during the year.

    Interest rate-growth differential

    Effective interest rate (r, defined as the ratio of interest payments to the debt of the preceding period) minus nominal GDP growth (g), divided by 1 plus nominal GDP growth: (rg)/(1 + g).

    Net debt

    Gross debt minus financial assets corresponding to debt instruments. These financial assets are: monetary gold and SDRs, currency and deposits, debt securities, loans, insurance, pension, and standardized guarantee schemes, and other accounts receivable. In some countries the reported net debt can deviate from this definition on the basis of available information and national fiscal accounting practices.

    Nonfinancial public sector

    General government plus nonfinancial public corporations.

    Output gap

    Deviation of actual from potential GDP, in percent of potential GDP.

    Overall fiscal balance (also “head-line” fiscal balance)

    Net lending/borrowing, defined as the difference between revenue and total expenditure, using the 2001 edition of the IMF’s Government Finance Statistics Manual (GFSM 2001). Does not include policy lending. For some countries, the overall balance continues to be based on GFSM 1986, which is defined as total revenue and grants minus total expenditure and net lending.

    Policy lending

    Transactions in financial assets that are deemed to be for public policy purposes but are not part of the overall balance.

    Primary balance

    Overall balance excluding net interest payment (interest expenditure minus interest revenue).

    Public debt

    See Gross debt.

    Public sector

    The general government sector plus government-controlled entities, known as public corporations, whose primary activity is to engage in commercial activities.

    Revenue elasticity

    Elasticity of revenue with respect to the output gap.

    Stock-flow adjustment

    Change in the gross debt explained by factors other than the overall fiscal balance (for example, valuation changes).

    Structural fiscal balance

    Difference between the cyclically adjusted balance and other nonrecurrent effects that go beyond the cycle, such as one-off operations and other factors whose cyclical fluctuations do not coincide with the output cycle (for instance, asset and commodity prices and output composition effects).

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