Chapter

Fiscal Monitor Selected Topics

Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Published Date:
April 2017
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Fiscal Monitor Archives

Navigating the Fiscal Challenges AheadMay 2010
Fiscal Exit: From Strategy to ImplementationNovember 2010
Shifting GearsApril 2011
Addressing Fiscal Challenges to Reduce Economic RisksSeptember 2011
Balancing Fiscal Policy RisksApril 2012
Taking Stock: A Progress Report on Fiscal AdjustmentOctober 2012
Fiscal Adjustment in an Uncertain WorldApril 2013
Taxing TimesOctober 2013
Public Expenditure Reform: Making Difficult ChoicesApril 2014
Back to Work: How Fiscal Policy Can HelpOctober 2014
Now Is the Time: Fiscal Policies for Sustainable GrowthApril 2015
The Commodities Roller Coaster: A Fiscal Framework for Uncertain TimesOctober 2015
Acting Now, Acting TogetherApril 2016
Debt: Use It WiselyOctober 2016
Achieving More with LessApril 2017

I. Adjustment

Defining and Measuring Fiscal SpaceApril 2017, Annex 1.1
China: What Do We Know about the General Government’s Balance Sheet?October 2016, Box 1.1
Brazil: Private Debt and the Strength of the Public Sector Balance SheetOctober 2016, Box 1.3
Fiscal Consolidations with Progressive MeasuresApril 2014, Box 2.4
Constructing an Index of the Difficulty of Fiscal AdjustmentOctober 2013, Box 1
Medium-Term Fiscal Adjustment in an Uncertain WorldApril 2013, Chapter 2
Fiscal Adjustment in the United States: Making Sense of the NumbersApril 2013, Box 5
The Appropriate Pace of Short-Term Fiscal AdjustmentApril 2013, Box 2
Taking Stock: A Progress Report on Fiscal AdjustmentOctober 2012, Chapter 2
Distributional Consequences of Alternative Fiscal Consolidation Measures: Reading from the DataOctober 2012, Appendix 1
Easy Does It: The Appropriate Pace of Fiscal ConsolidationApril 2012, Chapter 3
Fiscal Multipliers in Expansions and ContractionsApril 2012, Appendix 1
Early Lessons from Experiences with Large Fiscal Adjustment PlansApril 2012, Appendix 2
Experience with Large Fiscal Adjustment Plans in Ireland and PortugalApril 2012, Box A2.1
Fiscal Adjustment Plans and Medium-Term Fiscal OutlookNovember 2010, Chapter 3
To Tighten or Not to Tighten: This Is the QuestionNovember 2010, Box 1.2
Fiscal Adjustment and Income Distribution in Advanced and Emerging EconomiesNovember 2010, Appendix 3
The Fiscal Policy Outlook: Adjustment Needs and PlansMay 2010, Chapter 3
Adjustment Measures and InstitutionsMay 2010, Chapter 4
Fiscal Adjustment Requirements: Gross and Net Debt TargetsMay 2010, Appendix 2

II. Commodities and Energy

Reforming Energy SubsidiesApril 2015, Box 1.2
The Fiscal Impact of Lower Oil PricesApril 2015, Chapter 1
Reforming Energy SubsidiesApril 2013, Appendix 1
Fiscal Developments in Oil-Producing EconomiesSeptember 2011, Box 3
Fuel and Food Price Shocks and Fiscal Performance in Low-Income CountriesSeptember 2011, Box 8
Pass-Through and Fiscal Impact of Rising Fuel PricesApril 2011, Box 1.2
Reforming Petroleum SubsidiesMay 2010, Appendix 5

III. Country Cases

Colombia: Labor Tax Reform and the Shift from Informal to Formal EmploymentApril 2017, Box 2.2
Making Growth More Inclusive in ChinaApril 2017, Box 1.3
Mozambique: Differential Tax Treatment across FirmsApril 2017, Box 2.3
Innovation in Brazil, Russia, India, China, and South Africa (BRICS)October 2016, Box 2.4
Lowflation and Debt in the Euro AreaOctober 2014, Box 1.1
Fiscal Challenges in the Pacific Island CountriesApril 2014, Box 1.3
Fiscal Reforms to Unlock Economic Potential in the Arab Countries in TransitionOctober 2013, Box 2
Fiscal Adjustment in the United States: Making Sense of the NumbersApril 2013, Box 5
Lessons from SwedenOctober 2012, Box 2
The “Two-Pack”: Further Reforms to Fiscal Governance in the Euro AreaOctober 2012, Box 6
Ireland: The Impact of Crisis and Fiscal Policies on InequalityOctober 2012, Box 8
The “Fiscal Compact”: Reforming EU Fiscal GovernanceApril 2012, Box 5
Experience with Large Fiscal Adjustment Plans in Ireland and PortugalApril 2012, Box A2.1
Subnational Government Response to the Financial Crisis in the United States and CanadaApril 2012, Box A3.1
United States: Government-Sponsored Enterprises and Contingent LiabilitiesSeptember 2011, Box 1
The Dog That Didn’t Bark (So Far): Low Interest Rates in the United States and JapanSeptember 2011, Chapter 3
Fiscal Aspects of EU Economic Governance ReformsApril 2011, Box 4.1
The U.S. National Commission ReportApril 2011, Box A5.1
The European Union: Reforming Fiscal GovernanceNovember 2010, Box 3.2
Increasing Social Expenditures and Household Consumption in ChinaMay 2010, Box 4
Health Care Reforms in the United StatesMay 2010, Box 5

IV. Crises, Shocks

Learning from the Crisis? Taxation and Financial StabilityOctober 2013, Box 3
Ireland: The Impact of Crisis and Fiscal Policies on InequalityOctober 2012, Box 8
The Impact of the Global Financial Crisis on Subnational Government FinancesApril 2012, Appendix 3
The Evolution of Seigniorage during the CrisisApril 2012, Box 4
Subnational Government Response to the Financial Crisis in the United States and CanadaApril 2012, Box A3.1
The Legacy of the Crisis: How Long Will It Take to Lower Public Debt?September 2011, Chapter 5
The G-20 Economies: Crisis-Related Discretionary Fiscal StimulusNovember 2010, Box 1.1
Update on Crisis-Related Discretionary Fiscal Stimulus in G-20 EconomiesMay 2010, Appendix 1
The Impact of the Crisis on Subnational GovernmentsMay 2010, Appendix 4

V. Emerging Markets

Innovation in Brazil, Russia, India, China, and South Africa (BRICS)October 2016, Box 2.4
Nonresident Holdings of Emerging Market Economy DebtApril 2014, Box 1.2
Potential Sources of Contingent Liabilities in Emerging Market EconomiesApril 2013, Box 4
Fiscal Fundamentals and Global Spillovers in Emerging EconomiesApril 2012, Box 2
Too Good to Be True? Fiscal Developments in Emerging EconomiesSeptember 2011, Chapter 4
Determinants of Domestic Bond Yields in Emerging EconomiesSeptember 2011, Box 4

VI. Employment

Colombia: Labor Tax Reform and the Shift from Informal to Formal EmploymentApril 2017, Box 2.2
Can Fiscal Policies Do More for Jobs?October 2014, Chapter 2
Methodology for Estimating the Impact of Fiscal Consolidation on EmploymentOctober 2014, Appendix 1
Do Old Workers Crowd Out the Youth?October 2014, Box 2.2
Fiscal Policies to Address Weak EmploymentOctober 2012, Appendix 2

VII. Financial Sector

The Fiscal Implications of International Bond Issuance by Low-Income Developing CountriesOctober 2014, Box 1.2
Nonresident Holdings of Emerging Market Economy DebtApril 2014, Box 1.2
A One-Off Capital Levy?October 2013, Box 6
Bond Yields and Stability of the Investor BaseApril 2013, Box 3
Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced EconomiesOctober 2012, Box 3
Financial Sector SupportOctober 2012, Box 4
Reassuring Markets about Fiscal Sustainability in the Euro AreaSeptember 2011, Chapter 2
Determinants of Domestic Bond Yields in Emerging EconomiesSeptember 2011, Box 4
Financial Sector Support and Recovery to DateSeptember 2011, Box 7
Financial Sector Support and Recovery to DateApril 2011, Box 1.1
Sovereign Financing and Government Debt MarketsNovember 2010, Chapter 2
Advanced Economies: Financial Market Spillovers among SovereignsNovember 2010, Box 2.2
Market Concerns about Economies and Default RisksNovember 2010, Box 2.1
Are Sovereign Spreads Linked to Fundamentals?November 2010, Appendix 2
Measures to Finance the Cost of Financial Sector SupportMay 2010, Box 3

VIII. Fiscal Outlook

Navigating a Risky WorldOctober 2016, Chapter 1
Recent Fiscal Developments and OutlookApril 2015, Chapter 1
Recent Fiscal Developments and OutlookOctober 2014, Chapter 1
Recent Fiscal Developments and OutlookApril 2014, Chapter 1
Recent Fiscal Developments and the Short-Term OutlookOctober 2013, Chapter 1
Recent Fiscal Developments and the Short-Term OutlookApril 2013, Chapter 1
The Fiscal OutlookOctober 2012, Chapter 1
Moving ForwardOctober 2012, Chapter 3
Continued Fiscal Tightening Is in Store for 2012, Particularly among Advanced EconomiesApril 2012, Chapter 1
Conclusion and Risk AssessmentApril 2012, Chapter 7
Risk to the BaselineSeptember 2011, Box 2
Fiscal Developments in Oil-Producing EconomiesSeptember 2011, Box 3
The Fiscal Indicators IndexSeptember 2011, Box 5
Addressing Fiscal Challenges to Reduce Economic Risks: IntroductionSeptember 2011, Chapter 1
Too Good to Be True? Fiscal Developments in Emerging EconomiesSeptember 2011, Chapter 4
Addressing Fiscal Challenges to Reduce Economic Risks: ConclusionSeptember 2011, Chapter 7
Shocks to the Baseline Fiscal OutlookApril 2011, Chapter 3
Fiscal Developments and Near-Term OutlookNovember 2010, Chapter 1
Fiscal Adjustment Plans and Medium-Term Fiscal OutlookNovember 2010, Chapter 3
Assessing Fiscal RisksNovember 2010, Chapter 4
The Near- and Medium-Term Fiscal OutlookMay 2010, Chapter 1

IX. Government Debt

Can Countries Sustain Higher Levels of Public Debt?April 2017, Box 1.4
Do Fiscal Rules Lower Sovereign Borrowing Costs in Countries with Weak Track Records of Fiscal Performance?April 2017, Box 1.5
Debt: Use It WiselyOctober 2016, Chapter 1
Debt Data SetOctober 2016, Annex 1.1
Private and Public Debt and the Pace of the RecoveryOctober 2016, Annex 1.2
Interlinkages between Public and Private Debt: Selected Summary of the LiteratureOctober 2016, Annex 1.3
Policies during Deleveraging EpisodesOctober 2016, Annex 1.5
How Much Do Financial Markets Value Government Balance Sheets?October 2016, Box 1.5
Skeletons in the Closet? Shedding Light on Contingent LiabilitiesApril 2016, Box 1.3
Lowflation and Debt in the Euro AreaOctober 2014, Box 1.1
Moment of Truth: Unfunded Pension Liabilities and Public Debt StatisticsApril 2014, Box 1.1
Public Debt Dynamics and Fiscal Adjustment in Low-Income Countries in Sub-Saharan AfricaApril 2013, Box 6
Debt Ratios Are Still on the Rise, but Peaks Are within SightApril 2012, Chapter 2
High Gross Debt Levels May Overstate Challenges in the Short Run . . .April 2012, Chapter 4
. . . But Long-Run Debt-Related Challenges Remain LargeApril 2012, Chapter 5
The Legacy of the Crisis: How Long Will It Take to Lower Public Debt?September 2011, Chapter 5
Factors Underlying the Debt Increase Precrisis versus End-2015September 2011, Box 6
The Importance of Monitoring Both Gross and Net DebtSeptember 2011, Appendix 3
Stock-Flow Adjustments and Their DeterminantsSeptember 2011, Appendix 4
Fiscal Deficits and Debts: Development and OutlookApril 2011, Chapter 1
Sovereign Financing and Government Debt MarketsApril 2011, Chapter 2
Debt Dynamics and the Interest Rate-Growth DifferentialApril 2011, Box 3.1
Sovereign Financing and Government Debt MarketsNovember 2010, Chapter 2
Are Sovereign Spreads Linked to Fundamentals?November 2010, Appendix 2
Risks to Medium-Term Public Debt Trajectories Methodological and Statistical AppendixNovember 2010, Appendix 4
Implications of Fiscal Developments for Government Debt MarketsMay 2010, Chapter 2
Debt Dynamics in G-20 Economies: An UpdateMay 2010, Box 1
Gross versus Net DebtMay 2010, Box 2
Fiscal Adjustment Requirements: Gross and Net Debt TargetsMay 2010, Appendix 2
Government Debt and GrowthMay 2010, Appendix 3

X. Private Debt

Debt: Use It WiselyOctober 2016, Chapter 1
Debt Data SetOctober 2016, Annex 1.1
Private and Public Debt and the Pace of RecoveryOctober 2016, Annex 1.2
Interlinkages between Public and Private Debt: Selected Summary of the LiteratureOctober 2016, Annex 1.3
Private Deleveraging and the Role of Fiscal PolicyOctober 2016, Annex 1.4
Policies during Deleveraging EpisodesOctober 2016, Annex 1.5
Benefits of Targeted Fiscal Intervention during Times of Private DeleveragingOctober 2016, Box 1.4

XI. Growth

Making Growth More Inclusive in ChinaApril 2017, Box 1.3
Taxation and Growth: Details MatterOctober 2013, Box 4
Debt Dynamics and the Interest Rate-Growth DifferentialApril 2011, Box 3.1
Interest Rate-Growth DifferentialNovember 2010, Appendix 1
Government Debt and GrowthMay 2010, Appendix 3

XII. Innovation, Entrepreneurship, Research, and Development

Fiscal Policies for Innovation and GrowthApril 2016, Chapter 2
The Role of Patents for InnovationOctober 2016, Box 2.1
Fiscal Policy and Green InnovationOctober 2016, Box 2.2
Does Preferential Tax Treatment of Income from Intellectual Property Promote Innovation?October 2016, Box 2.3
Innovation in Brazil, Russia, India, China, and South AfricaOctober 2016, Box 2.4
Programs for Young Innovators and Start-UpsOctober 2016, Box 2.5
Fiscal Policy, Research and Development, and Total Factor Productivity GrowthOctober 2016, Annex 2.1
Corrective Fiscal Incentives for Research and DevelopmentOctober 2016, Annex 2.2
Taxation and EntrepreneurshipOctober 2016, Annex 2.4

XIII. Interest Rates

The Dog That Didn’t Bark (So Far): Low Interest Rates in the United States and JapanSeptember 2011, Chapter 3
Debt Dynamics and the Interest Rate-Growth DifferentialApril 2011, Box 3.1
Interest Rate-Growth DifferentialNovember 2010, Appendix 1

XIV. Low-Income Countries

The Fiscal Implications of Slowing Global Trade for Emerging Market and Developing EconomiesApril 2016, Box 1.1
The Fiscal Implications of International Bond Issuance by Low-Income Developing CountriesOctober 2014, Box 1.2
Confronting Trade-Offs: Accommodating Spending Pressures in Low-Income CountriesSeptember 2011, Chapter 6
Global Fuel and Food Price Shocks and Fiscal Performance in Low-Income CountriesSeptember 2011, Box 8

XV. Policy and Reform

Do Fiscal Rules Lower Sovereign Borrowing Costs in Countries with Weak Track Records of Fiscal Performance?April 2017, Box 1.5
Upgrading the Tax System to Boost ProductivityApril 2017, Chapter 2
What Are the Budgetary Costs and Gains of Structural Reforms?April 2017, Box 1.2
Debt: Use It WiselyOctober 2016, Chapter 1
Policies during Deleveraging EpisodesOctober 2016, Annex 1.5
Benefits of Targeted Fiscal Interventions at Times of Private DeleveragingOctober 2016, Box 1.4
An Active, Supportive Role for Fiscal PolicyApril 2015, Chapter 1
Can Fiscal Policy Stabilize Output?April 2015, Chapter 2
Public Expenditure Reform: Making Difficult ChoicesApril 2014, Chapter 2
Expenditure Rules: Effective Tools for Sound Fiscal PolicyApril 2014, Appendix 1
The Future of the State: Testing the Wagner and Baumol HypothesesApril 2014, Box 2.1
Fiscal Reforms to Unlock Economic Potential in the Arab Countries in TransitionOctober 2013, Box 2
Tricks of the TradeOctober 2013, Box 5
How Can Fiscal Councils Strengthen Fiscal Performance?April 2013, Box 1
Commonly Used Definitions of the Fiscal BalanceOctober 2012, Box 1
The “Two-Pack”: Further Reforms to Fiscal Governance in the Euro AreaOctober 2012, Box 6
Measuring Fiscal Space: A Critical Review of Existing MethodologiesApril 2012, Box 1
Anchoring Medium-Term Fiscal Credibility: The Second Generation of Fiscal RulesApril 2012, Chapter 6
The “Fiscal Compact”: Reforming EU Fiscal GovernanceApril 2012, Box 5
Assessing the Cyclicality of Subnational Government PoliciesApril 2012, Box A3.2
“Fiscal Devaluation”: What Is It—and Does It Work?September 2011, Appendix 1
Fiscal Aspects of EU Economic Governance ReformsApril 2011, Box 4.1
Fiscal Transparency Under PressureApril 2011, Appendix 2
The European Union: Reforming Fiscal GovernanceNovember 2010, Box 3.2
Fiscal Rules—Recent DevelopmentsMay 2010, Box 7

XVI. Privatization, Public Enterprises

General Government Nonfinancial Assets: What Do We Know?October 2012, Box 7
Government Shares in Publicly Listed CompaniesApril 2012, Box 3
United States: Government-Sponsored Enterprises and Contingent LiabilitiesSeptember 2011, Box 1
Adjusting Public Capital Stock for Investment InefficiencySeptember 2011, Box 9
Insights for Privatization Plans from Previous Large EpisodesSeptember 2011, Appendix 2

XVII. Revenue

Upgrading the Tax System to Boost ProductivityApril 2017, Chapter 2
Past, Present, and Future Patterns in RevenuesApril 2015, Box 1.1
Assessing Potential Revenue: Two ApproachesOctober 2013, Appendix 2
Increasing Revenue from Real Property TaxesOctober 2013, Appendix 3
Past Episodes of Sustained Fiscal Revenue IncreasesMay 2010, Box 6

XVIII. Social Expenditures

The Fiscal Response to the Refugee Influx in EuropeApril 2016, Box 1.2
The Pressure of Age-Related Spending on Public Debt in Advanced EconomiesApril 2015, Box 1.3
Targeted Employer Social Security Contribution Cuts: Lessons from Experiences in Advanced EconomiesOctober 2014, Box 2.1
Public Expenditure Reform: Making Difficult ChoicesApril 2014, Chapter 2
Moment of Truth: Unfunded Pension Liabilities and Public Debt StatisticsApril 2014, Box 1.1
Structural Measures and Social DialogueApril 2014, Box 2.2
Health System InefficienciesApril 2014, Box 2.3
Recent Developments in Public Health Spending and Outlook for the FutureOctober 2013, Appendix 1
Confronting Trade-Offs: Accommodating Spending Pressures in Low-Income CountriesSeptember 2011, Chapter 6
Potential Reform Strategies to Contain the Growth of Public Health SpendingApril 2011, Box A1.1
The U.S. National Commission ReportApril 2011, Box A5.1
Tackling the Challenge of Health Care Reform in Advanced EconomiesApril 2011, Appendix 1
Selected Spending and Tax IssuesNovember 2010, Chapter 5
Advanced Economies: The Outlook for Public Health SpendingNovember 2010, Box 3.1
Increasing Social Expenditures and Household Consumption in ChinaMay 2010, Box 4
Health Care Reforms in the United StatesMay 2010, Box 5

XIX. Stabilization

Can Fiscal Policy Stabilize Output?April 2015, Chapter 2
Fiscal Stabilization under Alternative Estimates of the Output GapApril 2015, Box 2.1
Boosting the Effectiveness of Automatic StabilizersApril 2015, Box 2.2

XX. Stimulus

The G-20 Economies: Crisis-Related Discretionary Fiscal StimulusNovember 2010, Box 1.1
Update on Crisis-Related Discretionary Fiscal Stimulus in G-20 EconomiesMay 2010, Appendix 1

XXI. Subsidies

Reforming Energy SubsidiesApril 2015, Box 1.2
Reforming Petroleum SubsidiesApril 2010, Appendix 5

XXII. Sustainability and Risk Management

Can Countries Sustain Higher Levels of Public Debt?April 2017, Box 1.4
Developing a Fiscal Risk Management FrameworkApril 2016, Box 1.4
Reassuring Markets about Fiscal Sustainability in the Euro AreaSeptember 2011, Chapter 2
Assessing and Mitigating Fiscal Sustainability RisksApril 2011, Chapter 4
Assessing Fiscal Sustainability Risks: Deriving a Fiscal Sustainability Risk MapApril 2011, Appendix 3

XXIII. Taxes

Colombia: Labor Tax Reform and the Shift from Informal to Formal EmploymentApril 2017, Box 2.2
The Destination-Based Cash Flow Tax: A PrimerApril 2017, Box 1.1
Mozambique: Differential Tax Treatment across FirmsApril 2017, Box 2.3
Upgrading the Tax System to Boost ProductivityApril 2017, Chapter 2
What Is the Effective Marginal Tax Rate?April 2017, Box 2.1
Taxation and Foreign Direct InvestmentOctober 2016, Annex 2.3
Taxation and EntrepreneurshipOctober 2016, Annex 2.4
Taxing Our Way out of—or into?—TroubleOctober 2013, Chapter 2
Learning from the Crisis? Taxation and Financial StabilityOctober 2013, Box 3
Taxation and Growth: Details MatterOctober 2013, Box 4
A One-Off Capital Levy?October 2013, Box 6
Increasing Revenue from Real Property TaxesOctober 2013, Appendix 3
Do Pensioners Get Special Treatment on Taxes?October 2012, Box 5
Containing Tax ExpendituresApril 2011, Appendix 5
Selected Spending and Tax IssuesNovember 2010, Chapter 5

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