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Fiscal Decentralization and Fiscal Policy Performance

Fiscal Decentralization and Fiscal Policy Performance »

Source: Fiscal Decentralization and Fiscal Policy Performance

Volume/Issue: 2017/64

Series: IMF Working Papers

Author(s): Moussé Sow , and Ivohasina Razafimahefa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 2017

ISBN: 9781475588606

Keywords: Fiscal balance, Fiscal decentralization, policy cyclicality, Intergovernmental Relations, Deficit

This paper explores the impact of fiscal decentralization on fiscal policy performance in a large sample of advanced and developing economies. The findings suggest that a larger share of decentralized expenditure i...

From Firm-Level Imports to Aggregate Productivity

From Firm-Level Imports to Aggregate Productivity »

Source: From Firm-Level Imports to Aggregate Productivity : Evidence from Korean Manufacturing Firms Data

Volume/Issue: 2016/162

Series: IMF Working Papers

Author(s): JaeBin Ahn , and Moon Jung Choi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 August 2016

ISBN: 9781475523584

Keywords: Firm-level imports, Productivity pro-cyclicality, Aggregate TFP growth

Using the Korean manufacturing firm-level data, this paper confirms that three stylized facts on importing hold in Korea: the ratio of imported inputs in total inputs tends to be procyclical; the use of imported in...

Stochastic Trends, Debt Sustainability and Fiscal Policy

Stochastic Trends, Debt Sustainability and Fiscal Policy »

Source: Stochastic Trends, Debt Sustainability and Fiscal Policy

Volume/Issue: 2016/59

Series: IMF Working Papers

Author(s): Karim Barhoumi , Reda Cherif , and Nooman Rebei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2016

ISBN: 9781513574677

Keywords: Cyclicality, debt, future, government spending, permanent shocks, General, All Countries,

We study empirically the reaction of fiscal policy to changes in the permanent and transitory components of GDP in a panel of countries. We find evidence that government spending tends to be counter-cyclical condit...

Original Sin and Procylical Fiscal Policy

Original Sin and Procylical Fiscal Policy »

Source: Original Sin and Procylical Fiscal Policy : Two Sides of the Same Coin?

Volume/Issue: 2008/209

Series: IMF Working Papers

Author(s): Gustavo Adler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

ISBN: 9781451870671

Keywords: Fiscal policy cyclicality, original sin, government expenditure, expenditure, budget constraint,

The paper develops a simple model of sovereign debt where default both through direct repudiation and through inflation are possible and give rise to (endogenous) constraints on the currency composition and the lev...

Absorption Boom and Fiscal Stance

Absorption Boom and Fiscal Stance »

Source: Absorption Boom and Fiscal Stance : What Lies Ahead in Eastern Europe?

Volume/Issue: 2010/97

Series: IMF Working Papers

Author(s): Jesmin Rahman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

ISBN: 9781451982749

Keywords: Pro-cyclicality, cyclically-adjusted fiscal balance, expenditure, capital expenditure, social expenditure, National Government Expenditures and Related Policies: General, National Budget, Deficit, and Debt: General,

This paper estimates revenue and expenditure pro-cyclicality with respect to output and domestic absorption in new member states of the European Union and Croatia to assess whether these countries used the boom yea...

Computing Cyclically-Adjusted Balances and Automatic Stabilizers

Computing Cyclically-Adjusted Balances and Automatic Stabilizers »

Source: Computing Cyclically-Adjusted Balances and Automatic Stabilizers

Volume: 2009

Series: Technical Notes and Manuals

Author(s): Annalisa Fedelino , Mark Horton , and Anna Ivanova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2009

ISBN: 9781462359622

Keywords: fiscal policy, automatic stabilizers, business cycle fluctuations, cyclical adjustment, interest payments, interest, primary balance, fiscal balance

This technical note focuses on computing cyclically adjusted balances and automatic stabilizers. The note provides guidance on how to decompose overall fiscal balances into cyclical and cyclically adjusted componen...

Fiscal Incentive Effects of the German Equalization System

Fiscal Incentive Effects of the German Equalization System »

Source: Fiscal Incentive Effects of the German Equalization System

Volume/Issue: 2009/124

Series: IMF Working Papers

Author(s): Sven Jari Stehn , and Annalisa Fedelino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

ISBN: 9781451872712

Keywords: Fiscal federalism and equalization, cyclicality and sustainability of fiscal policy, expenditure, primary expenditure, budget constraint,

Does reliance on transfers weaken fiscal discipline and encourage pro-cyclical fiscal policies in recipient subnational governments? Using fiscal reaction functions for a panel of the German Länder, this paper find...

Bank Capitalization As a Signal

Bank Capitalization As a Signal »

Source: Bank Capitalization As a Signal

Volume/Issue: 2012/114

Series: IMF Working Papers

Author(s): Daniel Hardy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503357

Keywords: pro-cyclicality, signaling games, probability, equation, probability of default, present value,

The level of a bank‘s capitalization can effectively transmit information about its riskiness and therefore support market discipline, but asymmetry information may induce exaggerated or distortionary behavior: ban...

Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy1

Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy1 »

Source: Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy

Volume/Issue: 2010/197

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

ISBN: 9781455205271

Keywords: Bayesian Analysis, New Keynesian Phillips Curve, Cyclically-Adjusted Balance, Fiscal Stance, Fiscal Impulse, fiscal balance,

This paper employs several econometric techniques to estimate the Armenian output gap. The findings indicate that the output gap is significantly positive in 2007 and 2008 and decreased dramatically in 2009. The pa...

Loan Review, Provisioning, and Macroeconomic Linkages

Loan Review, Provisioning, and Macroeconomic Linkages »

Source: Loan Review, Provisioning, and Macroeconomic Linkages

Volume/Issue: 2000/195

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2000

ISBN: 9781451859904

Keywords: Nonperforming loans, cyclical bank behavior, capital ratios, credit, collateral, banking, loan classification, loan review

Loan review is a process routinely used by banks to assess the current value of loan portfolios. Provisioning is a technique to translate loan review results into the balance sheet. It allows for ongoing valuation...