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Fiscal Policy Rules

Fiscal Policy Rules »

Series: Occasional Papers

Author(s): George Kopits , and Steven Symansky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 1998

DOI: http://dx.doi.org/10.5089/9781557757043.017

ISBN: 9781557757043

Keywords: fiscal policy, fiscal rules, public debt, fiscal policy rules, fiscal rule

What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute...

Rules-Based Fiscal Policy in Emerging Markets
			: Background, Analysis, and Prospects

Rules-Based Fiscal Policy in Emerging Markets : Background, Analysis, and Prospects »

Series: Seminar Volumes

Author(s): George Kopits

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2004

DOI: http://dx.doi.org/10.5089/9781403920850.072

ISBN: 9781403920850

Keywords: rules, fiscal rules, fiscal policy, public debt, fiscal discipline

Inspired by the experience of some advanced economies and to enhance creditworthiness, recently a number of emerging market economies adopted rules limiting government deficits, expenditures, or indebtedness. This...

Building a Common Future in Southern Africa

Building a Common Future in Southern Africa »

Series: Books

Author(s): Joannes Mongardini , Tamon Asonuma , Olivier Basdevant , Alfredo Cuevas , Xavier Debrun , Lars Engstrom , Imelda Flores Vazquez , Vitaliy Kramarenko , Lamin Leigh , Paul Masson , and Genevieve Verdier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2013

DOI: http://dx.doi.org/10.5089/9781616353995.071

ISBN: 9781616353995

Keywords: monetary policy, inflation, unemployment rate, rules

The Southern African Customs Union (SACU) is the oldest customs union in the world, with significant opportunities ahead for creating higher economic growth and increased welfare benefits to the people of the regio...

Rules-Based Fiscal Policy in France, Germany, Italy, and Spain

Rules-Based Fiscal Policy in France, Germany, Italy, and Spain »

Series: Occasional Papers

Author(s): Teresa Daban Sanchez , Steven Symansky , Gian Milesi-Ferretti , Enrica Detragiache , and Gabriel Di Bella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 November 2003

DOI: http://dx.doi.org/10.5089/9781589062160.084

ISBN: 9781589062160

Keywords: fiscal policy, expenditure, fiscal rules, expenditures, public debt

Fiscal rules can help to counteract the deficits and spending biases that too often originate in the political process. Rules that constrain spending--rather than the balance--allow fiscal policy to be countercycli...

Promoting Fiscal Discipline

Promoting Fiscal Discipline »

Series: Books

Author(s): Manmohan Kumar , and Teresa Ter-Minassian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 October 2007

DOI: http://dx.doi.org/10.5089/9781589066090.071

ISBN: 9781589066090

Keywords: fiscal policy, expenditure, fiscal performance, fiscal rules, fiscal discipline

Fiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. Discipline is especially important if countries, industrial as well as devel...

Managing the Oil Revenue Boom
			: The Role of Fiscal Institutions

Managing the Oil Revenue Boom : The Role of Fiscal Institutions »

Series: Occasional Papers

Author(s): Mauricio Villafuerte , Rolando Ossowski , Theo Thomas , and Paulo Medas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2008

DOI: http://dx.doi.org/10.5089/9781589067189.084

ISBN: 9781589067189

Keywords: Financial institutions, Oil revenues, oil-producing countries, fiscal policy, oil prices, fiscal rules

Oil-producing countries have benefited from rising oil prices in recent years. The increase in oil exports and oil revenues has had major implications for these countries. These developments have revealed how gover...

Sub-Saharan Africa
			: Forging New Trade Links with Asia

Sub-Saharan Africa : Forging New Trade Links with Asia »

Series: IMF Special Issues

Author(s): Sanjeev Gupta , Kevin Carey , and Ulrich Jacoby

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 October 2007

DOI: http://dx.doi.org/10.5089/9781589066670.058

ISBN: 9781589066670

Keywords: Export diversification, Trade policy, trade flows, total exports, export shares, trade patterns, rules of origin

What is the impact on trade in sub-Saharan Africa of the recent rapid growth in China and other Asian countries, and the associated commodity price boom? This paper looks at how trading patterns (both destinations...

The Use and Abuse of Taylor Rules

The Use and Abuse of Taylor Rules »

Source: The Use and Abuse of Taylor Rules : How Precisely Can We Estimate Them?

Volume/Issue: 2005/148

Series: IMF Working Papers

Author(s): Robert Tchaidze , and Alina Carare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

ISBN: 9781451861679

Keywords: central bank, Taylor rules, inflation, monetary policy rules, monetary economics,

This paper draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice. We simulate a macroeconomic model with a backward reaction function similar to Tayl...

Managing Oil Wealth
			: The Case of Azerbaijan

Managing Oil Wealth : The Case of Azerbaijan »

Series: IMF Special Issues

Author(s): Niko Hobdari , Chonira Aturupane , Eric Le Borgne , Koba Gvenetadze , John Wakeman-Linn , and Stephan Danninger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2004

Language: Russian

DOI: http://dx.doi.org/10.5089/9781589063570.058

ISBN: 9781589063570

Keywords: Oil revenues, expenditure, expenditures, oil and gas, natural resource, oil sector, fiscal policy, oil revenues, oil prices, natural resources

Oil and gas production in Azerbaijan were projected to increase sharply in 2005 and 2006, respectively, reaching peaks of 1.3 million barrels a day in 2009 and 20 billion cubic meters a year in 2010. Although expec...

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints »

Source: Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

Volume/Issue: 2009/286

Series: IMF Working Papers

Author(s): Michael Kumhof , and Huixin Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874310

Keywords: Optimal simple rules, monetary policy rules, fiscal policy rules, welfare analysis, borrowing constraints, tax revenue, inflation, government spending,

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than...