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Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries?

Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries? »

Source: Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries?

Volume/Issue: 2016/209

Series: IMF Working Papers

Author(s): Sampawende Tapsoba , Robert York , and Neree Noumon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2016

ISBN: 9781475552003

Keywords: Fiscal policy, Procyclicality, Capacity building, Budget institutions, Developing countries

Few papers have attempted to assess the role of 'capacity,' especially in the area of macroeconomic statistics. Consequently, we make an attempt to advance this literature through the construction of a 'statistical...

The Use and Effectiveness of Macroprudential Policies

The Use and Effectiveness of Macroprudential Policies »

Source: The Use and Effectiveness of Macroprudential Policies : New Evidence

Volume/Issue: 2015/61

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Stijn Claessens , and Luc Laeven

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2015

ISBN: 9781498321051

Keywords: Macroprudential policies, Effectiveness, Procyclicality, credit growth, markets, monetary fund, borrower, instruments, Government Policy and Regulation, Government Policy and Regulation,

Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprude...

Fiscal Politics in the Euro Area

Fiscal Politics in the Euro Area »

Source: Fiscal Politics in the Euro Area

Volume/Issue: 2017/18

Series: IMF Working Papers

Author(s): Luc Eyraud , Vitor Gaspar , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2017

ISBN: 9781475572919

Keywords: Political economy, Euro Area, Fiscal policy, Fiscal reforms, political economy factors, deficit bias, procyclicality, fiscal rules

This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries...

Strengthening Fiscal Frameworks and Improving the Spending Mix in Small States

Strengthening Fiscal Frameworks and Improving the Spending Mix in Small States »

Source: Strengthening Fiscal Frameworks and Improving the Spending Mix in Small States

Volume/Issue: 2015/124

Series: IMF Working Papers

Author(s): Ezequiel Cabezon , Patrizia Tumbarello , and Yiqun Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 June 2015

ISBN: 9781513529103

Keywords: revenue volatility, procyclical policies, quality of spending, revenue, debt, expenditure, public spending, General,

Reflecting diseconomies of scale in providing public goods and services, recurrent spending in small states typically represents a large share of GDP. For some small states, this limits the fiscal space available f...

The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America

The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America »

Source: The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America

Volume/Issue: 2010/192

Series: IMF Working Papers

Author(s): Leandro Medina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

ISBN: 9781455202263

Keywords: procyclicality, fiscal positions, exporting countries, price fluctuations, National Government Expenditures and Related Policies: General,

The recent boom and bust in commodity prices has raised concerns about the impact of volatile commodity prices on Latin American countries' fiscal positions. Using a novel quarterly data set-which includes unique c...

An Overview of Macroprudential Policy Tools

An Overview of Macroprudential Policy Tools »

Source: An Overview of Macroprudential Policy Tools

Volume/Issue: 2014/214

Series: IMF Working Papers

Author(s): Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2014

ISBN: 9781484358115

Keywords: externalities, market failures, procyclicality, systemic risks, banks, credit, risk, capital, Government Policy and Regulation, Government Policy and Regulation,

Macroprudential policies - caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies - have...

The Golden Rule and the Economic Cycles*

The Golden Rule and the Economic Cycles* »

Source: The Golden Rule and the Economic Cycles

Volume/Issue: 2007/199

Series: IMF Working Papers

Author(s): Keiko Honjo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

ISBN: 9781451867633

Keywords: Golden rule, fiscal rule, procyclical fiscal policy, economic cycle, macroeconomic stability, fiscal balance, fiscal performance, public finances,

The present formulation of the golden rule in the United Kingdom allows fiscal performance to be tested explicitly on an ex-post basis. However, it requires precise dating of the economic cycle, which can lead to s...

Dynamic Loan Loss Provisions in Uruguay

Dynamic Loan Loss Provisions in Uruguay »

Source: Dynamic Loan Loss Provisions in Uruguay : Properties, Shock Absorption Capacity and Simulations Using Alternative Formulas

Volume/Issue: 2010/125

Series: IMF Working Papers

Author(s): Torsten Wezel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200849

Keywords: Dynamic Provisioning, Procyclicality, correlation, bond, financial stability, bond index, correlations, Financial Institutions and Services: Government Policy and Regulation,

This paper assesses the merits of countercyclical loan loss provisioning in Uruguay. Using a stress test methodology, it quantifies the protection against macroeconomic shocks provided by the stock of dynamic provi...

Anchor Me: The Benefits and Challenges of Fiscal Responsibility

Anchor Me: The Benefits and Challenges of Fiscal Responsibility »

Source: Anchor Me: The Benefits and Challenges of Fiscal Responsibility

Volume/Issue: 2019/70

Series: IMF Working Papers

Author(s): Serhan Cevik

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 March 2019

ISBN: 9781498302937

Keywords: Economic stabilization, Fiscal policy, National budgets, Budgetary policy, Fiscal stimulus, procyclicality, structural budget balances, fiscal rules, output gap, countercyclical

This paper discusses the benefits and challenges of implementing a rule-based fiscal responsibility framework, using the Philippines as a case study. It estimates structural measures of the fiscal stance over the p...

Procyclical Fiscal Policy

Procyclical Fiscal Policy »

Source: Procyclical Fiscal Policy : Shocks, Rules, and Institutions: A View From Mars

Volume/Issue: 2006/27

Series: IMF Working Papers

Author(s): Paolo Manasse

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862874

Keywords: procyclicality, institutions, linear model, fiscal rule, parameter estimate, National Deficit Surplus, Neural Networks and Related Topics, Positive Analysis of Policy-Making and Implementation,

This paper assesses the roles of shocks, rules, and institutions as possible sources of procyclicality in fiscal policy. By employing parametric and nonparametric techniques, I reach the following four main conclus...