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Author:
Mr. George A Mackenzie
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Mr. Peter Stella
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Language:
English
Print Publication Date:
24 Oct 1996
Keywords:
OP; QFAs; market; PFIs; central bank; central bank loss; central bank lending; income statement; central bank rescue operations; QFAs of central banks; exchange guarantee; Quasi-fiscal operations; Commercial banks; Loans; Credit; Exchange rates; Eastern Europe; Central Africa; West Africa; Caribbean; QFAs of the central bank; lending to the central government; NFPS deficit; QFAs stem; Contingent liabilities

Abstract

Central banks and other public financial institutions (PFIs) play an important role as agents of fiscal policy in many IMF member countries. Their activities in this guise can affect the overall public sector balance (the balance of both the nonfinancial and the financial public sectors), without affecting the budget deficit as conventionally measured. These activities, which are often referred to as quasi-fiscal operations or activities (QFAs), may also have important allocative effects.1 Moreover, they entail an increase in the effective role and size of the public sector.

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Cover Quasi-Fiscal Operations of Public Financial Institutions
Quasi-Fiscal Operations of Public Financial Institutions
ISBN:
9781557755834
ISSN:
0251-6365
Publication Date:
24 Oct 1996
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557755834.084
Pages:
45

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