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Dynamic Incentives and the Optimal Delegation of Political Power

Dynamic Incentives and the Optimal Delegation of Political Power »

Source: Dynamic Incentives and the Optimal Delegation of Political Power

Volume/Issue: 2007/91

Series: IMF Working Papers

Author(s): Eric Le Borgne , and Gauti Eggertsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

ISBN: 9781451866551

Keywords: Delegation, Elections, Career Concerns, Learning-by-doing, Insulation, public opinion, inflation, central bank, monetary policy, political economy

This paper proposes a theory to explain why a politician delegates policy tasks to a technocrat in an independent institution. It formalizes the rationales for delegation highlighted by Hamilton (1788) and by Blind...

Fiscal Policy and Debt Sustainability

Fiscal Policy and Debt Sustainability »

Source: Fiscal Policy and Debt Sustainability : Cardoso's Brazil, 1995-2002

Volume/Issue: 2004/156

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2004

ISBN: 9781451857436

Keywords: institutions, public debt, central bank, public sector debt, fiscal adjustment, National Government Expenditures and Related Policies: General, Social Security and Public Pensions, National Budget, Deficit, and Debt: General

We look into Brazil's public sector accounts during the two administrations of President Fernando Henrique Cardoso: 1995-98 and 1998-2002. We underline the fact that the authorities' attitude was as important as th...

Fiscal Sustainability and Resource Mobilization in the Dominican Republic

Fiscal Sustainability and Resource Mobilization in the Dominican Republic »

Source: Fiscal Sustainability and Resource Mobilization in the Dominican Republic

Volume/Issue: 2003/19

Series: IMF Working Papers

Author(s): Oscar Melhado Orellana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2003

ISBN: 9781451843767

Keywords: public debt, central bank, external debt, public sector debt, Taxation, Subsidies, and Revenue: General, National Budget, Deficit, and Debt: General,

This paper examines fiscal sustainability and resource mobilization in the Dominican Republic. The fiscal position appears to be sustainable, if resource mobilization is strengthened. If expenditure continues to ri...

The Global Economic Recovery 10 Years After the 2008 Financial Crisis

The Global Economic Recovery 10 Years After the 2008 Financial Crisis »

Source: The Global Economic Recovery 10 Years After the 2008 Financial Crisis

Volume/Issue: 2019/83

Series: IMF Working Papers

Author(s): Wenjie Chen , Mico Mrkaic , and Malhar Nabar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 April 2019

ISBN: 9781498305426

Keywords: Supply and demand, Public sector borrowing requirements, Negative interest rates, Bank credit, Central banks, Financial crisis, GDP trend, output deviations, employment deviations, bank crisis

This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis i...

A Political Agency Theory of Central Bank Independence

A Political Agency Theory of Central Bank Independence »

Volume/Issue: 2003/144

Series: IMF Working Papers

Author(s): Gauti Eggertsson , and Eric Le Borgne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

DOI: http://dx.doi.org/10.5089/9781451856460.001

ISBN: 9781451856460

Keywords: Central Bank Independece, Career Concerns, Elections, Experimetation, inflation, monetary policy, central bank, average inflation, Structure, Scope

We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks to an independent agency. We apply this theory to monetary policy by extending a standard dyna...

Dynamic Incentives and the Optimal Delegation of Political Power

Dynamic Incentives and the Optimal Delegation of Political Power »

Volume/Issue: 2007/91

Series: IMF Working Papers

Author(s): Eric Le Borgne , and Gauti Eggertsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

DOI: http://dx.doi.org/10.5089/9781451866551.001

ISBN: 9781451866551

Keywords: Delegation, Elections, Career Concerns, Learning-by-doing, Insulation, public opinion, inflation, central bank, monetary policy, political economy

This paper proposes a theory to explain why a politician delegates policy tasks to a technocrat in an independent institution. It formalizes the rationales for delegation highlighted by Hamilton (1788) and by Blind...

Fiscal Policy and Debt Sustainability
			: Cardoso's Brazil, 1995-2002

Fiscal Policy and Debt Sustainability : Cardoso's Brazil, 1995-2002 »

Volume/Issue: 2004/156

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2004

DOI: http://dx.doi.org/10.5089/9781451857436.001

ISBN: 9781451857436

Keywords: institutions, public debt, central bank, public sector debt, fiscal adjustment, National Government Expenditures and Related Policies: General, Social Security and Public Pensions, National Budget, Deficit, and Debt: General

We look into Brazil's public sector accounts during the two administrations of President Fernando Henrique Cardoso: 1995-98 and 1998-2002. We underline the fact that the authorities' attitude was as important as th...

Fiscal Sustainability and Resource Mobilization in the Dominican Republic

Fiscal Sustainability and Resource Mobilization in the Dominican Republic »

Volume/Issue: 2003/19

Series: IMF Working Papers

Author(s): Oscar Melhado Orellana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2003

DOI: http://dx.doi.org/10.5089/9781451843767.001

ISBN: 9781451843767

Keywords: public debt, central bank, external debt, public sector debt, Taxation, Subsidies, and Revenue: General, National Budget, Deficit, and Debt: General,

This paper examines fiscal sustainability and resource mobilization in the Dominican Republic. The fiscal position appears to be sustainable, if resource mobilization is strengthened. If expenditure continues to ri...

The Global Economic Recovery 10 Years After the 2008 Financial Crisis

The Global Economic Recovery 10 Years After the 2008 Financial Crisis »

Volume/Issue: 2019/83

Series: IMF Working Papers

Author(s): Wenjie Chen , Mico Mrkaic , and Malhar Nabar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 April 2019

DOI: http://dx.doi.org/10.5089/9781498305426.001

ISBN: 9781498305426

Keywords: Supply and demand, Public sector borrowing requirements, Negative interest rates, Bank credit, Central banks, Financial crisis, GDP trend, output deviations, employment deviations, bank crisis

This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis i...

Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity
			: The Main Considerations

Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity : The Main Considerations »

Volume/Issue: 2012/40

Series: IMF Working Papers

Author(s): Obert Nyawata

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933838.001

ISBN: 9781463933838

Keywords: consolidated public sector, central bank, government securities, debt management, Fiscal and Monetary Policy in Development, Wages, Compensation, and Labor Costs: Public Policy,

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical...