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Riding the Roller Coaster

Riding the Roller Coaster »

Source: Riding the Roller Coaster : Fiscal Policies of Nonrenewable Resource Exporters in Latin America and the Caribbean

Volume/Issue: 2010/251

Series: IMF Working Papers

Author(s): Pablo Lopez Murphy , Mauricio Villafuerte , and Rolando Ossowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

ISBN: 9781455209514

Keywords: expenditure, fiscal policies, fiscal sustainability, Structure, Scope, and Performance of Government, National Government Expenditures and Related Policies: General, National Budget, Deficit, and Debt: General

This paper analyzes recent fiscal policies of nonrenewable resource exporting countries in Latin America and the Caribbean in the context of sharp swings in resource prices. Fiscal policies were predominantly procy...

Strengthening Russia's Fiscal Framework

Strengthening Russia's Fiscal Framework »

Source: Strengthening Russia's Fiscal Framework

Volume/Issue: 2012/76

Series: IMF Working Papers

Author(s): Daria Zakharova , and Charleen Gust

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781475502282

Keywords: oil-producing countries, resource revenue management, accountability, fiscal framework, fiscal stance, fiscal agency, expenditures, Structure, Scope, and Performance of Government

Though many aspects of Russia's fiscal policy framework are close to best practice on paper, actual practice in recent years has been moving away from best practice. In particular, the continued focus on the overal...

Can Budget Institutions Counteract Political Indiscipline?

Can Budget Institutions Counteract Political Indiscipline? »

Source: Can Budget Institutions Counteract Political Indiscipline?

Volume/Issue: 2006/123

Series: IMF Working Papers

Author(s): Ashoka Mody , and Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

ISBN: 9781451863833

Keywords: budget institutions, electoral rules, government fragmentation, government ideology, ethnic fractionalization, voter turnover, fiscal institutions, fiscal performance, fiscal discipline, Analysis of Collective Decision-Making: General

The budget is an expression of political rather than economic priorities. We confirm this proposition for a group of new and potential members of the European Union, finding that politics dominates. The contemporar...

Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle

Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle »

Volume/Issue: 2010/28

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2010

DOI: http://dx.doi.org/10.5089/9781451962536.001

ISBN: 9781451962536

Keywords: fiscal impulses, Structure, Scope, and Performance of Government, National Government Expenditures and Related Policies: General, National Budget, Deficit, and Debt: General, National Deficit Surplus,

This paper presents a detailed analysis of the average fiscal policy responses of oil producing countries (OPCs) to the recent oil price cycle. We find that OPCs worsened their non-oil primary balances substantiall...

Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies

Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies »

Volume/Issue: 2011/173

Series: IMF Working Papers

Author(s): Xavier Debrun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781462313327.001

ISBN: 9781462313327

Keywords: Fiscal councils, deficit bias, delegation, central bank, fiscal institutions, fiscal agencies, Structure, Scope, and Performance of Government, National Deficit Surplus,

Despite growing interest among policymakers, there is no theory of independent fiscal institutions. The emerging literature on "fiscal councils" typically makes informal parallels with the theory of central bank in...

Fiscal Rules in Response to the Crisis
			: Toward the "Next-Generation" Rules:   A New Dataset

Fiscal Rules in Response to the Crisis : Toward the "Next-Generation" Rules: A New Dataset »

Volume/Issue: 2012/187

Series: IMF Working Papers

Author(s): Nina Budina , Andrea Schaechter , Anke Weber , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505351.001

ISBN: 9781475505351

Keywords: fiscal governance, budget balance, national fiscal rules, fiscal rule, Structure, Scope, and Performance of Government, National Deficit Surplus,

Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - co...

Decentralizing Spending More Than Revenue
			: Does it Hurt Fiscal Performance?

Decentralizing Spending More Than Revenue : Does it Hurt Fiscal Performance? »

Volume/Issue: 2011/226

Series: IMF Working Papers

Author(s): Luc Eyraud , and Lusine Lusinyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463904944.001

ISBN: 9781463904944

Keywords: fiscal federalism, vertical gap, local governments, decentralization, fiscal performance, sub-national governments, vertical fiscal imbalance, fiscal imbalance, Structure, Scope

In many countries the decentralization of spending responsibilities has outpaced the decentralization of revenue powers. Sub-national governments have then to rely on transfers from the center and borrowing to fina...

Narrowing Vertical Fiscal Imbalances in Four European Countries

Narrowing Vertical Fiscal Imbalances in Four European Countries »

Volume/Issue: 2012/91

Series: IMF Working Papers

Author(s): Izabela Karpowicz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502664.001

ISBN: 9781475502664

Keywords: Federalism, decentralization, vertical fiscal imbalance, local governments, fiscal decentralization, sub-national governments, fiscal balances, Structure, Scope, and Performance of Government

This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI) - defined as the share of sub-national own spending not financed through own revenues - in four Euro...

How Do Canadian Budget Forecasts Compare with Those of Other Industrial Countries?

How Do Canadian Budget Forecasts Compare with Those of Other Industrial Countries? »

Volume/Issue: 2005/66

Series: IMF Working Papers

Author(s): Martin Mühleisen , Kornelia Krajnyak , Stephan Danninger , David Hauner , and Bennett Sutton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2005

DOI: http://dx.doi.org/10.5089/9781451860856.001

ISBN: 9781451860856

Keywords: Budget Forecasting, Macroeconomic Projections, tax revenue, government expenditure, fiscal forecasts, fiscal forecasting, budget process, Forecasting and Other Model Applications, Structure, Scope

This paper compares Canadian central government budget forecasting with forecasting by other industrial countries. While fiscal forecasting in Canada is governed by one of the strongest institutional frameworks, qu...

Fiscal Expectations Under the Stability and Growth Pact
			: Evidence from Survey Data

Fiscal Expectations Under the Stability and Growth Pact : Evidence from Survey Data »

Volume/Issue: 2011/48

Series: IMF Working Papers

Author(s): Marcos Poplawski-Ribeiro , and Jan-Christoph Rülke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455218943.001

ISBN: 9781455218943

Keywords: credibility, Stability and Growth Pact, survey data, budget deficit, survey, fiscal authorities, fiscal forecasts, equation, Structure, Scope

The paper uses survey data to analyze whether financial market expectations on government budget deficits changed in France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact...