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Fiscal Policy Management in an Open Capital Regime

Fiscal Policy Management in an Open Capital Regime »

Source: Fiscal Policy Management in an Open Capital Regime

Volume/Issue: 1997/20

Series: IMF Working Papers

Author(s): Peter Heller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1997

ISBN: 9781451922158

Keywords: globalization, capital flows, capital inflows, fiscal position, fiscal stance

This paper argues that as countries open their capital regimes, the appropriate fiscal stance should become more conservative than when capital is immobile. Further fiscal adjustment may be necessary in the face of...

How to Improve Inflation Targeting in Canada

How to Improve Inflation Targeting in Canada »

Source: How to Improve Inflation Targeting in Canada

Volume/Issue: 2016/192

Series: IMF Working Papers

Author(s): Maurice Obstfeld , Kevin Clinton , Ondra Kamenik , Douglas Laxton , Yulia Ustyugova , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 2016

ISBN: 9781475541298

Keywords: Canada; inflation targeting; monetary policy; fiscal policy

Routine publication of the forecast path for the policy interest rate (i.e. 'conventional forward guidance') would improve the transparency of monetary policy. It would also improve policy effectiveness through its...

Is Fiscal Policy Coordination in EMU Desirable?1

Is Fiscal Policy Coordination in EMU Desirable?1 »

Source: Is Fiscal Policy Coordination in EMU Desirable?

Volume/Issue: 2001/178

Series: IMF Working Papers

Author(s): Roel Beetsma , Xavier Debrun , and Franc Klaassen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

ISBN: 9781451858952

Keywords: EMU, fiscal coordination, shocks, demand management, inflation, fiscal policies, fiscal policy, fiscal authorities, And Demand Management,

It is widely argued that Europe's unified monetary policy calls for international coordination at the fiscal level. We survey the issues involved in such coordination in the perspective of macroeconomic stabilizati...

Fiscal Policy and Growth in the Context of European Integration

Fiscal Policy and Growth in the Context of European Integration »

Source: Fiscal Policy and Growth in the Context of European Integration

Volume/Issue: 2000/133

Series: IMF Working Papers

Author(s): Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2000

ISBN: 9781451855487

Keywords: fiscal federalism, tax competition, tax rates, fiscal policies, pension, pensions

The paper considers the issue of whether a supranational fiscal policy in Europe is needed, and, if so, what responsibilities it should undertake. The literature on endogenous growth and the principle of subsidiari...

Will Fiscal Policy Be Effective Under EMU?

Will Fiscal Policy Be Effective Under EMU? »

Source: Will Fiscal Policy Be Effective Under EMU?

Volume/Issue: 1998/176

Series: IMF Working Papers

Author(s): M. Cangiano , and Eric Mottu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1998

ISBN: 9781451975550

Keywords: Economic Union, Policy Coordination, expenditure, central fiscal, fiscal authority, fiscal policies

European Economic and Monetary Union does not envisage creating a central fiscal authority. Monetary and exchange rate policies will be centralized, but fiscal policy will remain a national responsibility, in line...

Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies

Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies »

Source: Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies : Ricardian Equivalence, Fiscal Stabilization, and EMU

Volume/Issue: 1998/112

Series: IMF Working Papers

Author(s): Paul Masson , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451853575

Keywords: Fiscal Stabilization, Levels of Government, Ricardian Equivalence, tax liability, private consumption, fiscal stabilizers

This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilizers within an economy. It argues that such stabilizers operate most effectively at a national, rather than local,...

Fiscal Policy and the Current Account

Fiscal Policy and the Current Account »

Source: Fiscal Policy and the Current Account

Volume/Issue: 2010/121

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200801

Keywords: fiscal policy, external imbalances, current account, exchange rate, fiscal balance, government spending, budget balance

This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis o...

Fiscal Multipliers and the State of the Economy1

Fiscal Multipliers and the State of the Economy1 »

Source: Fiscal Multipliers and the State of the Economy

Volume/Issue: 2012/286

Series: IMF Working Papers

Author(s): Anja Baum , Marcos Poplawski-Ribeiro , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2012

ISBN: 9781475565829

Keywords: business cycle, nonlinear analysis, fiscal multipliers, fiscal adjustment, government spending, fiscal consolidation, fiscal multipliers., Quantitative Policy Modeling,

Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (...

Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment

Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment »

Source: Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment

Volume/Issue: 2013/170

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Todd Mattina , and Agustin Roitman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2013

ISBN: 9781484374054

Keywords: market pressure, macro-fiscal fundamentals, advanced economies, fiscal consolidations, fiscal adjustments, Asset Pricing, General,

We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980-2011 have been associated with market pressure. We find that only a third (34 percent) of the consolidations occurred under market...

Intergovernmental Relations and Fiscal Discipline

Intergovernmental Relations and Fiscal Discipline »

Source: Intergovernmental Relations and Fiscal Discipline : Between Commons and Soft Budget Constraints

Volume/Issue: 2001/65

Series: IMF Working Papers

Author(s): Guiseppe Pisauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2001

ISBN: 9781451848687

Keywords: fiscal federalism, soft budget constraint, bailout, budget constraint, fiscal discipline, budget process, fiscal relations, State And Local Government,

Fiscal decentralization is likely to entail a bias in the budget process toward higher public expenses and deficits. The paper reviews lessons drawn from the theoretical literature and international experience on t...