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How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments1

How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments1 »

Source: How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments

Volume/Issue: 2014/179

Series: IMF Working Papers

Author(s): Julio Escolano , Laura Jaramillo , Carlos Mulas-Granados , and G. Terrier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2014

ISBN: 9781484378861

Keywords: Deficit, primary balance, size of adjustment, fiscal adjustments, fiscal consolidations, Structure and Scope of Government,

The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility. To answer this question, we re...

Another Look at Governments’ Balance Sheets

Another Look at Governments’ Balance Sheets »

Source: Another Look at Governments' Balance Sheets : The Role of Nonfinancial Assets

Volume/Issue: 2013/95

Series: IMF Working Papers

Author(s): Elva Bova , Robert Dippelsman , Kara Rideout , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2013

ISBN: 9781484315453

Keywords: government statistics, government finance, government finance statistics, national accounts, public finances, Structure and Scope of Government, Infrastructures,

When discussing debt reduction strategies, little attention has been given to the role of governments’ nonfinancial assets. This is in part because data are scarce. Drawing on various data sources, this pape...

Reforming Tax Expenditures in Italy: What, Why, and How?1

Reforming Tax Expenditures in Italy: What, Why, and How?1 »

Source: Reforming Tax Expenditures in Italy : What, Why, and How?

Volume/Issue: 2014/7

Series: IMF Working Papers

Author(s): Justin Tyson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2014

ISBN: 9781484370773

Keywords: Tax expenditures, efficiency, equity, expenditures, tax expenditure, expenditure, tax system, Structure and Scope of Government, Other,

The IMF has advised country authorities to roll back tax expenditures as a way to support fiscal consolidation efforts-urging them to evaluate tax expenditures according to clear criteria, and assessing their impac...

Fiscal Rules at a Glance

Fiscal Rules at a Glance »

Source: Fiscal Rules at a Glance : Country Details from a New Dataset

Volume/Issue: 2012/273

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 November 2012

ISBN: 9781616359102

Keywords: fiscal governance, rules, legislation, federal budget, legal obligation, regulation, Structure and Scope of Government, Deficit,

This paper provides country-specific information on fiscal rules in use in 81 countries from 1985 to end-September 2012. It serves as background material and update of the July 2012 Working Paper 'Fiscal Rules in R...

Spending Seigniorage

Spending Seigniorage »

Source: Spending Seigniorage : Do Central Banks Have a Governance Problem?

Volume/Issue: 2006/58

Series: IMF Working Papers

Author(s): Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863185

Keywords: seigniorage, expenditures, central bank, reserve accumulation, currency composition, Structure, Scope, and Performance of Government,

This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their financial accounts. Central banks are classified as weak or strong, depending upon their structural p...

The Aging of the Population and the Size of the Welfare State

The Aging of the Population and the Size of the Welfare State »

Source: The Aging of the Population and the Size of the Welfare State

Volume/Issue: 2002/68

Series: IMF Working Papers

Author(s): Phillip Swagel , Efraim Sadka , and Assaf Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2002

ISBN: 9781451849004

Keywords: dependency ratio, labor tax, tax rate, dependency, unemployment, social security, Structure, Scope, and Performance of Government,

Data for the United States and countries in Western Europe indicate a negative correlation between the dependency ratio and both labor tax rates and the generosity of social transfers, after controlling for other f...

Tax Revenue Downturns

Tax Revenue Downturns »

Source: Tax Revenue Downturns : Anatomy and Links to Imports

Volume/Issue: 2010/138

Series: IMF Working Papers

Author(s): Kun Li , and Pablo Lopez Murphy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

ISBN: 9781455201211

Keywords: downturns, tax revenues, fiscal policy, tax policy, tax bases, Structure, Scope, and Performance of Government, Taxation, Subsidies

We study historical tax revenue downturn episodes-where tax revenue-to-GDP ratios decline sharply-and explore the link between tax revenues and imports. We document that downturn episodes of at least 1 percentage p...

Too Small to Fail? Subnational Spending Pressures in Europe

Too Small to Fail? Subnational Spending Pressures in Europe »

Source: Too Small to Fail? Subnational Spending Pressures in Europe

Volume/Issue: 2013/46

Series: IMF Working Papers

Author(s): Luc Eyraud , and Marialuz Moreno Badia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2013

ISBN: 9781475578157

Keywords: fiscal federalism, local governments, EU, decentralization, subnational governments, expenditure decentralization, fiscal decentralization, Structure and Scope of Government, Deficit, General

The purpose of this paper is to assess whether expenditure decentralization has contributed to weakening fiscal performance in Europe. Using a panel of EU15 countries for the period 1995-2011, we estimate three eco...

Measuring Fiscal Decentralization

Measuring Fiscal Decentralization »

Source: Measuring Fiscal Decentralization : Exploring the IMF's Databases

Volume/Issue: 2011/126

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

ISBN: 9781455263431

Keywords: Fiscal federalism, fiscal centralization, government finance, compensation of employees, fiscal decentralization, local governments, Methodology for Collecting, Estimating, and Organizing Macroeconomic Data, Structure

Conventional wisdom postulates that there are benefits from decentralizing government finances but there is little empirical evidence about actual country practices. This paper presents data on fiscal decentralizat...

Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World1

Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World1 »

Source: Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World

Volume/Issue: 2014/122

Series: IMF Working Papers

Author(s): Elva Bova , Nathalie Carcenac , and Martine Guerguil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2014

ISBN: 9781498305525

Keywords: fiscal policty, cyclicality, developing economies, fiscal rule, budget balance, fiscal institutions, Structure and Scope of Government, Deficit, Open Economy Macroeconomics,

This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries ou...