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Business and Economics > Budgeting

You are looking at 1 - 10 of 26 items for :

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  • Central Banks and Their Policies x
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Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Central Bank Strategic Planning
International Monetary Fund. Monetary and Capital Markets Department
This report provides an overview of the assistance provided by the IMF to the Central Bank of the Seychelles in reviewing and updating its strategic plan, in line with international best practices for central banks.
Keywords:
CBS management team; CBS strategy; MCM Department; mission from the Monetary and Capital Markets; CBS risk appetite; Budget planning and preparation; Central bank balance sheet; Central Bank digital currencies; Financial inclusion; Development strategy
Cover IMF Working Papers
Policy Multipliers in Japan Under QQE
Sam Ouliaris
and
Celine Rochon
This paper tests whether Japan's key macro policy multipliers have declined since 2013, the year that Japan introduced Qualitative and Quantitative Easing. We use the augmented Blanchard-Perotti structural VAR model introduced in Ouliaris and Rochon (2021) to study the dynamic effects of shocks in the central bank’s asset holdings, interest rates, and debt levels relative to GDP on economic activity in Japan. We find that both the expenditure and tax multipliers of Japan have fallen, implying that the effectiveness of fiscal policy in Japan declined following the change in monetary policy. Moreover, we find that the efficacy of quantitative easing is small, implying the need for huge interventions to have a significant effect on real GDP, and that the effectiveness of quantitative easing has declined since 2013. We argue that the reduction in policy multipliers can be attributed to the upward trend in the government debt level relative to GDP which, despite historically low interest rates, has increased Japan’s structural deficit, and the likelihood of reduced expenditures and higher taxes going forward.
Keywords:
fiscal multipliers; structural VAR; policy multiplier; debt multiplier; tax multiplier; effectiveness of quantitative easing; QQE multiplier; Tax expenditures; Real interest rates; Central bank balance sheet
Cover IMF Staff Country Reports
Ukraine: Program Monitoring with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
International Monetary Fund. European Dept.
Russia’s invasion of Ukraine continues to have a devastating social and economic impact on the country. Civilian casualties are mounting, over a third of the population has been displaced, and access to basic needs such as electricity, water, and heating are at risk while winter is coming. Macroeconomic management has been exceedingly difficult. The fiscal deficit has ballooned to accommodate a large expansion of defense spending, financed by a combination of external support and monetization, with multiple supplementary budgets since the start of the war. The inflation targeting regime was replaced by a hard peg to the US dollar, supported by FX controls and a sizeable increase in policy interest rates. The exchange rate has come under episodic pressure (and was devalued by 25 percent in July), despite sizable external financing. Notwithstanding all these strains, the authorities have largely managed to maintain macroeconomic and financial stability, and they are committed to take necessary measures to preserve stability.
Keywords:
financial support; financing mix; General government finance; market demand; Policy discussion; Quasi-fiscal operations; Budget planning and preparation; Global
Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This handbook is aimed at anyone who is involved in a Public Investment Management Assessment (PIMA) or who has a practical interest in public investment management. It is intended to be useful for country authorities, IMF staff, staff of other financial institutions and development organizations, and anyone who is interested in exploring different aspects of public investment management to understand how country systems are designed and how they work in practice.

Keywords:
IMF Public Investment Management Assessment; public investment; PIMA; PIM; public investment management; handbook; investment; government; governance; country; spending; infrastructure governance; investment efficiency; investment shock; investment spending; public investment spending; public investment and public-private partnerships (PPP); infrastructure; budget planning; planification; allocation; execution; fiscal rules; global; Asia and Pacific; Africa; Caribbean; Sub-Saharan Africa; Western Hemisphere; Middle East; investment trend; infrastructure investment spending; Pima report; investment planning; PPP investment; Budget planning and preparation; Capital spending; Capital budget
Cover Policy Papers
Safeguards Assessments Policy - External Expert Panel's Advisory Report
International Monetary Fund
This report by the external expert panel (“the panel”) examines the effectiveness and appropriateness of the safeguards assessments policy in the five years since its last review in 2010. In addition to expressing an opinion on the effectiveness and appropriateness of the safeguards assessment policy, the panel also makes recommendations to the Executive Board for its consideration to improve and optimize the benefits to be garnered from the safeguards assessment policy. The panel’s opinion is based on (i) consultations with key stakeholders, including central bank authorities, IMF Executive Directors’ offices, Fund and World Bank staff; (ii) examination of safeguards assessment and other Fund-specific documents; and (iii) study of international reference materials.
Keywords:
PP; safeguards assessment policy; executive management; Fund staff; risk profile; Fund headquarters; governance arrangement; lending portfolio; central bank accountability; member country; central bank risk management; credit risk; central bank autonomy; central bank legislation; central bank executive management; conduct safeguards assessment; central bank governance; Central bank governance; Credit; Budget planning and preparation; Central bank autonomy; External audit; Europe; Africa; Global
Cover IMF Working Papers
Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies
Mr. Xavier Debrun
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 independence, but a very simple formal example shows that such a shortcut is flawed. The paper then illustrates key features of a model of independent fiscal agencies, and in particular the need (1) to incorporate the intrinsically political nature of fiscal policy - which precludes credible delegation of instruments to unelected decisionmakers - and (2) to focus on characterizing "commitment technologies" likely to credibly increase fiscal discipline.
Keywords:
WP; public goods; central bank; Fiscal councils; fiscal policy; deficit bias; delegation; deficit contract; fiscal policy decision; deficit ceiling; equilibrium deficit; policy mistake; bias of the kind; assessment of competence; inflation contract; Budget planning and preparation; Central bank autonomy; Inflation; Africa
Cover IMF Working Papers
The Effectiveness of Macroeconomic Commitment in Weak(er) Institutional Environments
Mr. Marc G Quintyn
and
Sophia Gollwitzer
This paper analyzes the institutional conditions affecting the establishment and effectiveness of independent central banks and of budgetary institutions. It draws on the recent theory developed by North, Wallis and Weingast on the transition from a closed and fragile state to an open economic and political environment. The paper presents a composite indicator allowing for the identification of a country’s position along this transition path. The findings suggest that (i) while the establishment of autonomous central banks seems to be relatively independent from the broader institutional framework, sound budgetary institutions tend to be established in countries with higher levels of rule of law for the elites, and (ii) while central bank independence is effective in reducing inflation irrespective of a country’s position along the transition path, budget institutions seem to be most effective as a disciplining device in weak institutional environments.
Keywords:
WP; doorstep condition; position vis-à-vis; country example; armed forces; country ranking; political system; Macroeconomic Commitment Institutions; Political-Economic Institutions; Central Bank Independence; Budgetary Institutions; units weak; government action; country's government; CBI index; income level; Inflation; Institutional arrangements for revenue administration; Budget planning and preparation; Legal support in revenue administration; Europe
Cover Manual on Fiscal Transparency (2007)
Manual on Fiscal Transparency (2007)
Ms. Dawn Elizabeth Rehm
and
Ms. Taryn R Parry

Abstract

The Manual on Fiscal Transparency provides an authoritative account and explanation of the revised IMF Code of Good Practices on Fiscal Transparency (‘the Code’). It expands and updates the 2001 edition of the Manual, which has been used by countries undertaking assessments of the transparency of their fiscal management practices (including so-called ‘fiscal ROSCs’), legislatures, civil society organizations, economists, and financial analysts. Numerous new examples of implementation of the Code by countries in all regions of the world and at different levels of development are included. The Manual, which reflects a public comment process, is also supplemented by the revised Guide on Resource Revenue Transparency. It identifies numerous benefits from fiscal transparency, including providing citizens with information to hold governments accountable for their policy choices, informing and improving the quality of economic policy decisions, highlighting potential risks to the fiscal outlook, and easing a country’s access to international capital markets.

Keywords:
M&G; government; term id; appropriation
Cover IMF Staff Country Reports
Zimbabwe: 2009 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Zimbabwe
International Monetary Fund
Economic and social indicators in Zimbabwe worsened significantly in 2008. Real GDP is estimated to have fallen by about 14 percent in 2008 owing to economic disruptions caused by hyperinflation and a further significant deterioration in the business climate. Executive Directors have welcomed the authorities’ Short-Term Emergency Recovery Program (STERP) that is based on sound principles of macroeconomic management. Directors have also underscored the importance of establishing fiscal discipline while ensuring the delivery of essential public services.
Keywords:
Zimbabwean authorities; Zimbabwe dollar hyperinflation; US$ million; donor financing support; conditions in Zimbabwe; inflation expectation; low-inflation environment; Currencies; Quasi-fiscal operations; Budget planning and preparation; Africa; Global
Cover Manual on Fiscal Transparency (2007)
Manual on Fiscal Transparency (2007)
Ms. Dawn Elizabeth Rehm
and
Ms. Taryn R Parry

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

Keywords:
M&G; government; term id; appropriation