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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Israel: 2010 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion
International Monetary Fund
Israel was mildly affected by the global recession: following a slowdown in 2009, output is projected to grow by some 4 percent in 2010, led by consumption and exports. Robust fundamentals—including sustained pre-crisis fiscal consolidation—and a swift monetary and fiscal policy response to the external downturn allowed Israel to pass through the global recession relatively unscathed. The resilience of the economy has been strengthened by the adoption of new fiscal rules capping spending and deficits.
Keywords:
ISCR; CR; monetary policy; Israel; Q2; liability positions vis-à-vis nonresident; swift monetary policy; output gap; consultation cycle; IMF's view; Central bank policy rate; Inflation; Budget planning and preparation; Housing prices; Global
Cover IMF Staff Country Reports
Israel: Selected Issues
International Monetary Fund
The study shows that the Israeli economy has emerged unscathed from the global financial crisis. The first part of the study outlines the relationship between risk and Israel’s macroeconomic performance, estimated through a regression analysis. The second part of the study focuses on macrofinancial policies to cope with macrofinancial risk, with special emphasis on monetary and fiscal intervention. The study shows that stress testing and CCA analysis play a role in supervisory work; they complement and can inform each other in critical areas.
Keywords:
ISCR; CR; terms of trade; banking sector; ceiling rule; expenditure ceiling; financial system; monetary policy; put option; banking system; contingency reserve; global economy; growth path; expenditure compression; Budget planning and preparation; Commercial banks; Systemic risk; Financial statements; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Israel: Staff Report for the 2009 Article IV Consultation
International Monetary Fund
This staff report discusses Israel’s 2009 Article IV Consultation on economic developments and policies. The economy has been shielded from the global downturn by the absence of prior housing or bank credit booms, high household savings rates, and the fact that investment goods and consumer durables are mostly imported from abroad. Safe-haven factors that have put upward pressure on the currency appear to have eased along with the global financial sector stabilization, and concerns about the excessive strength of the shekel have not entirely been put to rest.
Keywords:
ISCR; CR; rate; Israel; govt; exchange rate; interest rate; sovereign bond bond issue; inflation expectation; capital formation; Article IV Board; macroeconomic development; Budget planning and preparation; Fiscal rules; Debt reduction; Global
Cover IMF Staff Country Reports
Israel: 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Israel.
International Monetary Fund
The staff report for the 2008 Article IV Consultation of Israel on economic developments and policies is examined. Fiscal and monetary credentials have been established in markets. Banks and their supervisory arrangements have been robust, and growth has been strong, sustained, and balanced. Although public debt is much reduced, to about 80 percent of GDP, it remains vulnerable. Although domestic securities prices tracked those abroad downward, prompting outflows from provident funds, flows in domestic credit markets remained largely undisturbed.
Keywords:
ISCR; CR; central bank; interest rate; resident Representative; consultation cycle; break-even inflation; IIP structure; Israeli economy; budget deficit; Inflation; Credit; Budget planning and preparation; Global
Cover IMF Working Papers
A New Fiscal Rule: Should Israel “Go Swiss?”
Mr. Steven A. Symansky
,
Mr. Xavier Debrun
, and
Mr. Natan P. Epstein
We propose a fiscal rule that fulfills a specific debt reduction objective while maintaining significant fiscal flexibility-two overarching concerns in Israel. Not unlike the Swiss "debt brake," the rule incorporates an error-correction mechanism (ECM) through which departure from the debt objective affects binding medium-run expenditure ceilings. Two variants of our ECM rule are shown to be superior to a comparable deficit rule in terms of attaining the debt objective and allowing for fiscal stabilization while supporting medium-term expenditure planning. Given its relative sophistication, a proper implementation of the ECM rule requires supportive fiscal institutions, including independent input and assessment.
Keywords:
WP; expenditure rule; expenditure ceiling; expenditure growth ceiling; deficit target; Medium-run expenditure plan
Cover IMF Staff Country Reports
Israel: Selected Issues
International Monetary Fund
This Selected Issues paper on Israel focuses on the fiscal institutions and the political economy in Israel. The paper addresses two questions. First, is there evidence for political-economy distortions to Israel’s fiscal policy? Second, what institutional changes could help in limiting these distortions? The paper presents some data on Israel’s political system and an empirical analysis of the relation between fiscal policy and the political infrastructure. It also presents some options for reducing political economy distortions through reforms in the budget process and institutions.
Keywords:
ISCR; CR; Israel; fund; regulatory authority; rule; provident fund; equity investment; government coalition; supervisory authority; supervision authorities; government duration; Pension spending; Mutual funds; Insurance; Budget planning and preparation; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Israel: Staff Report for the 2006 Article IV Consultation
International Monetary Fund
This 2006 Article IV Consultation highlights that strong macroeconomic conditions and sound domestic policies have significantly improved Israel’s growth performance and prospects, notwithstanding political uncertainties and the hostilities in the north during the summer of 2006. Inflation pressures are subdued, and monetary policy has been easing as of late. Financial soundness indicators have been recovering although some weaknesses on bank balance sheets that relate mainly to previous boom–bust cycles remain. For 2007, real GDP growth is forecast about 4½ percent.
Keywords:
ISCR; CR; policy; policy rate; rate; rate cut; budget deficit; headline inflation; decision process; keeping inflation expectation; consumer price index inflation; central government budget deficit; Budget planning and preparation; Government debt management; Inflation; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Israel: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation highlights that following a strong performance in 2004, Israel’s economic expansion accelerated in 2005, supported by a relatively favorable global economic environment, an improvement in the security situation, and prudent policies. Real GDP grew at an estimated 5.2 percent in 2005. Inflation is slightly higher than a year ago, but remains in check. The unemployment rate continues to fall, but remains high. The macroeconomic policies and structural reforms of recent years have opened up the economy, increased its competitiveness, and attracted foreign investment.
Keywords:
ISCR; CR; balance of payments data; interest rate; authority; February CPI; current account; inflation target band; interest rates in Israel; interest-rate gap; staff appraisal; Central bank policy rate; Inflation; Global; Europe
Cover IMF Working Papers
Public-Private Partnerships: A Public Economics Perspective
Efraim Sadka
Public-private partnerships (PPPs) involve the supply by the private sector of infrastructure and services deriving from infrastructure assets which have traditionally been supplied by the public sector. PPPs are spreading all over the world. It may be quite plausible that such arrangements were initially an attempt to evade expenditure controls and hide public budget deficits. But if they are properly designed and transparently reported, PPPs can enhance the efficiency of the provision of services that were formerly supplied solely by the public sector. This paper provides a public economics perspective on PPPs.
Keywords:
WP; government; enterprise; thatcher government; concessionaire; country; PPPs.
Cover IMF Staff Country Reports
Israel: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Israel; net; U.S. dollar; market value; consumer goods; net domestic product; nominal rate; rate of return; private income; pound sterling; Imports; Consumer price indexes; Insurance; Budget planning and preparation; South America; Central America