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Business and Economics > Investments: Stocks

You are looking at 1 - 10 of 11 items for :

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Cover Selected Issues Papers
Revamping the West African Economic and Monetary Union (WAEMU) Fiscal Framework
Can Sever
and
Athene Laws
This paper aims to provide a broad perspective on the WAEMU fiscal framework. Based on backward looking exercises and forward looking scenarios, it shows that (i) repeated fiscal slippages and historically large stock flow adjustments contributed to the surge in the WAEMU public debt, and (ii) stock flow adjustments can have significant effects on the WAEMU debt dynamics going forward. This paper also discusses that it is essential and urgent to reintroduce the fiscal rules and the Convergence Pact and to enhance the rules. Revamping the fiscal rules should focus on introducing a correction mechanism (which could contain surges in debt in the future) and an escape clause (which would enhance fiscal discipline and predictability), as well as capturing the extensive extra-budgetary and below-the-line operations and strengthening the enforcement mechanism. Any consideration to changing the fiscal deficit target should also encompass addressing extra-budgetary and below-the-line transactions (for example by changing the definition of the deficit). It is not appropriate to increase the debt ceiling.
Keywords:
Fiscal policy; fiscal rules; fiscal governance; PFM; fiscal coordination; monetary unions; WAEMU; stock flow adjustments; flow adjustment; debt dynamics scenario; deficit target; scenario assumption; deficit measure; deficit combination; so called SFA; Government debt management; Debt sustainability analysis; Debt limits; Global
Cover IMF Staff Country Reports
Uganda: Technical Assistance Report-Initiating the Stock-Taking of the Public Investment Program
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report discusses the initiation of the stock-taking of the public investment program in Uganda. This stock-taking will provide a basis for better budgeting by providing information on the existing multi-year project commitments, and the incremental recurrent costs for operation and maintenance of the assets delivered. It will also identify a basic information structure for each project and subsequently collect a data baseline, providing a foundation for more robust project monitoring. It will aid the management of the overall project portfolio. By identifying the scale of existing multi-annual commitments, it will avoid adding projects to the investment pipeline, which cannot be financed under the Medium Term Expenditure Framework.
Keywords:
ISCR; CR; PIP information; project data need; information reliability; input restriction; project template; project information; Public investment and public-private partnerships (PPP); Public investment spending; Budget planning and preparation; Data collection; Stocks
Cover IMF Staff Country Reports
Cameroun: Initiative renforcée en faveur des pays pauvres très endettés – Document du point d’achèvement et initiative d’allègement de la dette multilatérale
International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; net present value; Cameroonian authorities; discount rate; private sector
Cover IMF Staff Country Reports
Cameroon: Enhanced Heavily Indebted Poor Countries (HIPC) Initiative: Completion Point Document and Multilateral Debt Relief Initiative (MDRI)
International Monetary Fund
This paper on Cameroon’s Enhanced Heavily Indebted Poor Countries (HIPC) Initiative explains implementation of the poverty reduction strategy and macroeconomic performance. Executive Directors agreed that Cameroon’s external public debt was above the HIPC Initiative sustainability threshold, and the country was eligible for assistance in the amount of US$1.26 billion in 1999. Assuming prudent fiscal policies and robust non-oil real GDP growth, Cameroon’s external public debt is expected to be sustainable over the long term.
Keywords:
ISCR; CR; net present value; Cameroonian authorities; discount rate; private sector; debt forgiveness; regulatory agency; lessee company; government program; structural adjustment; NPV terms; government action; personnel management; Debt relief; Debt service; Public and publicly-guaranteed external debt; Stocks; Budget planning and preparation; Africa; Global
Cover IMF Staff Country Reports
United States: 2002 Article IV Consultation-Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
This 2002 Article IV Consultation highlights that the United States economy slipped into recession in early 2001, as industrial production dropped sharply, investment and exports declined, and employment and weekly hours fell. The downturn was triggered in part by the collapse of the Information Technology boom and stock prices in March 2000, but was further exacerbated by the September 11th terrorist attacks. As a result, following real GDP growth in excess of 4 percent during the previous four years, the economy slowed sharply in 2001.
Keywords:
ISCR; CR; monetary policy; Mid-Session Review; market; consumer spending; inflation; diffusion indices; staff growth projection; current account; stimulus package; real GDP; U.S. dollar; Current account deficits; Budget planning and preparation; Securities; Productivity; Stocks; Global; Africa; Caribbean
Cover IMF Staff Country Reports
United States: Selected Issues
International Monetary Fund
This Selected Issues paper presents updated IMF staff estimates of potential output growth for the United States, using data through 2001 that incorporates the full cyclical upswing of the 1990s and the subsequent mild recession, as well as taking into account the revisions to the national accounts released in July 2000. The paper also reviews recent investment trends and provides estimates of the extent to which the capital stock has deviated from its long-term equilibrium.
Keywords:
ISCR; CR; earnings; firm; spending; TFP growth; trend TFP; policy action; company official; interest rate cut; BEA rule; NBER recession index; Stocks; Budget planning and preparation; Potential output; Tariffs; Productivity; Global; Western Hemisphere; Sub-Saharan Africa; Middle East; East Africa
Cover IMF Staff Country Reports
Japan: Staff Report for the 2000 Article IV Consultation
International Monetary Fund
Macroeconomic policy support and structural reforms have helped to bring about the economic recovery in Japan. Initiating a public process to obtain consensus on a credible strategy for eventual fiscal consolidation would help to raise confidence in long-term growth prospects and reduce the risks of volatile financial market conditions. A premature appreciation of the yen not justified by improving fundamentals remains a concern. Important progress has been made in strengthening major banks balance sheets and allaying concerns about financial instability.
Keywords:
ISCR; CR; Sogo bankruptcy; economic recovery; monetary policy; Sogo's debt forgiveness plan; fiscal policy plan; household expenditure data; financial market development; output gap; GDP deflator; Public investment spending; Budget planning and preparation; Global; Asia and Pacific
Cover IMF Staff Country Reports
United States: Staff Report for the 1999 Article IV Consultation
International Monetary Fund
This 1999 Article IV Consultation highlights that the U.S. real GDP grew by 3.9 percent in 1998, reflecting buoyant consumption and investment spending. In the first quarter of 1999, real GDP grew by 4.3 percent (annual rate) before slowing to 2.3 percent in the second quarter. Consumption has been boosted by a sharp fall in personal saving, with the ratio of personal saving to personal disposable income declining to ½ percent in 1998, and turning negative in the first quarter of 1999.
Keywords:
ISCR; CR; federal funds rate; surplus; forecasting process; CBO estimate; core CPI; employment cost index; federal budget; Administration in revenue administration; Budget planning and preparation; Securities; Stocks; Stock markets; Global; Asia and Pacific
Cover IMF Working Papers
Spend Now, Pay Later? Tax Smoothing and Fiscal Sustainability in South Asia
International Monetary Fund
This paper tests a version of Barro’s tax-smoothing model, which assumes intertemporal optimization by a government seeking to minimize the distortionary costs of taxation, using Pakistan and Sri Lankan data for 1956-95 and 1964-97, respectively. The empirical results indicate that Pakistan’s fiscal behavior is consistent with tax smoothing, but not Sri Lanka’s. Moreover, fiscal behavior in both countries was dominated by a stagnation of revenues, large tax-tilting-induced deficits, and the consequent accumulation of excessive public liabilities. Analysis of the time-series characteristics of tax-tilting behavior indicates that for both countries the stock of public liabilities is unsustainable under unchanged fiscal policies.
Keywords:
WP; budget surplus; government spending; Tax smoothing; tax tilting; fiscal sustainability; Pakistan; Sri Lanka; tax-smoothing hypothesis; budget imbalance; tax-Smoothing hypothesis; Budget planning and preparation; Government debt management; Stocks; South Asia
Cover IMF Working Papers
Tax Smoothing in a Financially Repressed Economy: Evidence from India
Mr. Paul Cashin
,
Nilss Olekalns
, and
Ms. Ratna Sahay
India has a long history of running fiscal deficits. Two broad considerations motivate a government to run a deficit: tax smoothing and tax tilting. This paper tests a version of Barro’s tax-smoothing model, using Indian data for the period 1951-52 to 1996-97. The empirical results indicate that the central government of India has tax-smoothed, while the regional governments of India have not. The paper also finds evidence of tax tilting, reflected in financial repression, which has led to the accumulation of excessive public liabilities.
Keywords:
WP; government spending; budget surplus; Tax smoothing; financial repression; fiscal policy; India; tax-smoothing hypothesis; tax-smoothing model; central government; tax-smoothing surplus; surplus granger; fiscal surplus; tax-Smoothing surplus; Government debt management; Budget planning and preparation; Stocks; North America