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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy x
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Cover Fiscal Monitor, April 2015
Fiscal Monitor, April 2015
Now Is the Time: Fiscal Policies for Sustainable Growth
International Monetary Fund. Fiscal Affairs Dept.

Abstract

Fiscal risks remain significant in both advanced and emerging market and developing economies. Fiscal policy continues to play an essential role in building confidence and, where appropriate, sustaining aggregate demand. According to this issue of the Fiscal Monitor, strengthening fiscal frameworks—particularly to manage public finance risks and ensure debt sustainability—must be part of the fiscal policy response. Countries should seize the moment created by lower oil prices to start the process of energy taxation and energy subsidy reform. Finally, fiscal policy can contribute substantially to macroeconomic stability, through the workings of automatic stabilizers. By doing so, fiscal policy can also unlock significant growth dividends.

Keywords:
FM; def; country abbreviation; statistics manual; productivity-enhancing investment; commodity revenue; government debt markets; Fiscal stabilization; Automatic stabilizers; Fiscal stance; Global; Africa; Middle East; Asia and Pacific; North Africa; advanced economy; imputed interest; effectiveness coefficient; automatic stabilizers play; fiscal policy policy change; Oil prices; Central America; Caribbean
Cover IMF Working Papers
Is Fiscal Policy Procyclical in Developing Oil-Producing Countries?
Ms. Nese Erbil
This paper examines the cyclicality of fiscal behavior in 28 developing oil-producing countries (OPCs) during 1990-2009. After testing five fiscal measures - government expenditure, consumption, investment, non-oil revenue, and non-oil primary balance - and correcting for reverse causality between non-oil output and fiscal variables, the results suggest that all of the five fiscal variables are strongly procyclical in the full sample. Also, the results are not uniform across income groups: expenditure is procyclical in the low and middle-income countries, while it is countercyclical in the high-income countries. Fiscal policy tends to be affected by the external financing constraints in the middle- and high-income groups. However, the quality of institutions and political structure appear to be more significant for the low-income group.
Keywords:
WP; country; revenue; Fiscal Policy; oil producing countries; institutions; govenment expenditure; oil revenue; financing constraint; low income; fiscal policy Procyclical; oil price volatility; macroeconomic policy; stabilization fund; countercyclical fiscal policies; Personal income; Procyclical fiscal policy; Oil; gas and mining taxes; Global
Cover IMF Staff Position Notes
The State of Public Finances Cross-Country Fiscal Monitor: November 2009
International Monetary Fund
This paper highlights the state of Public Finances Cross-Country Fiscal Monitor. This edition of the Cross-Country Fiscal Monitor provides an update of global fiscal developments and policy strategies, based on projections from the November 2009 WEO. These projections reflect the assessment of IMF staff of current country policies and initiatives expected during 2009–2014 Underlying fiscal trends in advanced economies are weaker than previously projected, however, lower expected costs of financial sector support in the United States mean that 2009 headline numbers are better. New estimates of needed medium-term fiscal adjustment in advanced economies. Fiscal policy will continue to provide substantial support to aggregate demand in most countries this year, but a tightening is projected to commence next year in G-20 emerging markets. Fiscal policy is projected to begin tightening in emerging G-20 economies next year, reflecting a combination of reduced anti-crisis spending and expected consolidation beyond the withdrawal of crisis-related stimulus in Brazil, Mexico, and Turkey, supported by a pick-up of growth. Higher commodity prices are also expected to contribute to lower overall deficit.
Keywords:
SPN; debt ratio; emerging market; government bond; public spending; General government debt ratios; debt level; financial market; country detail; country policy; financial support; debt stock; stimulus packages; government financing; exchange regime; emerging market country; territory government; Fiscal stance; Africa
Cover IMF Staff Position Notes
The State of Public Finances: A Cross-Country Fiscal Monitor
Mr. Paolo Mauro
,
Mr. Mark A Horton
, and
Mr. Manmohan S. Kumar
This paper presents sharp increase in government debt has complicated the management of preexisting challenges from population aging, especially in advanced economies. The increase in debt ratios projected for these economies is the largest since World War II. The increase in deficits and debt raises complicated tradeoffs. Policymakers will need to balance two competing risks: on the one hand, a too hasty withdrawal of fiscal stimulus would risk nipping a recovery in the bud; on the other hand, with a delayed withdrawal investor concerns about sustainability may increase, leading to higher interest rates on government paper, undermining the recovery and increasing risks of a snowballing of debt. Regardless of the timing of adjustment, its necessary scale will be quite large, particularly for high-debt advanced economies. Preserving investor confidence in government solvency is key to avoiding an increase in interest rates, thereby not only preventing snowballing debt dynamics, but also ensuring that the fiscal stimulus is effective.
Keywords:
SPN; G20 industrial nations; country; GDP; market G-20 country; country authorities; interest rate; government financing; country circumstances; fund G-20 desk; GDP ratio; stimulus spending; PPP GDP-weighted average; financial support; ameliorating spending dynamics; emerging G-20 country; Emerging and frontier financial markets; Fiscal stance; Fiscal stimulus; Global; Europe; Africa