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Europe > Slovenia, Republic of

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Forecasts of Budgets, Deficits, and Debt x
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Cover IMF Working Papers
Nowcashing: Using Daily Fiscal Data for Real-Time Macroeconomic Analysis
Florian Misch
,
Mr. Brian Olden
,
Mr. Marcos Poplawski Ribeiro
, and
Lamya Kejji
Traditionally, fiscal data for policy analysis are derived from official reports that, depending on the country, are published either monthly, quarterly or annually, often with significant time lags. However, innovations in digitalization of government payments and accounting systems mean that real-time daily fiscal data exist in many countries. In this paper, we argue that these data contain valuable, but underutilized and underexploited information. Possible uses include (i) realtime fiscal surveillance which allows for much more timely responses to emerging signs of fiscal stress, and (ii) nowcasting economic activity, which is especially useful in countries where higher frequency GDP statistics are unavailable.
Keywords:
WP; government; balance; cash balance; economic activity; country; government banking arrangement; Nowcashing; Real-time data; Fiscal policy; Nowcasting; balances data; government payment system; government bank accounts; Government finance statistics; Currencies; PFM information systems; Global
Cover IMF Working Papers
Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise — A New Dataset
Mr. Xavier Debrun
and
Mr. Tidiane Kinda
Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in “fiscal councils,” independent watchdogs active in the public debate, has grown rapidly in recent years. This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members. The data documents a surge in the number of fiscal councils since the crisis. It also illustrates that well-designed fiscal councils are associated with stronger fiscal performance and better macroeconomic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate, and the monitoring of compliance with fiscal policy rules.
Keywords:
WP; fiscal council; public goods; Credibility of fiscal policy; fiscal councils; fiscal rules; fiscal performance; forecast errors; council dataset; councils characteristic; IMF country paper; background country note; Budget planning and preparation; Fiscal stance; Africa; Europe
Cover IMF Working Papers
Advanced Public Financial Management Reforms in South East Europe
Mia Pavesic-Skerlep
and
Mr. Eivind Tandberg
This paper aims to clarify possible systemic bottlenecks to the introduction of advanced PFM reforms in the SEE countries. It relates key fiscal developments to PFM reform processes over the last 15 years. PFM reform strategies must be realistic, with clear objectives and timetables, and with strong country ownership. Among the advanced reforms, some aspects of medium-term budgeting seems to be somewhat less challenging than performance-oriented budgeting, and it could be rational to make sure that there is solid progress in this area first. When developing performance budgets, countries should consider focusing initial efforts on the areas that are most suitable for performance management, such as education and health.
Keywords:
WP; SEE country; budget process; SEE countries government expenditure; budget program; MTB plan; program structure; budget system; performance budget reform; budget negotiations; Budget planning and preparation; Performance-based budgeting; Medium-term budget frameworks; Eastern Europe; Southern Europe