Cover Quasi-Fiscal Operations of Public Financial Institutions
Quasi-Fiscal Operations of Public Financial Institutions
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Abstract

Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

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Author: Mr. George A Mackenzie and Mr. Peter Stella
Series:
Occasional Papers
Publisher:
International Monetary Fund
Language:
English
Publication Date:
24 Oct 1996
DOI:
https://doi.org/10.5089/9781557755834.084
ISBN:
9781557755834
ISSN:
0251-6365
Pages:
45
Keywords:
OP; QFAs; market; PFIs; central bank; central bank loss; central bank lending; income statement; central bank rescue operations; QFAs of central banks; exchange guarantee; Quasi-fiscal operations; Commercial banks; Loans; Credit; Exchange rates; Eastern Europe; Central Africa; West Africa; Caribbean; net loss; Public sector; Deposit insurance
Legal-disclaimer:
The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.