Search Results - subject:"Budget constraint"

The Discipline-Enhancing Role of Fiscal Institutions; Theory and Empirical Evidence

Debrun, Xavier; Kumar, Manmohan S. - International Monetary Fund (IMF) - 2007

This paper discusses the role of fiscal institutions, including budget rules and non-partisan agencies, in enhancing fiscal discipline. A dynamic model of fiscal policy shows that optimal institutions lack credibility unless the costs to bypass them are sufficiently high. In our model, a...

Persistent link: https://www.econbiz.de/10005825631

The Role of Fiscal Transparency in Sustaining Stability and Growth in Latin America

Parry, Taryn - International Monetary Fund (IMF) - 2007

Latin America has experienced a resurgence in growth in recent years. However, it is also a region that has been prone to crises while growth has not delivered a significant reduction in poverty and inequality. Maintaining a strong and stable macroeconomic performance in Latin America will...

Persistent link: https://www.econbiz.de/10005826063

Tax Reform and Debt Sustainability in Germany; An Assessment Using the Global Fiscal Model

Botman, Dennis P. J.; Danninger, Stephan - International Monetary Fund (IMF) - 2007

In 2005, the German government announced a far-reaching fiscal adjustment program. This paper uses the IMF’s Global Fiscal Model to study its impact and explores options for addressing long-term pressures from population aging. The growth effects of the planned VAT increase are likely modest,...

Persistent link: https://www.econbiz.de/10005826636

The quest for a fiscal rule: Italy, 1861-1998

Ricciuti, Roberto - Institute of Public Policy and Public Choice - POLIS - 2007

-trend - does exist between the two series, fulfilling the intertemporal government budget constraint. We interpret this result as …

Persistent link: https://www.econbiz.de/10005135329

What do we really know about fiscal sustainability in the EU? A panel data diagnostic

Afonso, António; Rault, Christophe - European Central Bank - 2007

We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel...

Persistent link: https://www.econbiz.de/10005222321

Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy; Lessons From the Republic of Congo

Carcillo, Stéphane; Villafuerte, Mauricio; Leigh, Daniel - International Monetary Fund (IMF) - 2007

In a number of oil producing countries, oil revenue accounts for the majority of government revenue, but is expected to be depleted in a relatively short time frame. Ensuring that fiscal policy is on a sustainable path is thus a high priority, but political and social adjustment costs create...

Persistent link: https://www.econbiz.de/10005263833

Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa

Olters, Jan-Peter - International Monetary Fund (IMF) - 2007

Buoyant oil prices have allowed oil-producing countries in sub-Saharan Africa (SSA OPCs) to increase oil exports and fiscal revenues, providing them with resources necessary to address the pressing social needs. To preclude another boom-bust cycle, this paper advocates the definition of a fiscal...

Persistent link: https://www.econbiz.de/10005263842

Fiscal federalism and soft budget constraint: does the nature of public spending matter?

Breuillé, Marie-Laure; Madiès, Thierry; Taugourdeau, … - EconomiX, Université Paris Ouest-Nanterre la Défense … - 2007

on the softness of the regional budget constraint and the regional provision of public good. We show that i) whatever the … nature of regional public spending, the regional budget constraint is harder when the federal government can no longer …, the federal bailout is lower when the region provides a public input rather than a public good but the regional budget …

Persistent link: https://www.econbiz.de/10005196099

What do we really know about fiscal sustainability in the EU? A panel data diagnostic

Afonso, António; Rault, Christophe - HAL - 2007

We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by...

Persistent link: https://www.econbiz.de/10008794354

Democratic Republic of Timor-Leste; 2006 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Democratic Republic of Timor-Leste

International Monetary Fund (IMF); International … - 2007

Timor-Leste had made good progress in establishing the basis for a stable and healthy economy prior to the civil unrest in 2006, although it remains one of the poorest countries in the world. This 2006 Article IV Consultation highlights that real non-oil GDP growth turned positive in...

Persistent link: https://www.econbiz.de/10011242609