Search Results - subject:"Budget constraint"

International Monetary Fund (IMF); International … - 2003

This Selected Issues paper assesses the long-term fiscal position of Canada. Simulations based on current tax and spending policies suggest that the fiscal position will remain favorable until well into the middle of the century, and relatively modest adjustments would be required to make these...

Persistent link: https://www.econbiz.de/10005825272

Fiscal Rules and Countercyclical Policy; Frank Ramsey Meets Gramm-Rudman-Hollings

Tanner, Evan - International Monetary Fund (IMF) - 2003

Fiscal rules—legal restrictions on government borrowing, spending, or debt accumulation (like the Gramm-Rudman-Hollings Act in the United States)—have recently been adopted or considered in several countries, both industrial and developing. Previous literature stresses that such laws...

Persistent link: https://www.econbiz.de/10005826095

Performance Budgeting; Managing the Reform Process

Diamond, Jack - International Monetary Fund (IMF) - 2003

This paper reviews the role of accounting in budget system reform from the perspective of emerging economies who wish to adopt the OECD's performance budgeting reforms. While many OECD countries, pursuing the reforms associated with the New Public Management, have moved their accounting systems...

Persistent link: https://www.econbiz.de/10005826142

Reforming Intergovernmental Fiscal Relations in Argentina

Cuevas, Alfredo - International Monetary Fund (IMF) - 2003

Argentina has committed itself to a reform of its revenue-sharing system. This paper examines this system and the issues involved in its redesign, and discusses the pros and cons of various options with a view to specifying a preferred approach.

Persistent link: https://www.econbiz.de/10005826288

Fiscal Adjustment in Transition Countries; Evidence From the 1990's

Purfield, Catriona - International Monetary Fund (IMF) - 2003

In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of adjustment, are important in transition economies. It finds that larger...

Persistent link: https://www.econbiz.de/10005826321

Assessing Fiscal Sustainability Under Uncertainity

Barnhill, Theodore M.; Kopits, George - International Monetary Fund (IMF) - 2003

Unlike conventional fiscal sustainability assessments, the Value-at-Risk approach developed in this paper explicitly captures the contribution of key risk variables to public sector vulnerability. In an illustrative application to Ecuador, the VaR approach confirms a significant risk of...

Persistent link: https://www.econbiz.de/10005826365

Priorities for Further Fiscal Reforms in the Commonwealth of Independent States

Lorie, Henri - International Monetary Fund (IMF) - 2003

Building on the substantial progress made in establishing fiscal systems consistent with market economies, the paper identifies priorities for further fiscal structural reforms among the Commonwealth of Independent States (CIS) countries. Activities of extra budgetary accounts and quasi-fiscal...

Persistent link: https://www.econbiz.de/10005826523

Assessing Fiscal Sustainability; A Cross Country Comparison

Croce, Enzo; Juan-Ramon, V. Hugo - International Monetary Fund (IMF) - 2003

To monitor fiscal sustainability, this paper proposes a recursive algorithm derived from the law of motion of the debt-to-GDP ratio, subject to a government reaction function that links convergence to the targeted debt ratio with primary fiscal surpluses. Based on quarterly estimates of this...

Persistent link: https://www.econbiz.de/10005826671

An Empirical Approach for Evaluating Soft Budget Constraints

Pettersson-Lidbom, Per; Dahlberg, Matz - 2003

softness of a budget constraint. The defining feature of a soft budget constraint is a subordinate organization's expectations … organization's expectations for being bailed out to its fiscal behavior in order to quantify the extent of the soft budget … constraint. We postulate that expectations for bailouts are formed rationally and make use of an instrumental variable method to …

Persistent link: https://www.econbiz.de/10010321614

Ultimate ownership, institutions and listed companies' debt financing : Based on the perspective of controlling shareholders

Honghai, Yu; Longbing, Xu; Baizhu, Chen - In: China Finance Review International 1 (2011) 4, pp. 316-333

Purpose – The purpose of this paper is to study the capital structure of firms when controlling shareholders decide on the level of debt financing in an environment with poor legal protection. Design/methodology/approach – Theoretically this paper uses a dynamic model to analyze how the...

Persistent link: https://www.econbiz.de/10014694460