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Author: Mr.George A. Mackenzie Publisher: International Monetary Fund ISBN: 9781557755834 Category : Business & Economics Languages : en Pages : 58
Book Description
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.
Author: Mr.George A. Mackenzie Publisher: International Monetary Fund ISBN: 9781557755834 Category : Business & Economics Languages : en Pages : 58
Book Description
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.
Author: Mr.Jeffrey M. Davis Publisher: International Monetary Fund ISBN: 1451972571 Category : Business & Economics Languages : en Pages : 18
Book Description
Current guidelines and practice for classifying government bank assistance operations inadequately capture in the fiscal balance some of the most common, and important, operations. The shortcomings result from the focus on the general government, the exclusion of non-cash operations, and divergences between the timing of cash outlays and the economic impact of assistance operations. Complementing the standard measures of the fiscal balance with an “augmented” balance would provide a definition that is transparent, comprehensive, and reasonably comparable across countries. The augmented balance would explicitly incorporate the major quantifiable fiscal costs of bank assistance operations that are not already included in current definitions of the overall balance.
Author: Mr.J. D. Craig Publisher: International Monetary Fund ISBN: 155775697X Category : Business & Economics Languages : en Pages : 50
Book Description
Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
Author: John Hooley Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 48
Book Description
We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from intervention announcements, we document the risks to the public sector balance sheet from central banks’ interventions in response to the Covid-19 crisis, including non-conventional lending to the financial and non-financial sectors and large-scale purchases of government securities. Case study analysis indicates that management of fiscal risks from central bank crisis interventions varies greatly across countries, although several good practices can be identified.
Author: Sònia Muñoz Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 26
Book Description
Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe (RBZ). Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit inflation reached in 2006. The remedy for the current situation is clearly to eliminate the causes of losses by implementing measures to improve the cash-flow of the bank and restore its financial position.
Author: Aditya Narain Publisher: International Monetary Fund ISBN: 1451867913 Category : Business & Economics Languages : en Pages : 30
Book Description
While public financial institutions (such as public development banks) are commonly associated with developing countries, in fact they are prevalent in the developed world as well. We study a sample of public financial institutions in industrialized countries and identify dominant trends in their organization and oversight. While practices in developed countries may be a useful reference point, a more nuanced approach, accounting for the disparity of institutional environment, regulatory capacity, and government accountability and effectiveness, may be required in developing countries. Further investment in the accumulation of evidence and formulation of best practices in the organization and oversight of public financial institutions seems warranted and necessary. This paper was prepared while Mr. Ratnovski was working in the Financial Supervision and Regulation Division during January-April 2006. The authors are grateful to Jonathan Fiechter, David Marston, and participants of an MCM seminar in April 2006 for their helpful comments.
Author: Peter Stella Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 48
Book Description
A central bank is financially strong if it possesses resources sufficient to attain its fundamental policy objective(s). Once endowed with those resources, relations between government and central bank should be designed so that significant changes in central bank financial strength do not occur unless necessitated by changes in policy objectives. The level of strength required depends on the array of policy objectives (for example, the exchange rate regime) as well as the constraints and risks presented by the operational environment. Attaining credibility is facilitated if the public can easily determine the financial strength of the bank, yet for a variety of reasons this is often difficult. Transparency requires institutional arrangements that ensure the central bank generates profit in most states of the world, is subject to strict ex post independent audit, and transfers regularly all profits, after provisions, to the treasury.
Author: Mr.Vito Tanzi Publisher: International Monetary Fund ISBN: 1451852347 Category : Business & Economics Languages : en Pages : 22
Book Description
Comparisons about the role of the government in an economy are usually made by reference to the share of tax revenue or of public expenditure in gross domestic product. However, governments often use other tools for pursuing their objectives. The paper discusses these other tools, shows the extent to which they can replace the traditional fiscal instruments, and assesses their quantitative importance. Various highly speculative hypotheses are advanced about the role of these other tools in countries at different levels of development.
Author: Sage De Clerck Publisher: International Monetary Fund ISBN: 1498379214 Category : Business & Economics Languages : en Pages : 470
Book Description
The Government Finance Statistics Manual 2014 (GFSM 2014)—describes a specialized macroeconomic statistical framework––the government finance statistics (GFS) framework––designed to support fiscal analysis. The manual provides the economic and statistical reporting principles to be used in compiling the statistics; describes guidelines for presenting fiscal statistics within an analytic framework that includes appropriate balancing items; and is harmonized with other macroeconomic statistical guidelines.
Author: John Hooley Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 27
Book Description
This paper presents case studies of central bank crisis interventions during the Covid-19 and the Global Financial Crises in four jurisdictions (Canada, Chile, the United Kingdom, and the United States). The paper serves as an Annex to the main IMF Working Paper WP/23/114 ‘Quasi-Fiscal Implications of Central Bank Crisis Interventions.’
Author: Mr.George A. Mackenzie
Author: Mr.George A. Mackenzie
Author: Mr.Jeffrey M. Davis
Author: Mr.J. D. Craig
Author: John Hooley
Author: Sònia Muñoz
Author: Aditya Narain
Author: Peter Stella
Author: Mr.Vito Tanzi
Author: Sage De Clerck
Author: John Hooley