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Author : Roberto Rezende Rocha
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4./5 ( download)
Download or read book Fiscal and Quasi-fiscal Deficits, Nominal and Real written by Roberto Rezende Rocha and published by World Bank Publications. This book was released on 1992 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Seok Gil Park
Publisher : International Monetary Fund
ISBN 13 : 1463981007
Total Pages : 35 pages
Book Rating : 4.06/5 ( download)
Download or read book Central Banks Quasi-Fiscal Policies and Inflation written by Mr.Seok Gil Park and published by International Monetary Fund. This book was released on 2012-01-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In particular, the paper shows that in the absence of the fiscal authorities' full backing of the central bank's balance sheet, strange things can happen. For instance, an exit from quantitative easing could be inflationary and central banks cannot successfully unwind inflated balance sheets. Therefore, the fiscal authorities' full backing of the monetary authorities' quasi-fiscal operations is a pre-condition for effective monetary policy.
Author : Carlos Alfredo Rodríguez
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.56/5 ( download)
Download or read book Economic Consequences of Quasi-fiscal Deficits written by Carlos Alfredo Rodríguez and published by . This book was released on 1993 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul Ely Beckerman
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4./5 ( download)
Download or read book How Small Should an Economy's Fiscal Deficit Be? written by Paul Ely Beckerman and published by World Bank Publications. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: A spreadsheet planning model to help determine the government deficit consistent with a specified vector of country macroeconomic objectives.
Author : Mr.Mario I. Bléjer
Publisher : International Monetary Fund
ISBN 13 : 9781557751928
Total Pages : 404 pages
Book Rating : 4.27/5 ( download)
Download or read book How to Measure the Fiscal Deficit written by Mr.Mario I. Bléjer and published by International Monetary Fund. This book was released on 1991-09-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy seeks to equilibrate the public sector's financing needs with the private sector's demand for investment and a sustainable balance of payments. Correct measurement of the public sector's net use of resources is therefore an important prerequisite for managing the macroeconomy. This volume, edited by Mario I. Blejer and Adrienne Cheasty, is organized around four issues: the adequacy of summary measures of the fiscal deficit, conventional and adjusted deficits, coverage (size) of the public sector, and the public sector's intertemporal budget constraint.
Author : Alejandro Rodríguez
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.78/5 ( download)
Download or read book Quasi-Fiscal Deficit Financing and (Hyper) Inflation written by Alejandro Rodríguez and published by . This book was released on 2018 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Argentine hyperinflations of 1989 and 1990, quasi-fiscal deficits were a major part of the problem. The Central Bank ́s quasi-fiscal activities are financed directly by money printing but in some cases the monetary authority tries to sterilize the effect on the money supply by issuing debt or by increasing reserve requirements (it is not uncommon to pay interest on reserves when this happens). Thus, a new source of quasi-fiscal deficit arises, i.e. the interest payments on the Bank ́s liabilities. When nominal interest rates are high and debt reaches unsustainable levels, the interest payments can take a life of their own leading to hyperinflation. The traditional explanation is that the Central Bank has to finance the quasi-fiscal deficit through the use of the inflation tax but as inflation increases money demand drops and there is a limit to how much revenue can be collected which is determined by a Laffer curve. Trying to finance a quasi-fiscal deficit beyond that limit (or any fiscal deficit for that matter) leads to hyperinflation. In this paper we demonstrate that very high inflation can arise even if money demand is perfectly inelastic with respect to inflation and the real value of interest payments is relatively low. The key insight is that if expected inflation is a function of the current state of the economy the Central Bank has an additional incentive to alter the future state which results in higher inflation today.
Author : Philippe Le Houerou
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.85/5 ( download)
Download or read book Estimating Quasi-fiscal Deficits in a Consistency Framework written by Philippe Le Houerou and published by . This book was released on 1993 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: To assess fully the effect of adjustment programs and development strategies, it is essential that the fiscal deficit include quasi- fiscal deficits-- the losses of public financial institutions such as the central bank. A flow- of- funds format may be the best approach for doing so, as this case shows.
Author : Mr.Willem H. Buiter
Publisher : International Monetary Fund
ISBN 13 : 1451980078
Total Pages : 58 pages
Book Rating : 4.73/5 ( download)
Download or read book Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs written by Mr.Willem H. Buiter and published by International Monetary Fund. This book was released on 1997-04-01 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Key medium– and longer–term fiscal issues faced by transition economies are reviewed, including government solvency and the sustainability of the fiscal–financial–monetary program. The paper aims to assist the design and implementation of future Fund programs and to contribute to the debate about fiscal policy in transition economies. After presenting a framework for evaluating the sustainability of the fiscal–financial–monetary program of the state, some numerical material is presented on public debt, (quasi–) fiscal deficits and monetary financing. Eight budgetary issues of special relevance to transition economies are considered next. The lessons from this study are summarized in a number of propositions.
Author : Mario I. Bléjer
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.06/5 ( download)
Download or read book Measurement of Fiscal Impact written by Mario I. Bléjer and published by International Monetary Fund. This book was released on 1988-06-16 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes methodological issues pertaining to measurement of fiscal impact. The fiscal deficit is, under any circumstances, a crude tool for assessing the impact of fiscal policy on the economy. This paper also analyzes various ways in which the conventional definition of the fiscal deficit is affected by high rates of inflation. It has shown that, as the rate of inflation rises, the picture emerging from the conventional measure may, under certain circumstances, become somewhat blurred since the conventional measure may magnify the size of the fiscal adjustment that a country need. In fact, the size of the debt service that compensates bondholders for the reduction in the real value of their assets arising from inflation should be made explicit so as to indicate that part of the deficit whose impact depends mainly on portfolio decisions regarding the public's demand for government bonds, and on the potential effects of these bonds on the monetary and liquidity conditions of the economy.
Author : Mr. Paul Cashin
Publisher : International Monetary Fund
ISBN 13 : 1451899807
Total Pages : 45 pages
Book Rating : 4.01/5 ( download)
Download or read book Tax Smoothing in a Financially Repressed Economy written by Mr. Paul Cashin and published by International Monetary Fund. This book was released on 1998-08-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: India has a long history of running fiscal deficits. Two broad considerations motivate a government to run a deficit: tax smoothing and tax tilting. This paper tests a version of Barro’s tax-smoothing model, using Indian data for the period 1951-52 to 1996-97. The empirical results indicate that the central government of India has tax-smoothed, while the regional governments of India have not. The paper also finds evidence of tax tilting, reflected in financial repression, which has led to the accumulation of excessive public liabilities.
