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Fiscal issues and central banking in emerging economies

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  • Bank for International Settlements
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    Abstract

    Central banks have an incentive to monitor the fiscal position of the government for at least two reasons. First fiscal policy can constrain the implementation of monetary policy, particularly when governments call on the central bank to fund government programmes. Second, fiscal policy measures can affect aggregate demand as well as the condition of the financial sector. Fiscal measures therefore affect the central bank's ability to achieve macroeconomic and financial stability. Three key issues are: (i) How should central banks assess fiscal positions? (ii) What is the experience with countercyclical fiscal policy? and (iii) How do fiscal operations affect central bank balance sheets, and does this raise any problems? Senior officials from a number of emerging economies discussed these issues at a meeting in Basel in December 2002. This volume contains revised versions of the papers prepared by participants describing experiences in their own economies, and the background papers prepared by BIS staff.

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    Bibliographic Info

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    This book is provided by Bank for International Settlements in its series BIS Papers with number 20 and published in 2003.

    ISBN: 92-9131-653-9
    Handle: RePEc:bis:bisbps:20

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Fatás, Antonio & Mihov, Ilian, 2002. "The Case for Restricting Fiscal Policy Discretion," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3277, C.E.P.R. Discussion Papers.
    2. Peter S. Heller, 2002. "Considering the IMF's Perspective on a "Sound Fiscal Policy"," IMF Policy Discussion Papers 02/08, International Monetary Fund.
    3. George Kopits, 2001. "Fiscal Rules," IMF Working Papers 01/145, International Monetary Fund.
    4. Momi Dahan, 1998. "The Fiscal Effects of Monetary Policy," IMF Working Papers 98/66, International Monetary Fund.
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    Cited by:
    1. Pablo Mendieta Ossio & Hugo Rodriguez Gonzales, 2005. "Interacción de la política fiscal con la política monetaria en el MERCOSUR y países asociados," Revista de Análisis del BCB, Banco Central de Bolivia, Banco Central de Bolivia, vol. 8(1), pages 49-97, December.

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