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Quasi-Fiscal Operations of Public Financial Institutions

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  • G. A. Mackenzie
  • Peter Stella

Abstract

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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 142.

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Length: 45
Date of creation: 24 Oct 1996
Date of revision:
Handle: RePEc:imf:imfocp:142

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Cited by:
  1. Åke Lönnberg & Peter Stella, 2008. "Issues in Central Bank Finance and Independence," IMF Working Papers 08/37, International Monetary Fund.
  2. Osama Sweidan, 2010. "Central bank inability and Taylor rule in developing countries," International Review of Economics, Springer, vol. 57(4), pages 395-409, December.
  3. Belke, Ansgar & Potrafke, Niklas, 2012. "Does government ideology matter in monetary policy? A panel data analysis for OECD countries," Munich Reprints in Economics 20245, University of Munich, Department of Economics.
  4. Gábor P. Kiss, 2007. "One-off and off-budget items: An alternative approach," MNB Conference Volume, Magyar Nemzeti Bank (the central bank of Hungary), vol. 1(1), pages 18-27, December.
  5. Alain Ize, 2005. "Capitalizing Central Banks," IMF Working Papers 05/15, International Monetary Fund.
  6. Peter Stella & Ulrich H. Klueh, 2008. "Central Bank Financial Strength and Policy Performance," IMF Working Papers 08/176, International Monetary Fund.
  7. Peter Stella & Åke Lonnberg, 2008. "Issues in central bank finance and independence," Working Paper 2008-13, Federal Reserve Bank of Atlanta.
  8. Easterly, William, 1999. "When is fiscal adjustment an illusion?," Policy Research Working Paper Series 2109, The World Bank.
  9. Buch, Claudia M. & Heinrich, Ralph P. & Spinanger, Dean & Engerer, Hella & Lodahl, Maria & Schrettl, Wolfram & Schrooten, Mechthild & Gabrisch, Hubert & Sigmund, Peter, 1998. "Die wirtschaftliche Lage der Republik Belarus: Weitere Restauration der Planwirtschaft. Dreizehnter Bericht," Kiel Discussion Papers 327, Kiel Institute for the World Economy (IfW).
  10. Sudeshna Banerjee & Heather Skilling & Vivien Foster & Cecilia Briceno-Garmendia & Elvira Morella & Tarik Chfadi, 2008. "Africa - Ebbing Water, Surging Deficits : Urban Water Supply in Sub-Saharan Africa," World Bank Other Operational Studies 7835, The World Bank.
  11. Ansgar Belke & Thorsten Polleit, 2010. "How much fiscal backing must the ECB have? The euro area is not (yet) the Philippines," Economie Internationale, CEPII research center, issue 124.
  12. Martin Cincibuch & Tomáš Holub & Jaromír Hurník, 2009. "Central Bank Losses and Economic Convergence," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(3), pages 190-215, August.
  13. J.R. Davis & P.G. Hare, 1997. "Reforming the Systems of Rural Finance Provision in Romania: Some Options for Privatisation and Change," CERT Discussion Papers 9713, Centre for Economic Reform and Transformation, Heriot Watt University.
  14. Sònia Muñoz, 2007. "Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe: A Note," IMF Working Papers 07/98, International Monetary Fund.
  15. Seok Gil Park, 2012. "Central Banks Quasi-Fiscal Policies and Inflation," IMF Working Papers 12/14, International Monetary Fund.
  16. Robert Tchaidze, 2007. "Quasi-Fiscal Deficit in Non-Financial Enterprises," IMF Working Papers 07/10, International Monetary Fund.
  17. Peter Stella, 2002. "Central Bank Financial Strength, Transparency, and Policy Credibility," IMF Working Papers 02/137, International Monetary Fund.
  18. By Christoph B. Rosenberg & Maarten de Zeeuw, 2001. "Welfare Effects of Uzbekistanís Foreign Exchange Regime," IMF Staff Papers, Palgrave Macmillan, vol. 48(1), pages 6.

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