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Considering the IMF's Perspective on a "Sound Fiscal Policy"


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  • Peter S. Heller


This paper provides a perspective on how the IMF assesses a “sound fiscal policy,” focusing principally on industrial and emerging market economies. It observes six central criteria: the short-term fiscal policy stance, with greater emphasis on automatic stabilizers than discretionary fiscal policy; relevance of medium- and sometimes long-term issues; fiscal sustainability; capacity for aggregate fiscal policy implementation (including political economy factors); structural content of fiscal policy (tax efficiency and public expenditure quality); and institutional, governance, and process issues associated with budget implementation and revenue collection. Greater emphasis could be placed on an adequate margin to deal with uncertain long-term challenges.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 02/08.

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Length: 28
Date of creation: 01 Jul 2002
Date of revision:
Handle: RePEc:imf:imfpdp:02/08

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: IMF; fiscal policy; expenditure; fiscal sustainability; fiscal position; expenditures; fiscal policies; public debt; aggregate fiscal; public expenditure; discretionary fiscal policy; fiscal consolidation; fiscal framework; fiscal stance; tax burden; long-term fiscal sustainability; public expenditures; public spending; fiscal policy objectives; expenditure programs; fiscal variables; tax rates; fiscal situation; fiscal management; expenditure policies; expansionary fiscal; budget balance; fiscal stimulus; fiscal policy formulation; expenditure ceilings; expenditure policy; fiscal aggregates; fiscal adjustment; budget process; fiscal positions; fiscal activities; fiscal affairs department; medium-term fiscal framework; expenditure shares; tax ratio; tax policy; fiscal commitments; fiscal policy targets; expansionary fiscal policy; fiscal gaps; quasi-fiscal activities; tax system; fiscal balance; fiscal affairs; aggregate expenditure; fiscal transparency; budget consolidation; fiscal priorities; fiscal policy rules; public expenditure program; fiscal scenarios; budgetary consolidation; tax reduction; fiscal discipline; fiscal imbalance; tax base; structural budget balance; debt service; fiscal policy instruments; fiscal operation; tax expenditures; expenditure share; expenditure target; fiscal deficits; high tax burden; tax increases; higher expenditure; expenditure restraint; tax share; fiscal projections; fiscal liabilities; fiscal analyses; fiscal costs; tax revenues; fiscal rules; fiscal outcome; expansionary fiscal contraction; fiscal indicators; expenditure commitments; revenue collection; tax cuts; tax structure; public finances; expenditure program; fiscal institutions; medium term expenditure; fiscal policy stimulus; budgetary discipline; fiscal deficit; fiscal contraction; annual budgets; aggregate expenditure ceilings; fiscal soundness; fiscal corrections; fiscal information; taxation; public finance; fiscal instrument; expenditure actions; fiscal response; fiscal consequences; expenditure level;

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Cited by:
  1. Ramkishen S. Rajan, 2005. "Managing New-Style Currency Crises : The Swan Diagram Approach Revisited," Macroeconomics Working Papers 22574, East Asian Bureau of Economic Research.
  2. Bank for International Settlements, 2003. "Fiscal issues and central banking in emerging economies," BIS Papers, Bank for International Settlements, number 20, May.
  3. Maria Silgoner & Jesus Crespo Cuaresma & Gerhard Reitschuler, 2004. "The fiscal smile - on the effectiveness and limits of fiscal stabilizers," Money Macro and Finance (MMF) Research Group Conference 2003 87, Money Macro and Finance Research Group.
  4. He, Dong, 2003. "Budget Formulation and Implementation in Korea: A Macroeconomic Perspective," MPRA Paper 9756, University Library of Munich, Germany.
  5. Maria Antoinette Silgoner & Jesús Crespo-Cuaresma & Gerhard Reitschuler, 2003. "The Fiscal Smile," IMF Working Papers 03/182, International Monetary Fund.


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