Considering the IMF's Perspective on a "Sound Fiscal Policy"
AbstractThis 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 InfoPaper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 02/08.
Date of creation: 01 Jul 2002
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Other versions of this item:
- Peter S. Heller, 2002. "Considering the IMF's Perspective on a "Sound Fiscal Policy"," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 59(1), pages 141-, February.
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
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