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Understanding Fiscal Space

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Author Info

  • Peter S. Heller

Abstract

With new initiatives to provide low income countries with external assistance in support of the Millennium Development Goals (MDGs), donors and NGOs are seeking to understand whether "fiscal space" can be provided in the context of IMF-supported programs to support these initiatives. This paper defines the concept of fiscal space and its link to fiscal sustainability, describes alternative ways in which fiscal space can be created, and notes how the IMF can support appropriate efforts to create fiscal space. The paper underscores that the issues that arise in creating fiscal space are not novel, but have always confronted governments in judging whether there is scope for additional expenditure.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 05/4.

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Length: 19
Date of creation: 01 Mar 2005
Date of revision:
Handle: RePEc:imf:imfpdp:05/4

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Related research

Keywords: Fiscal sustainability; fiscal space; expenditure; expenditures; fiscal policy; expenditure programs; government expenditure; government spending; medium-term expenditure; medium-term expenditure framework; expenditure framework; higher expenditure; fiscal affairs department; expenditure policy; debt obligations; tax administration; expenditure program; government expenditures; fiscal resource; fiscal affairs; capital expenditures; public expenditure; tax reduction; additional fiscal resources; recurrent expenditures; expenditure management systems; tax rates; fiscal risks; fiscal stability; budget support; tax base; public expenditure management systems; tax reform; fiscal resources; account deficits; expenditure rationalization; impact of government expenditure; budgetary rules; public expenditure management; tax bases; expenditure areas; expenditure management; fiscal position; expenditure envelope; fiscal constraints; government revenue; debt service; tax burden; fiscal implications; tax share; expenditure priorities; national budget; social expenditures; fiscal revenue; expenditure commitments; infrastructure expenditure; fiscal framework;

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References

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  1. A. Senhadji Semlali & Mohsin S. Khan, 2000. "Threshold Effects in the Relationship Between Inflation and Growth," IMF Working Papers 00/110, International Monetary Fund.
  2. Stanley Fischer, 1993. "The Role of Macroeconomic Factors in Growth," NBER Working Papers 4565, National Bureau of Economic Research, Inc.
  3. César Calderón & Luis Servén, 2005. "The Effects of Infrastructure Development on Growth and Income Distribution," DEGIT Conference Papers c010_056, DEGIT, Dynamics, Economic Growth, and International Trade.
  4. Nigel Andrew Chalk & Richard Hemming, 2000. "Assessing Fiscal Sustainability in Theory and Practice," IMF Working Papers 00/81, International Monetary Fund.
  5. Marianne Fay & Danny Leipziger & Quentin Wodon & Tito Yepes, 2003. "Achieving the Millennium Development Goals : The role of infrastructure," Policy Research Working Paper Series 3163, The World Bank.
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