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Accrual Budgeting and Fiscal Policy

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  • Marc Robinson
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    Abstract

    Can an accrual budgeting system-a system in which budgetary spending authorizations to line ministries are formulated in accrual terms-serve the needs of good fiscal policy? If so, how must such a system be designed? What are the practical challenges which may arise in implementing sound fiscal policy under a budgeting system which is significantly more complex than traditional cash budgeting? These are the primary questions addressed in this paper. Because any budgeting system must support the control of key fiscal policy aggregates, the paper also considers the case for reformulating fiscal policy in terms of accrual rather than cash aggregates. The primary focus is on the potential fiscal policy role of net lending and net financial debt. However, the paper also considers whether net worth is an aggregate with major fiscal policy relevance.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/84.

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    Length: 33
    Date of creation: 01 Apr 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/84

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    Keywords: Fiscal sustainability; Fiscal stability; Government expenditures; Asset management; expenditure; fiscal policy; capital expenditure; aggregate expenditure; budget balance; fiscal aggregates; expenditure control; total expenditure; aggregate demand; discretionary fiscal policy; fiscal stabilization; fiscal measures; expenditure appropriation; fiscal balance; budgetary control; public expenditure; annual budget; fiscal position; fiscal policy objectives; tax payments; public debt; budget deficit; fiscal sustainability measure; budgetary expenditure; fiscal operations; fiscal sustainability analysis; input mix; expenditure policies; fiscal targets; fiscal discipline; public spending; fiscal affairs department; fiscal stimulus; debt obligations; budget deficits; fiscal affairs; fiscal transparency; budget law; fiscal policies; expenditure priorities; fiscal crisis; tax multiplier; budgetary impact; interest expenditure; sustainable fiscal policy; budget constraint; fiscal impact; tax revenues; government budget; tax liability; government budgeting; expenditure plans; expenditure controls; fiscal measure; expenditure decisions; fiscal aggregate; fiscal studies; expenditures; budget preparation process; expenditure obligations; primary budget balance; efficiency of expenditure; government budget deficits; budget process; taxation; aggregate fiscal;

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    1. Willem H. Buiter, 1984. "The Proper Measurement of Government Budget Deficits: Comprehensive Wealth Accounting or Permanent Income Accounting for the Public Sector," NBER Working Papers 1013, National Bureau of Economic Research, Inc.
    2. Eichenbaum, Martin, 1997. "Some Thoughts on Practical Stabilization Policy," American Economic Review, American Economic Association, vol. 87(2), pages 236-39, May.
    3. Martin Feldstein, 2002. "The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment," NBER Working Papers 9203, National Bureau of Economic Research, Inc.
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