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Coordination of Monetary and Fiscal Policies

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  • International Monetary Fund

Abstract

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Suggested Citation

  • International Monetary Fund, 1998. "Coordination of Monetary and Fiscal Policies," IMF Working Papers 1998/025, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1998/025
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    Citations

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    Cited by:

    1. International Monetary Fund, 1999. "United Kingdom: Selected Issues," IMF Staff Country Reports 1999/044, International Monetary Fund.
    2. Bogdan Andrei DUMITRESCU, 2015. "The Coordination of the Monetary and Fiscal Policies in Romania and their Impact on the Economic Cycle," Romanian Journal of Economics, Institute of National Economy, vol. 40(1(49)), pages 184-197, june.
    3. Richardson Kojo Edeme & Clifford Nworah Obiayo, 2017. "Analysis of the Responsiveness of Non-Oil Exports to Fiscal and Monetary Policy Actions," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 3(3), pages 92-101, September.
    4. Hossein Samiei & Mr. Jan Kees Martijn, 1999. "Central Bank Independence and the Conduct of Monetary Policy in the United Kingdom," IMF Working Papers 1999/170, International Monetary Fund.
    5. Damir Šehović, 2013. "General Aspects of Monetary and Fiscal Policy Coordination," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(3), pages 5-27.
    6. Tetik Metin & Yıldırım Mustafa Ozan, 2021. "Distortionary effects of economic crises on policy coordination in Turkey: Threshold GMM approach," Economics and Business Review, Sciendo, vol. 7(3), pages 83-102, September.
    7. Marco Arnone & Bernard J Laurens & Jean-François Segalotto & Martin Sommer, 2009. "Central Bank Autonomy: Lessons from Global Trends," IMF Staff Papers, Palgrave Macmillan, vol. 56(2), pages 263-296, June.
    8. Anita Angelovska - Bezhoska, 2018. "Central bank independence-the case of the National Bank of Republic of Macedonia," Working Papers 2018-01, National Bank of the Republic of North Macedonia.
    9. Valery Lopatin A. & В. Лопатин А., 2017. "Структура механизма координации бюджетно-налоговой и денежно-кредитной политики // The Structure of the Coordination Mechanism of the Fiscal and Monetary Policy," Экономика. Налоги. Право // Economics, taxes & law, ФГОБУ "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, vol. 10(3), pages 6-12.
    10. Pablo Mendieta Ossio & Hugo Rodriguez Gonzales, 2005. "Interacción de la política fiscal con la política monetaria en el MERCOSUR y países asociados," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 8(1), pages 49-97, December.
    11. Michael Adebayo Ajayi & Olufemi Adewale Aluko, 2017. "Evaluating the Relative Impact of Monetary and Fiscal Policy in Nigeria using the St. Louis Equation," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 13(1), pages 40-50, February.
    12. Sahar Motamedi & Mansour Zarra-Nezhad, 2016. "Investigating the Role of Monetary and Fiscal Policy Tools on Economic Growth Using Dynamic Simulation and Fuzzy Control Approach," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 20(4), pages 479-500, Autumn.
    13. Mansour Zarra-Nezhad & Sahar Motamedi & Amir Hossein Montazer Hojat & Ebrahim Anvari, 2015. "An Investigation into the Efficiency of Monetary and Fiscal Policies in Iran Case Study: The 4th Economic Development Plan," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(5), pages 734-746, May.
    14. repec:cbk:journl:v:2:y:2013:i:2:p:5-27 is not listed on IDEAS

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