Fiscal issues and central banking in emerging economies
Central banks have an incentive to monitor the fiscal position of the government for at least two reasons. First fiscal policy can constrain the implementation of monetary policy, particularly when governments call on the central bank to fund government programmes. Second, fiscal policy measures can affect aggregate demand as well as the condition of the financial sector. Fiscal measures therefore affect the central bank's ability to achieve macroeconomic and financial stability. Three key issues are: (i) How should central banks assess fiscal positions? (ii) What is the experience with countercyclical fiscal policy? and (iii) How do fiscal operations affect central bank balance sheets, and does this raise any problems? Senior officials from a number of emerging economies discussed these issues at a meeting in Basel in December 2002. This volume contains revised versions of the papers prepared by participants describing experiences in their own economies, and the background papers prepared by BIS staff.
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- Momi Dahan, 1998. "The Fiscal Effects of Monetary Policy," IMF Working Papers 98/66, International Monetary Fund.
- 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.
- Peter S. Heller, 2002. "Considering the IMF's Perspective on a "Sound Fiscal Policy"," IMF Policy Discussion Papers 02/08, International Monetary Fund.
- George Kopits, 2001. "Fiscal Rules: Useful Policy Framework or Unnecessary Ornament?," IMF Working Papers 01/145, International Monetary Fund.
- Antonio Fatás & Ilian Mihov, 2003. "The Case for Restricting Fiscal Policy Discretion," The Quarterly Journal of Economics, Oxford University Press, vol. 118(4), pages 1419-1447.
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