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Quasi-Fiscal Operations of Public Financial Institutions

Author

Listed:
  • Mr. George A Mackenzie
  • Mr. Peter Stella

Abstract

Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

Suggested Citation

  • Mr. George A Mackenzie & Mr. Peter Stella, 1996. "Quasi-Fiscal Operations of Public Financial Institutions," IMF Occasional Papers 1996/008, International Monetary Fund.
    • Handle: RePEc:imf:imfops:1996/008
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    Citations

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    Cited by:

    1. Luisa Corrado & Daniela Fantozzi & Simona Giglioli, 2022. "Real-time ineuqalities and policies during the pandemic in the US," Temi di discussione (Economic working papers) 1396, Bank of Italy, Economic Research and International Relations Area.
    2. Schobert, Franziska, 2006. "Linking financial soundness and independence of central banks--Central and Eastern Europe, Turkey and CIS countries," Research in International Business and Finance, Elsevier, vol. 20(2), pages 239-255, June.
    3. Marek Dabrowski, 2016. "Fiscal Sustainability: Conceptual, Institutional, and Policy Issues," CASE Network Reports 0128, CASE-Center for Social and Economic Research.
    4. Sudeshna Banerjee & Heather Skilling & Vivien Foster & Cecilia Briceno-Garmendia & Elvira Morella & Tarik Chfadi, 2008. "Africa - Ebbing Water, Surging Deficits : Urban Water Supply in Sub-Saharan Africa," World Bank Publications - Reports 7835, The World Bank Group.
    5. Mr. Seok G Park, 2012. "Central Banks Quasi-Fiscal Policies and Inflation," IMF Working Papers 2012/014, International Monetary Fund.
    6. Buch, Claudia M. & Heinrich, Ralph P. & Spinanger, Dean & Engerer, Hella & Lodahl, Maria & Schrettl, Wolfram & Schrooten, Mechthild & Gabrisch, Hubert & Sigmund, Peter, 1998. "Die wirtschaftliche Lage der Republik Belarus: Weitere Restauration der Planwirtschaft. Dreizehnter Bericht," Open Access Publications from Kiel Institute for the World Economy 1039, Kiel Institute for the World Economy (IfW Kiel).
    7. Osama Sweidan, 2008. "The Asymmetric Loss Function and the Central Banks' Ability in Developing Countries," Global Economic Review, Taylor & Francis Journals, vol. 37(3), pages 387-403.
    8. Mr. Peter Stella & Mr. Ulrich H Klueh, 2008. "Central Bank Financial Strength and Policy Performance: An Econometric Evaluation," IMF Working Papers 2008/176, International Monetary Fund.
    9. Mr. Alain Ize, 2005. "Capitalizing Central Banks: A Net Worth Approach," IMF Working Papers 2005/015, International Monetary Fund.
    10. Zbigniew Polański & Mikołaj Szadkowski, 2021. "An accounting-based model of seigniorage, and recent monetary developments," Bank i Kredyt, Narodowy Bank Polski, vol. 52(5), pages 391-436.
    11. Osama Sweidan, 2010. "Central bank inability and Taylor rule in developing countries," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 57(4), pages 395-409, December.
    12. Mr. Peter Stella, 2002. "Central Bank Financial Strength, Transparency, and Policy Credibility," IMF Working Papers 2002/137, International Monetary Fund.
    13. Cruz-Rodríguez, Alexis, 2006. "El déficit cuasifiscal del Banco Central de la República Dominicana [The quasi-fiscal deficit of the Central Bank of the Dominican Republic]," MPRA Paper 109191, University Library of Munich, Germany.
    14. Martin Cincibuch & Tomáš Holub & Jaromír Hurník, 2009. "Central Bank Losses and Economic Convergence," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(3), pages 190-215, August.
    15. repec:cii:cepiei:2010-4ta is not listed on IDEAS
    16. Gábor P. Kiss, 2007. "One-off and off-budget items: An alternative approach," MNB Conference Volume, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 1(1), pages 18-27, December.
    17. Mr. Robert Tchaidze, 2007. "Quasi-Fiscal Deficit in Non-Financial Enterprises," IMF Working Papers 2007/010, International Monetary Fund.
    18. Åke Lönnberg & Mr. Peter Stella, 2008. "Issues in Central Bank Finance and Independence," IMF Working Papers 2008/037, International Monetary Fund.
    19. Ms. Sònia Muñoz, 2007. "Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe: A Note," IMF Working Papers 2007/098, International Monetary Fund.
    20. Cecilia Briceño-Garmendia & Karlis Smits & Viven Foster, 2009. "Financing Public Infrastructure in Sub-Saharan Africa," World Bank Publications - Reports 28238, The World Bank Group.
    21. Easterly, William, 1999. "When is fiscal adjustment an illusion?," Policy Research Working Paper Series 2109, The World Bank.
    22. Ake Lonnberg & Peter Stella, 2008. "Issues in central bank finance and independence," FRB Atlanta Working Paper 2008-13, Federal Reserve Bank of Atlanta.

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