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The concept of fiscal impulse is defined, discussed, and differentiated from measures that attempt to summarize the macroeconomic effects of fiscal policy. Two methodologies are briefly discussed and their corresponding measures presented for the G-7 countries over the ten-year period ending in 1989. Controversies about the measure are highlighted and potential improvements are also discussed.
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Fiscal policy seeks to equilibrate the public sector's financing needs with the private sector's demand for investment and a sustainable balance of payments. Correct measurement of the public sector's net use of resources is therefore an important prerequisite for managing the macroeconomy. This volume, edited by Mario I. Blejer and Adrienne Cheasty, is organized around four issues: the adequacy of summary measures of the fiscal deficit, conventional and adjusted deficits, coverage (size) of the public sector, and the public sector's intertemporal budget constraint.
This book, first published in 2005, develops a comparative model of intergovernmental bargaining to account for variation in the capacity of federations in the developing world to undertake economic policy reform, suggesting that many market reform policies are a function of a constant process of bargaining between national and regional leaders struggling for political survival. As the degree of national-regional disagreement mounts, collective action on reforms that require implementation at multiple levels of government becomes more difficult. The degree to which the two factors conflict depends on four factors: the individual electoral interests, a shared intergovernmental fiscal system, the manner in which regional interests are represented in national policy making and the levers of partisan influence national leaders have over subnational politicians. In testing the argument with a combination of cross-sectional time-series and case study analysis, this book contributes to the broad literatures on development and the comparative political economy of federalism and decentralization.
This book offers detailed analysis and informed comment on the future of emerging economic policies. It is essential reading for all postgraduates and scholars looking for expert discussion and debate on the issues surrounding economic policy.
Two recent criticisms of summary fiscal indicators are appraised: first, that they and the conventionally measured public sector balances from which they are derived are not sufficiently broadly defined; second, that they are meaningless because they do not reflect changes in the distribution of wealth between generations. The paper concludes that the defects of summary fiscal indicators have been exaggerated. It is not feasible to include all changes in public sector net worth in the deficit, and the existence of liquidity constraints and aversion to indebtedness imply that conventionally measured public sector deficits are not irrelevant.
This 2018 Article IV Consultation highlights that Montenegro’s economy is growing strongly, boosted by the implementation of large investment projects, including the construction of the Bar-Boljare highway. Growth should continue over the medium term, albeit at a more moderate pace as highway construction ends. The IMF staff projects the economy to expand by 3 percent in 2018 and 2.5 percent in 2019, with fiscal consolidation also acting as a moderate drag on growth. Although the implementation of large publicly financed infrastructure projects has added to economic growth, the accompanying use of fiscal resources has contributed to a large increase in government debt. Economic growth should remain strong in 2018, notwithstanding fiscal consolidation, and maintain momentum over the medium term.
This Western Hemisphere Regional Economic Outlook covers the United States, Canada, Latin America, and the Caribbean. The report reviews recent economic developments, discusses the economic outlook, and outlines risks and challenges ahead.

Cyprus

International Monetary Fund. European Dept.

Published: 2015-06-23

Total Pages: 86


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This paper discusses Cyprus’s Fifth, Sixth, and Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Nonobservance of a Performance Criterion (PC), and Rephasing of Access. Economic developments have been encouraging. The recession in 2014 was milder than expected, and GDP growth was positive in the first quarter of 2015 for the first time in almost four years. Program performance has been generally strong. Compliance with quantitative conditionality has been good, and the authorities have advanced structural reforms. Further efforts to strengthen banking supervision and restructure banks are needed. The ongoing structural reform program is also crucial for public finances and growth.
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.