Ascent after Decline

Author: Otaviano Canuto
Publisher: World Bank Publications
ISBN: 0821389432
Format: PDF
Download Now
The Great Recession of 2009-2011 has left us short of instruments, bereft of confidence, and generally unprepared for a low-growth world. In this book, more than a dozen noted scholars discuss the prospects for future regrowth within analyses of key policy problems, major markets, and promising avenues for stimulating long-term economic growth.

The Rise of the Value Added Tax

Author: Kathryn James
Publisher: Cambridge University Press
ISBN: 110704412X
Format: PDF, ePub, Mobi
Download Now
Explores how the value-added tax (VAT) has risen from relative obscurity to become one of the world's most dominant revenue instruments.

Decentralisation and Reform in Latin America

Author: Giorgio Brosio
Publisher: Edward Elgar Publishing
ISBN: 1781006261
Format: PDF, Mobi
Download Now
ÔThis volume provides a splendid and wide-ranging collection of studies analyzing the political-economy of decentralization in Latin-America. ItÕs a fascinating story with numerous and profound insights into how fiscal decentralization actually works in the context of a variety of fiscal institutions and in a setting with a high degree of inequality in the distribution of income and territorial disparities.Õ Ð Wallace E. Oates, University of Maryland, US ÔThe volume on Decentralization and Reform in Latin America is an important addition to the growing literature on decentralization. Some of the issues in the implementation and effectiveness of decentralization are similar all over the world, but there are issues of particular salience to Latin America, a region where decentralization reforms have come sometimes in the wake of major political reforms. This volume pays special attention to the complexity of issues (both relating to equity and efficiency) arising in the context of vertical fiscal imbalance and inter-governmental transfers, in the delivery of social services or investment spending, in the sharing of rent from natural resources among social and regional groups and in macro-fiscal stabilization. I expect the volume to receive widespread attention.Õ Ð Pranab Bhardan, University of California, Berkeley, US ÔWhen it comes to fiscal decentralization in developing countries, Latin America has long led the way. In the two decades prior to the mid-1990s, some countries in the region extensively decentralized expenditures, especially social expenditures, and to a much lesser extent revenues to subnational governments. Some excesses and distortions resulted from these initial efforts and over the next decade major attempts were made to offset such problems, primarily by changing fiscal rules and transfer systems. The recent boom in natural resource revenues has again exacerbated pressure on the intergovernmental fiscal system in many countries, leading to further attempts to adjust the flow of finance between governments in order to maintain macroeconomic balance while achieving both more effective service delivery and greater social cohesion. This book, which provides both description and analysis of the rich Latin American experience, should be required reading not only for all those interested in the region but for scholars and policy-makers anywhere who are concerned with the complex and many-faceted issues associated with decentralization.Õ Ð Richard M. Bird, University of Toronto, Canada ÔGiorgio Brosio and Juan Pablo JimŽnez have made a remarkable job in preparing the best comprehensive treatment of comparative decentralization experiences in Latin America. The volume reviews all aspects of the decentralization process: its constitutional roots and its contribution to social cohesion; the provision of social services and infrastructure; taxation, sharing in natural resource revenues and the design of the intergovernmental transfers; and its macro-financial implications and associated fiscal rules. It will be essential reading for analysts of fiscal and local government issues in the region and a very useful tool for Latin Americanists in general.Õ Ð JosŽ Antonio Ocampo, Professor, Columbia University. Former Executive Secretary of the Economic Commission for Latin America and the Caribbean and Finance Minister of Colombia Decentralisation and Reform in Latin America analyses the process of intergovernmental reform in Latin America in the last two decades and presents a number of emerging issues. These include the impacts of decentralization and the response of countries in the region to challenge such as social cohesion, interregional and interpersonal disparities, the assignment of social and infrastructure expenditure, macrofinancial shocks, fiscal rules and the sharing of natural resources revenue. The main aim of the book is to assess the effective working of decentralized arrangements and institutions, with a view of suggesting corrections and reforms where the system is not working according to expectations. Policymakers, researchers and academics with an interest in subjects related to public policy, fiscal rules, intergovernmental relations, governance and decentralization will find this book invaluable.

Fiscal Monitor April 2018

Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1484349725
Format: PDF, ePub, Mobi
Download Now
The April 2018 edition of Fiscal Monitor is focused on two broad themes: the burden of high global debt and the opportunities and challenges of digital government. Chapter 1 explores how strong and broad-based growth provides an opportunity to rebuild fiscal buffers now, improve government balances, and anchor public debt. One concern is the surge in global debt, which reached the record peak of US$164 trillion in 2016. Chapter 1 discusses how public debt plays an important role in the surge in global debt, which is at historic highs among advanced and emerging market economies. Rapidly rising debt among low income developing countries means that interest payments are taking up an increasingly large share of taxes and expenditure. Chapter 1 recommends putting deficits and debt firmly on a downward path toward their medium-term targets. The size and pace of adjustment need to be calibrated to each country’s cyclical conditions and available fiscal space. Several low-income countries need to mobilize revenues, rationalize spending, and improve spending efficiency. Chapter 1 also urges countries to implement policies to support medium-term growth by promoting human and physical capital, and by increasing productivity. Chapter 2 discusses how digitalization presents opportunities and challenges for fiscal policy and the ways in which it can change how governments design and implement current and future policies. The chapter also discusses how digitalization can positively transform governments by improving tax policy and administration, increasing spending efficiency and enhancing fiscal management. Digitalization calls for a proactive, forward-looking, and comprehensive reform agenda. The chapter conveys that governments must address multiple political, social, and institutional weaknesses and manage digital risks. Digitalization is already an overwhelming trend that will accelerate further. Governments should embrace it, foresee it, and shape it.

The Economics of Public Health Care Reform in Advanced and Emerging Economies

Author: David Coady
Publisher: International Monetary Fund
ISBN: 1475583788
Format: PDF, ePub
Download Now
Health care reform will be a key fiscal policy challenge in both advanced and emerging economies in coming years. In the advanced economies, the health sector has been one of the main drivers of government expenditure, accounting for about half of the rise in total spending over the past forty years. These spending pressures are expected to intensify over the next two decades, reflecting the aging of the population, income growth, and continued technological innovations in health care. These spending increases will come at a time when countries need to undertake fiscal consolidation to reduce public debt ratios in the wake of the global financial crisis. In the emerging economies, health care reform is also a key issue, given substantial lags in health indicators and limited fiscal resources. For these economies, the challenge will be to expand public coverage without undermining fiscal sustainability. This book provides new insights into these challenges and potential policy responses, with cross-country analysis and case studies.

Fiscal Monitor October 2013

Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1484350421
Format: PDF, ePub
Download Now
Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape. In advanced economies, with narrowing budget deficits, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a historic peak. At the same time, fiscal vulnerabilities are on the rise in emerging market economies and low-income countries—on the back, in emerging market economies, of heightened financial volatility and downward revisions to potential growth, and in low-income countries, of possible shortfalls in commodity prices and aid. Strengthening fiscal balances and buttressing confidence thus remain at the top of the policy agenda. Against that backdrop, this issue explores whether and how tax reform can help strengthen public finances. Taxation is always a sensitive topic and is now more than ever at the center of policy debates around the world. Can countries tax more, better, more fairly? Results reported in this issue show that the scope to raise more revenue is limited in many advanced economies and, where tax ratios are already high, the bulk of the necessary adjustment will have to fall on spending. In emerging market economies and low-income countries, where the potential for raising revenue is often substantial, improving compliance remains a central challenge.

Globalization in an Age of Crisis

Author: Robert C. Feenstra
Publisher: University of Chicago Press
ISBN: 022603089X
Format: PDF, Kindle
Download Now
Along with its painful economic costs, the financial crisis of 2008 raised concerns over the future of international policy making. As in recessions past, new policy initiatives emerged, approaches that placed greater importance on protecting national interests than promoting international economic cooperation. Whether in fiscal or monetary policies, the control of currencies and capital flows, the regulation of finance, or the implementation of protectionist policies and barriers to trade, there has been an almost worldwide trend toward the prioritizing of national economic security. But what are the underlying economic causes of this trend, and what can economic research reveal about the possible consequences? Prompted by these questions, Robert C. Feenstra and Alan M. Taylor have brought together top researchers with policy makers and practitioners whose contributions consider the ways in which the global economic order might address the challenges of globalization that have arisen over the last two decades and that have been intensified by the recent crisis. Chapters in this volume consider the critical linkages between issues, including exchange rates, global imbalances, and financial regulation, and plumb the political and economic outcomes of past policies for what they might tell us about the future of the global economic cooperation.

How to Check Integrity of Fiscal Data

Author: Mr.Pokar D Khemani
Publisher: International Monetary Fund
ISBN: 1475551908
Format: PDF, Mobi
Download Now
Comprehensive fiscal reporting in line with international standards such as the IMF Fiscal Transparency Code and Government Finance Statistics Manual provides reasonable assurance about a government’s fiscal position and its integrity. However, before fiscal reports are issued, checks should be made to ensure that the data are reliable, consistent, accurate, and complete. The accuracy and reliability of government accounts and fiscal data is an issue in a number of countries, with significant and persistent discrepancies that can indicate underlying weaknesses in the country’s public financial management system, as well as problems with the integrity of financial data and processes. This note provides guidance on how to detect issues with data quality, perform integrity checks, and reconcile fiscal data from various sources. It discusses the importance of reconciliation to provide reasonable assurance on the quality and reliability of government fiscal data, explores the main reasons for which discrepancies may arise, describes how to assess the quality of fiscal data, and explains how to conduct quality checks. The note concludes with recommendations for country teams of concrete steps to ensure data quality. Annexes cover procedures to perform bank reconciliations, discuss how to identify common sources of the main-line items of a fiscal table, and present two country examples.

Can Abenomics Succeed

Author: Dennis P. J. Botman
Publisher: International Monetary Fund
ISBN: 1484352203
Format: PDF, Kindle
Download Now
Japan’s revitalization plan, dubbed the “three arrows of Abenomics,” devises a three-pronged strategy—combining fiscal, monetary, and structural policies—to overcome that country's apparent inability to sustain economic recovery. This book is the first comprehensive assessment of Abenomics and the reforms needed to make it a success, including aggressive monetary easing, growth-friendly fiscal consolidation, and structural and financial sector reforms.