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Considering the IMF's Perspective on a "Sound Fiscal Policy"

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  • Peter S. Heller

Abstract

This paper provides a perspective on how the IMF assesses a "sound fiscal policy", focusing principally on industrial and emerging market economies. It observes six central criteria: the short-term fiscal policy stance, with greater emphasis on automatic stabilizers than discretionary fiscal policy; relevance of medium and sometimes long-term issues; fiscal sustainability; capacity for aggregate fiscal policy implementation (including political economy factors); structural content of fiscal policy (tax efficiency and public expenditure quality); and institutional, governance, and process issues associated with budget implementation and revenue collection. Greater emphasis could be placed on an adequate margin to deal with uncertain long-term challenges.

Suggested Citation

  • 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 141-161, February.
    • Handle: RePEc:mhr:finarc:urn:sici:0015-2218(2002/200302)59:1_141:ctipoa_2.0.tx_2-s
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    Citations

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    Cited by:

    1. Bank for International Settlements, 2003. "Fiscal issues and central banking in emerging economies," BIS Papers, Bank for International Settlements, number 20.
    2. He, Dong, 2003. "Budget Formulation and Implementation in Korea: A Macroeconomic Perspective," MPRA Paper 9756, University Library of Munich, Germany.
    3. Maria Antoinette Silgoner & Jesús Crespo-Cuaresma & Gerhard Reitschuler, 2003. "The Fiscal Smile: The Effectiveness and Limits of Fiscal Stabilizers," IMF Working Papers 2003/182, International Monetary Fund.
    4. Ramkishen S. Rajan, 2007. "Managing new-style currency crises: the swan diagram approach revisited," Journal of International Development, John Wiley & Sons, Ltd., vol. 19(5), pages 583-606.

    More about this item

    JEL classification:

    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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