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Fiscal transparency from central banks’ perspective: off-budget activities and government asset funds

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  • Dubravko Mihaljek

    (BIS)

Abstract

This paper reviews how central banks in emerging market countries assess fiscal positions, and discusses two aspects of fiscal transparency that have recently gained importance from central banks’ perspective: off-budget activities and special fiscal funds. By increasing uncertainty about the true fiscal position of the government, these activities are of concern both to central banks that set monetary policy on their own, taking fiscal policy as given, and to those that have adopted an institutional framework for coordinating monetary and fiscal policies.

Suggested Citation

  • Dubravko Mihaljek, 2007. "Fiscal transparency from central banks’ perspective: off-budget activities and government asset funds," MNB Conference Volume, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 1(1), pages 9-17, December.
    • Handle: RePEc:mnb:confer:v:1:y:2007:i:1:p:9-17
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    References listed on IDEAS

    as
    1. Dubravko Mihaljek, 2005. "Local complications of global economic integration: privatisation receipts and volatile export earnings," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and monetary policy in emerging markets, volume 23, pages 81-90, Bank for International Settlements.
    2. Polackova, Hana, 1998. "Contingent government liabilities : a hidden risk for fiscal stability," Policy Research Working Paper Series 1989, The World Bank.
    3. Dubravko Mihaljek & Bruno Tissot, 2003. "Fiscal positions in emerging econimies: central banks' perspective," BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal issues and central banking in emerging economies, volume 20, pages 10-37, Bank for International Settlements.
    4. 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.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    fiscal transparency; public sector accounts; off-budget activities; sovereign wealth funds; emerging market economies.;
    All these keywords.

    JEL classification:

    • H19 - Public Economics - - Structure and Scope of Government - - - Other
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H69 - Public Economics - - National Budget, Deficit, and Debt - - - Other
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property

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