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

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  • Mr. 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

  • Mr. Peter S. Heller, 2002. "Considering the IMF's Perspective on a "Sound Fiscal Policy"," IMF Policy Discussion Papers 2002/008, International Monetary Fund.
    • Handle: RePEc:imf:imfpdp:2002/008
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    Cited by:

    1. He, Dong, 2003. "Budget Formulation and Implementation in Korea: A Macroeconomic Perspective," MPRA Paper 9756, University Library of Munich, Germany.
    2. 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.
    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.

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