The Evolving Role of Fiscal Policy in Centrally Planned Economies Under Reform
The Evolving Role of Fiscal Policy in Centrally Planned Economies Under Reform

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1989-03-31

Total Pages: 42

ISBN-13: 1451981694

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Market-oriented economic reforms in centrally planned economies have altered the functions and objectives of key policy instruments, particularly in the case of fiscal policy. As a result of reform, economic management requires the use of “indirect” levers to regulate the behavior of increasingly autonomous economic agents. In this respect, fiscal policy becomes central and its macroeconomic role is enhanced. This paper studies the recent Chinese experience, reviewing fiscal developments and analyzing the effectiveness and appropriateness of available fiscal instruments in performing their newly enhanced macroeconomic role.

Fiscal Policy and Long-Term Growth
Fiscal Policy and Long-Term Growth

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2015-04-20

Total Pages: 257

ISBN-13: 1498344658

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This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.

Fiscal Policies in Economies in Transition
Fiscal Policies in Economies in Transition

Author: Mr.Vito Tanzi

Publisher: International Monetary Fund

Published: 1992-06-01

Total Pages: 376

ISBN-13: 9781557751911

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The collapse of central economic planning in many countries and the breakup of the Soviet Union have put into disarray systems of government revenues and expenditures in those countries. This collection of 16 papers, edited by Vito Tanzi, analyzes the strengths and weaknesses of fiscal policies under the old system of central planning and suggests ways to revitalize those policies in the newly emerging market economies.

The Means to Prosperity
The Means to Prosperity

Author: Per Gunnar Berglund

Publisher: Routledge

Published: 2007-05-07

Total Pages: 465

ISBN-13: 1135991634

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While recent developments in monetary theory have been fast to spread to policy analysis and practice and the media, the same is not true of fiscal policy, and a void has emerged. Issues such as timing, cyclical adjustments, long-term sustainability, and social implications are often seen as detached from discussions in the public arena. This book fills this gap. It delivers a keen assessment of the role and scope of current fiscal policy. New contributions and critical reviews of state of the art research analyze fiscal policy in terms of viability, potency, consequences and sustainability, and also shed light on its relation to economic and political ideas. The general tone of this volume is cautiously favourable of fiscal activism, although the emphasis is placed more on medium-term adjustments than on short-term ‘fine-tuning’. The authors believe that the legacy of the last fiscal revolution has been an excessively negative view of deficits and debt, and believe that this volume will contribute to open a dialogue on fiscal issues, and bring back a more balanced view of fiscal policy. With contributions from leading authorities including Barbara Bergmann, Jeffrey Frankel and David Colander, this is a major new contribution to the field.

Public Finance Reform During the Transition
Public Finance Reform During the Transition

Author: Lajos Bokros

Publisher: World Bank Publications

Published: 1998-01-01

Total Pages: 600

ISBN-13: 9780821342527

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Public finance reform is simultaneously a process of fiscal adjustment and structural reforms in the public sector. Under socialist rule, Hungary's concept of public finance was nebulous, since there was no clear delineation between private and public sectors. As a transition country, structural reforms were aimed at creating not only sustainable institutional arrangements but were aimed at creating a government sector adapted to a market economy as well. The former socialist states were forced into abrupt transitions; and there was little time for minds and institutions to adapt. This volume aims to provide a comprehensive description of Hungary's experience of public finance reform in a former socialist economy, including: a history of the reform process; an empirical analysis of trends in public spending and revenues; evidence of Hungary's ability to move towards accession to the European Union (EU); a description of policy reforms in the public welfare system; an analysis of the reforms in key aspects of the institutional framework; and an examination of the tax system.

Coordination of Monetary and Fiscal Policies
Coordination of Monetary and Fiscal Policies

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1998-03-01

Total Pages: 33

ISBN-13: 1451844239

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Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

The Evolving Role of Central Banks
The Evolving Role of Central Banks

Author: Mr.Patrick Downes

Publisher: International Monetary Fund

Published: 1991-06-15

Total Pages: 476

ISBN-13: 9781557751850

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Central Banks should enjoy a fair degree of autonomy in pursuing price stability to promote long-run growth and prosperity. This volume, edited by Patrick Downes and Reza Vaez-Zadeh, contains the papers presented at the fifth IMF seminar on central banking issues in November 1990. The theme was the interdependence of central bank functions and the role of central bank autonomy.

The IMF and the Silent Revolution
The IMF and the Silent Revolution

Author: Mr.James M. Boughton

Publisher: International Monetary Fund

Published: 2000-09-11

Total Pages: 68

ISBN-13: 9781557759702

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This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.

The Great Inflation
The Great Inflation

Author: Michael D. Bordo

Publisher: University of Chicago Press

Published: 2013-06-28

Total Pages: 545

ISBN-13: 0226066959

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Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.