Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic
Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic

Author: Mr. Hamid R Davoodi

Publisher: International Monetary Fund

Published: 2022-01-27

Total Pages: 41

ISBN-13:

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Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy room to respond to the health crisis. But the unprecedented fiscal actions have led to large and widespread deviations from deficit and debt limits. The evidence shows that fiscal rules, in general, have been flexible during crises but have not prevented a large and persistent buildup of debt over time. Experience shows that deviations from debt limits are very difficult to reverse. The paper also presents evidence on the benefits of a good track record in abiding by the rules. All these highlight the difficult policy choices ahead and need to further improve rules-based fiscal frameworks.

Fiscal Politics
Fiscal Politics

Author: Vitor Gaspar

Publisher: International Monetary Fund

Published: 2017-04-07

Total Pages: 548

ISBN-13: 1475547900

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Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.

Regional Economic Outlook, Western Hemisphere, October 2024
Regional Economic Outlook, Western Hemisphere, October 2024

Author: International Monetary Fund. Western Hemisphere Dept.

Publisher: International Monetary Fund

Published: 2024-10-25

Total Pages: 45

ISBN-13:

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After successfully weathering a series of shocks, most countries in the region are converging to their (tepid) potential. Growth is expected to moderate in late 2024 and 2025 while inflation is projected to continue easing, although gradually. With output and inflation gaps mostly closed but monetary policy still contractionary and public finances in need of strengthening, a further rebalancing of the policy mix is necessary. Fiscal consolidation should advance without delay to rebuild buffers while protecting priority public investment and social spending. This would support the normalization of monetary policy and strengthen credibility and resilience of policy frameworks. Most central banks are well placed to proceed with monetary easing, striking a balance between fending off the risk of reemerging price pressures and avoiding an undue economic contraction. Medium-term growth is expected to remain close to its low historical average, reflecting long-standing, unresolved challenges—including low investment and productivity growth—and shifting demographics. Worrisomely, the ongoing reform agenda is noticeably thin and could lead to a vicious circle of low growth, social discontent, and populist policies. Avoiding this requires pressing on with reforms. Improving governance—by strengthening the rule of law, enhancing government effectiveness, and tackling crime—is a priority that cuts across all areas of growth. Boosting capital accumulation requires improving the business environment, fostering competition, and increasing international trade. Greater and more effective public investment is also needed. Maintaining a dynamic labor force and increasing productivity requires tackling informality and making formal labor markets more flexible, including to adapt to new technologies. Increasing female labor participation can help boost the labor force and offset demographic shifts.

The Return to Fiscal Rules
The Return to Fiscal Rules

Author: Francesca Caselli

Publisher: International Monetary Fund

Published: 2022-10-11

Total Pages: 37

ISBN-13:

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Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging. Governments need to communicate fiscal plans to reduce debt sustainability risks and promote consistent macroeconomic policies. Many envisage a return to fiscal rules that had been suspended during the pandemic to strengthen credibility. This situation offers an opportunity to rethink fiscal rules and determine how governments can make fiscal policy more agile, including in responding to crises, without undermining fiscal sustainability. A risk-based medium-term fiscal framework that combines standards, rules, and strengthened institutions would strike a better balance between flexibility and credibility.

Global Trends 2040
Global Trends 2040

Author: National Intelligence Council

Publisher: Cosimo Reports

Published: 2021-03

Total Pages: 158

ISBN-13: 9781646794973

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"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Green Growth in South Asia
Green Growth in South Asia

Author: World Bank

Publisher: World Bank Publications

Published: 2023-10-03

Total Pages: 152

ISBN-13: 1464820260

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Notwithstanding global growth weakness and financial pressures, growth in South Asia is expected to remain robust, supported by slower fiscal consolidation than in other EMDEs, strong public investment, and a recovery as financial stress has subsided. Policy challenges include, in the short-term, preserving financial stability and restoring fiscal sustainability and, in the long-term, rekindling investment, and managing an energy transition. Currently, the energy intensity of South Asian economies is almost twice the global average—despite a decline over the past two decades that was almost entirely driven by firm-level, within-sector cuts in energy intensity. The potential benefit of regulatory policies, information interventions, and financial support to help accelerate the diffusion of these technologies, as well as the possibility that these could also lend broader support for countries' development objectives. The transition away from fossil fuels may have considerable labor market impacts. A wide range of policies, including better access to high-quality education, finance, and markets; improved labor mobility; and strengthened social safety nets, will be needed to facilitate the adjustment in labor markets while protecting vulnerable workers.

Perspectives on Economics and Management
Perspectives on Economics and Management

Author: Saibal Ghosh

Publisher: Taylor & Francis

Published: 2024-08-28

Total Pages: 369

ISBN-13: 1040113885

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The world of economics and management is being reshaped in more ways than one including rapid advancements in technology and business practices. This book weaves together a diverse set of issues such as consumption patterns, wealth disparities and the management, behaviour and financial health of businesses and consumers to analyse the effectiveness of economic and business strategies. Rapid technological advancements along with the need for cost-effectiveness and convenience are making service providers embrace technology as a partner rather than a tool in their economic journey. Relatedly, traditional management philosophy is coming under a scanner, with an increasing emphasis on holistic development of the organization, rather than a top-down approach, as has been the case in the past. Understanding major developments in economic and financial policymaking has perennially been a key concern of public policy, shaped by recent global and related developments, this has necessitated a relook at these issues, couched in a cross-cutting perspective. Viewed from this standpoint, the present volume, written to honour the rich academic work of the eminent economist Professor Anindya Sen intersects this triad of economics, finance and public policy that are integral to policy thinking and its formulation. The smorgasbord of research ideas, involving both theoretical analysis and empirical evidence, presented in this volume, provides useful perspectives on the drivers that are continually reshaping the dynamism in the world around us and, in the process, integrates a multidisciplinary perspective of focusing on several pertinent policy challenges. This book will be useful to researchers and students of economics, finance and public policy, economic theorists, microeconomics, and even to those with a broader canvass such as researchers in macroeconomics, international economics, business, management and marketing.

Fiscal Policy in a Turbulent Era
Fiscal Policy in a Turbulent Era

Author: Enrique Alberola

Publisher: Edward Elgar Publishing

Published: 2024-02-12

Total Pages: 253

ISBN-13: 1035300567

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Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the changing practice of fiscal policy and how it is adapting to the unpredictable nature of the 21st century. Expert academic and practitioner contributors consider the resources which underpin current fiscal policy, assessing its overall effectiveness before outlining the changing priorities –ageing, inequality, climate change- and the financial tools available, and considering the future of fiscal policy in uncertain times.

Global Public Goods and Sustainable Development in the Practice of International Organizations
Global Public Goods and Sustainable Development in the Practice of International Organizations

Author:

Publisher: BRILL

Published: 2023-11-07

Total Pages: 402

ISBN-13: 9004687262

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This volume examines in an innovative and applied perspective the interdependence between the role of international organizations, the existence of global public goods and the need of sustainable development. Moreover, it is set within the context of current challenges in today’s world of dramatic transition and clearly responds to the need for filling the existing research gap in this area. It also demonstrates excellent knowledge of primary resources and a very good mastery of the various concepts and policy issues. Moreover, it offers an important added value to the theory, research and recent publications of the concerned broad study field. Contributors are: Aleksandra Borowicz, Leiza Brumat, Diego Caballero Vélez, Giuseppe T. Cirella, Rasa Daugėlienė, Agnieszka Domańska, Małgorzata Dziembała, Lenka Fojtíková, Katja Zajc Kejžar, Agnieszka Kłos, Ewa Kosycarz, Anatoliy Kruglashov, Andrzej Latoszek, Ewa Latoszek, Mirella Mărcuț, Willem Molle, Ewa Osuch-Rak, Marta Pachocka, Nina Ponikvar, Magdalena Proczek, Angela Maria Romito, Piotr Stolarczyk, Aleksandra Szczerba, and Anna Wójtowicz

United Kingdom
United Kingdom

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2023-07-11

Total Pages: 112

ISBN-13:

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Market stress following the September 2022 'mini-budget' has dissipated, in the context of a successful financial stability intervention by the Bank of England (BoE) and two prudent budgets. Post-Brexit uncertainty has declined somewhat due to the Windsor Framework agreement to resolve disputes around the Northern Ireland Protocol. Still, the economy faces several challenges. The post-pandemic recovery was disrupted by the sharp energy price shock due to Russia’s war in Ukraine; labor force participation has declined, mainly on account of rising long-term illness; and large policy rate increases—needed to arrest high and sticky inflation—have tightened financial conditions. Accordingly, and despite recent upgrades, GDP growth is forecast at a modest 0.4 percent for 2023, followed by 1 percent growth in 2024. Lower energy prices and emerging economic slack is projected to help reduce headline inflation to around 51⁄4 percent by end-2023 and to the 2 percent target by mid-2025. Risks are tilted to the downside for growth and to the upside for inflation. Tighter-than-expected global financial conditions present the key downside risk to growth, while robust wage growth and greater inflation persistence pose upside risks to inflation.