Fiscal Expectations Under the Stability and Growth Pact

Fiscal Expectations Under the Stability and Growth Pact PDF

Author: Mr.Marcos Poplawski-Ribeiro

Publisher: International Monetary Fund

Published: 2011-03-01

Total Pages: 42

ISBN-13: 1455218944

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The paper uses survey data to analyze whether financial market expectations on government budget deficits changed in France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact (SGP). Our findings indicate that accuracy of financial expert deficit forecasts increased in France. Convergence between the European Commission's and market experts’ deficit forecasts also increased in France, Italy, and the United Kingdom, particularly during the period after SGP’s reform in 2005. Yet, convergence between markets’ forecasts and those of the French, German, and Italian national fiscal authorities seems not to have increased significantly during the SGP.

Reforming the Stability and Growth Pact

Reforming the Stability and Growth Pact PDF

Author: Mr.Michael Deppler

Publisher: International Monetary Fund

Published: 2005-02-01

Total Pages: 28

ISBN-13: 1451975481

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A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.

Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework

Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework PDF

Author: Anthony Annett

Publisher: International Monetary Fund

Published: 2006-05

Total Pages: 38

ISBN-13:

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The Stability and Growth Pact has been a success in numerous EU countries, especially in guiding them toward underlying fiscal balance ahead of population aging. These countries tend to be smaller, subject to greater macroeconomic volatility, and reliant on a form of fiscal governance that emphasizes targets and contracts. Most of the new members share these characteristics. For the countries less compatible with the Pact, domestic governance reforms that increase the reputational costs for noncompliance can be useful complements to the fiscal framework.

Fiscal Rules—Anchoring Expectations for Sustainable Public Finances

Fiscal Rules—Anchoring Expectations for Sustainable Public Finances PDF

Author: International Monetary Fund. Fiscal Affairs Dept.

Publisher: International Monetary Fund

Published: 2009-12-11

Total Pages: 73

ISBN-13: 1498335160

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The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.

Fiscal Policy Making in the European Union

Fiscal Policy Making in the European Union PDF

Author: Martin Larch

Publisher: Routledge

Published: 2009-12-16

Total Pages: 219

ISBN-13: 1135234949

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""Fiscal policy making in the European Union is a national prerogative that is carried out and co-ordinated within the remits of the Stability and Growth Pact (SGP). The SGP Member States have agreed upon a rules-based framework which, abstracting from operational details, aims to ensure long-term sustainability of public finances while allowing for short-term fiscal stabilization. The success of the EU fiscal framework depends to a large extent on the effectiveness and accuracy of the tool-kit of indicators and methods used at the EU level to monitor and assess the fiscal performance of the Member States vis-a-vis the requirements of the SGP. The contributions to this volume examine key aspects of the measurement of fiscal policy making in the context of the EU fiscal surveillance framework. They highlight strengths and weaknesses of current assessment practice, including innovations implied by the 2005 revision of the SGP." "--Jacket.

Improving Fiscal Policy in the EU

Improving Fiscal Policy in the EU PDF

Author: Lars Jonung

Publisher:

Published: 2004

Total Pages: 44

ISBN-13:

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Recoge: 1. Introduction - 2. Forecasts biases in the present fiscal policy making process - 3. The case for independent fiscal forecasts - 4. Comparisons with other proposals for fiscal policy reform - 5. Summary.

Fiscal Policy Rules

Fiscal Policy Rules PDF

Author: Mr.George Kopits

Publisher: International Monetary Fund

Published: 1998-07-22

Total Pages: 58

ISBN-13: 9781557757043

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What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.

Second-Generation Fiscal Rules

Second-Generation Fiscal Rules PDF

Author: Luc Eyraud

Publisher: International Monetary Fund

Published: 2018-04-13

Total Pages: 132

ISBN-13: 1484350936

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Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog

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