Fiscal Issues at the IMF: IMF Key Issues

Key Issues
Fiscal Issues at the IMF

IMF on Fiscal Challenges

Overall, fiscal risks remain elevated, according to this issue of the Fiscal Monitor, although there are signs that in some key respects they are less acute than six months ago. Watch the video.

On the Ground

Fiscal Consolidation in Southeastern European Countries: The Role of Budget Institutions
This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries.
"Fiscal Devaluation" and Fiscal Consolidation: The VAT in Troubled Times
This paper focuses on two core tax design issues that arise in addressing current fiscal challenges.
Narrowing Vertical Fiscal Imbalances in Four European Countries
This paper describes the institutional changes that have induced a decline in the vertical in four European countries: Belgium, Italy, Norway, and Spain.
Fiscal Performance, Institutional Design and Decentralization in European Union Countries
This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements.

Problem-Solving Ideas

Debt, Taxes, and Banks
Understanding the impact of the asymmetric tax treatment of debt and equity on the capital structures of financial institutions
Stock-Flow Adjustments and Fiscal Transparency: A Cross-Country Comparison
Over the past three decades, large and persistent discrepancies between the annual change in
The Challenge of Public Pension Reform in Advanced and Emerging Economies
Assesses past trends in public pension spending in 27 advanced and 25 emerging economies, and updates the outlook for the next 40 years.
Tax Biases to Debt Finance: Assessing the Problem, Finding Solutions
Evidence shows that debt bias creates significant inequities, complexities, and economic distortions

Need to Know

Macro-Fiscal Implications of Health Care Reform in Advanced and Emerging Economies
Preferences over the state's role in heatlh care provision and financing vary across countries
Advancing Tax Reform in Iceland
Iceland's commendable progress in raising revenues to close its fiscal gap
A History of World Debt
The global financial crisis hit especially hard the public finances of advanced economies
Sovereign Credit Ratings and Spreads in Emerging Markets: Does Investment Grade Matter?
Finds that investment grade status reduces spreads beyond what is implied by fundamentals
Fiscal Transparency Portal
Gateway to more information on fiscal transparency

What People Are Saying

Some Current VAT Issues (and some lessons for the GST in India)
FAD’s Deputy Director Michael Keen delivered the 3rd annual Chelliah lecture of the National Institute for Public Finance and Policy in New Delhi. A long-standing challenge in India has been the design of an effective Value Added Tax, and his presentation focused on some unresolved issues that are central to that debate.
Disappearing Deficits
Suppose a government must reduce its budget deficit. Perhaps it made a commitment to do so;

Out now

New Book: "The Economics of Public Health Care Reform in Advanced and Emerging Economies"
A new book—The Economics of Public Health Care Reform in Advanced and Emerging Economies—focuses on the outlook for public health expenditures in the next 20–40 years and the options for health care reform in both advanced and emerging economies, drawing on lessons from across the globe

Events

Fiscal Consolidation Programs and Medium-Term Budgetary Frameworks
Joint Conference by the IMF Fiscal Affairs Department and the Swedish Ministry of Finance: 7-8 May 2012- Stockholm.
Enforceable Fiscal Rules Workshop
Workshop by IMF Fiscal Affairs Department and Offices in Europe on Enforceable Fiscal Rules--Paris, May 2, 2012

At the fiscal forefront

Fiscal policy affects macroeconomic stability, growth, and income distribution. Citizens expect their governments to ensure value-for-money for public spending, a fair and efficient tax system, and transparent and accountable management of public sector resources.

The IMF has been a leading source of fiscal policy and management expertise worldwide. The IMF monitors and analyzes global fiscal trends and advises IMF member countries on fiscal issues directly.

This page highlights the main fiscal policy issues currently under discussion, as well as provides links to research, publications, and commentary.

Technical Notes and Manuals

Contact

Comments on this page should be sent to: exrpolicycom@imf.org Contact the Fiscal Affairs Department