- Key Issues
- Fiscal Issues at the IMF
IMF on Fiscal Challenges
On the Ground
This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members.
Fiscal policy is the primary tool for governments to affect income distribution.
This pilot Fiscal Transparency Assessment for Costa Rica was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country.
This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging.
This paper presents a model to determine the tax effort and tax capacity of 113 countries
The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments.
A Hybrid Approach to Estimating the Efficiency of Public Spending on Education in Emerging and Developing Economies
This paper seeks to overcome the difficulties of earlier studies by using a hybrid approach to measure the efficiency of secondary education spending in emerging and developing economies.
Using manufacturing and services firm-level data for 30 sub-Saharan African (SSA) countries, this paper shows that taxation is not a significant driver for the location of foreign firms in SSA, while other investment climate factors, such as infrastructure, human capital, and insitutions, are.
This paper uses a newly constructed revenue dataset of 35 resource-rich countries for the period 1992-2009 to analyze the impact of expanding resource revenues on different types of domestic (non resource) tax revenues.
A number of emerging markets have experienced substantial real exchange rate appreciation in recent years, generating concerns about competitiveness and prompting policymakers to respond with a combination of mitigating policies. This paper shows that fiscal policy can play a role in alleviating these pressures.
Need to Know
Studies have shown that markets may underprice sub-national governments’ risk on the implicit assumption that these entities would be bailed out by their central government in case of financial difficulties.
This paper reviews capital taxation issues in Italy based on a comprehensive definition encompassing taxes on income, transactions, and ownership.
This paper empirically examines the effects of different types of government expenditures, on economic growth in Saudi Arabia.
This paper investigates the effect of “real money investors”—domestic nonbanks and national and foreign central banks—on bond yields for a sample of 45 advanced and emerging market economies.
What People Are Saying
These are difficult times for ministers of finance. Fiscal constraints are tight and raising economic growth a priority. At the same time, income inequality is on the rise, and so is public pressure for governments to do something about it through their tax and spending policies. What’s a minister to do? How can he or she meet these seemingly incompatible demands?
Last night, when you went to bed, you left $40 on the kitchen table. When you woke up this morning, you found only $30—and a note from the government saying, “Thank you very much, we took $10 as a tax payment.” This is, of course, extremely irritating. To an economist, however, it’s close to an ideal form of taxation, since there is nothing you can now do to reduce, avoid, or evade it—the holy grail of what economists call a non-distorting tax.
The latest Fiscal Monitor takes a close look at where tax systems now stand, and where they might, and should be headed. Can we tax better, could we—if we wanted to—raise more revenue, and how does fairness come into it?
This book brings together the latest research on equity issues related to pension systems and pension reforms in the post-crisis world.
This book provides the most comprehensive estimates of energy subsidies currently available for 176 countries and an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.
Public financial management (PFM)—the fine art of budgeting, spending, and managing public monies—has seen an influx of innovations and reforms over the last two decades. This book poses critical questions about these reforms, which include fiscal rules, fiscal responsibility legislation, medium-term budget frameworks, fiscal councils, performance budgeting, and accrual accounting.
Technical Assistance Reports
Cote d'Ivoire: Strategy for Implementing Modern Budgeting Tools: Multiyear Perspectives and Program Budgeting Tools
Mali: Continued Modernization of the Malian Tax System and Administration—Memorandum on Natural Resource Management
At the fiscal forefront
- Energy Subsidy Reform: Lesson and Implications
- Public Financial Management and Its Emerging Architecture
- Fiscal Forum: The Evolving Role of Fiscal Policy
- Rethinking Macro Policy: First Steps and Early Lessons
- Fiscal Adjustment in an Uncertain World
- Interview with Carlo Cottarelli
- Partnerships for Change: Timor-Leste (October 10, 2012)
- The Economics of Public Health Care Reform in Advanced and Emerging Economies
- Africa Develops: IMF Technical Assistance in Mali (English and French)
- Africa Rebuilds: IMF Technical Assistance in Liberia