On the Ground

Improving Public Investment Efficiency in the G-20

Through the provision of both social and economic infrastructure, public investment can serve as an important catalyst for economic growth.

Making Public Investment More Efficient

Public investment supports the delivery of key public services, connects citizens and firms to economic opportunities, and can serve as an important catalyst for economic growth.

Fiscal Monitor: The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times

The more recent reversal in commodity prices has driven home the fact that commodity prices are volatile, unpredictable, and subject to long-lasting shocks. It has also meant that commodity exporters will need to adjust to a—possibly protracted—period of lower export and fiscal revenues.

Problem-Solving Ideas

Optimal Fiscal Adjustment under Uncertainty

The paper offers a non-probabilistic framework for representation of uncertainty in the context of a simple linear-quadratic model of fiscal adjustment.

Macroeconomic Stability in Resource-Rich Countries: The Role of Fiscal Policy

Resource-rich countries face large and persistent shocks, especially coming from volatile commodity prices.

The Fiscal Costs of Contingent Liabilities: A New Dataset

We construct the first comprehensive dataset of contingent liability realizations in advanced and emerging markets for the period 1990–2014. We find that contingent liability realizations are a major source of fiscal distress.

Need to Know

IMF Natural Resource Fiscal Transparency Code

Following a public consultation in 2015, the IMF has released a revised draft of its Natural Resource Fiscal Transparency Code for further discussion and comment. The online consultation process will be open until September 9, 2016.

After Paris: Fiscal, Macroeconomic and Financial Implications of Global Climate Change

This paper discusses the implications of climate change for fiscal, financial, and macroeconomic policies.

The Fiscal Consequences of Shrinking Populations

This Staff Discussion Note looks at the stark fiscal challenges posed by the decline and aging of populations between now and 2100.

What People Are Saying

Act Now, Act Together

Public finances have had a rough year. A new reality is emerging. Against this backdrop, countries need to act now to boost growth and build resilience. They must also be prepared to act together to fend off global risks.

Imagine What Fiscal Policy Could Do For Innovation

Innovation drives progress and, in economic terms, determines productivity growth. And productivity growth, in turn, determines prosperity.

Fiscal Costs of Hidden Deficits: Beware—When It Rains, It Pours

Budgets can be full of surprises. And not always good ones. Often times, debt increases significantly because an unforeseen obligation materializes.


Inequality and Fiscal Policy

The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality.

Public Financial Management in Latin America: The Key to Efficiency and Transparency

This book brings together the knowledge and experiences of IMF and IDB staff and representatives from 16 governments in the region to document these reforms, and examines the experiences and lessons learned.

Getting Energy Prices Right: From Principle to Practice

This book develops a practical methodology, and associated tools, to show how the major environmental damages from energy can be quantified for different countries and used to design the efficient set of energy taxes.

Post-Crisis Fiscal Policy

The book underscores how the global financial crisis has reshaped our understanding of the role of fiscal policy with topics that include a historical view of debt accumulation; the timing, size, and composition of fiscal stimulus packages in advanced and emerging economies; the heated debate surrounding the size of fiscal multipliers and the effectiveness of fiscal policy as a countercyclical tool and more.

Technical Assistance Reports

Kosovo: Technical Assistance Report-Enhancing Social Protection Cash Benefits

Republic of Kosovo: Technical Assistance Report- Public Investment Management Assessment

Mali: Technical Assistance Report-Tax Policy-Diagnostic Assessment

Finland: Technical Assistance Report-Revenue Administration Gap Analysis Program-The Value-Added Tax Gap

Ukraine: Technical Assistance Report-Tax Administration Reforms and Governance Options

Ukraine: Technical Assistance Report-Public Financial Management Overview