- Key Issues
- Fiscal Issues at the IMF
IMF on Fiscal Challenges
On the Ground
The IMF is seeking your comments on the draft Resource Revenue Management pillar (Pillar IV) of the Fiscal Transparency Code. This new pillar sets out recommended principles and practices for fiscal transparency and accountability in the management of natural resource revenues. The online consultation will be open until February 15, 2015.
This paper studies whether revenue conditionality in Fund-supported programs had any impact on the revenue performance of 126 low- and middle-income countries during 1993-2013.
This paper finds that tightening global financial conditions can worsen emerging economies’ public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion.
This paper examines the impact of fiscal policy on employment through the lenses of Okun’s Law
This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes.
Using a novel municipality-level panel dataset, this paper investigates the empirical characteristics of vertical fiscal imbalances (VFIs) in Moldova over the period 2005–13.
The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility.
This paper calculates, for the top twenty emitting countries, how much pricing of carbon dioxide (CO2) emissions is in their own national interests due to domestic co-benefits (leaving aside the global climate benefits).
Need to Know
The paper examines the consequences of fiscal consolidation in times of persistently low growth and high unemployment by estimating medium-term fiscal multipliers during protracted recessions (PR) in a sample of 17 OECD countries.
We examine how the composition of public debt, broken down by currency, maturity, holder profile and marketability, has responded to major debt accumulation and consolidation episodes during 1900-2011.
IMF’s latest Fiscal Monitor
This pilot Fiscal Transparency Evaluation for Portugal was prepared by a staff team of the International Monetary Fund based on the July 2013 version of the revised Fiscal Transparency Code and the information available at the completion of their visit to Lisbon on May 14, 2014.
What People Are Saying
Improvements in health can have a tremendously positive effect on society’s well-being and the level of economic activity. Indeed, 2013’s path-breaking report by the Lancet Commission indicates that about 11 percent of the economic growth in recent decades can be attributed to these improvements.
Global unemployment currently exceeds 200 million people. An additional 13 million people are expected to be unemployed by 2018.
At a time when Japan needs to boost economic growth, the corporate income tax rate is generally seen as the country’s most growth-distortive tax.
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.
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.
Revenues from natural resources often pose unique challenges for tax administration. This Handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries.
This book brings together the latest research on equity issues related to pension systems and pension reforms in the post-crisis world.
At the fiscal forefront
- IMF Moving Forward on Energy Tax Reform
- Vítor Gaspar: The IMF’s New Fiscal Policy Head
- 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