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Friday, July 24, 2020 | History

2 edition of Fiscal sustainability and monetary versus fiscal dominance found in the catalog.

Fiscal sustainability and monetary versus fiscal dominance

Evan Tanner

Fiscal sustainability and monetary versus fiscal dominance

evidence from Brazil, 1991-2000

by Evan Tanner

  • 237 Want to read
  • 25 Currently reading

Published by International Monetary Fund, IMF Institute and Western Hemisphere Department in [Washington, D.C.] .
Written in English

    Subjects:
  • Monetary policy -- Brazil -- Econometric models.,
  • Fiscal policy -- Brazil -- Econometric models.,
  • Gross domestic product -- Brazil -- Econometric models.,
  • Budget -- Brazil -- Econometric models.,
  • Budget deficits -- Brazil -- Econometric models.

  • Edition Notes

    StatementEvan Tanner and Alberto M. Ramos.
    GenreEconometric models.
    SeriesIMF working paper -- WP/02/5
    ContributionsRamos, Alberto M., IMF Institute., International Monetary Fund. Western Hemisphere Dept.
    The Physical Object
    Pagination29 p. :
    Number of Pages29
    ID Numbers
    Open LibraryOL20990141M

    Fiscal Sustainability in Theory and Practice: Introduction Craig Burnside∗ November (final revision) As its title suggests, this book is intended as an introduction to the theory of fiscal sus-tainability and the practice of fiscal sustainability assessment. In this introductory chapter I. If k = 0, all debt is backed by the monetary authority and there is complete fiscal dominance. A continuum of possibilities lies between these two polar cases. We numerically show that: 1) the degree of fiscal dominance, as measured by (1 - k), is positively related to trend inflation, and 2) when prices are sticky, k has significant effects on.

    This paper investigates the monetary and fiscal policy coordination in Turkey during the period and sub-periods and In order to reveal if financial policies are monetary dominant or fiscal dominant in aforementioned periods, bounds testing procedure is applied by using quarterly data. There was broad agreement that an exit strategy from monetary, fiscal, and financial sector interventions is essential. The pivotal goal of this exit process would be to arrive at a condition of price stability, fiscal sustainability, and financial stability, including a new financial landscape that is much safer than currently exists.

    Public Financial Management and Fiscal Sustainability DevTech strengthens the capacity of governments, businesses and citizens to build open and sustainable economic systems that encourage growth and reduce poverty. DevTech has helped local and national governments implement sound budget practices, carry out tax and financial reforms, decrease.   Tanner E., Ramos sustainability and monetary versus fiscal dominance: evidence from Brazil, – Applied Economics, 35 (), pp. Google Scholar.


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Fiscal sustainability and monetary versus fiscal dominance by Evan Tanner Download PDF EPUB FB2

"Fiscal Sustainability and Monetary Versus Fiscal Dominance" published on by INTERNATIONAL MONETARY FUND. Get this from a library. Fiscal sustainability and monetary versus fiscal dominance: evidence from Brazil, [Evan Tanner; Alberto M Ramos; IMF Institute.; International Monetary Fund.

Western Hemisphere Department.] -- Annotation Under a monetary dominant (MD) regime, the primary surplus adjusts to limit debt growth, permitting monetary policy to be conducted independently of fiscal.

Under a monetary dominant (MD) regime, the primary surplus adjusts to limit debt growth, permitting monetary policy to be conducted independently of fiscal financing requirements. In Brazil, some evidence favors an MD regime for –97, but not for the decade of the s as a whole.

While fiscal adjustments of yielded a primary surplus of about 3 percent of GDP, consistent with Cited by: Request PDF | Fiscal Sustainability and Monetary Versus Fiscal Dominance: Evidence From Brazil, | Under a monetary dominant (MD) regime.

Under a monetary dominant (MD) regime, the primary surplus adjusts to limit debt growth, permitting monetary policy to be conducted independently of fiscal financing requirements. In Brazil, some evidence favors an MD regime forbut not for the decade of the s as a by: Title: Fiscal Sustainability and Monetary versus Fiscal Dominance: Evidence from Brazil, - WP/02/5 CORRECTION Created Date: 3/6/ PM.

In this section, we will provide a formal test of the sustainability of the Spanish government deficit over the period – following the methodology presented at the beginning of Section 3; and, more importantly, we will analyze the role played by monetary and fiscal dominance in order to get fiscal solvency along the period.

"Deficit sustainability, and monetary versus fiscal dominance: The case of Spain, –," Journal of Policy Modeling, Elsevier, vol. 36(5), pages Oscar Bajo-Rubio & Carmen Díaz-Roldán & Vicente Esteve,   Monetary Policy vs.

Fiscal Policy: An Overview. Monetary policy and fiscal policy refer to the two most widely recognized tools used to influence a nation's economic activity. In terms of monetary policy, central banks such as the Fed need to assess how fiscal policy will affect the economy so they can adjust their approach accordingly.

Along the same line, the economic results of central bank actions—higher growth and/or higher inflation vs. slower growth and/or lower inflation—can affect policymakers.

Fiscal Sustainability in Theory and Practice fills this gap. The handbook is organized around three themes: (i) basic theory and tools for everyday use, (ii) the effects of business cycles on public finance and the role of fiscal rules, and (iii) crises and their impact on fiscal sustainability.

Request PDF | Deficit sustainability, and monetary versus fiscal dominance: The case of Spain, | In this paper, we provide a test of the sustainability of the Spanish government deficit.

of monetary and fiscal easing implemented by several EMEs in the worst phase of the recent global financial crisis was simply unthinkable during the s and s. Several country papers in this volume discuss the factors heralding this change.

Inmost cases, measures to strengthen medium-term fiscal sustainability and monetary policy. Dominance versus Monetary Dominance debate. They estimated fiscal and monetary policy reaction functions and found supportive evidence of a Monetary Dominance regime EU Member Statesin the.

The second paper, published in, put the emphasis fiscal on sustainability, and in this sense is closer to Bohn (). fine- By tuning the estimation. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): Abstract: This paper examines several questions regarding fiscal sustainability and adjustment in Brazil from to We find that during most of this period, the operational deficit was stationarity, and hence the debt was not growing boundlessly.

However, before the Real plan (July ), the regime appears to. Ideally, fiscal policy and monetary policy are set independently.

That’s why the Fed is said to be independent. Fiscal dominance occurs when the fiscal authority is so profligate that a conscientious monetary authority is forced to accommodate the profligacy—that is, the monetary authority prints gobs of money to fund endless deficits.

), “Fiscal Sustainability and Monetary versus Fiscal Dominance: Evidence from Brazil, ,” IMF Working Paper No By Evan Tanner and Alberto M. Ramos Abstract. After reviewing the impact of financial cycles on fiscal positions, we offer a new tool to estimate cyclically adjusted balances, illustrate its performance, explore its strengths and weaknesses, and sketch out a way forward to measuring sustainability in a more holistic way.

JEL classification: H30, H62, E44, E52, E Tanner, Evan and Alberto M. Ramos () “Fiscal Sustainability and Monetary Versus Fiscal Dominance: Evidence from Brazil, ,” IMF Working Paper 02/5.

Uribe, Jose Dario and Luis Ignacio Lazanio (), Fiscal Issues and Central Banks in Emerging Markets: The Case of Columbia, BIS Papers No pp There is an urgent need to free monetary policy from fiscal dominance to ensure price stability, financial stability and sovereign debt sustainability.

POLICY OPTIONS How does one get rid of the. Fiscal sustainability analysis is the use of a simple set of tools to analyze a government's budget and its debt position, and leads to conclusions - given the government's debt level - about the appropriateness of fiscal policy.

Many economists are familiar with fiscal sustainability analysis, but there is no single reference work that explains it.5/5(1).Fiscal Dominance Fiscal dominance occurs when a national debt has reached levels such that a nation is unable to pay it down with taxes and requires monetary policy support in order to stay solvent.

In such a situation, it is difficult to control inflation because raising interest rates can make it impossible for the government to pay its debt.4 Monetary Policy under Fiscal Dominance. We model fiscal dominance by assuming that the tax rate is exogenous and constant.

With government spending specified as an exogenous stochastic process (13), fiscal instruments are therefore not being used to ensure that the intertemporal budget constraint of the government holds. In such a world the.