05482oam 22012614 450 991078824620332120230721045628.01-4623-9313-61-4527-4101-81-282-84043-61-4518-6943-69786612840432(CKB)3170000000054993(EBL)1607818(SSID)ssj0000943984(PQKBManifestationID)11518467(PQKBTitleCode)TC0000943984(PQKBWorkID)10982472(PQKB)11537082(OCoLC)646904430(MiAaPQ)EBC1607818(IMF)WPIEE2008082(EXLCZ)99317000000005499320020129d2008 uf 0engur|n|---|||||txtccrBreaking the Impediments to Budgetary Reforms : Evidence from Europe /Ashoka Mody, Stefania FabrizioWashington, D.C. :International Monetary Fund,2008.1 online resource (33 p.)IMF Working PapersIMF working paper ;WP/08/82Description based upon print version of record.1-4519-1397-4 Includes bibliographical references.Contents; I. Introduction; II. Data and Empirical Approach; III. The Setting: War of Attrition; IV. Economic Shocks and Crises; V. Credibility: Does It Take Nixon To Go To China?; VI. Conclusions; Appendices; I. Quality of Budget Institutions; Appendix Tables; 1. Construction of the Index: Fiscal Institutions and Their Index Parameters; 2. Index of Quality of Budget Institutions; 3. Fiscal Institutions' Quality Index; II. Definitions and Sources of Variables Used in Regression Analysis; Tables; 1. War of Attrition; 2. Political Constraints; 3. Economic Shocks; 4. Crises and Reforms5. Credibility6. Model Predictions; Figures; 1. Average Value of Fiscal Institutions' Index, 1991-2004; 2. Quality of Fiscal Institutions' Index and Per Capita Income; 3. Fiscal Institutions' Index; 4. Interaction of Primary Balance and Fractionalization; 5. Nonlinear Effects in the Full Model; ReferencesUnder what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in focusing policymakers on undertaking reforms. To the contrary, the larger the deficit, the lower is the likelihood of reforms. Large deficits apparently imply strong claims on the budget and, hence, generate unwillingness to impose self-discipline. As such, countries will tend to move either to small fiscal deficits and good institutions or large deficits and weak institutions. Economic shocks (if they are large enough) can help build a constituency for improving budget institutions. However, if forgiving markets accommodate economic shocks, even such pressure may be insufficient. Forwardlooking and credible leadership appears to be an important ingredient of the solution.IMF Working Papers; Working Paper ;No. 2008/082Budget processEuropeBudget deficitsEuropeBudgetingimfExports and ImportsimfInflationimfMacroeconomicsimfPublic FinanceimfNational BudgetimfBudget SystemsimfFiscal PolicyimfCurrent Account AdjustmentimfShort-term Capital MovementsimfDebtimfDebt ManagementimfSovereign DebtimfPrice LevelimfDeflationimfBudgeting & financial managementimfInternational economicsimfPublic finance & taxationimfBudget planning and preparationimfFiscal stanceimfCurrent account deficitsimfGovernment debt managementimfBudgetimfFiscal policyimfBalance of paymentsimfDebts, PublicimfPricesimfChina, People's Republic ofimfBudget processBudget deficitsBudgetingExports and ImportsInflationMacroeconomicsPublic FinanceNational BudgetBudget SystemsFiscal PolicyCurrent Account AdjustmentShort-term Capital MovementsDebtDebt ManagementSovereign DebtPrice LevelDeflationBudgeting & financial managementInternational economicsPublic finance & taxationBudget planning and preparationFiscal stanceCurrent account deficitsGovernment debt managementBudgetFiscal policyBalance of paymentsDebts, PublicPrices352.48Mody Ashoka888386Fabrizio Stefania1103907DcWaIMFBOOK9910788246203321Breaking the Impediments to Budgetary Reforms3673571UNINA