06104oam 22013334 450 991082482070332120240402023419.01-4623-4214-01-4527-2915-81-283-53552-197866138479731-4519-2733-9(CKB)2470000000001363(EBL)1586636(SSID)ssj0000089014(PQKBManifestationID)11127207(PQKBTitleCode)TC0000089014(PQKBWorkID)10083121(PQKB)10467302(Au-PeEL)EBL1586636(CaPaEBR)ebr10300201(CaONFJC)MIL384797(OCoLC)867926566(IMF)PFDEE(IMF)PFDEA(MiAaPQ)EBC1586636(EXLCZ)99247000000000136320020129d2007 uf 0engur|n|---|||||txtccrPromoting Fiscal Discipline /Manmohan Kumar, Teresa Ter-Minassian1st ed.Washington, D.C. :International Monetary Fund,2007.1 online resource (255 p.)Description based upon print version of record.1-58906-609-X Includes bibliographical references.Fiscal discipline : key issues and overview /Manmohan S. Kumar and Teresa Ter-Minassian --Discretion, institutions, and fiscal discipline /Xavier Debrun, David Hauner, and Manmohan S. Kumar --Cyclicality of fiscal policy /Fabrizio Balassone and Manmohan S. Kumar --Addressing the procyclical bias /Fabrizio Balassone and Manmohan S. Kumar --Fiscal responsibility laws /Ana Corbacho and Gerd Schwartz --The role for fiscal agencies /Xavier Debrun, David Hauner, and Manmohan S. Kumar.Fiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. Discipline is especially important if countries, industrial as well as developing, are to successfully meet the challenges, and reap the benefits, of economic and financial globalization. Lack of fiscal discipline generally stems from the injudicious use of policy discretion. The benefits of discretion are seen in terms of the ability of policymakers to respond to unexpected shocks and in allowing elected political representatives to fulfill their mandates. But discretion can be misused, resulting in persistent deficits and procyclical policies, rising debt levels, and, over time, a loss in policy credibility. The authors first explore the role of discretion in fiscal policy, and the extent, consequences, and causes of procyclicality, particularly in good times. They then examine how a variety of institutional approaches—fiscal rules, fiscal responsibility laws, and fiscal agencies—can help improve fiscal discipline. While each of these approaches can play a useful role, the authors suggest that a strategy combining them is likely to be particularly beneficial. Although such a strategy requires political commitment and effective fiscal management, at the same time, the strategy itself can bolster political commitment by highlighting the restraints on government and raising the costs of failing to respect them.BooksFiscal policyFinance, PublicEconomic policyBudgetingimfFinance: GeneralimfMacroeconomicsimfPublic FinanceimfProduction and Operations ManagementimfFiscal PolicyimfPublic AdministrationimfPublic Sector Accounting and AuditsimfNational Government Expenditures and Related Policies: GeneralimfNational BudgetimfBudget SystemsimfDebtimfDebt ManagementimfSovereign DebtimfPublic finance & taxationimfFinancial administration & public finance lawimfBudgeting & financial managementimfFinanceimfFiscal policyimfPFM legal and regulatory frameworksimfBudget planning and preparationimfExpenditureimfFiscal stanceimfPublic financial management (PFM)imfFinance, PublicimfLaw and legislationimfBudgetimfExpenditures, PublicimfNew ZealandimfFiscal policy.Finance, Public.Economic policy.BudgetingFinance: GeneralMacroeconomicsPublic FinanceProduction and Operations ManagementFiscal PolicyPublic AdministrationPublic Sector Accounting and AuditsNational Government Expenditures and Related Policies: GeneralNational BudgetBudget SystemsDebtDebt ManagementSovereign DebtPublic finance & taxationFinancial administration & public finance lawBudgeting & financial managementFinanceFiscal policyPFM legal and regulatory frameworksBudget planning and preparationExpenditureFiscal stancePublic financial management (PFM)Finance, PublicLaw and legislationBudgetExpenditures, PublicKumar Manmohan1603498Ter-Minassian Teresa122830International Monetary Fund.DcWaIMFBOOK9910824820703321Promoting Fiscal Discipline3933733UNINA