06295oam 22014174 450 991096832260332120250426110835.0978661384797397814623421431462342140978145272915214527291589781283535526128353552197814519273371451927339(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(Perlego)1668555PFDEA(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.9781589066090 158906609X 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 policyBudget planning and preparationimfBudget SystemsimfBudgetimfBudgeting & financial managementimfBudgetingimfDebt ManagementimfDebtimfExpenditureimfExpenditures, PublicimfFinanceimfFinance, PublicimfFinance: GeneralimfFinancial administration & public finance lawimfFiscal PolicyimfFiscal policyimfFiscal stanceimfLaw and legislationimfMacroeconomicsimfNational BudgetimfNational Government Expenditures and Related Policies: GeneralimfPfm legal and regulatory frameworksimfProduction and Operations ManagementimfPublic AdministrationimfPublic finance & taxationimfPublic FinanceimfPublic financial management (PFM)imfPublic Sector Accounting and AuditsimfSovereign DebtimfNew ZealandimfFiscal policy.Finance, Public.Economic policy.Budget planning and preparationBudget SystemsBudgetBudgeting & financial managementBudgetingDebt ManagementDebtExpenditureExpenditures, PublicFinanceFinance, PublicFinance: GeneralFinancial administration & public finance lawFiscal PolicyFiscal policyFiscal stanceLaw and legislationMacroeconomicsNational BudgetNational Government Expenditures and Related Policies: GeneralPfm legal and regulatory frameworksProduction and Operations ManagementPublic AdministrationPublic finance & taxationPublic FinancePublic financial management (PFM)Public Sector Accounting and AuditsSovereign DebtKumar Manmohan1803826Ter-Minassian Teresa122830International Monetary Fund.DcWaIMFBOOK9910968322603321Promoting Fiscal Discipline4351557UNINA