LEADER 05536oam 22012854 450 001 9910807489903321 005 20200520144314.0 010 $a1-4623-9313-6 010 $a1-4527-4101-8 010 $a1-282-84043-6 010 $a1-4518-6943-6 010 $a9786612840432 035 $a(CKB)3170000000054993 035 $a(EBL)1607818 035 $a(SSID)ssj0000943984 035 $a(PQKBManifestationID)11518467 035 $a(PQKBTitleCode)TC0000943984 035 $a(PQKBWorkID)10982472 035 $a(PQKB)11537082 035 $a(OCoLC)646904430 035 $a(IMF)WPIEE2008082 035 $a(MiAaPQ)EBC1607818 035 $a(IMF)WPIEA2008082 035 $a(EXLCZ)993170000000054993 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBreaking the Impediments to Budgetary Reforms : $eEvidence from Europe /$fAshoka Mody, Stefania Fabrizio 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (33 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/82 300 $aDescription based upon print version of record. 311 $a1-4519-1397-4 320 $aIncludes bibliographical references. 327 $aContents; 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 Reforms 327 $a5. 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; References 330 3 $aUnder what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in focusing policymakers on undertaking reforms. To the contrary, the larger the deficit, the lower is the likelihood of reforms. Large deficits apparently imply strong claims on the budget and, hence, generate unwillingness to impose self-discipline. As such, countries will tend to move either to small fiscal deficits and good institutions or large deficits and weak institutions. Economic shocks (if they are large enough) can help build a constituency for improving budget institutions. However, if forgiving markets accommodate economic shocks, even such pressure may be insufficient. Forwardlooking and credible leadership appears to be an important ingredient of the solution. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/082 606 $aBudget process$zEurope 606 $aBudget deficits$zEurope 606 $aBalance of payments$2imf 606 $aBudget planning and preparation$2imf 606 $aBudget Systems$2imf 606 $aBudget$2imf 606 $aBudgeting & financial management$2imf 606 $aBudgeting$2imf 606 $aCurrent Account Adjustment$2imf 606 $aCurrent account deficits$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aDeflation$2imf 606 $aExports and Imports$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal stance$2imf 606 $aGovernment debt management$2imf 606 $aInflation$2imf 606 $aInternational economics$2imf 606 $aMacroeconomics$2imf 606 $aNational Budget$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aShort-term Capital Movements$2imf 606 $aSovereign Debt$2imf 607 $aChina, People's Republic of$2imf 615 0$aBudget process 615 0$aBudget deficits 615 7$aBalance of payments 615 7$aBudget planning and preparation 615 7$aBudget Systems 615 7$aBudget 615 7$aBudgeting & financial management 615 7$aBudgeting 615 7$aCurrent Account Adjustment 615 7$aCurrent account deficits 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aDeflation 615 7$aExports and Imports 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal stance 615 7$aGovernment debt management 615 7$aInflation 615 7$aInternational economics 615 7$aMacroeconomics 615 7$aNational Budget 615 7$aPrice Level 615 7$aPrices 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aShort-term Capital Movements 615 7$aSovereign Debt 676 $a352.48 700 $aMody$b Ashoka$0888386 701 $aFabrizio$b Stefania$01103907 801 0$bDcWaIMF 906 $aBOOK 912 $a9910807489903321 996 $aBreaking the Impediments to Budgetary Reforms$93950396 997 $aUNINA