LEADER 06104oam 22013334 450 001 9910824820703321 005 20240402023419.0 010 $a1-4623-4214-0 010 $a1-4527-2915-8 010 $a1-283-53552-1 010 $a9786613847973 010 $a1-4519-2733-9 035 $a(CKB)2470000000001363 035 $a(EBL)1586636 035 $a(SSID)ssj0000089014 035 $a(PQKBManifestationID)11127207 035 $a(PQKBTitleCode)TC0000089014 035 $a(PQKBWorkID)10083121 035 $a(PQKB)10467302 035 $a(Au-PeEL)EBL1586636 035 $a(CaPaEBR)ebr10300201 035 $a(CaONFJC)MIL384797 035 $a(OCoLC)867926566 035 $a(IMF)PFDEE 035 $a(IMF)PFDEA 035 $a(MiAaPQ)EBC1586636 035 $a(EXLCZ)992470000000001363 100 $a20020129d2007 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPromoting Fiscal Discipline /$fManmohan Kumar, Teresa Ter-Minassian 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2007. 215 $a1 online resource (255 p.) 300 $aDescription based upon print version of record. 311 $a1-58906-609-X 320 $aIncludes bibliographical references. 327 $tFiscal discipline : key issues and overview /$rManmohan S. Kumar and Teresa Ter-Minassian --$tDiscretion, institutions, and fiscal discipline /$rXavier Debrun, David Hauner, and Manmohan S. Kumar --$tCyclicality of fiscal policy /$rFabrizio Balassone and Manmohan S. Kumar --$tAddressing the procyclical bias /$rFabrizio Balassone and Manmohan S. Kumar --$tFiscal responsibility laws /$rAna Corbacho and Gerd Schwartz --$tThe role for fiscal agencies /$rXavier Debrun, David Hauner, and Manmohan S. Kumar. 330 3 $aFiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. Discipline is especially important if countries, industrial as well as developing, are to successfully meet the challenges, and reap the benefits, of economic and financial globalization. Lack of fiscal discipline generally stems from the injudicious use of policy discretion. The benefits of discretion are seen in terms of the ability of policymakers to respond to unexpected shocks and in allowing elected political representatives to fulfill their mandates. But discretion can be misused, resulting in persistent deficits and procyclical policies, rising debt levels, and, over time, a loss in policy credibility. The authors first explore the role of discretion in fiscal policy, and the extent, consequences, and causes of procyclicality, particularly in good times. They then examine how a variety of institutional approaches?fiscal rules, fiscal responsibility laws, and fiscal agencies?can help improve fiscal discipline. While each of these approaches can play a useful role, the authors suggest that a strategy combining them is likely to be particularly beneficial. Although such a strategy requires political commitment and effective fiscal management, at the same time, the strategy itself can bolster political commitment by highlighting the restraints on government and raising the costs of failing to respect them. 410 0$aBooks 606 $aFiscal policy 606 $aFinance, Public 606 $aEconomic policy 606 $aBudgeting$2imf 606 $aFinance: General$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aProduction and Operations Management$2imf 606 $aFiscal Policy$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aNational Budget$2imf 606 $aBudget Systems$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aPublic finance & taxation$2imf 606 $aFinancial administration & public finance law$2imf 606 $aBudgeting & financial management$2imf 606 $aFinance$2imf 606 $aFiscal policy$2imf 606 $aPFM legal and regulatory frameworks$2imf 606 $aBudget planning and preparation$2imf 606 $aExpenditure$2imf 606 $aFiscal stance$2imf 606 $aPublic financial management (PFM)$2imf 606 $aFinance, Public$2imf 606 $aLaw and legislation$2imf 606 $aBudget$2imf 606 $aExpenditures, Public$2imf 607 $aNew Zealand$2imf 615 0$aFiscal policy. 615 0$aFinance, Public. 615 0$aEconomic policy. 615 7$aBudgeting 615 7$aFinance: General 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aProduction and Operations Management 615 7$aFiscal Policy 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aNational Government Expenditures and Related Policies: General 615 7$aNational Budget 615 7$aBudget Systems 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aPublic finance & taxation 615 7$aFinancial administration & public finance law 615 7$aBudgeting & financial management 615 7$aFinance 615 7$aFiscal policy 615 7$aPFM legal and regulatory frameworks 615 7$aBudget planning and preparation 615 7$aExpenditure 615 7$aFiscal stance 615 7$aPublic financial management (PFM) 615 7$aFinance, Public 615 7$aLaw and legislation 615 7$aBudget 615 7$aExpenditures, Public 700 $aKumar$b Manmohan$01603498 701 $aTer-Minassian$b Teresa$0122830 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910824820703321 996 $aPromoting Fiscal Discipline$93933733 997 $aUNINA