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Fiscal Federalism in Theory and Practice
Over the past few decades, a clear trend has emerged worldwide toward the devolution of spending and, to a lesser extent, revenue-raising responsibilities to state and local levels of government. One view is that the decentralization of spending responsibilities can entail substantial gains in terms of distributed equity and macroeconomic management. The papers in this volume, edited by Teresa Ter-Minassian, examine the validity of these views in light of theoretical considerations, as well as the experience of a number of countries.
Decentralizing Revenue in Latin America
This book analyzes the reasons for lackluster performance selected Latin American countries in mobilizing subnational own-source revenues and explores policy options to increase these revenues as efficiently and equitably as possible. Seven case studies--Argentina, Bolivia, Brazil, Colombia, Mexico, Peru, and Venezuela--span a wide range of characteristics, including federal and unitary countries, different geographical sizes, levels of economic development, and degrees of revenue decentralization. In this book, subnational governments include both intermediate and local levels of government, which are distinguished in the case studies. Together, the case studies provide a reasonably representative picture of the challenges faced throughout Latin America in mobilizing subnational own-source revenues in a manner that supports equitable growth.
Promoting Fiscal Discipline
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 deb...
A Monetary and Fiscal History of Latin America, 1960–2017
A major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated...
Macroeconomic Dimensions of Public Finance
There is no magic formula for balancing fiscal policy and economic performance. As a scholar and policy advisor, Vito Tanzi has made a major contribution to identifying links between public finance and macro and microeconomic consequences. His findings bear relevance in both developing and industrialized economies. The essays in this volume and its companion, Fiscal Policy and Economic Reform, highlight many of these interconnected issues, for instance: * the interaction between budgetary policy and economic aggregates, such as employment, inflation and growth * the implication of economic linkages for designing fiscal policies * expenditure policies and alternative deficit financing strategies * the trade-offs between macro- and microeconomic objectives The list of contributors includes Max Corden, John Makin, Ronald McKinnon and Richard Musgrave.
Borrowing by Subnational Governments
This paper presents various models of control with advantages and disadvantages, the balance of which would make it more or less suitable to a particular country's circumstances. As these circumstances evolve—as fiscal and macro imbalances improve or worsen—the preferable model may change over time. Although appealing in principle, sole reliance on market discipline for government borrowing is unlikely to be appropriate in many circumstances. This is so, because one or more of the conditions for its effective working frequently are not realized in each particular country. The increasing worldwide trend toward devolution of spending and revenue-raising responsibilities to subnational governments seems likely to come into growing conflict with systems of administrative controls by the central government on subnational borrowing. Rules-based approaches to debt control would appear preferable, in terms of transparency and certainty, to administrative controls and also to statutory limits defined in the context of the annual budget process, the outcome of which may be unduly influenced by short-term political bargaining.
The Magic Money Tree and Other Economic Tales
This lively and provocative look at the tension between economics and politics examines why so many mistakes in economic policy-making are made for political reasons and ignore the economic truths. Using short-term economic gains to ensure electoral success, argues Lorenzo Forni, inevitably spells macroeconomic disaster. Using the state budget, trade policy and monetary policy to prop up labour markets and the wider economy in order to boost voter approval ratings, while ignoring budget constraints can only result in longer recessions and economic downturns. Which then can incur the painful austerity measures needed to bring the economy back into balance. Forni looks at many unsustainable economic policies that have been implemented in parts of the world when the economic realities - there is no magic money tree! - would recommend a different and more prudent economic course.
Beyond the Center
Annotation This report examines the impact of decentralization and its effect on the efficiency of public services, on equity, and on macroeconomic stability.
IMF Staff Papers, Volume 53, No. 3
This is the final issue for 2006 (Volume 53), and contains another paper in the occasional Special Data Section that seeks to measure financial development in the Middle East and North Africa by utilizing a new database. The issue also contains a comment from Jacques J. Polak on parity reversion in real exchange rates.
