Evaluating Designs for a Fiscal Rule in Bulgaria PDF Download

Author: Mr.Jochen R. Andritzky
Publisher: International Monetary Fund
ISBN: 1463925271
Category : Business & Economics
Languages : en
Pages : 27

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Book Description
The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria's organic budget law, serves to protect solvency. The recent crisis clearly indicated that the key challenges are not only to contain the deficit but also to avoid a procyclical stance during upswings and to build a buffer for rainy days. Ideally, fiscal policymaking is guided by a fiscal rule that adapts through the economic cycle. This paper lays out the objectives of fiscal rules and analyzes how these objectives can be met in Bulgaria through either a growth-adjusted balance rule or an expenditure rule complemented by a deficit ceiling.

Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498335160
Category : Business & Economics
Languages : en
Pages : 73

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Book Description
The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.

Author: Paul J. Gertler
Publisher: World Bank Publications
ISBN: 1464807809
Category : Business & Economics
Languages : en
Pages : 444

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Book Description
The second edition of the Impact Evaluation in Practice handbook is a comprehensive and accessible introduction to impact evaluation for policy makers and development practitioners. First published in 2011, it has been used widely across the development and academic communities. The book incorporates real-world examples to present practical guidelines for designing and implementing impact evaluations. Readers will gain an understanding of impact evaluations and the best ways to use them to design evidence-based policies and programs. The updated version covers the newest techniques for evaluating programs and includes state-of-the-art implementation advice, as well as an expanded set of examples and case studies that draw on recent development challenges. It also includes new material on research ethics and partnerships to conduct impact evaluation. The handbook is divided into four sections: Part One discusses what to evaluate and why; Part Two presents the main impact evaluation methods; Part Three addresses how to manage impact evaluations; Part Four reviews impact evaluation sampling and data collection. Case studies illustrate different applications of impact evaluations. The book links to complementary instructional material available online, including an applied case as well as questions and answers. The updated second edition will be a valuable resource for the international development community, universities, and policy makers looking to build better evidence around what works in development.

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1475544987
Category : Business & Economics
Languages : en
Pages : 82

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Book Description
Bulgaria did not have any exchange rate crisis, international bailout, bank intervention, or build-up of public debt. This attests to the strength of the policy framework and policy implementation. The fiscal adjustment achieved so far should be preserved, but improving the composition of the budget would support growth. The financial system is stable with high buffers, but the low growth environment poses challenges. Executive Directors suggest the need for some structural reforms.

Author: Council of Europe
Publisher: Council of Europe
ISBN: 928718058X
Category : History
Languages : en
Pages : 389

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Book Description
The essays in this book present, for the first time in published form, a systematic comparative overview of cultural heritage policy and its impact – specifically in the field of immovable heritage such as archaeological and historic sites – in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, “The former Yugoslav Republic of Macedonia”, Montenegro, Romania and Serbia. The studies focus on the decade from 2003 to 2013 that followed the traumatic and often violent upheavals associated with the breakdown of communism. That same period also saw a shift in the policy of the European Union and the Council of Europe in support of cultural heritage policies in the region, which led to the launching of the “Ljubljana Process: rehabilitating our common heritage”. The challenges gradually moved from encouraging professionals to adopt European standards and realising the potential of heritage to build bridges between peoples and to foster reconciliation, towards highlighting its wider benefits as a catalyst of economic development for the local economy and the quality of life of citizens. Theorists and practitioners will gain a better insight into the value of cultural heritage and the specificity of cultural heritage policies in South-East Europe, as well as the underlying facts, vision, context and impact of the Ljubljana Process. This will encourage questioning of existing public policies, as well as the promotion and affirmation of cultural heritage within a new “culture of development”.

Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1475502184
Category : Business & Economics
Languages : en
Pages : 18

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Book Description
The research summaries in the March 2012 issue of the IMF Research Bulletin are "Foreign Direct Investment and the Crisis: Is This Time Different?" (by Yuko Kinoshita) and "Food Prices and Inflation" (by James P. Walsh). The Q&A covers seven questions on "Unemployment through the Prism of the Great Recession" (by Prakash Loungani). This issue also launches a new feature "Conversations with Visiting Scholars" with an interview with Tom Sargent, winner of the 2011 Nobel Prize in Economic Sciences. Also included in this issue are details on visiting scholars at the IMF, a listing of recently published IMF Working Papers, and information on the next issue of "IMF Economic Review."

Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498312748
Category : Business & Economics
Languages : en
Pages : 76

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Book Description
This Fiscal Transparency Evaluation report highlights that Uzbekistan is embarking on a comprehensive reform program to strengthen public financial management and fiscal transparency. Wide-ranging reforms to improve the coverage, reliability, quality, and accessibility of fiscal reports are being developed and implemented, and some good progress already made. This assessment of fiscal transparency practices has been undertaken to support the government’s efforts to increase transparency by identifying priority areas for reform. An evaluation of practices against the IMF’s Fiscal Transparency Code (the Code) finds that tangible gains have been made over 2017 and 2018. In several areas where Uzbekistan’s practices do not currently meet the basic standard required under the Code, quick progress can be made. The report also provides a more detailed evaluation of Uzbekistan’s fiscal transparency practices and recommended reform priorities. Strengthening legislative oversight of the state budget with a view to reducing the extent to which in-year changes can be made to aggregate expenditures without prior parliamentary approval.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344658
Category : Business & Economics
Languages : en
Pages : 257

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Book Description
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.

Author: Mr.Julio Escolano
Publisher: International Monetary Fund
ISBN: 146393646X
Category : Business & Economics
Languages : en
Pages : 32

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Book Description
This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements. We find that spending decentralization has been associated with sizably better fiscal performance, especially when transfer dependency of subnational governments is low. However, subnational fiscal rules do not seem to be associated with better performance.

Author: Guthrie Caitlyn
Publisher: OECD Publishing
ISBN: 9264683119
Category :
Languages : en
Pages : 217

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Book Description
Over the past three decades, Bulgaria has carried out important structural reforms which have helped the country reach higher levels of socio-economic development. However, long-standing social disparities and income inequalities remain and Bulgaria’s overall productivity gains have not fully translated into sustainable and inclusive growth.