Fiscal Policy for Growth
While the term 'fiscal space' is new, the issue is quite old. Fiscal space refers to availability of budgetary resources for a specific purpose, typically growth-enhancing investment uses, without jeopardizing the sustainability of the go...
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2009/04/10536719/fiscal-policy-growth http://hdl.handle.net/10986/11120 |
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okr-10986-111202021-04-23T14:02:54Z Fiscal Policy for Growth Ley, Eduardo ACCESS TO INFORMATION ADJUSTMENT PROGRAMS ADVISORY SERVICE BORROWING CASH FLOW COORDINATION FAILURES CREDIBILITY DEBT DEBT OBLIGATIONS DEVELOPING COUNTRIES ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC SYSTEM EXPENDITURE EXPENDITURES EXPROPRIATION EXPROPRIATION RISK EXTERNALITIES FISCAL ADJUSTMENT FISCAL BALANCE FISCAL POLICIES FISCAL POLICY FISCAL RESOURCES FISCAL STABILITY FISCAL SUSTAINABILITY FISCAL TRANSPARENCY GOVERNMENT BALANCE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT SPENDING HUMAN CAPITAL INFRASTRUCTURE INVESTMENT INTEREST RATE INTERNATIONAL MONETARY FUND LEGAL FRAMEWORK LIQUIDITY MONETARY FUND POLICY DESIGN POLITICAL ECONOMY PRIMARY BALANCE PRIMARY DEFICIT PRIVATE INVESTMENT PRIVATE SECTOR PUBLIC PUBLIC FINANCE PUBLIC FINANCES PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC POLICY PUBLIC SECTOR PUBLIC SECTOR INVESTMENTS PUBLIC SPENDING REAL GROWTH REAL INTEREST REAL INTEREST RATE REPUDIATION RETURN RETURNS SOLVENCY TAX TAX POLICIES TAX RATES TAX REVENUE TAX REVENUES TELECOMMUNICATIONS TRANSPARENCY While the term 'fiscal space' is new, the issue is quite old. Fiscal space refers to availability of budgetary resources for a specific purpose, typically growth-enhancing investment uses, without jeopardizing the sustainability of the government's financial position, or the stability of the economy. The recent interest in fiscal space originated as a reaction to International Monetary Fund (IMF), supported fiscal-adjustment programs that by focusing too narrowly on fiscal-deficit targets often ignored the quality of the underlying adjustment. Affected countries meanwhile advocated for fiscal space for investments in physical and human infrastructure crucial for economic growth. The IMF independent evaluation office, in their study on fiscal Adjustment in IMF supported programs acknowledged this problem, observing that 'much of the fiscal adjustment achieved is through measures that do not assure long-term sustainability and flexibility of fiscal systems to future shocks'. In effect, the improvement of the fiscal balance in the context of IMF-supported programs too often relied heavily in cuts in public investment that improve today's government cash flow at the expense of future economic growth. 2012-08-13T14:12:18Z 2012-08-13T14:12:18Z 2009-04 http://documents.worldbank.org/curated/en/2009/04/10536719/fiscal-policy-growth http://hdl.handle.net/10986/11120 English PREM Notes; No. 131 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO INFORMATION ADJUSTMENT PROGRAMS ADVISORY SERVICE BORROWING CASH FLOW COORDINATION FAILURES CREDIBILITY DEBT DEBT OBLIGATIONS DEVELOPING COUNTRIES ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC SYSTEM EXPENDITURE EXPENDITURES EXPROPRIATION EXPROPRIATION RISK EXTERNALITIES FISCAL ADJUSTMENT FISCAL BALANCE FISCAL POLICIES FISCAL POLICY FISCAL RESOURCES FISCAL STABILITY FISCAL SUSTAINABILITY FISCAL TRANSPARENCY GOVERNMENT BALANCE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT SPENDING HUMAN CAPITAL INFRASTRUCTURE INVESTMENT INTEREST RATE INTERNATIONAL MONETARY FUND LEGAL FRAMEWORK LIQUIDITY MONETARY FUND POLICY DESIGN POLITICAL ECONOMY PRIMARY BALANCE PRIMARY DEFICIT PRIVATE INVESTMENT PRIVATE SECTOR PUBLIC PUBLIC FINANCE PUBLIC FINANCES PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC POLICY PUBLIC SECTOR PUBLIC SECTOR INVESTMENTS PUBLIC SPENDING REAL GROWTH REAL INTEREST REAL INTEREST RATE REPUDIATION RETURN RETURNS SOLVENCY TAX TAX POLICIES TAX RATES TAX REVENUE TAX REVENUES TELECOMMUNICATIONS TRANSPARENCY |
| spellingShingle |
ACCESS TO INFORMATION ADJUSTMENT PROGRAMS ADVISORY SERVICE BORROWING CASH FLOW COORDINATION FAILURES CREDIBILITY DEBT DEBT OBLIGATIONS DEVELOPING COUNTRIES ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC SYSTEM EXPENDITURE EXPENDITURES EXPROPRIATION EXPROPRIATION RISK EXTERNALITIES FISCAL ADJUSTMENT FISCAL BALANCE FISCAL POLICIES FISCAL POLICY FISCAL RESOURCES FISCAL STABILITY FISCAL SUSTAINABILITY FISCAL TRANSPARENCY GOVERNMENT BALANCE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT SPENDING HUMAN CAPITAL INFRASTRUCTURE INVESTMENT INTEREST RATE INTERNATIONAL MONETARY FUND LEGAL FRAMEWORK LIQUIDITY MONETARY FUND POLICY DESIGN POLITICAL ECONOMY PRIMARY BALANCE PRIMARY DEFICIT PRIVATE INVESTMENT PRIVATE SECTOR PUBLIC PUBLIC FINANCE PUBLIC FINANCES PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC POLICY PUBLIC SECTOR PUBLIC SECTOR INVESTMENTS PUBLIC SPENDING REAL GROWTH REAL INTEREST REAL INTEREST RATE REPUDIATION RETURN RETURNS SOLVENCY TAX TAX POLICIES TAX RATES TAX REVENUE TAX REVENUES TELECOMMUNICATIONS TRANSPARENCY Ley, Eduardo Fiscal Policy for Growth |
| relation |
PREM Notes; No. 131 |
| description |
While the term 'fiscal space'
is new, the issue is quite old. Fiscal space refers to
availability of budgetary resources for a specific purpose,
typically growth-enhancing investment uses, without
jeopardizing the sustainability of the government's
financial position, or the stability of the economy. The
recent interest in fiscal space originated as a reaction to
International Monetary Fund (IMF), supported
fiscal-adjustment programs that by focusing too narrowly on
fiscal-deficit targets often ignored the quality of the
underlying adjustment. Affected countries meanwhile
advocated for fiscal space for investments in physical and
human infrastructure crucial for economic growth. The IMF
independent evaluation office, in their study on fiscal
Adjustment in IMF supported programs acknowledged this
problem, observing that 'much of the fiscal adjustment
achieved is through measures that do not assure long-term
sustainability and flexibility of fiscal systems to future
shocks'. In effect, the improvement of the fiscal
balance in the context of IMF-supported programs too often
relied heavily in cuts in public investment that improve
today's government cash flow at the expense of future
economic growth. |
| format |
Publications & Research :: Brief |
| author |
Ley, Eduardo |
| author_facet |
Ley, Eduardo |
| author_sort |
Ley, Eduardo |
| title |
Fiscal Policy for Growth |
| title_short |
Fiscal Policy for Growth |
| title_full |
Fiscal Policy for Growth |
| title_fullStr |
Fiscal Policy for Growth |
| title_full_unstemmed |
Fiscal Policy for Growth |
| title_sort |
fiscal policy for growth |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2009/04/10536719/fiscal-policy-growth http://hdl.handle.net/10986/11120 |
| _version_ |
1764415597870841856 |