Is Fiscal Policy the Answer? A Developing Country Perspective
Fiscal policy is an important instrument for maintaining and improving living standards. Such living standards can be viewed as an outcome of the interaction between the opportunities offered by society and the readiness and ability of each person to exploit them. Under certain circumstances, public...
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| Format: | Publication |
| Language: | en_US |
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Washington, DC: World Bank
2013
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| Online Access: | http://hdl.handle.net/10986/13086 |
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okr-10986-13086 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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en_US |
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accounting Accounting Standards accrual accounting aggregate demand asset management autoregression balance sheet Benchmarking budget constraint Budgeting burden of taxation capacity constraints capita income capital market capital markets capital stock capital stocks cash transfers central bank central government debt Checks collective action commodity prices comparative advantage consumption expenditure Credibility credit market current account deficits debt burdens debt ratios debt relief debts Developing countries Developing Country development assistance Development Bank Development Economics development policy development projects development strategies Development Strategy Discretionary Policy domestic credit domestic credit expansion domestic financial markets Economic development economic growth Economic Outlook economic performance economic policies Economic Research Economics Research Emerging Markets equity issues exchange rate Expenditure Expenditures external debt externalities finances Financial crises Financial Crisis financial management financial sector fiscal adjustment fiscal changes fiscal decentralization fiscal deficit fiscal deficits Fiscal Measures Fiscal Policies Fiscal Policy fiscal reform fiscal rules Fiscal Stance fiscal stimulus Fiscal Sustainability flexible exchange rate flexible exchange rates forecasts foreign borrowing foreign exchange foreign exchange reserve full employment Future Research GDP Global Economy government budget government budgets Government Debt government expenditure government finance government finance statistics Government Investment government policies government revenue government revenues government spending gross domestic product growth models growth rate growth rates growth theory holding human capital human development human resource income inequality inflation inflationary pressure information system information systems Infrastructure Investments institutional capacity instrument insurance insurance markets insurance policies interest rate interest rates International Bank International Development international economics international interest International Monetary Fund international reserves international trade intrinsic value Investing Investment Climate investment projects liquidity living standard living standards local governments macroeconomic context macroeconomic environment macroeconomic instability macroeconomic policy macroeconomic shocks macroeconomic stability macroeconomic stabilization macroeconomics market economy market environment market failures microdata missing markets monetary policy Multipliers National Income National Investment National Treasury natural capital natural resources negative shock open economies open economy per capita income policy credibility policy response Policy Responses Political Economy potential output private capital private investment private sector credit productivity productivity growth public asset public assets Public borrowing public capital public capital spending public debt Public Economics Public Expenditure public finance public finances public goods Public Investment public investment spending Public Investments Public Sector Public Spending real GDP Redistributive Effects Reinvestment rent seeking return returns risk averse risk management Safety Nets savings rates social relations Social Welfare solvency sovereign debt Stabilization Policy Tax tax policies Tax Policy total factor productivity Transparency treasuries Treasury trough unemployment value judgments wage differentials Wealth |
| spellingShingle |
accounting Accounting Standards accrual accounting aggregate demand asset management autoregression balance sheet Benchmarking budget constraint Budgeting burden of taxation capacity constraints capita income capital market capital markets capital stock capital stocks cash transfers central bank central government debt Checks collective action commodity prices comparative advantage consumption expenditure Credibility credit market current account deficits debt burdens debt ratios debt relief debts Developing countries Developing Country development assistance Development Bank Development Economics development policy development projects development strategies Development Strategy Discretionary Policy domestic credit domestic credit expansion domestic financial markets Economic development economic growth Economic Outlook economic performance economic policies Economic Research Economics Research Emerging Markets equity issues exchange rate Expenditure Expenditures external debt externalities finances Financial crises Financial Crisis financial management financial sector fiscal adjustment fiscal changes fiscal decentralization fiscal deficit fiscal deficits Fiscal Measures Fiscal Policies Fiscal Policy fiscal reform fiscal rules Fiscal Stance fiscal stimulus Fiscal Sustainability flexible exchange rate flexible exchange rates forecasts foreign borrowing foreign exchange foreign exchange reserve full employment Future Research GDP Global Economy government budget government budgets Government Debt government expenditure government finance government finance statistics Government Investment government policies government revenue government revenues government spending gross domestic product growth models growth rate growth rates growth theory holding human capital human development human resource income inequality inflation inflationary pressure information system information systems Infrastructure Investments institutional capacity instrument insurance insurance markets insurance policies interest rate interest rates International Bank International Development international economics international interest International Monetary Fund international reserves international trade intrinsic value Investing Investment Climate investment projects liquidity living standard living standards local governments macroeconomic context macroeconomic environment macroeconomic instability macroeconomic policy macroeconomic shocks macroeconomic stability macroeconomic stabilization macroeconomics market economy market environment market failures microdata missing markets monetary policy Multipliers National Income National Investment National Treasury natural capital natural resources negative shock open economies open economy per capita income policy credibility policy response Policy Responses Political Economy potential output private capital private investment private sector credit productivity productivity growth public asset public assets Public borrowing public capital public capital spending public debt Public Economics Public Expenditure public finance public finances public goods Public Investment public investment spending Public Investments Public Sector Public Spending real GDP Redistributive Effects Reinvestment rent seeking return returns risk averse risk management Safety Nets savings rates social relations Social Welfare solvency sovereign debt Stabilization Policy Tax tax policies Tax Policy total factor productivity Transparency treasuries Treasury trough unemployment value judgments wage differentials Wealth Moreno-Dodson, Blanca Is Fiscal Policy the Answer? A Developing Country Perspective |
| relation |
Directions in Development--Public Sector Governance; |
| description |
Fiscal policy is an important instrument for maintaining and improving living standards. Such living standards can be viewed as an outcome of the interaction between the opportunities offered by society and the readiness and ability of each person to exploit them. Under certain circumstances, public finance can make an important contribution to the creation of opportunities within a given society by raising resources from the private sector through taxation or borrowing (domestic and external) and allocating those resources effectively and equitably in the form of public spending, including through public goods and transfers. The first chapters in this volume sketch out a framework that policy makers can use in adopting a more cohesive or integrated approach to the short- and long-term dimensions of fiscal policy. Here the traditional threefold rationale for fiscal policy proposed by Musgrave-stabilization, resource allocation, and distribution-continues to be useful. Other chapters in this volume take up some of the critical institutional challenges in implementing fiscal policy for longer-term growth and development. These chapters also look at the tools and approaches being developed to address these challenges. Improving the quality of public investment management is a particular priority in view of the recent evidence that as little as half of all public investment expenditure translates into productive capital stock. The last chapter in this volume is a case study of fiscal responses to the great recession in low-income Sub-Saharan Africa, looking at stabilization and the longer-run growth, as well as distributional aspects of such responses. The growing depth of domestic financial markets in many African countries rather unexpectedly is turning out to be a critical source of financing for fiscal policy responses. |
| author2 |
Moreno-Dodson, Blanca |
| author_facet |
Moreno-Dodson, Blanca Moreno-Dodson, Blanca |
| format |
Publications & Research :: Publication |
| author |
Moreno-Dodson, Blanca |
| author_sort |
Moreno-Dodson, Blanca |
| title |
Is Fiscal Policy the Answer? A Developing Country Perspective |
| title_short |
Is Fiscal Policy the Answer? A Developing Country Perspective |
| title_full |
Is Fiscal Policy the Answer? A Developing Country Perspective |
| title_fullStr |
Is Fiscal Policy the Answer? A Developing Country Perspective |
| title_full_unstemmed |
Is Fiscal Policy the Answer? A Developing Country Perspective |
| title_sort |
is fiscal policy the answer? a developing country perspective |
| publisher |
Washington, DC: World Bank |
| publishDate |
2013 |
| url |
http://hdl.handle.net/10986/13086 |
| _version_ |
1764422425988038656 |
| spelling |
okr-10986-130862021-04-23T14:03:06Z Is Fiscal Policy the Answer? A Developing Country Perspective Moreno-Dodson, Blanca Moreno-Dodson, Blanca accounting Accounting Standards accrual accounting aggregate demand asset management autoregression balance sheet Benchmarking budget constraint Budgeting burden of taxation capacity constraints capita income capital market capital markets capital stock capital stocks cash transfers central bank central government debt Checks collective action commodity prices comparative advantage consumption expenditure Credibility credit market current account deficits debt burdens debt ratios debt relief debts Developing countries Developing Country development assistance Development Bank Development Economics development policy development projects development strategies Development Strategy Discretionary Policy domestic credit domestic credit expansion domestic financial markets Economic development economic growth Economic Outlook economic performance economic policies Economic Research Economics Research Emerging Markets equity issues exchange rate Expenditure Expenditures external debt externalities finances Financial crises Financial Crisis financial management financial sector fiscal adjustment fiscal changes fiscal decentralization fiscal deficit fiscal deficits Fiscal Measures Fiscal Policies Fiscal Policy fiscal reform fiscal rules Fiscal Stance fiscal stimulus Fiscal Sustainability flexible exchange rate flexible exchange rates forecasts foreign borrowing foreign exchange foreign exchange reserve full employment Future Research GDP Global Economy government budget government budgets Government Debt government expenditure government finance government finance statistics Government Investment government policies government revenue government revenues government spending gross domestic product growth models growth rate growth rates growth theory holding human capital human development human resource income inequality inflation inflationary pressure information system information systems Infrastructure Investments institutional capacity instrument insurance insurance markets insurance policies interest rate interest rates International Bank International Development international economics international interest International Monetary Fund international reserves international trade intrinsic value Investing Investment Climate investment projects liquidity living standard living standards local governments macroeconomic context macroeconomic environment macroeconomic instability macroeconomic policy macroeconomic shocks macroeconomic stability macroeconomic stabilization macroeconomics market economy market environment market failures microdata missing markets monetary policy Multipliers National Income National Investment National Treasury natural capital natural resources negative shock open economies open economy per capita income policy credibility policy response Policy Responses Political Economy potential output private capital private investment private sector credit productivity productivity growth public asset public assets Public borrowing public capital public capital spending public debt Public Economics Public Expenditure public finance public finances public goods Public Investment public investment spending Public Investments Public Sector Public Spending real GDP Redistributive Effects Reinvestment rent seeking return returns risk averse risk management Safety Nets savings rates social relations Social Welfare solvency sovereign debt Stabilization Policy Tax tax policies Tax Policy total factor productivity Transparency treasuries Treasury trough unemployment value judgments wage differentials Wealth Fiscal policy is an important instrument for maintaining and improving living standards. Such living standards can be viewed as an outcome of the interaction between the opportunities offered by society and the readiness and ability of each person to exploit them. Under certain circumstances, public finance can make an important contribution to the creation of opportunities within a given society by raising resources from the private sector through taxation or borrowing (domestic and external) and allocating those resources effectively and equitably in the form of public spending, including through public goods and transfers. The first chapters in this volume sketch out a framework that policy makers can use in adopting a more cohesive or integrated approach to the short- and long-term dimensions of fiscal policy. Here the traditional threefold rationale for fiscal policy proposed by Musgrave-stabilization, resource allocation, and distribution-continues to be useful. Other chapters in this volume take up some of the critical institutional challenges in implementing fiscal policy for longer-term growth and development. These chapters also look at the tools and approaches being developed to address these challenges. Improving the quality of public investment management is a particular priority in view of the recent evidence that as little as half of all public investment expenditure translates into productive capital stock. The last chapter in this volume is a case study of fiscal responses to the great recession in low-income Sub-Saharan Africa, looking at stabilization and the longer-run growth, as well as distributional aspects of such responses. The growing depth of domestic financial markets in many African countries rather unexpectedly is turning out to be a critical source of financing for fiscal policy responses. 2013-04-08T16:46:40Z 2013-04-08T16:46:40Z 2013 978-0-8213-9630-8 10.1596/978-0-8213-9630-6 http://hdl.handle.net/10986/13086 en_US Directions in Development--Public Sector Governance; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC: World Bank Publications & Research :: Publication Publications & Research |