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Author: Nina Budina
Publisher: World Bank Publications
Keywords: managing, fiscal, risks, states, member, private, partnerships, new, public
Number of Pages: 48
Published: 2007-08-22
ISBN-10: 0821371533
ISBN-13: 9780821371534

Public-private partnerships (PPPs) are popular around the world, in part because they allow governments to secure much-needed investment in public services without immediately having to raise taxes or borrow. Yet, PPPs pose a fiscal danger because a government's desire to avoid reporting immediate liabilities may blind it to future fiscal cost and risks. Although PPPs may not blemish governments' reported fiscal statements in the short term, they do create fiscal obligations. This increases fiscal vulnerability and can result in poorly-designed PPPs. The extent of the danger depends on the fis
25226

Author: Joseph W. Gruber
Publisher: DIANE Publishing
Keywords: oecd, countries, yields, bond, positions, government, fiscal
Number of Pages: 42
Published: 2011-04-01
ISBN-10: 143798049X
ISBN-13: 9781437980493

Examines the impact of fiscal positions, both the level of debt and the fiscal balance, on long-term gov't. bond yields in the Org. for Econ. Cooperation and Development (OECD). In order to control for the endogenity of fiscal positions to the business cycle. the authors utilize forward projections of fiscal positions from the OECD's Economic Outlook. In a panel regression over the period from 1988 to 2007, they find a robust and significant effect of fiscal performance on long-term bond yields. The marginal effect of the projected deterioration of fiscal positions associated with the recent f
4017

Author: Guillermo Perry
Publisher: World Bank Publications
Keywords: prudence, abstinence, growth, stabilization, policy, fiscal
Number of Pages: 354
Published: 2008
ISBN-10: 0821370847
ISBN-13: 9780821370841

Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As
24082

Author: Lev M. Freinkman
Publisher: World Bank Publications
Keywords: fiscal, adjustment, armenia, subsidies, hidden, activities, quasi, government
Number of Pages: 64
Published: 2003-09
ISBN-10: 0821356046
ISBN-13: 9780821356043

This paper analyzes quasi-fiscal deficits and subsidies, and their impact on Armenia's fiscal performance in the second part of the 1990s. In addition, it discusses the specific features of quasi-fiscal financing in transition economies. Estimates of Armenia's actuarial and hidden deficits in the second part of the 1990s shows that its deficits were relatively modest compared to similar economies. While these deficits remain, they have declined recently, becoming the main source of fiscal adjustment in Armenia.This study also presents a comprehensive picture of subsidization in Armenia, includ
2214

Author: Hana Polackova Brixi
Publisher: World Bank Publications
Keywords: risk, fiscal, liabilities, contingent, government
Number of Pages: 492
Published: 2002
ISBN-10: 0821348353
ISBN-13: 9780821348352

Governments at risk are facing major fiscal challenges as a result of their contingent liabilities. Contingent liabilities dubbed "hidden deficits" account for a large share of the rise in government debt and tend to remain outside the framework of conventional public financial analysis and institutions. In many countries, the reality or prospect of unbudgeted fiscal risks coming due has been a wake-up call to extend fiscal management beyond the budgetary framework.This book offers practical guidance to governments seeking to improve the management of fiscal risks. It explores difficult analyt
20267

Author: Unknown
Publisher: World Bank Publications
Keywords: asia, east, flows, capital, managing
Number of Pages: 143
Published: 1996-01-01
ISBN-10: 0821335294
ISBN-13: 9780821335291

Analyzes the deficiencies of the budget system and recommends ways of improving fiscal management so that it meets the requirements of a decentralized market-based economy. The structural transformation of the Russian economy since 1992 has been accompanied by major changes in the countrys fiscal picture, ranging from massive reductions in government spending (through the introduction of noninflationary treasury bill financing) to fiscal decentralization. This report analyzes the deficiencies of the budget system and recommends ways of improving fiscal management so that it meets the requireme
53145

Author: Elena Ianchovichina
Publisher: World Bank Publications
Keywords: tamil, nadu, learn, analysis, fiscal, sustainability, subnational
Number of Pages: 34
Published: 2006
eBookDB-ID: GGKEY:TFZF

In the late 1990s the Indian state of Tamil Nadu experienced an unprecedented fiscal deterioration, which was part of the widespread fiscal deterioration in Indian states. This deterioration was troubling because current expenditure outgrew total revenue, leaving little fiscal space for infrastructure spending. The paper presents a framework for subnational fiscal sustainability analysis and applies it to Tamil Nadu where subsequent fiscal adjustment has been ambitious and politically challenging, but has promised to put state finance on a sustainable path and create fiscal space for infrastru
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