Problems Related to Regional Budgeting amid Fiscal Consolidation

Accrual Budgeting and Fiscal Policy

* Marc Robinson is a European-based international consultant and trainer. This article was written when he was a senior economist in the Fiscal Affairs Department of the International Monetary Fund. The author gratefully acknowledges the valuable comments of Marco Cangiano, Ian Lienert, Gösta Ljungman, David Fjord Nielsen, Eivind Tandberg and participants in a seminar in the Fiscal Affairs Depa...

Fiscal Performance, Public Debt and Fiscal Consolidation in Korea

As for the East Asian countries, the total amount of government debt in Korea has risen sharply over the following several years in the wake of the Asian financial crisis. The purpose of this paper is to assess whether the current levels of government debt are sustainable for a severely attacked country, namely, Korea. Under the intertemporal budget constraint model, the study tests for fiscal ...

Lowering revenue deficit, subsidies hold key to fiscal consolidation

The Government of India needs to take some hard decisions in the upcoming Union Budget for 2000-01. There are several reasons why it is important to do so right now. India's political system is more than ever in consensus about the basic direction of reforms. The current government enjoys a strong electoral mandate. This is the first year in office for this government, and is, therefore, the mo...

What Drives a Successful Fiscal Consolidation?∗

Fiscal consolidations are currently in the agenda of fiscal authorities in many countries. Using Bayesian model averaging to overcome the problem of model uncertainty, we find that growth-enhancing policies and cuts in public wages are the most appropriate ingredients for successfully reducing debt levels and budget deficits. JEL Codes: H30, H62.

Fiscal Federalism: Program Budgeting and the Multilevel Governmental Setting