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MTEFs and Fiscal Performance : Panel Data Evidence / Francesco Grigoli
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Grigoli, Francesco
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Allocative efficiency.
- Banks & Banking Reform.
- Budget institutions.
- Debt Markets.
- Dynamic panel data analysis.
- E-Business.
- Fiscal discipline.
- Health Monitoring & Evaluation.
- Macroeconomics and Economic Growth.
- MTEF.
- Poverty Reduction.
- Public Sector Development.
- Public Sector Expenditure Policy.
- Technical efficiency.
- Local Subjects:
- Allocative efficiency.
- Banks & Banking Reform.
- Budget institutions.
- Debt Markets.
- Dynamic panel data analysis.
- E-Business.
- Fiscal discipline.
- Health Monitoring & Evaluation.
- Macroeconomics and Economic Growth.
- MTEF.
- Poverty Reduction.
- Public Sector Development.
- Public Sector Expenditure Policy.
- Technical efficiency.
- Physical Description:
- 1 online resource (44 pages)
- Other Title:
- MTEFs and Fiscal Performance
- Place of Publication:
- Washington, D.C., The World Bank, 2012
- System Details:
- data file
- Summary:
- In the last two decades more than 120 countries have adopted a version of a Medium-Term Expenditure Framework (MTEF). These are budget institutions whose rationale it is to enable the central government to make credible multi-year fiscal commitments. This paper analyzes a newly-collected dataset of worldwide MTEF adoptions during 1990-2008. It exploits within-country variation in MTEF adoption in a dynamic panel framework to estimate their impacts. The analysis finds that MTEFs strongly improve fiscal discipline, with more advanced MTEF phases having a larger impact. Higher-phase MTEFs also improve allocative efficiency. Only top-phase MTEFs have a significantly positive effect on technical efficiency.
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