Fiscal Objective in the Post IMF Program World : The Case of Albania / Jiri Jonas.

Format:

Book

Government document

Author/Creator:

Jonas, Jiri.

Series:

IMF Working Papers; Working Paper ; No. 2010/077

IMF Working Papers

Language:

English

Subjects (All):

International Monetary Fund--Albania.

International Monetary Fund.

Fiscal policy--Albania.

Fiscal policy.

Crisis management--Albania.

Crisis management.

Financial crises--Albania.

Financial crises.

Albania--Economic policy.

Albania.

Physical Description:

1 online resource (50 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2010.

Summary:

The paper discusses the challenges facing Albania's fiscal policy following the graduation from the IMF programs. It argues that Albania's public debt remains too high and needs to be reduced. Strengthening the fiscal framework, including by introducing a numerical fiscal rule, could help achieve this objective. The paper discusses two alternative rules, with the objective of achieving a gradual decline in the public debt ratio. One rule would limit nominal expenditure growth, with a correction mechanism to guard against revenue slippages and other shocks. An alternative rule would limit the growth in nominal public debt.

Contents:

Cover Page; Title Page; Copyright Page; Contents; Summary; I. Introduction; II. Albania's Fiscal Policy: Improved, but Vulnerabilities Remain; 1. General Government Budget, 1995-2009; 2. Government Debt, 1995-2009; 3. Tax Revenue and GDP Per Capita; 4. VAT Revenue Productivity in Selected Countries; III. What is a Sustainable Debt/GDP for Albania?; 5. Public Debt in Albania, Emerging Market and Low-income Countries; 6. Public Debt in Albania and Individual Emerging Market Countries; 7. Interest Expenditure as Percent of Total Expenditure and GDP

8. Share of External Government Debt in Total Government DebtIV. Options for Fiscal Rule; A. Debt Rule; 9. Cyclical Fluctuations and Debt Path; 10. Required Primary Balance under Debt Rule; 11. Public Debt Ratio under the Debt Rule, Different Adjustment Coefficients; B. Expenditure Rule; 12. Revenue Projection for Different Elasticity Assumptions, 2010-2015; 13. Overall Budget Balance under Expenditure Rule, Alternative Revenue Elasticity Assumptions; 14. Overall Balance, Alternative Elasticity Assumptions with Lower Growth Scenario; 15. Public Debt under Different Revenue Elasticities

V. ConclusionReferences; Footnotes

Notes:

"March 2010."

Includes bibliographical references (p. 29).

Description based on print version record.

ISBN:

9786612845642

9781462340613

146234061X

9781452747019

1452747016

9781282845640

1282845640

9781451982206

1451982208

OCLC:

867927119