Policy Coordination in Fiscal Federalism : Drawing Lessons From the Dubai Debt Crisis / Serhan Cevik.

Format:

Book

Government document

Author/Creator:

Cevik, Serhan.

Contributor:

International Monetary Fund.

Series:

IMF Working Papers; Working Paper ; No. 2011/147

IMF Working Papers

Language:

English

Subjects (All):

Fiscal policy--United Arab Emirates.

Fiscal policy.

Business cycles--United Arab Emirates.

Business cycles.

Debts, Public--United Arab Emirates.

Debts, Public.

Physical Description:

1 online resource (25 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2011.

Language Note:

English

Summary:

Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and after the crisis. The empirical findings show that procyclical fiscal policies prior to the crisis reinforced the financial sector cycle, exacerbated the economic upswing, and thereby contributed to the build-up of macro-financial vulnerabilities. The paper also sets out policy lessons to develop a rule-based fiscal framework that would help strengthen fiscal policy coordination between the various layers of government and ensure long-term fiscal sustainability and a more equitable intergenerational distribution of wealth.

Contents:

Cover; Contents; I. Introduction; II. Fiscal Federalism in the U.A.E.; III. Measuring the Fiscal Stance; A. Estimation Methodology; Figures; 1. U.A.E.: Oil Price and Budget Balance, 1990-2010; 2. U.A.E.: Output Gap, Inflation, and Expatriate Workers; B. A Consolidated View; C. Abu Dhabi; 3. U.A.E.: Fiscal Policy Stance and the Output Gap, 2000-10; 4. Abu Dhabi: Fiscal Policy Stance and the Output Gap, 2000-10; D. Dubai; IV. Assessing Fiscal Sustainability; 5. Dubai: Fiscal Policy Stance and the Output Gap, 2000-10; 6. U.A.E.: Fiscal Sustainability Analysis, 2010-16

7. Abu Dhabi: Fiscal Sustainability Analysis, 2010-16V. Conclusion; 8. Dubai: Public Sector Debt Sustainability Analysis, 2010-16; Appendix; I. Dubai: Public Sector Debt Sustainability Framework, 2007-16; References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed September 24, 2014).

ISBN:

9786613867131

9781462392988

1462392989

9781462304196

1462304192

9781283554688

1283554682

9781455269495

1455269492