Quasi-Fiscal Operations of Public Financial Institutions

Quasi-Fiscal Operations of Public Financial Institutions
Title Quasi-Fiscal Operations of Public Financial Institutions PDF eBook
Author Mr.George A. Mackenzie
Publisher International Monetary Fund
Pages 58
Release 1996-10-24
Genre Business & Economics
ISBN 9781557755834

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Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

Fiscal Accounting of Bank Restructuring

Fiscal Accounting of Bank Restructuring
Title Fiscal Accounting of Bank Restructuring PDF eBook
Author Mr.Jeffrey M. Davis
Publisher International Monetary Fund
Pages 18
Release 1997-05-01
Genre Business & Economics
ISBN 1451972571

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Current guidelines and practice for classifying government bank assistance operations inadequately capture in the fiscal balance some of the most common, and important, operations. The shortcomings result from the focus on the general government, the exclusion of non-cash operations, and divergences between the timing of cash outlays and the economic impact of assistance operations. Complementing the standard measures of the fiscal balance with an “augmented” balance would provide a definition that is transparent, comprehensive, and reasonably comparable across countries. The augmented balance would explicitly incorporate the major quantifiable fiscal costs of bank assistance operations that are not already included in current definitions of the overall balance.

Transparency in Government Operations

Transparency in Government Operations
Title Transparency in Government Operations PDF eBook
Author Mr.J. D. Craig
Publisher International Monetary Fund
Pages 50
Release 1998-02-03
Genre Business & Economics
ISBN 155775697X

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Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.

Estimating Quasi-fiscal Deficits in a Consistency Framework

Estimating Quasi-fiscal Deficits in a Consistency Framework
Title Estimating Quasi-fiscal Deficits in a Consistency Framework PDF eBook
Author Philippe Le Houerou
Publisher
Pages 36
Release 1993
Genre Banks and banking, Central
ISBN

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To assess fully the effect of adjustment programs and development strategies, it is essential that the fiscal deficit include quasi- fiscal deficits-- the losses of public financial institutions such as the central bank. A flow- of- funds format may be the best approach for doing so, as this case shows.

Do Central Banks Need Capital?

Do Central Banks Need Capital?
Title Do Central Banks Need Capital? PDF eBook
Author Mr.Peter Stella
Publisher International Monetary Fund
Pages 40
Release 1997-07-01
Genre Business & Economics
ISBN 1451850506

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Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.

Quasi-Fiscal Implications of Central Bank Crisis Interventions

Quasi-Fiscal Implications of Central Bank Crisis Interventions
Title Quasi-Fiscal Implications of Central Bank Crisis Interventions PDF eBook
Author John Hooley
Publisher International Monetary Fund
Pages 48
Release 2023-06-02
Genre Business & Economics
ISBN

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We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from intervention announcements, we document the risks to the public sector balance sheet from central banks’ interventions in response to the Covid-19 crisis, including non-conventional lending to the financial and non-financial sectors and large-scale purchases of government securities. Case study analysis indicates that management of fiscal risks from central bank crisis interventions varies greatly across countries, although several good practices can be identified.

Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe

Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe
Title Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe PDF eBook
Author Sònia Muñoz
Publisher International Monetary Fund
Pages 26
Release 2007-04
Genre Business & Economics
ISBN

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Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe (RBZ). Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit inflation reached in 2006. The remedy for the current situation is clearly to eliminate the causes of losses by implementing measures to improve the cash-flow of the bank and restore its financial position.