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Mr. Rabah Arezki, Mr. Herbert Lui, Mr. Marc G Quintyn, and Mr. Frederik G Toscani
The paper provides a detailed description of a novel dataset on education attainment in public administrations covering the period 1981-2011 for 178 countries. The dataset uses information extracted from CVs for over 130,000 mid to senior level officials from mainly central banks and ministries of economy and finance. Our main finding is that there is little heterogeneity across regions when considering a non quality-adjusted measure of education attainment in public administrations. Adjusting our measure for quality, using a country wide academic ranking, reveals important cross-regional heterogeneity differing from that of standard measures of education attainment for the general population. The dataset also allows us to uncover important patterns in public administrations' education attainment along gender and seniority across regions. We further use the dataset to explore a few applications which provide some evidence of (i) the importance of salary incentives in attracting highly educated staff and (ii) a positive association between education attainment in public administrations and government effectiveness (e.g. higher tax revenue mobilization, limiting corruption, better public finance management and private market support).
International Monetary Fund

, bringing about strong tax revenues and less pronounced automatic stabilizers on the spending side. Furthermore, reducing expenditures should have a positive influence on the external current account deficit. A flourishing economy and increased government discipline have also contributed to the stabilization of the general government debt ratio. Since the issue of debt sustainability cannot be related to a single threshold indicator, it should be pointed out that the debt stock includes part of the debt burden of former Yugoslavia, as well as the authorities’ financing

International Monetary Fund

corporate taxes-already among the lowest of EU member and accession countries. The authorities should also move aggressively to improve tax collections and curtail tax exemptions. Noting that the 2002 amendments to the Law on Local Government Budgets had done little to enhance control over subnational fiscal positions, Directors urged the authorities to monitor developments and take steps to enhance local government discipline. Directors felt that according local governments some scope to influence their tax revenues would, by providing flexibility in setting property

Stanley Please

, despite increased tax performance over the years, suggests that those who argued for a development strategy based on increased compulsory savings underestimated and, more frequently, ignored the effect that the increase in taxation might have on public consumption. In these circumstances there is a danger that those who recommend increased taxation in the interests of economic growth may be looking at a mirage. Policy Implications What, in this context, does governmental discipline of expenditure actually mean? Which expenditures can be controlled and to what

Mr. Rabah Arezki, Mr. Herbert Lui, Mr. Marc G Quintyn, and Mr. Frederik G Toscani

direct redistribution provided that the latter could be achieved avoiding capture. Botero, Ponce and Shleifer (2012) show that when the education level of the general population is high, citizens are more likely to effectively hold governments to account and thus instigate government discipline. Chong, La Porta, Lopez-de-Silanes, and Shleifer (2012) introduce a measure of government efficiency based on the ability to return an incorrectly addressed international letter (à la Putnam, 1993 ). In a way their paper could be viewed as a close complement to ours since

Mr. Alexander Plekhanov and Mr. Raju J Singh

. Results The results appear in column 1 of Table 2 . Consistent with our prior expectations, the presence of a bailout history is associated with a statistically significant weaker subnational fiscal performance (3.7 percentage points higher subnational budget deficits 9 ). Subnational governments also tend to be more disciplined in countries with more disciplined central governments; however, the level of decentralization as such does not seem to have any significant long-term effect on subnational government discipline. 10 Table 2. Determinants of Subnational

Mr. Alexander Plekhanov and Mr. Raju J Singh
Countries have adopted various institutional responses to subnational government borrowing. Using a sample of 44 countries 1982-2000, this paper provides a panel data analysis to determine the most effective borrowing constraints for containing local fiscal deficits. The results suggest that no single institutional arrangement is superior under all circumstances. The appropriateness of specific arrangements depends upon other institutional characteristics, particularly the degree of vertical fiscal imbalance, the existence of any bailout precedent, and the quality of fiscal reporting.
Mr. Alexander Plekhanov and Mr. Raju J Singh

subnational fiscal performance (5.4 percentage points higher subnational budget deficits 9 ). Subnational governments also tend to be more disciplined in countries with more disciplined central governments; however, the level of decentralization as such does not seem to have any significant long-run effect on subnational government discipline. 10 Concerning subnational borrowing constraints, self-imposed fiscal rules seem to perform better than centrally imposed rules, but only with low vertical fiscal imbalances. 11 The marginal effect of rules imposed on subnational

Maksym Ivanyna and Andrea Salerno
The government’s ability to deliver inclusive growth crucially depends on the quality of governance. This paper reviews the linkages between governance and inclusive growth, and key policies to improve governance. The policies include (1) structural reform, automation, improving rules and procedures (including for fiscal and monetary policies) to limit the discretion and hence the space for policy errors; (2) human resource policies, capacity building, effective anti-corruption frameworks to incentivize public officials to make decisions in the best public interest; and (3) transparency, accountability, and inclusive political institutions to inform and monitor policymaking.
Maksym Ivanyna and Andrea Salerno

policy issue at hand. For example, Norway’s fiscal rule limits government spending to no more than three percent 15 of the value of its sovereign wealth fund -on average over the medium term. The government is permitted to adjust the spending over the economic cycle to help stabilize the economy. The rule performed very well for Norway: it is almost twenty years old and has survived major economic shocks – the financial crisis of 2008 and the collapse of oil prices in 2015. But it is flexible, and it has required a high level of government discipline. The search for