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Ms. Claudia H Dziobek, Mr. Alberto F Jimenez de Lucio, and Mr. James A Chan
This note addresses the following main issues: • Statistical definitions of government (Government Finance Statistics Manual 2001) • Institutional structure of government and public sector • What is a precise definition of government and why it is relevant • Potential pitfalls of lacking a precise definition of government • Definitions of government in IMF-supported programs • Applications for fiscal rules and other fiscal policy design
Ms. Claudia H Dziobek, Mr. Alberto F Jimenez de Lucio, and Mr. James A Chan

government ( GL2 ), according to the definition in the GFSM 2001 , a transfer from the extrabudgetary unit would still be shown as revenue but it would not affect GL2 , because consolidation removes all intragovernmental transactions. Alternatively, if GL1 is selected, perhaps because data are more timely, a clause on how intragovernment transfers are to be treated could be added to focus on the more timely data while avoiding an ambiguity. Table 2 presents another common example of the ambiguity that can arise when there is no explicit definition of government

International Monetary Fund. African Dept.

vertical imbalances lower confidence in governments. He hypothesizes that this is related to a lack of linkage between benefits and costs of services in vertically imbalanced systems. Using U.S. data, Fisman and Gatti (2002b ) find evidence that intragovernment transfers are more prone to abuse than locally mobilized revenue sources. However, de Mello and Barenstein (2002 ) do not find any link between governance improvements and the extent of subnational tax revenue generation. In fact, subnational revenue mobilization tends to worsen governance when decentralization

Mr. Jonathan Levin

. 24–31, 80, and 88. For 1940: Estadística Fiscal y Administrativa, 1942–1943 (Bogotá, 1945), pp. 2–7, 64, and 155–233; for municipalities, DANE, Anuario General de Estadística, 1941 (Bogotá, 1942), p. 169. For 1963: Data from the Treasury and the Banco de la República. 1 Consolidated to eliminate intragovernment transfers. Current budget revenues of national or local decentralized agencies or enterprises were adjusted for cost of operation, except for municipalities in 1925 and 1941. 2 1925–26 for Departments. 3 1939–40 for Departments and 1941

International Monetary Fund
The Hungarian government implemented significant restraint and reforms in the mid-1990s, but substantial challenges remain in the medium term. Medium-term fiscal framework will assist in evaluating the preferred approach to managing this range of expenditure pressures and structural reform issues. The paper presents scenarios illustrating the tensions in fiscal policy, and the potential role for medium-term expenditure restraint to achieve fiscal objectives while facilitating growth. The statistical data on the economic indices of Hungary are also presented in the paper.
International Monetary Fund

accounted for by very low participation of persons over 55 who have retired early, but the participation rate of prime age workers is still 4–5 percentage points lower than average. 3 Ligthart (1998) discusses the Hungarian tax system and its employment effects. 4 The primary expenditure ratio for 1993 is a staff estimate that attempts to avoid double-counting of intragovernment transfers—the official data yield a ratio 58 percent of GDP. 5 Begg and Wyploz (1999) use a model of OECD government expenditures to project expenditures in the transition

International Monetary Fund. Research Dept.
An earlier version of this paper was presented to a conference on the topic “Is the Business Cycle Obsolete?” organized by the Social Science Research Council and held in London, England, on April 3–7, 1967.