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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.

Banks and banking, Central --- Budget deficits --- Fiscal policy --- Government financial institutions --- 330.05 --- 339.523 --- banque centrale --- fmi --- ipc --- politique fiscale --- solde budgetaire --- 333.111.6 --- 336.403 --- 336.61 --- 336.80 --- AA* / International - Internationaal --- 336.12 --- 336.1 --- 336.2 --- 336.71 --- 336.71 Bankwezen --- Bankwezen --- 336.2 Belastingen. Belastingswezen. Openbare financien. Belastingspolitiek. Belastingstheorie. Belastingsharmonisatie. Fiskale politiek. Belastingsleer. Belastingsdruk. Belastingstechniek. Belastingsstelsel.Belastingstarief --- 336.2 Belastingsakkoorden. Belastingswezen --- Belastingen. Belastingswezen. Openbare financien. Belastingspolitiek. Belastingstheorie. Belastingsharmonisatie. Fiskale politiek. Belastingsleer. Belastingsdruk. Belastingstechniek. Belastingsstelsel.Belastingstarief --- Belastingsakkoorden. Belastingswezen --- 336.1 Public finance, government finance in general --- Public finance, government finance in general --- 336.12 Staatsfinancien. Staatshuishouding --- Staatsfinancien. Staatshuishouding --- Public financial institutions --- Financial institutions --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Deficits, Budget --- Budget --- Deficit financing --- centrale bank --- imf --- oki --- fiscaal beleid --- begrotingssaldo --- Betrekkingen van de centrale banken met de overheid. Voorschotten aan de overheid. Monetaire financiering van de schatkist --- Debudgettering --- Financieel beleid --- Theorieën over de financiële tegemoetkomingen van de Staat --- Government policy --- Working papers --- Economics --- Budget deficits. --- Fiscal policy. --- Banks and banking, Central. --- Government financial institutions. --- Accounting --- Banks and Banking --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Public Enterprises --- Public-Private Enterprises --- Public Administration --- Public Sector Accounting and Audits --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Currency --- Foreign exchange --- Civil service & public sector --- Economic & financial crises & disasters --- Monetary economics --- Finance --- Quasi-fiscal operations --- Commercial banks --- Exchange rates --- Public sector --- Loans --- Credit --- Money --- Economic sectors --- Deposit insurance --- Financial crises --- Income --- Crisis management --- Ghana

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English language --- English language. --- Engels --- Woordenboeken. --- Engelse taal --- Nederlandse taal --- Dutch language --- Engelse taal ; woordenboeken --- 439.31321 --- taalkunde --- woordenboeken --- Woordenboeken --- 801.3 --- Engels, vertaalwoordenboeken --- Naslagwerk --- vertalend woordenboek --- Engels: woordenboek --- (038) --- Engels-Nederlands --- vertalende woordenboeken --- enge 831 --- Nederlands --- #SBIB:03H2 --- #SBIB:AANKOOP --- #SBIB:REFCOLLECTIE --- Aa2 --- #KVHA:Engels. Woordenboeken; vert. Nederlands --- #KVHA:Kantoor Becks --- 032 --- AA / International- internationaal --- Woordenboeken 033.5 --- 802.0 --- #A9903A --- 802.0 Engels. Engelse taalkunde --- Engels. Engelse taalkunde --- 801.3 Lexicografie. Woordenboeken --- Lexicografie. Woordenboeken --- linguistique --- dictionnaires --- Engels - encyclopedische werken --- Woordenboeken in vreemde talen --- Dictionaries --- Dutch --- 030.8 --- Lexica --- 831 Engels --- 831 Nederlands --- Woordenboek --- Dialect --- Etymologie --- Fonetiek --- Idioom --- Zinsleer --- Linguïstiek --- Vlaams --- Vlaanderen --- Emigratie --- Germanic languages --- English language - Dictionaries - Dutch