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This paper reviews implications for financial and fiscal programming of different treatments of external debt rescheduling. Adjustment formulas are derived to ensure invariance of the macroeconomic outcome. An important consideration is the impact on the income position of the central bank. The results caution against the simple adjustment formulas sometimes applied. Even when defined on a “falling due basis,” the size of the public sector deficit can be affected by the rescheduling treatment adopted. Under a properly defined aggregation between public sector deficit and income position of the central bank, the rescheduling treatment affects only the composition of the broader deficit.

Banking --- Banks and Banking --- Banks and banking --- Banks --- Central bank rates --- Civil service & public sector --- Debt Management --- Debt --- Debts, Public --- Depository Institutions --- Finance, Public --- Government debt management --- Income --- Interest rates --- Interest Rates: Determination, Term Structure, and Effects --- Macroeconomics --- Micro Finance Institutions --- Mortgages --- Personal income --- Personal Income, Wealth, and Their Distributions --- Public Enterprises --- Public finance & taxation --- Public Finance --- Public sector --- Public-Private Enterprises --- Sovereign Debt

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The resumption of economic growth in Latin America is predicated on the successful restoration of fiscal discipline and stabilization. In restoring fiscal discipline, the mix of policy instruments should aim at maximizing efficiency in the use of domestic and foreign resources. Poverty alleviation in Latin America is not likely to be achieved, in the near future, by economic growth. Policy should promote a more equitable distribution of income. While fiscal policy can play an important role in this process, it is important to realize that the current high domestic inflation in many Latin American countries implies that expanding social programs has high social costs. Fiscal policy should aim at increasing the income share for the poor by making the tax system more efficient and by reforming the existing social programs to make them more effectively targeted toward the poor.

Aggregate Factor Income Distribution --- Civil service & public sector --- Economic sectors --- Expenditure --- Expenditures, Public --- Finance, Public --- Fiscal Policy --- Fiscal policy --- Income distribution --- Income --- Macroeconomics --- National accounts --- National Government Expenditures and Related Policies: General --- Personal income --- Personal Income, Wealth, and Their Distributions --- Public Enterprises --- Public finance & taxation --- Public Finance --- Public sector --- Public-Private Enterprises --- Chile

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IMF advice on fiscal policy is given within a strong accounting framework. Published sources in the last ten years show the direction and change of advice. The treatment of central bank losses, government arrears, and credit subsidies are discussed as examples. Advice on taxation, expenditure, growth, prices, and distribution is examined. Some broad lessons are drawn on sustainability of policy, short- versus long-run policies, and objectivity of advice.

Budget planning and preparation --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Civil service & public sector --- Debt Management --- Debt --- Debts, Public --- Economic sectors --- Expenditure --- Expenditures, Public --- Finance, Public --- Fiscal Policy --- Fiscal policy --- Government debt management --- Macroeconomics --- National Budget --- National Government Expenditures and Related Policies: General --- Public Enterprises --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Public sector --- Public-Private Enterprises --- Sovereign Debt --- United States

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In many countries, the activities of public enterprises have an important fiscal impact. While the precise nature of this impact is often obscured, it is important that it be reflected in measures of overall fiscal activity. The paper is intended to raise and clarify some of the issues involved in this task.

Accounting --- Accrual accounting --- Civil service & public sector --- Economic sectors --- Expenditure --- Expenditures, Public --- Finance, Public --- Fiscal accounting and reporting --- Government business enterprises --- Macroeconomics --- National Government Expenditures and Related Policies: General --- Nationalization --- Nonprofit Organizations and Public Enterprise: General --- Public Administration --- Public Enterprises --- Public enterprises --- Public finance & taxation --- Public finance accounting --- Public Finance --- Public financial management (PFM) --- Public ownership --- Public Sector Accounting and Audits --- Public sector --- Public-Private Enterprises --- United States

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This book, by Christopher Browne with Douglas A. Scott, reviews the economic progress that Fiji, Kiribati, Papua New Guinea, Solomon Islands, Tonga, Vanuatu, and Western Samoa have made since independence. An overview of the region examines development strategies, external economic relations, the role of the private sector, and the evolution of financial structures. Seven country studies describe the main characteristics of each economy, analyze performance over the past decade, and provide detailed statistics suitable for cross-country comparison.

338 <5> --- FJ / Fiji - Fidji --- PG / Papua New Guinea - Papouasie Nouvelle Guinee --- SB / Solomon Islands --- VU / Vanuatu --- WS / Samoa --- 338.340 --- 338 <5> Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Azië --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Azië --- Algemene ontwikkeling in de Derde Wereld. --- Oceania --- Oceanica --- South Pacific --- South Pacific Ocean Region --- South Pacific Region --- South Sea Islands --- South Seas --- Southwest Pacific Region --- Islands of the Pacific --- Economic conditions --- -Case studies. --- Algemene ontwikkeling in de Derde Wereld --- Case studies. --- Moana Nui, Te --- Moana Oceania --- Te Moana Nui --- Banks and Banking --- Exports and Imports --- Labor --- Macroeconomics --- Public Finance --- Trade: General --- National Government Expenditures and Related Policies: General --- Public Enterprises --- Public-Private Enterprises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- International economics --- Public finance & taxation --- Civil service & public sector --- Banking --- Labour --- income economics --- Imports --- Exports --- Public sector --- Commercial banks --- Expenditure --- International trade --- Economic sectors --- Current spending --- External debt --- Expenditures, Public --- Finance, Public --- Banks and banking --- Debts, External --- Papua New Guinea --- Income economics