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The Czech Republic has embarked on an ambitious tax reform and expenditure package to bring the deficit sustainably below 3 percent, and intends to reduce the deficit to 1 percent of GDP by 2012. To address the long-term fiscal challenge due to population aging, pension reform proposals are also being considered. In this paper we assess the macroeconomic effects of these measures using the Global Fiscal Model. The tax reform package will achieve a more efficient tax system. If implemented successfully with the intended expenditure savings measures, debt is projected to improve markedly while output would expand. Fiscal sustainability will not be restored, however, even if further measures to bring the deficit to 1 percent of GDP by 2012. Instead, raising the retirement age and prefunding future aging costs would be needed to keep debt below 60 percent of GDP through 2050.

Taxation --- Pensions --- Debts, Public --- Fiscal policy --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Tax policy --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Compensation --- Pension plans --- Retirement pensions --- Superannuation --- Duties --- Fee system (Taxation) --- Tax reform --- Taxation, Incidence of --- Taxes --- Government policy --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Finance, Public --- Debt --- Bonds --- Deficit financing --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Revenue --- Macroeconomics --- Public Finance --- Demography --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Macroeconomics: Consumption --- Saving --- Wealth --- Welfare & benefit systems --- Public finance & taxation --- Population & demography --- Social security contributions --- Expenditure --- Aging --- Consumption --- Social security --- Expenditures, Public --- Population aging --- Czech Republic

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This paper surveys decision-making roles of governing bodies of central banks that have formally adopted inflation targeting as a monetary framework. Governance practices seek to balance institutional independence needed for monetary policy credibility with accountability required to protect democratic values. Central bank laws usually have price stability as the primary monetary policy objective but seldom require an explicit numerical inflation target. Governments are frequently involved in setting targets, but to ensure operational autonomy, legal provisions explicitly limit government influence in internal policy decision-making processes. Internal governance practices differ considerably with regard to the roles and inter-relationships between the policy, supervisory, and management boards of a central bank.

Anti-inflationary policies. --- Banks and banking, Central. --- Electronic books. -- local. --- Monetary policy. --- Banks and Banking --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Natural Resources --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Renewable Resources and Conservation: General --- Banking --- Monetary economics --- Environmental management --- Inflation targeting --- Price stabilization --- Consumer price indexes --- Monetary policy --- Prices --- Renewable resources --- Environment --- Banks and banking --- Government policy --- Price indexes --- Natural resources --- New Zealand

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The labor participation rate in Slovenia has been lower than in the EU-15 (the members states prior to May 2004), particularly for the low-income and older individuals. Using simulations of tax and social benefits and public pensions, the paper shows how the current tax, welfare, and pension systems create disincentives to work among these groups. The paper finds that incentives to retire early are strong for men, especially low-wage earners. The marginal effective tax rates also make it costly for low-income individuals to work and negatively affect the probability of participating. The paper proposes reform measures to enhance work incentives and labor participation, which will be crucial for dealing with population aging and for achieving higher potential growth in Slovenia.

Labor supply --- Public welfare --- Income tax --- Pensions --- Early retirement --- Retirement, Early --- Compensation --- Pension plans --- Retirement pensions --- Superannuation --- Personal income tax --- Taxable income --- Taxation of income --- Benevolent institutions --- Poor relief --- Public assistance --- Public charities --- Public relief --- Public welfare reform --- Relief (Aid) --- Social welfare --- Welfare (Public assistance) --- Welfare reform --- Labor force --- Labor force participation --- Labor pool --- Work force --- Workforce --- Government policy --- Retirement --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Direct taxation --- Internal revenue --- Progressive taxation --- Tithes --- Wages --- Human services --- Social service --- Labor market --- Human capital --- Labor mobility --- Manpower --- Manpower policy --- Taxation --- Labor --- Macroeconomics --- Public Finance --- Nonwage Labor Costs and Benefits --- Private Pensions --- Wages, Compensation, and Labor Costs: General --- Social Security and Public Pensions --- Labor Economics: General --- Retirement Policies --- Labour --- income economics --- Pension spending --- Labor economics --- Slovenia, Republic of --- Income economics

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The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a reduction in benefits and an increase in contribution rates. Using a five-region version of the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short run, propelled by rising consumption, and in the long run, due to lower government debt crowding in higher investment. We also find that a reform action undertaken cooperatively by all regions results in larger output effects, reflecting stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact in the short run, due to the demand effects of higher labor income and in the long run because of supply effects.

Pensions -- Congresses. --- Pensions -- Finance. --- Pensions. --- Compensation --- Pension plans --- Retirement pensions --- Superannuation --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Banks and Banking --- Macroeconomics --- Public Finance --- Labor --- Social Security and Public Pensions --- Open Economy Macroeconomics --- Interest Rates: Determination, Term Structure, and Effects --- Debt --- Debt Management --- Sovereign Debt --- Macroeconomics: Consumption --- Saving --- Wealth --- Nonwage Labor Costs and Benefits --- Private Pensions --- Pensions --- Finance --- Public finance & taxation --- Pension spending --- Real interest rates --- Public debt --- Consumption --- Pension reform --- Expenditure --- Financial services --- Interest rates --- Debts, Public --- Economics --- United States --- Finance.

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This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements. We find that spending decentralization has been associated with sizably better fiscal performance, especially when transfer dependency of subnational governments is low. However, subnational fiscal rules do not seem to be associated with better performance.

Decentralization in government --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Centralization in government --- Devolution in government --- Government centralization --- Government decentralization --- Government devolution --- Political science --- Central-local government relations --- Federal government --- Local government --- Public administration --- Econometric models. --- Government policy --- Budgeting --- Macroeconomics --- Public Finance --- State and Local Taxation, Subsidies, and Revenue --- Intergovernmental Relations --- Federalism --- Secession --- Fiscal Policies and Behavior of Economic Agents: General --- Fiscal Policy --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Budgeting & financial management --- Public finance & taxation --- Fiscal rules --- Fiscal federalism --- Fiscal stance --- General government spending --- Expenditure --- Public financial management (PFM) --- Budget --- Expenditures, Public --- Denmark