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October 1999 - In a financially integrated world, it is misleading to assess fiscal performance separate from other aspects of economic development. The framework proposed here can help assess fiscal performance over time and across countries and point to a pace of fiscal adjustment consistent with a country's economic and social objectives. Fiscal policy is central to a country's economic and social objectives, from macroeconomic stability to sustainable growth and poverty reduction. But evaluations of a country's fiscal performance, over time or relative to other countries, are often conducted independent of other development objectives, disregarding the links between fiscal, monetary, and exchange rate policies. A budget deficit of 4 percent of GDP, for example, may be acceptable in one country but not in another, because of different initial conditions and policy priorities. In the same country, a level of fiscal deficit may be acceptable one year but not the next, depending on developments and changes in policy objectives. Dinh argues for assessing fiscal performance (1) as part of the entire framework of economic policy, (2) against a policy objective, (3) by taking into account both short- and long-term considerations, and (4) with an eye to the quality of adjustment (whether there are income inequalities or other social issues, for example) as well as its magnitude. The approach he proposes for assessing country fiscal performance requires a minimum of data and takes into account flow and stock variables on internal and external debt. The approach addresses the shortcomings of conventional analysis by incorporating the debt dynamics and other macroeconomic targets of growth, inflation, and external and internal debt. While its theoretical foundation is well known in the literature, this approach has not been adapted for assessing fiscal performance either over time or across countries, and he discusses practical issues arising from this adaptation. Dinh proposes two indicators to measure fiscal adjustment efforts: Fiscal solvency adjustment, which measures how far additional fiscal efforts must be taken to restore solvency to the fiscal sector; Fiscal sustainability adjustment, which measures how far additional fiscal efforts must be taken to maintain the ratios of internal and external debt to output. Dinh applies the proposed framework to evaluate recent fiscal performance in three countries - Argentina, India, and Zambia - each with a different income level and located on a different continent. The countries were selected on the basis of recent World Bank economic work using the proposed approach or an equivalent. Dinh finds the proposed approach useful for identifying key fiscal issues, for assessing the adequacy and pace of fiscal adjustment consistent with the overall economic and social objectives, and for highlighting the tradeoffs between policy initiatives. Sound fiscal policy is crucial for macroeconomic stability. When fiscal issues are under control, it is easier to coordinate other policies. When fiscal issues are part of the problem, the tradeoffs between policy outcomes become pronounced, and economic management, including the management of capital flows, becomes much more difficult. This paper is a product of Macroeconomics 1, Africa Technical Families. The author may be contacted at hdinh@worldbank.org.
Banks and Banking Reform --- Budget --- Budget Defic Debt Service --- Currencies and Exchange Rates --- Debt Markets --- Developing Countries --- Economic Stabilization --- Economic Theory and Research --- Emerging Markets --- Exchange --- Exchange Rate --- External Debt --- Finance and Financial Sector Development --- Financial Literacy --- Fiscal Adjustment --- Fiscal Defic Fiscal Effort --- Fiscal Policy --- Income Inequalities --- Income Levels --- International Financial Institutions --- Levy --- Long Term Debt --- Macroeconomic Policies --- Macroeconomic Stability --- Macroeconomics and Economic Growth --- Political Economy --- Poverty --- Private Sector Development --- Solvency
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"An invaluable primer on the role economic reasoning plays in campus debate and decision making. Campus Economics provides college and university administrators, trustees, and faculty with an essential understanding of how college finances actually work. Sandy Baum and Michael McPherson explain the concepts needed to analyze the pros, the cons, and the trade-offs of difficult decisions, and offer a common language for discussing the many challenges confronting institutions of higher learning today, from COVID-19 to funding cuts and declining enrollments. Emphasizing the unique characteristics of the academic enterprise and the primacy of the institutional mission, Baum and McPherson use economic concepts such as opportunity cost and decisions at the margin to facilitate conversations about how best to ensure an institution's ongoing success. The problems facing higher education are more urgent than ever before, but the underlying issues are the same in good times and bad. Baum and McPherson give nontechnical, user-friendly guidance for navigating all kinds of economic conditions and draw on real-world examples of campus issues to illustrate both institutional constraints and untapped opportunities. Campus Economics helps faculty, administrators, trustees, and government policymakers engage in constructive dialogue that can lead to decisions that align finite resources with the pursuit of the institutional mission"-- "An invaluable primer on the role economic reasoning plays in campus debate and decision making"--
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