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The present paper provides an analytical discussion on a popular issue: the measurement problems associated with the inflation tax. It is well known that conventional national accounts definitions usually misplace the proceeds from the inflation tax: they are typically not subtracted from disposable income, and they are not included as part of the Government’s revenues “above the line.” Using a simple, perfect foresight monetary model developed by Calvo (1986, 1987), this paper analyzes the difference between macroeconomically relevant concepts of public and private saving, and their national accounts counterparts. The paper goes on to show that the national account aggregates create the impression that heavier reliance on the inflation tax on the part of the Government is associated with higher private saving, even in situations where the composition of government revenues does not have any effect on private saving.

Budgeting --- Inflation --- Macroeconomics --- Public Finance --- Price Level --- Deflation --- Macroeconomics: Consumption --- Saving --- Wealth --- General Aggregative Models: General --- National Budget --- Budget Systems --- Debt --- Debt Management --- Sovereign Debt --- Budgeting & financial management --- Public finance & taxation --- Private savings --- National accounts --- Budget planning and preparation --- Government debt management --- Prices --- Public financial management (PFM) --- Saving and investment --- National income --- Budget --- Debts, Public --- Mexico

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A number of developing countries, including some of the largest debtors, have recently completed comprehensive debt and debt service restructuring packages with their commercial bank creditors. The experience of these countries provides important lessons for other countries that are just embarking on discussions to normalize their external payments situation. Following a brief description of the framework of the international debt strategy, this paper discusses the main lessons, distinguishing between those that are relevant to the process of negotiation and those relevant to the structure of the package being negotiated. This is a Paper on Policy Analysis and Assessment and the authors) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the authors) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

Banks and Banking --- Exports and Imports --- Financial Risk Management --- International Lending and Debt Problems --- International Financial Markets --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Finance --- Banking --- International economics --- Economic & financial crises & disasters --- Debt reduction --- Debt restructuring --- Debt service --- Commercial banks --- Asset and liability management --- External debt --- Financial institutions --- Bank resolution --- Financial crises --- Debts, External --- Banks and banking --- Crisis management --- Costa Rica

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Public debt --- 336.1 --- 336.3 --- Debts, Public --- Government securities --- AA / International- internationaal --- 336.32 --- 333.631 --- 333.634 --- 336.310 --- 336.311.0 --- 332.632 --- Government agency securities --- Government bonds --- Public securities --- Treasuries (Securities) --- Treasury bonds --- Bonds --- Securities --- Debts, Government --- Government debts --- National debts --- Public debts --- Sovereign debt --- Debt --- Deficit financing --- Public finance, government finance in general --- Nationale schulden. Staatsschulden. Openbare schulden. Staatslening. Staatsfondsen. Staatsbankroet --- Beheer van de rijksschuld. Road shows. --- Overheidsfondsen. Markt van de overheidsfondsen. --- Schatkistcertificaten. --- Techniek van het overheidskrediet: algemeenheden. --- Vormen van leningen: algemeenheden. --- Debts, Public. --- Government securities. --- 336.3 Nationale schulden. Staatsschulden. Openbare schulden. Staatslening. Staatsfondsen. Staatsbankroet --- 336.1 Public finance, government finance in general --- Overheidsfondsen. Markt van de overheidsfondsen --- Schatkistcertificaten --- Techniek van het overheidskrediet: algemeenheden --- Vormen van leningen: algemeenheden --- Beheer van de rijksschuld. Road shows

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International finance --- Political sociology --- Belgium --- Belgique --- België --- Finances --- Geldwezen --- 336.3 --- Debts, Public --- -#SBIB:323H64 --- #SBIB:33H16 --- #SBIB:HIVA --- #ECO:01.01:economie algemeen --- #ECO:01.10:economie overheid financiën begroting beleid --- #ECO:05.01:landen België --- 336.3 <493> --- #A9311A --- openbare schuld --- belgie --- BE / Belgium - België - Belgique --- 331.31 --- 331.30 --- 336.61 --- 336.60 --- 336.301 --- 336.27 --- Overheidsschuld . België --- 336 --- 338.98 --- 368.4 --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Nationale schulden. Staatsschulden. Openbare schulden. Staatslening. Staatsfondsen. Staatsbankroet --- België: financieel beleid --- Publieke financiën --- dette publique --- belgique --- Economisch beleid. --- Economische toestand. --- Financieel beleid. --- Financiële toestand. --- Toestand, structuur, rentelast en evolutie van de rijksschuld. --- financiën - openbare geldmiddelen - staatsfinanciën - overheidsfinanciën --- openbare leningen en schulden - overheidsschulden --- industrieel beleid - economische politiek - staat en onderneming - ingrijpen van de overheid in het bedrijfsleven --- sociale zekerheid - sociale verzekering --- 336.3 Nationale schulden. Staatsschulden. Openbare schulden. Staatslening. Staatsfondsen. Staatsbankroet --- Social Sciences and Humanities. History -- Economic, Social, and Cultural History --- ALLW. --- #SBIB:323H64 --- Economische toestand --- Economisch beleid --- Toestand, structuur, rentelast en evolutie van de rijksschuld --- Financiële toestand --- Financieel beleid --- Debts [Public] --- Informatie

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This book, by A. Premchand, a former Assistant Director of IMF's Fiscal Affairs Department, provides a comprehensive discussion of the expenditure process in public authorities from a management perspective. It covers the various aspects, ranging from budget formulation to the courteous delivery of services to the public. In each, it considers the critical issues faced in industrial and developing countries and formerly centrally planned economies and discusses the efforts necessary to assure the public about the adequacy of public expenditure management machinery.

Organization theory --- Expenditures, Public --- Dépenses publiques --- Management --- Gestion --- Budget --- Budget. --- Expenditures, Public. --- Political Science --- Law, Politics & Government --- Public Finance --- 336.121 --- depenses nationales --- management --- AA / International- internationaal --- 336.61 --- 336.00 --- 336.01 --- 336.301 --- 336.401 --- 352.46 --- Appropriations and expenditures --- Government appropriations --- Government expenditures --- Government spending --- Public expenditures --- Public spending --- Spending, Government --- Finance, Public --- Public administration --- Government spending policy --- Budgeting --- Nationaal budget. Rijksbegroting. Staatsbegroting. Begrotingspolitiek --- nationale bestedingen --- Financieel beleid. --- Organisatie van de overheidsfinanciën. Overheidsuitgaven en -inkomsten: algemeenheden --- Overheidsbemoeiing op economisch gebied. --- Toestand, structuur, rentelast en evolutie van de rijksschuld. --- Verband tussen begrotingspolitiek en economische evolutie. --- Forecasting --- 336.121 Nationaal budget. Rijksbegroting. Staatsbegroting. Begrotingspolitiek --- Dépenses publiques --- Overheidsbemoeiing op economisch gebied --- Toestand, structuur, rentelast en evolutie van de rijksschuld --- Verband tussen begrotingspolitiek en economische evolutie --- Financieel beleid --- E-books --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Labor --- National Government Expenditures and Related Policies: General --- National Budget --- Budget Systems --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public Administration --- Public Sector Accounting and Audits --- Public finance & taxation --- Budgeting & financial management --- Finance --- Privatization --- Budget planning and preparation --- Expenditure --- Expenditure control --- Public financial management (PFM) --- Public debt --- Debts, Public --- Fiscal policy --- United States