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Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationale-in terms of reducing the average cost of public sector financing-to resort to secured borrowing. However, for many developing countries, financial markets are far from perfect. In particular, there may be an important role for secured financing where increased uncertainty or financial market volatility leads to credit rationing driven by information asymmetries. Secured financing, however, does not provide a free lunch. Such arrangements subordinate existing and future creditors and, as a result, may raise the cost of future borrowing. In addition, high transaction costs, the thin market in secured instruments, the risk of legal challenges, and reduced budget and debt management flexibility may offset the cost advantage of public sector securitization.

Exports and Imports --- Investments: General --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Public Enterprises --- Public-Private Enterprises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Taxation, Subsidies, and Revenue: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Civil service & public sector --- Investment & securities --- International economics --- Public finance & taxation --- Monetary economics --- Public sector --- Securitization --- Debt service --- Legal support in revenue administration --- Credit ratings --- Economic sectors --- Financial services --- External debt --- Revenue administration --- Money --- Finance, Public --- Asset-backed financing --- Revenue --- Philippines

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This paper assesses sustainable fiscal behavior in an economy where wealth is derived predominantly from a non-renewable resource. It explores the issue in a simple dynamic framework that highlights the structural weaknesses in the underlying budgetary position, takes into account the rate of depletion of a country’s natural resource base, and examines the impact of changes in a country’s terms of trade. An alternative indicator of fiscal sustainability is derived, and the principal factors determining sustainability are identified. The results of the analysis are applied to Venezuela and Kuwait.

Exports and Imports --- Macroeconomics --- Public Finance --- Natural Resources --- Existence and Stability Conditions of Equilibrium --- Fiscal Policy --- Fiscal Policies and Behavior of Economic Agents: General --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Empirical Studies of Trade --- Personal Income, Wealth, and Their Distributions --- Environmental management --- International economics --- Natural resources --- Fiscal stance --- Terms of trade --- Fiscal policy --- Personal income --- Environment --- International trade --- National accounts --- Economic policy --- nternational cooperation --- Income --- Kuwait

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The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability (including sustainability indicators), and sustainability and uncertainty. The paper then looks at the way in which fiscal sustainability has been assessed in different types of IMF work. Finally the link between fiscal and external sustainability is discussed.

Exports and Imports --- Macroeconomics --- Public Finance --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- National Budget, Deficit, and Debt: General --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Public finance & taxation --- International economics --- Fiscal sustainability --- Fiscal policy --- Public debt --- Fiscal stance --- External debt --- Debts, Public --- Debts, External --- United States

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This paper assesses the landmark Tax Cuts and Jobs Act (TCJA), from the perspective of both the U.S. itself and the wider world. The reform has many positive aspects including steps to broaden the base of, and reduce marginal rates under, the personal income tax (PIT), reduce distortions to investment and financing decisions, and mitigate outward profit shifting. But the TCJA has a large fiscal price tag and leaves significant uncertainty as to how the U.S. tax system will develop. The PIT changes could have better targeted relief at low earners, and there is scope to more fully address distortions in business taxation. The novel international provisions create a complex array of both positive and negative international spillovers, and have the potential to significantly reshape the wider international tax system.

Income tax --- Tax exemption --- Tax incentives --- Law and legislation. --- Law --- Macroeconomics --- Personal Finance -Taxation --- Taxation --- Corporate Taxation --- Personal Income, Wealth, and Their Distributions --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Corporate & business tax --- Personal income --- Corporate income tax --- Income tax systems --- Income and capital gains taxes --- Personal income tax --- National accounts --- Taxes --- Income --- Corporations --- United States

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Foreign trade policy --- Kuwait --- Debts, Public --- Financial institutions --- Fiscal policy --- Economic policy --- -Financial institutions --- -Debts, Public --- -338.24 <536.8> --- economisch beleid --- financiën --- fiscaliteit --- Koeweit --- monetair beleid --- dette publique --- koweit --- politique economique --- politique fiscale --- politique monetaire --- KW / Kuwait - Koeweit - Koweit --- 331.31 --- 331.30 --- 335.6 --- 330.05 --- 330.95367 --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Tax policy --- Taxation --- Finance, Public --- Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--Koeweit --- openbare schuld --- koeweit --- fiscaal beleid --- Economisch beleid. --- Economische toestand. --- Liquidatie van de oorlogseconomie: economische demobilisatie en herstel. Marshall Plan. --- Government policy --- -Economic policy --- Working papers --- 338.24 <536.8> Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--Koeweit --- 338.24 <536.8> --- Economische toestand --- Economisch beleid --- Liquidatie van de oorlogseconomie: economische demobilisatie en herstel. Marshall Plan --- Koweit --- Kuwayt --- Kuvayt --- Kuveĭt --- Dowlat al Kuwait --- Dawlat al-Kuwayt --- State of Kuwait --- Economic policy. --- Debts, Public - Kuwait --- Financial institutions - Kuwait --- Fiscal policy - Kuwait --- Kuwait - Economic policy