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This paper presents various models of control with advantages and disadvantages, the balance of which would make it more or less suitable to a particular country's circumstances. As these circumstances evolve—as fiscal and macro imbalances improve or worsen—the preferable model may change over time. Although appealing in principle, sole reliance on market discipline for government borrowing is unlikely to be appropriate in many circumstances. This is so, because one or more of the conditions for its effective working frequently are not realized in each particular country. The increasing worldwide trend toward devolution of spending and revenue-raising responsibilities to subnational governments seems likely to come into growing conflict with systems of administrative controls by the central government on subnational borrowing. Rules-based approaches to debt control would appear preferable, in terms of transparency and certainty, to administrative controls and also to statutory limits defined in the context of the annual budget process, the outcome of which may be unduly influenced by short-term political bargaining.

Exports and Imports --- Financial Risk Management --- Public Finance --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- International economics --- Public finance & taxation --- Finance --- Macroeconomics --- Debt financing --- Public debt --- Debt service --- Debt limits --- Fiscal federalism --- External debt --- Asset and liability management --- Fiscal policy --- Debts, External --- Debts, Public --- United States

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"Government price subsidies are pervasive in developed, emerging, and low-income countries. A subsidy is a form of government intervention resulting in a deviation of an actual price facing consumers and producers from a specified benchmark price. Subsidies affect consumption and production patterns as well as the distribution of resources, with important implications for the budget, expenditure composition, and long-term growth. They can and often do involve fiscal costs, but not all affect government fiscal accounts in the same way. Price subsidies have spillover effects onto prices and quantities in domestic, regional, or global markets. This paper discusses the key issues and policy options in the reform of subsidies for fossil fuels and selected food commodities, and their implications for the work of the Fund."--IMF information page summary.

Subsidies.

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This paper reviews the role of fiscal policy in a number of stabilization programs in Latin America since the early 1980s. The paper highlights the importance of sustainable fiscal adjustment in stabilization efforts, and discusses the main issues that arise in this context. By reviewing the Latin American experience, it is argued that responsibility for failed stabilization attempts can be traced to four main factors: inconsistent policy mixes; excessive reliance on temporary factors of improvement in the fiscal accounts; failure to implement fundamental fiscal reforms; and lack of complementary structural reforms.

Inflation --- Macroeconomics --- Public Finance --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- Price Level --- Deflation --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Revenue administration --- Fiscal consolidation --- Fiscal policy --- Expenditure --- Prices --- Revenue --- Expenditures, Public --- Argentina

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A common dilemma facing governments around the world is how to meet the sizeable fiscal costs of providing and maintaining infrastructure networks. Over the past decade, developed and developing countries have looked to fiscal rules, budgetary reforms, tax policy and administration measures, public-private partnerships and other innovative financial instruments to raise additional finance for infrastructure investment. This paper looks at the range of options for raising the financing to meet Tanzania's infrastructure needs. It begins with a brief survey of the evidence on the relationship between infrastructure, public investment, and economic growth, and then goes on to consider the case for additional infrastructure investment in Tanzania. The second part of the paper looks at five broad options for mobilizing additional resources to meet Tanzania's infrastructure needs: (i) direct private investment and PPPs, (ii) expenditure reprioritization and efficiency, (iii) domestic revenue mobilization, (iv) external grants and concessional financing, and (v) sovereign borrowing on domestic or international credit markets. The paper concludes with some general recommendations on what combination of the above approaches might be suitable for Tanzania.

Infrastructure (Economics) --- Fiscal policy --- Tanzania --- Economic policy. --- Economic conditions. --- Tax policy --- Taxation --- Capital, Social (Economics) --- Economic infrastructure --- Social capital (Economics) --- Social infrastructure --- Social overhead capital --- Government policy --- Economic policy --- Finance, Public --- Economic development --- Human settlements --- Public goods --- Public works --- Capital --- Infrastructure --- Public Finance --- Investment --- Intangible Capital --- Capacity --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Macroeconomics --- Public investment and public-private partnerships (PPP) --- Public debt --- Public investment spending --- Expenditure --- Saving and investment --- Public-private sector cooperation --- Debts, Public --- Public investments --- Expenditures, Public --- Tanzania, United Republic of

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Over the past few decades, a clear trend has emerged worldwide toward the devolution of spending and, to a lesser extent, revenue-raising responsibilities to state and local levels of government. One view is that the decentralization of spending responsibilities can entail substantial gains in terms of distributed equity and macroeconomic management. The papers in this volume, edited by Teresa Ter-Minassian, examine the validity of these views in light of theoretical considerations, as well as the experience of a number of countries.

336.2 --- 336.1 --- Intergovernmental fiscal relations --- -Revenue sharing --- Revenue sharing --- -#A9712A --- Staatshervorming 342.4.011.8STA --- Openbare financien 336.1/.5 --- Federalisme 323.173 --- Belastingen 336.2 --- #SERV: inv. Leuven --- autonomie fiscale --- etat federal --- politique fiscale --- politique budgetaire --- macro-economie --- pays industrialises --- pays en voie de developpement --- AA / International- internationaal --- 336.53 --- 342.2 --- -336.18 --- Federal-state program swaps --- State-federal program swaps --- Tax sharing --- Turnback of federal programs to states --- Federal-state fiscal relations --- Fiscal relations, Intergovernmental --- State-local fiscal relations --- 336.1 Public finance, government finance in general --- Public finance, government finance in general --- 336.2 Belastingen. Belastingswezen. Openbare financien. Belastingspolitiek. Belastingstheorie. Belastingsharmonisatie. Fiskale politiek. Belastingsleer. Belastingsdruk. Belastingstechniek. Belastingsstelsel.Belastingstarief --- 336.2 Belastingsakkoorden. Belastingswezen --- Belastingen. Belastingswezen. Openbare financien. Belastingspolitiek. Belastingstheorie. Belastingsharmonisatie. Fiskale politiek. Belastingsleer. Belastingsdruk. Belastingstechniek. Belastingsstelsel.Belastingstarief --- Belastingsakkoorden. Belastingswezen --- Case studies --- fiscale autonomie --- federale staat --- fiscaal beleid --- begrotingsbeleid --- geindustrialiseerde landen --- ontwikkelingslanden --- Financiële betrekkingen tussen het rijk, de provincies en de gemeenten. --- Staat in publiek recht. Persoonlijkheid van de Staat. Centralisatie of decentralisatie van de regering en van de administratie. Lokale autonomie. --- Relations fiscales intergouvernementales --- Partage fiscal --- Case studies. --- Cas, Etudes de --- 336.18 --- #A9712A --- Intergovernmental tax relations --- Urban policy --- Federal government --- Finance, Public --- Local finance --- Financiële betrekkingen tussen het rijk, de provincies en de gemeenten --- Staat in publiek recht. Persoonlijkheid van de Staat. Centralisatie of decentralisatie van de regering en van de administratie. Lokale autonomie --- Law and legislation --- Revenue sharing. --- Intergovernmental fiscal relations. --- Intergovernmental fiscal relations - Case studies --- Revenue sharing - Case studies --- Budgeting --- Macroeconomics --- Personal Finance -Taxation --- Public Finance --- Taxation --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- National Budget --- Budget Systems --- Fiscal Policy --- Public finance & taxation --- Budgeting & financial management --- Property & real estate --- Education --- Civil service & public sector --- Expenditure --- Revenue administration --- Income and capital gains taxes --- Budget planning and preparation --- Subnational tax --- Taxes --- Public financial management (PFM) --- Tax administration core functions --- Expenditures, Public --- Revenue --- Income tax --- Budget --- United States