By Jaime de Melo, Riccardo Faini
The ebook bargains with features of the new monetary difficulty in constructing nations. Macro facets disguise theoretical underpinning of monetary coverage, the scale of the necessary adjustment and the hyperlink among inner and exterior transfers. Micro points disguise the relation among inner most and public funding, the adventure of tax and expenditure reforms, and the influence of economic adjustment at the poor.
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Extra info for Fiscal Issues in Adjustment in Developing Countries
Example text
But once again the initial increases must be protected against the eroding influence of future inflation. Indexation of specific excises or the use of ad valorem rates would be desirable. Once again, until the fundamental reforms are in place, these excises can be made to generate more revenue than might be desired over the long run. On the basis of information as to the demand elasticity of these products, taxes that would maximize their revenue generation could be imposed. These taxes could eventually be reduced to levels justified by the traditional reasons for imposing excises.
While changes in interest rates, in exchange rates, and in other areas of economic policy can be made relatively quickly and often do not require legislative approval, good fiscal reforms, that include tax reform, public sector reorganizations including privatization, reform of public expenditure programs, and so forth, require time and, in many countries, must be legislated. As a consequence countries have often gone for "quick fixes", that is for fiscal reforms that reduce the fiscal deficit in the period immediately ahead with policy changes that are neither durable nor efficient.
Orthodox adjustment programs are typically associated with a reduction in the overall rate of growth of credit, together with a subceiling on the growth of credit to the public sector. The latter is intended to protect the availability of credit to the private sector. Consider then, a temporary reduction in the rate of growth of total credit, coupled with an increase in the growth of credit to the private sector. Since the government budget constraint (7) must be respected, assume that the reduction in the growth of credit to the government is offset by a reduction in government spending.