Mexico - Fiscal Sustainability (Vol. 1 of 2) : Executive Summary
The study reviews the stabilization efforts, and successes that preceded, and have underpinned Mexico's sweeping market-oriented structural reforms since the late 1980s, anchored in strong fiscal adjustment. It seeks to support the Government&...
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| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2001/06/1552059/mexico-fiscal-sustainability-vol-1-2-executive-summary http://hdl.handle.net/10986/15503 |
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okr-10986-15503 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING FRAMEWORK BALANCE SHEET BANK DEPOSITS BANK FAILURES BANKING SECTOR BANKING SYSTEM BENCHMARK BENCHMARKS BONDS BORROWING BUDGET ACCOUNTING BUDGET CONSTRAINT BUDGET DEFICIT BUDGET PROCESS BUDGET SURPLUS BUSINESS CYCLES CENTRAL GOVERNMENT DEBT MANAGEMENT DEBT RESTRUCTURING DEFICIT ADJUSTMENTS DEFICIT REDUCTION DEFLATION DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITS DISCOUNT RATE DISCRETIONARY POLICY ECONOMIC EXPANSION ELASTICITY ELECTRICITY EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORTS EXTERNAL SHOCK EXTERNAL SHOCKS FEDERAL GOVERNMENT FINANCIAL CRISES FISCAL FISCAL ADJUSTMENT FISCAL BUDGET FISCAL COSTS FISCAL DEFICIT FISCAL DEFICITS FISCAL MEASURES FISCAL POLICIES FISCAL POLICY FISCAL PRESSURES FISCAL REFORM FISCAL SURPLUS FISCAL SUSTAINABILITY FISCAL YEAR FOREIGN DEBT GDP GOVERNMENT ACCOUNTING GOVERNMENT CONSUMPTION GOVERNMENT DEBT GOVERNMENT GUARANTEES GOVERNMENT POLICIES GOVERNMENT PROGRAMS GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATES INDUSTRIAL ECONOMIES INFLATION INSURANCE INTEREST RATE LAWS LOAN GUARANTEES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET VALUE MINISTRY OF FINANCE MONETARY POLICY MONEY SUPPLY MORAL HAZARD MUNICIPALITIES NATIONS NOMINAL EXCHANGE RATE PENSION LIABILITIES PENSION REFORM PENSION SYSTEMS PENSIONS PRESENT VALUE PRIVATE BANKS PRIVATE SECTOR PRIVATE SECTOR INVESTMENTS PRIVATIZATION PRODUCTIVITY PROVISION OF INFRASTRUCTURE PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SPENDING REAL GDP REAL GROSS DOMESTIC PRODUCT REAL INCOME REAL INTEREST RATE REAL INTEREST RATES REAL TERMS RETIREMENT ROADS SOCIAL SECURITY STABILIZATION EFFORTS STATE GOVERNMENT STATE-OWNED ENTERPRISES SYSTEMIC RISK TAX TAX REVENUE TAX REVENUES TAX SYSTEM TELECOMMUNICATIONS TIME SERIES TRANSPORT UNEMPLOYMENT VALUE ADDED FISCAL SUSTAINABILITY BUSINESS CYCLES FISCAL POLICY ECONOMIC GROWTH BUDGET ESTIMATES EXTERNAL SHOCKS INFRASTRUCTURE CONTINGENT LIABILITY FISCAL COSTS FISCAL DEFICITS PUBLIC DEBT DEBT MANAGEMENT POLICY FRAMEWORK PENSION SYSTEMS FINANCIAL MANAGEMENT |
| spellingShingle |
ACCOUNTING FRAMEWORK BALANCE SHEET BANK DEPOSITS BANK FAILURES BANKING SECTOR BANKING SYSTEM BENCHMARK BENCHMARKS BONDS BORROWING BUDGET ACCOUNTING BUDGET CONSTRAINT BUDGET DEFICIT BUDGET PROCESS BUDGET SURPLUS BUSINESS CYCLES CENTRAL GOVERNMENT DEBT MANAGEMENT DEBT RESTRUCTURING DEFICIT ADJUSTMENTS DEFICIT REDUCTION DEFLATION DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITS DISCOUNT RATE DISCRETIONARY POLICY ECONOMIC EXPANSION ELASTICITY ELECTRICITY EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORTS EXTERNAL SHOCK EXTERNAL SHOCKS FEDERAL GOVERNMENT FINANCIAL CRISES FISCAL FISCAL ADJUSTMENT FISCAL BUDGET FISCAL COSTS FISCAL DEFICIT FISCAL DEFICITS FISCAL MEASURES FISCAL POLICIES FISCAL POLICY FISCAL PRESSURES FISCAL REFORM FISCAL SURPLUS FISCAL SUSTAINABILITY FISCAL YEAR FOREIGN DEBT GDP GOVERNMENT ACCOUNTING GOVERNMENT CONSUMPTION GOVERNMENT DEBT GOVERNMENT GUARANTEES GOVERNMENT POLICIES GOVERNMENT PROGRAMS GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATES INDUSTRIAL ECONOMIES INFLATION INSURANCE INTEREST RATE LAWS LOAN GUARANTEES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET VALUE MINISTRY OF FINANCE MONETARY POLICY MONEY SUPPLY MORAL HAZARD MUNICIPALITIES NATIONS NOMINAL EXCHANGE RATE PENSION LIABILITIES PENSION REFORM PENSION SYSTEMS PENSIONS PRESENT VALUE PRIVATE BANKS PRIVATE SECTOR PRIVATE SECTOR INVESTMENTS PRIVATIZATION PRODUCTIVITY PROVISION OF INFRASTRUCTURE PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SPENDING REAL GDP REAL GROSS DOMESTIC PRODUCT REAL INCOME REAL INTEREST RATE REAL INTEREST RATES REAL TERMS RETIREMENT ROADS SOCIAL SECURITY STABILIZATION EFFORTS STATE GOVERNMENT STATE-OWNED ENTERPRISES SYSTEMIC RISK TAX TAX REVENUE TAX REVENUES TAX SYSTEM TELECOMMUNICATIONS TIME SERIES TRANSPORT UNEMPLOYMENT VALUE ADDED FISCAL SUSTAINABILITY BUSINESS CYCLES FISCAL POLICY ECONOMIC GROWTH BUDGET ESTIMATES EXTERNAL SHOCKS INFRASTRUCTURE CONTINGENT LIABILITY FISCAL COSTS FISCAL DEFICITS PUBLIC DEBT DEBT MANAGEMENT POLICY FRAMEWORK PENSION SYSTEMS FINANCIAL MANAGEMENT World Bank Mexico - Fiscal Sustainability (Vol. 1 of 2) : Executive Summary |
| geographic_facet |
Latin America & Caribbean Mexico |
| description |
The study reviews the stabilization
efforts, and successes that preceded, and have underpinned
Mexico's sweeping market-oriented structural reforms
since the late 1980s, anchored in strong fiscal adjustment.
It seeks to support the Government's efforts, and
provides a body of technical analysis, by: correcting fiscal
trends for various business-cycle effects; building a
simulation model to assess the sensitivity of the fiscal
budget to exogenous shocks under structural scenarios;
estimating the direct, and indirect potential impact on the
fiscal accounts of closing public infrastructure gaps, and
funding contingent liabilities; and, consolidating the
financial accounts of the main public sector institutions to
assess sustainability of their aggregate debt path.
Following a brief review on fiscal issues, the report
focuses on selected sources of fiscal instability. Chapter I
questions the role of fiscal policy in determining output;
the responsiveness of the fiscal policy to the business
cycle; and, the "persistence" of fiscal policy vs.
financing needs, implying the fiscal policy lacks a design
that makes it a stabilizing feature of the economy. Chapters
II and III investigate the impacts of major exogenous
shocks, and provide estimates of the potential payoffs from
increased investment in public infrastructure, calculating
the optimal infrastructure stocks implied by the elasticity
estimates. Chapter IV addresses the measurement of
contingent liabilities, within the traditional budget
accounting framework, while Chapter V provides estimates of
the debt stock at the state level, suggesting disturbing
trends in the size, and concentration of the debt are
developing, and, sobering evidence on the health of the
sub-national pension systems suggest a large percentage of
these are either in actuarial deficit, or will be by 2001. |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Mexico - Fiscal Sustainability (Vol. 1 of 2) : Executive Summary |
| title_short |
Mexico - Fiscal Sustainability (Vol. 1 of 2) : Executive Summary |
| title_full |
Mexico - Fiscal Sustainability (Vol. 1 of 2) : Executive Summary |
| title_fullStr |
Mexico - Fiscal Sustainability (Vol. 1 of 2) : Executive Summary |
| title_full_unstemmed |
Mexico - Fiscal Sustainability (Vol. 1 of 2) : Executive Summary |
| title_sort |
mexico - fiscal sustainability (vol. 1 of 2) : executive summary |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2001/06/1552059/mexico-fiscal-sustainability-vol-1-2-executive-summary http://hdl.handle.net/10986/15503 |
| _version_ |
1764426838569910272 |
| spelling |
okr-10986-155032021-04-23T14:03:14Z Mexico - Fiscal Sustainability (Vol. 1 of 2) : Executive Summary World Bank ACCOUNTING FRAMEWORK BALANCE SHEET BANK DEPOSITS BANK FAILURES BANKING SECTOR BANKING SYSTEM BENCHMARK BENCHMARKS BONDS BORROWING BUDGET ACCOUNTING BUDGET CONSTRAINT BUDGET DEFICIT BUDGET PROCESS BUDGET SURPLUS BUSINESS CYCLES CENTRAL GOVERNMENT DEBT MANAGEMENT DEBT RESTRUCTURING DEFICIT ADJUSTMENTS DEFICIT REDUCTION DEFLATION DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITS DISCOUNT RATE DISCRETIONARY POLICY ECONOMIC EXPANSION ELASTICITY ELECTRICITY EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORTS EXTERNAL SHOCK EXTERNAL SHOCKS FEDERAL GOVERNMENT FINANCIAL CRISES FISCAL FISCAL ADJUSTMENT FISCAL BUDGET FISCAL COSTS FISCAL DEFICIT FISCAL DEFICITS FISCAL MEASURES FISCAL POLICIES FISCAL POLICY FISCAL PRESSURES FISCAL REFORM FISCAL SURPLUS FISCAL SUSTAINABILITY FISCAL YEAR FOREIGN DEBT GDP GOVERNMENT ACCOUNTING GOVERNMENT CONSUMPTION GOVERNMENT DEBT GOVERNMENT GUARANTEES GOVERNMENT POLICIES GOVERNMENT PROGRAMS GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATES INDUSTRIAL ECONOMIES INFLATION INSURANCE INTEREST RATE LAWS LOAN GUARANTEES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET VALUE MINISTRY OF FINANCE MONETARY POLICY MONEY SUPPLY MORAL HAZARD MUNICIPALITIES NATIONS NOMINAL EXCHANGE RATE PENSION LIABILITIES PENSION REFORM PENSION SYSTEMS PENSIONS PRESENT VALUE PRIVATE BANKS PRIVATE SECTOR PRIVATE SECTOR INVESTMENTS PRIVATIZATION PRODUCTIVITY PROVISION OF INFRASTRUCTURE PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SECTOR DEBT PUBLIC SPENDING REAL GDP REAL GROSS DOMESTIC PRODUCT REAL INCOME REAL INTEREST RATE REAL INTEREST RATES REAL TERMS RETIREMENT ROADS SOCIAL SECURITY STABILIZATION EFFORTS STATE GOVERNMENT STATE-OWNED ENTERPRISES SYSTEMIC RISK TAX TAX REVENUE TAX REVENUES TAX SYSTEM TELECOMMUNICATIONS TIME SERIES TRANSPORT UNEMPLOYMENT VALUE ADDED FISCAL SUSTAINABILITY BUSINESS CYCLES FISCAL POLICY ECONOMIC GROWTH BUDGET ESTIMATES EXTERNAL SHOCKS INFRASTRUCTURE CONTINGENT LIABILITY FISCAL COSTS FISCAL DEFICITS PUBLIC DEBT DEBT MANAGEMENT POLICY FRAMEWORK PENSION SYSTEMS FINANCIAL MANAGEMENT The study reviews the stabilization efforts, and successes that preceded, and have underpinned Mexico's sweeping market-oriented structural reforms since the late 1980s, anchored in strong fiscal adjustment. It seeks to support the Government's efforts, and provides a body of technical analysis, by: correcting fiscal trends for various business-cycle effects; building a simulation model to assess the sensitivity of the fiscal budget to exogenous shocks under structural scenarios; estimating the direct, and indirect potential impact on the fiscal accounts of closing public infrastructure gaps, and funding contingent liabilities; and, consolidating the financial accounts of the main public sector institutions to assess sustainability of their aggregate debt path. Following a brief review on fiscal issues, the report focuses on selected sources of fiscal instability. Chapter I questions the role of fiscal policy in determining output; the responsiveness of the fiscal policy to the business cycle; and, the "persistence" of fiscal policy vs. financing needs, implying the fiscal policy lacks a design that makes it a stabilizing feature of the economy. Chapters II and III investigate the impacts of major exogenous shocks, and provide estimates of the potential payoffs from increased investment in public infrastructure, calculating the optimal infrastructure stocks implied by the elasticity estimates. Chapter IV addresses the measurement of contingent liabilities, within the traditional budget accounting framework, while Chapter V provides estimates of the debt stock at the state level, suggesting disturbing trends in the size, and concentration of the debt are developing, and, sobering evidence on the health of the sub-national pension systems suggest a large percentage of these are either in actuarial deficit, or will be by 2001. 2013-08-29T21:56:04Z 2013-08-29T21:56:04Z 2001-06-13 http://documents.worldbank.org/curated/en/2001/06/1552059/mexico-fiscal-sustainability-vol-1-2-executive-summary http://hdl.handle.net/10986/15503 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Latin America & Caribbean Mexico |