Fiscal Policy for Growth and Development
The global economic crisis that broke out in 2008 has reawakened interest in fiscal policy. In the early stages of the crisis, there was a widespread turn to countercyclical fiscal stimulus. Furthermore, the recent euro area crisis has underlined t...
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| Format: | Brief |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2012/10/16795676/fiscal-policy-growth-development http://hdl.handle.net/10986/17076 |
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okr-10986-17076 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AGGREGATE DEMAND BALANCE SHEET BENEFITS OF PUBLIC SPENDING BUDGET CONSTRAINT BUDGET PLANNING CAPACITY CONSTRAINTS CAPITAL STOCKS CASH TRANSFERS CHECKS CIVIL SOCIETY ORGANIZATIONS COLLECTIVE ACTION COMMODITIES COMMUNICATIONS TECHNOLOGY COMPUTABLE GENERAL EQUILIBRIUM CONFIDENCE OF INVESTORS COST-EFFECTIVENESS COSTS OF GOVERNMENT COSTS OF TAXATION CURRENT ACCOUNT DEFICITS CUT SPENDING DEBT RATIOS DEBT RELIEF DEBTS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISTRIBUTION OF INCOME DISTRIBUTIONAL EFFECTS DISTRIBUTIONAL EQUITY DISTRIBUTIONAL IMPACTS DISTRIBUTIONAL OUTCOMES DOMESTIC FINANCIAL MARKETS ECONOMIC CRISIS ECONOMIC PERFORMANCE ECONOMIC SHOCKS EMERGING MARKETS EXCHANGE RATE EXCHANGE RATE REGIMES EXPENDITURE EXPENDITURE TRACKING EXPENDITURE TRACKING SURVEYS EXPENDITURES EXTERNAL DEBT EXTERNALITIES FINANCIAL ACCOUNTABILITY FINANCIAL MANAGEMENT FINANCIAL POSITION FINANCIAL SECTOR FISCAL ADJUSTMENT FISCAL DECISIONS FISCAL DEFICITS FISCAL IMPACT FISCAL PERFORMANCE FISCAL PLANS FISCAL POLICIES FISCAL POLICY FISCAL RULES FISCAL STANCE FISCAL STIMULUS FISCAL SUSTAINABILITY FLEXIBLE EXCHANGE RATES FOREIGN ASSETS FOREIGN BORROWING GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT POLICIES GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATE HOLDING HOUSING IMPROVING RESOURCE ALLOCATION INCOME DISTRIBUTION INFLATION INFLATIONARY PRESSURE INSTITUTIONAL CAPACITY INSTRUMENT INSURANCE INSURANCE MARKETS INSURANCE POLICIES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MONETARY FUND INTERNATIONAL RESERVES INVESTING INVESTMENT EXPENDITURE INVESTMENT MANAGEMENT INVESTMENT PROJECTS LIQUIDITY LIVING STANDARDS LOW-INCOME COUNTRIES LOW-INCOME COUNTRY MACROECONOMIC INSTABILITY MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET FAILURES MEDIUM-TERM EXPENDITURE MEDIUM-TERM EXPENDITURE FRAMEWORK MICRODATA MIDDLE-INCOME COUNTRIES MIDDLE-INCOME COUNTRY MISSING MARKETS MONETARY POLICY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCE NATURAL RESOURCES NEW MARKETS OPEN ECONOMY OPPORTUNITIES FOR CORRUPTION OUTPUT OUTPUTS POLICY DECISIONS POLICY RESPONSES POLITICAL ECONOMY POVERTY REDUCTION PRIVATE INSURANCE PRIVATE INVESTMENT PRIVATE MARKET PRIVATE MARKETS PRIVATE SECTOR PRIVATE SECTOR CREDIT PROGRAMS PUBLIC PUBLIC ACTION PUBLIC ASSETS PUBLIC BORROWING PUBLIC CAPITAL PUBLIC CAPITAL SPENDING PUBLIC DEBT PUBLIC ECONOMICS PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FINANCES PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT INSTITUTIONS PUBLIC GOODS PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENT SPENDING PUBLIC INVESTMENTS PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SERVICES PUBLIC SPENDING PUBLIC SPENDING LEVELS PUBLIC WORKS QUALITY OF PUBLIC SPENDING REMOTE AREA RETURNS RISK MANAGEMENT ROADS SAFETY NETS SAVINGS SOCIAL EXPENDITURES SOCIAL INSURANCE SOCIAL RISK SOCIAL RISK MANAGEMENT SOCIAL WELFARE SOLVENCY SUSTAINABLE DEVELOPMENT TAX TAX CUTS TAX POLICIES TAX STRUCTURE TRANSPARENCY VOLATILITY |
| spellingShingle |
AGGREGATE DEMAND BALANCE SHEET BENEFITS OF PUBLIC SPENDING BUDGET CONSTRAINT BUDGET PLANNING CAPACITY CONSTRAINTS CAPITAL STOCKS CASH TRANSFERS CHECKS CIVIL SOCIETY ORGANIZATIONS COLLECTIVE ACTION COMMODITIES COMMUNICATIONS TECHNOLOGY COMPUTABLE GENERAL EQUILIBRIUM CONFIDENCE OF INVESTORS COST-EFFECTIVENESS COSTS OF GOVERNMENT COSTS OF TAXATION CURRENT ACCOUNT DEFICITS CUT SPENDING DEBT RATIOS DEBT RELIEF DEBTS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISTRIBUTION OF INCOME DISTRIBUTIONAL EFFECTS DISTRIBUTIONAL EQUITY DISTRIBUTIONAL IMPACTS DISTRIBUTIONAL OUTCOMES DOMESTIC FINANCIAL MARKETS ECONOMIC CRISIS ECONOMIC PERFORMANCE ECONOMIC SHOCKS EMERGING MARKETS EXCHANGE RATE EXCHANGE RATE REGIMES EXPENDITURE EXPENDITURE TRACKING EXPENDITURE TRACKING SURVEYS EXPENDITURES EXTERNAL DEBT EXTERNALITIES FINANCIAL ACCOUNTABILITY FINANCIAL MANAGEMENT FINANCIAL POSITION FINANCIAL SECTOR FISCAL ADJUSTMENT FISCAL DECISIONS FISCAL DEFICITS FISCAL IMPACT FISCAL PERFORMANCE FISCAL PLANS FISCAL POLICIES FISCAL POLICY FISCAL RULES FISCAL STANCE FISCAL STIMULUS FISCAL SUSTAINABILITY FLEXIBLE EXCHANGE RATES FOREIGN ASSETS FOREIGN BORROWING GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT POLICIES GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATE HOLDING HOUSING IMPROVING RESOURCE ALLOCATION INCOME DISTRIBUTION INFLATION INFLATIONARY PRESSURE INSTITUTIONAL CAPACITY INSTRUMENT INSURANCE INSURANCE MARKETS INSURANCE POLICIES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MONETARY FUND INTERNATIONAL RESERVES INVESTING INVESTMENT EXPENDITURE INVESTMENT MANAGEMENT INVESTMENT PROJECTS LIQUIDITY LIVING STANDARDS LOW-INCOME COUNTRIES LOW-INCOME COUNTRY MACROECONOMIC INSTABILITY MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET FAILURES MEDIUM-TERM EXPENDITURE MEDIUM-TERM EXPENDITURE FRAMEWORK MICRODATA MIDDLE-INCOME COUNTRIES MIDDLE-INCOME COUNTRY MISSING MARKETS MONETARY POLICY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCE NATURAL RESOURCES NEW MARKETS OPEN ECONOMY OPPORTUNITIES FOR CORRUPTION OUTPUT OUTPUTS POLICY DECISIONS POLICY RESPONSES POLITICAL ECONOMY POVERTY REDUCTION PRIVATE INSURANCE PRIVATE INVESTMENT PRIVATE MARKET PRIVATE MARKETS PRIVATE SECTOR PRIVATE SECTOR CREDIT PROGRAMS PUBLIC PUBLIC ACTION PUBLIC ASSETS PUBLIC BORROWING PUBLIC CAPITAL PUBLIC CAPITAL SPENDING PUBLIC DEBT PUBLIC ECONOMICS PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FINANCES PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT INSTITUTIONS PUBLIC GOODS PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENT SPENDING PUBLIC INVESTMENTS PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SERVICES PUBLIC SPENDING PUBLIC SPENDING LEVELS PUBLIC WORKS QUALITY OF PUBLIC SPENDING REMOTE AREA RETURNS RISK MANAGEMENT ROADS SAFETY NETS SAVINGS SOCIAL EXPENDITURES SOCIAL INSURANCE SOCIAL RISK SOCIAL RISK MANAGEMENT SOCIAL WELFARE SOLVENCY SUSTAINABLE DEVELOPMENT TAX TAX CUTS TAX POLICIES TAX STRUCTURE TRANSPARENCY VOLATILITY Brahmbhatt, Milan Canuto, Otaviano Fiscal Policy for Growth and Development |
| relation |
Economic premise;no. 91 |
| description |
The global economic crisis that broke
out in 2008 has reawakened interest in fiscal policy. In the
early stages of the crisis, there was a widespread turn to
countercyclical fiscal stimulus. Furthermore, the recent
euro area crisis has underlined the importance of long-term
fiscal sustainability for macroeconomic stability. More
subtly, the global crisis has also refocused interest in
fiscal policy as an instrument for longer-term growth and
development. In the potential 'new normal' of
continued sluggishness in the advanced world, developing
countries have strong incentives to seek out new domestic
engines for efficiency and productivity growth, as well as
for greater equity in development. The potential of fiscal
policy to promote these ends is therefore of great interest
to developing country policy makers. This note focuses on
that potential and provides an overview of how fiscal
positions in developing countries have evolved in the wake
of the crisis, as well as some emerging policy lessons. It
then sketches a conceptual framework for thinking about the
connections between fiscal policy and longer-term growth and
development. Finally, this note highlights some findings
about the connections between fiscal policy and development. |
| format |
Publications & Research :: Brief |
| author |
Brahmbhatt, Milan Canuto, Otaviano |
| author_facet |
Brahmbhatt, Milan Canuto, Otaviano |
| author_sort |
Brahmbhatt, Milan |
| title |
Fiscal Policy for Growth and Development |
| title_short |
Fiscal Policy for Growth and Development |
| title_full |
Fiscal Policy for Growth and Development |
| title_fullStr |
Fiscal Policy for Growth and Development |
| title_full_unstemmed |
Fiscal Policy for Growth and Development |
| title_sort |
fiscal policy for growth and development |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2012/10/16795676/fiscal-policy-growth-development http://hdl.handle.net/10986/17076 |
| _version_ |
1764435110691602432 |
| spelling |
okr-10986-170762021-04-23T14:03:33Z Fiscal Policy for Growth and Development Brahmbhatt, Milan Canuto, Otaviano AGGREGATE DEMAND BALANCE SHEET BENEFITS OF PUBLIC SPENDING BUDGET CONSTRAINT BUDGET PLANNING CAPACITY CONSTRAINTS CAPITAL STOCKS CASH TRANSFERS CHECKS CIVIL SOCIETY ORGANIZATIONS COLLECTIVE ACTION COMMODITIES COMMUNICATIONS TECHNOLOGY COMPUTABLE GENERAL EQUILIBRIUM CONFIDENCE OF INVESTORS COST-EFFECTIVENESS COSTS OF GOVERNMENT COSTS OF TAXATION CURRENT ACCOUNT DEFICITS CUT SPENDING DEBT RATIOS DEBT RELIEF DEBTS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISTRIBUTION OF INCOME DISTRIBUTIONAL EFFECTS DISTRIBUTIONAL EQUITY DISTRIBUTIONAL IMPACTS DISTRIBUTIONAL OUTCOMES DOMESTIC FINANCIAL MARKETS ECONOMIC CRISIS ECONOMIC PERFORMANCE ECONOMIC SHOCKS EMERGING MARKETS EXCHANGE RATE EXCHANGE RATE REGIMES EXPENDITURE EXPENDITURE TRACKING EXPENDITURE TRACKING SURVEYS EXPENDITURES EXTERNAL DEBT EXTERNALITIES FINANCIAL ACCOUNTABILITY FINANCIAL MANAGEMENT FINANCIAL POSITION FINANCIAL SECTOR FISCAL ADJUSTMENT FISCAL DECISIONS FISCAL DEFICITS FISCAL IMPACT FISCAL PERFORMANCE FISCAL PLANS FISCAL POLICIES FISCAL POLICY FISCAL RULES FISCAL STANCE FISCAL STIMULUS FISCAL SUSTAINABILITY FLEXIBLE EXCHANGE RATES FOREIGN ASSETS FOREIGN BORROWING GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT POLICIES GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATE HOLDING HOUSING IMPROVING RESOURCE ALLOCATION INCOME DISTRIBUTION INFLATION INFLATIONARY PRESSURE INSTITUTIONAL CAPACITY INSTRUMENT INSURANCE INSURANCE MARKETS INSURANCE POLICIES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MONETARY FUND INTERNATIONAL RESERVES INVESTING INVESTMENT EXPENDITURE INVESTMENT MANAGEMENT INVESTMENT PROJECTS LIQUIDITY LIVING STANDARDS LOW-INCOME COUNTRIES LOW-INCOME COUNTRY MACROECONOMIC INSTABILITY MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET FAILURES MEDIUM-TERM EXPENDITURE MEDIUM-TERM EXPENDITURE FRAMEWORK MICRODATA MIDDLE-INCOME COUNTRIES MIDDLE-INCOME COUNTRY MISSING MARKETS MONETARY POLICY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCE NATURAL RESOURCES NEW MARKETS OPEN ECONOMY OPPORTUNITIES FOR CORRUPTION OUTPUT OUTPUTS POLICY DECISIONS POLICY RESPONSES POLITICAL ECONOMY POVERTY REDUCTION PRIVATE INSURANCE PRIVATE INVESTMENT PRIVATE MARKET PRIVATE MARKETS PRIVATE SECTOR PRIVATE SECTOR CREDIT PROGRAMS PUBLIC PUBLIC ACTION PUBLIC ASSETS PUBLIC BORROWING PUBLIC CAPITAL PUBLIC CAPITAL SPENDING PUBLIC DEBT PUBLIC ECONOMICS PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FINANCES PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT INSTITUTIONS PUBLIC GOODS PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENT SPENDING PUBLIC INVESTMENTS PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SERVICES PUBLIC SPENDING PUBLIC SPENDING LEVELS PUBLIC WORKS QUALITY OF PUBLIC SPENDING REMOTE AREA RETURNS RISK MANAGEMENT ROADS SAFETY NETS SAVINGS SOCIAL EXPENDITURES SOCIAL INSURANCE SOCIAL RISK SOCIAL RISK MANAGEMENT SOCIAL WELFARE SOLVENCY SUSTAINABLE DEVELOPMENT TAX TAX CUTS TAX POLICIES TAX STRUCTURE TRANSPARENCY VOLATILITY The global economic crisis that broke out in 2008 has reawakened interest in fiscal policy. In the early stages of the crisis, there was a widespread turn to countercyclical fiscal stimulus. Furthermore, the recent euro area crisis has underlined the importance of long-term fiscal sustainability for macroeconomic stability. More subtly, the global crisis has also refocused interest in fiscal policy as an instrument for longer-term growth and development. In the potential 'new normal' of continued sluggishness in the advanced world, developing countries have strong incentives to seek out new domestic engines for efficiency and productivity growth, as well as for greater equity in development. The potential of fiscal policy to promote these ends is therefore of great interest to developing country policy makers. This note focuses on that potential and provides an overview of how fiscal positions in developing countries have evolved in the wake of the crisis, as well as some emerging policy lessons. It then sketches a conceptual framework for thinking about the connections between fiscal policy and longer-term growth and development. Finally, this note highlights some findings about the connections between fiscal policy and development. 2014-02-18T21:35:16Z 2014-02-18T21:35:16Z 2012-10 http://documents.worldbank.org/curated/en/2012/10/16795676/fiscal-policy-growth-development http://hdl.handle.net/10986/17076 English en_US Economic premise;no. 91 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Brief Publications & Research |