Fiscal issues and central banking in emerging economies

Bank for International Settlements

No 20 in BIS Papers from Bank for International Settlements

Abstract: Central banks have an incentive to monitor the fiscal position of the government for at least two reasons. First fiscal policy can constrain the implementation of monetary policy, particularly when governments call on the central bank to fund government programmes. Second, fiscal policy measures can affect aggregate demand as well as the condition of the financial sector. Fiscal measures therefore affect the central bank's ability to achieve macroeconomic and financial stability. Three key issues are: (i) How should central banks assess fiscal positions? (ii) What is the experience with countercyclical fiscal policy? and (iii) How do fiscal operations affect central bank balance sheets, and does this raise any problems? Senior officials from a number of emerging economies discussed these issues at a meeting in Basel in December 2002. This volume contains revised versions of the papers prepared by participants describing experiences in their own economies, and the background papers prepared by BIS staff.

Date: 2003 Written 2003-10
ISBN: 92-9131-653-9
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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Chapters in this book:

Fiscal issues and central banking in emerging economies: an overview , pp 1-9

Ramon Moreno

Fiscal positions in emerging econimies: central banks' perspective , pp 10-37

Dubravko Mihaljek and Bruno Tissot

Countercyclical fiscal policy and central banks , pp 38-70

Madhusudan Mohanty and Michela Scatigna

Central bank balance sheets and fiscal operations , pp 71-83

John Hawkins

Are there reasons to doubt fiscal sustainability in Brazil? , pp 84-97

Ilan Goldfajn

Fiscal rule and central bank issues in Chile , pp 98-106

Jorge Marshall

China's monetary and fiscal policy , pp 107-108

Li Ruogu

Fiscal issues and central banks in emerging markets: the case of Colombia , pp 109-121

José Dario Uribe and Ignacio Lozano-Espitia

Fiscal issues and central bank policy in the Czech Republic , pp 122-130

Ivan Matalik and Michal Slavík

The fiscal deficit and macroeconomic stability in Hong Kong SAR , pp 131-139

Wensheng Peng, Jiming Ha, Cynthia Leung and Kelvin Fan

Calculating the fiscal stance at the Magyar Nemzeti Bank , pp 140-145

Gabor Kiss

Fiscal issues and central banks in emerging markets: an Indian perspective , pp 146-153

Rakesh Mohan

Fiscal issues and central banks: Indonesia's experience , pp 154-157

Anwar Nasution

The interaction between fiscal and monetary policy in Israel , pp 158-166

Meir Sokoler

The fiscal response to the currency crisis and the challenges ahead - Korea's experience , pp 167-172

Chung Kyu Yung

Fiscal policy in Malaysia , pp 173-179

V Vijayaledchumy

Implications of fiscal issues for central banks. Mexico's experience , pp 180-197

José Sidaoui

Fiscal issues and central banks in emerging markets: the case of Peru , pp 198-207

Kurt Burneo Farfan

The tax-exempt status of the central bank in the Philippines , pp 208-213

Amando M Tetangco

The monetary and fiscal policy mix in Poland , pp 214-217

Marek Rozkrut

Budget and tax problems and central banks: Russia's experiences , pp 218-223

Oleg Vyugin

Assessing the fiscal policy stance in Singapore , pp 224-229

Edward Robinson and Angela Phang Seow Jiun

The implications of fiscal issues for central banks: the South African experience , pp 230-233

Gill Marcus

Thailand's recent public debt issues , pp 234-244

Yuwawan Rattakul

Some issues in fiscal policy and central banking: the case of Turkey , pp 245-259

Sükrü Binay

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