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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
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Downloads: (external link)
http://www.bis.org/publ/bppdf/bispap20.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/bppdf/bispap20.htm (text/html)

Chapters in this book:

Fiscal issues and central banking in emerging economies: an overview , pp 1-9 Downloads
Ramon Moreno
Fiscal positions in emerging econimies: central banks' perspective , pp 10-37 Downloads
Dubravko Mihaljek and Bruno Tissot
Countercyclical fiscal policy and central banks , pp 38-70 Downloads
Madhusudan Mohanty and Michela Scatigna
Central bank balance sheets and fiscal operations , pp 71-83 Downloads
John Hawkins
Are there reasons to doubt fiscal sustainability in Brazil? , pp 84-97 Downloads
Ilan Goldfajn
Fiscal rule and central bank issues in Chile , pp 98-106 Downloads
Jorge Marshall
China's monetary and fiscal policy , pp 107-108 Downloads
Li Ruogu
Fiscal issues and central banks in emerging markets: the case of Colombia , pp 109-121 Downloads
José Dario Uribe and Ignacio Lozano-Espitia
Fiscal issues and central bank policy in the Czech Republic , pp 122-130 Downloads
Ivan Matalik and Michal Slavík
The fiscal deficit and macroeconomic stability in Hong Kong SAR , pp 131-139 Downloads
Wensheng Peng, Jiming Ha, Cynthia Leung and Kelvin Fan
Calculating the fiscal stance at the Magyar Nemzeti Bank , pp 140-145 Downloads
Gabor P.Kiss
Fiscal issues and central banks in emerging markets: an Indian perspective , pp 146-153 Downloads
Rakesh Mohan
Fiscal issues and central banks: Indonesia's experience , pp 154-157 Downloads
Anwar Nasution
The interaction between fiscal and monetary policy in Israel , pp 158-166 Downloads
Meir Sokoler
The fiscal response to the currency crisis and the challenges ahead - Korea's experience , pp 167-172 Downloads
Chung Kyu Yung
Fiscal policy in Malaysia , pp 173-179 Downloads
V Vijayaledchumy
Implications of fiscal issues for central banks. Mexico's experience , pp 180-197 Downloads
José Sidaoui
Fiscal issues and central banks in emerging markets: the case of Peru , pp 198-207 Downloads
Kurt Burneo Farfan
The tax-exempt status of the central bank in the Philippines , pp 208-213 Downloads
Amando M Tetangco
The monetary and fiscal policy mix in Poland , pp 214-217 Downloads
Marek Rozkrut
Budget and tax problems and central banks: Russia's experiences , pp 218-223 Downloads
Oleg Vyugin
Assessing the fiscal policy stance in Singapore , pp 224-229 Downloads
Edward Robinson and Angela Phang Seow Jiun
The implications of fiscal issues for central banks: the South African experience , pp 230-233 Downloads
Gill Marcus
Thailand's recent public debt issues , pp 234-244 Downloads
Yuwawan Rattakul
Some issues in fiscal policy and central banking: the case of Turkey , pp 245-259 Downloads
Sükrü Binay

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