Quasi-Fiscal Operations of Public Financial Institutions

Business & Finance, Economics, Public Finance, Finance & Investing, Banks & Banking, Macroeconomics
Cover of the book Quasi-Fiscal Operations of Public Financial Institutions by G. Mr. Mackenzie, Peter Mr. Stella, INTERNATIONAL MONETARY FUND
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Author: G. Mr. Mackenzie, Peter Mr. Stella ISBN: 9781452768144
Publisher: INTERNATIONAL MONETARY FUND Publication: October 24, 1996
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: G. Mr. Mackenzie, Peter Mr. Stella
ISBN: 9781452768144
Publisher: INTERNATIONAL MONETARY FUND
Publication: October 24, 1996
Imprint: INTERNATIONAL MONETARY FUND
Language: English
Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.
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Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

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