Walking Up The Down Escalator Public Investment And Fiscal Stability
Walking Up The Down Escalator: Public Investment And Fiscal Stability

Fiscal adjustment becomes like walking up the down escalator when growth-promoting spending is cut so much as to lower growth and thus the present value of future tax revenues to a degree that more than offsets the improvement in the cash deficit. Although short-term cash flows matter, a preponderan...

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Bibliographische Detailangaben
1. Verfasser: Easterly, William (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 2007
Schlagworte:
Accounting
Bank Policy
Banks and Banking Reform
Budget
Cash Flow
Cash Flows
Debt
Debt Markets
Defic Exchange
Emerging Markets
Finance and Financial Sector Development
Financial Literacy
Fiscal Discipline
Future
Investment Spending
Investment and Investment Climate
Investments
Liquidity
Macroeconomics and Economic Growth
Private Finance
Private Sector Development
Public Sector Economics and Finance
Public Sector Expenditure Analysis and Management
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Zusammenfassung:Fiscal adjustment becomes like walking up the down escalator when growth-promoting spending is cut so much as to lower growth and thus the present value of future tax revenues to a degree that more than offsets the improvement in the cash deficit. Although short-term cash flows matter, a preponderant focus on them encourages governments to invest too little. Cash flow targets also encourage governments to shift investment spending off budget, by seeking private investment in public projects-irrespective of its real fiscal or economic benefits. To evade the action of cash flow targets, some have suggested excluding from their scope certain investments (such as those undertaken by public enterprises deemed commercial or financed by multilaterals). These stopgap remedies might sometimes help protect investment, but they do not provide a satisfactory solution to the underlying problem. Governments can more effectively reduce the biases created by the focus on short-term cash flows by developing indicators of the long-term fiscal effects of their decisions, including accounting and economic measures of net worth, and where appropriate including such measures in fiscal targets or even fiscal rules, replacing the exclusive focus on liquidity and debt
Beschreibung:Weitere Ausgabe: Easterly, William: Walking Up The Down Escalator
Beschreibung:1 Online-Ressource (1 online resource (38 p.))
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