Toward a Robust Fiscal Framework for Iceland: Motivation and Practical Suggestions
Expenditure in Iceland, especially related to the government wage bill, has tended to move in a procyclical manner, related to the fragmentation of political decision making. Iceland''s elevated macroeconomic volatility reinforces these tendencies, as large booms unleash greater fiscal pre...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2007
|
| Series: | IMF Working Papers
Working Paper No. 07/235 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | Expenditure in Iceland, especially related to the government wage bill, has tended to move in a procyclical manner, related to the fragmentation of political decision making. Iceland''s elevated macroeconomic volatility reinforces these tendencies, as large booms unleash greater fiscal pressures as well as procyclical revenue elasticities that magnify these underlying strains. To improve its fiscal framework, Iceland could look to the experience of countries like Belgium and the Netherlands. In particular, it could adopt binding nominal expenditure rules, independent forecasts, and use representative committees to lay out medium-term targets across different levels of government |
| Physical Description: | 1 Online-Ressource (25 p) |
| ISBN: | 1451867999 9781451867992 |
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| index_date | 2024-07-03T20:13:23Z |
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| spelling | Annett, Anthony Verfasser aut Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions Annett, Anthony Washington, D.C International Monetary Fund 2007 1 Online-Ressource (25 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/235 Expenditure in Iceland, especially related to the government wage bill, has tended to move in a procyclical manner, related to the fragmentation of political decision making. Iceland''s elevated macroeconomic volatility reinforces these tendencies, as large booms unleash greater fiscal pressures as well as procyclical revenue elasticities that magnify these underlying strains. To improve its fiscal framework, Iceland could look to the experience of countries like Belgium and the Netherlands. In particular, it could adopt binding nominal expenditure rules, independent forecasts, and use representative committees to lay out medium-term targets across different levels of government Online-Ausg http://elibrary.imf.org/view/IMF001/08761-9781451867992/08761-9781451867992/08761-9781451867992.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Annett, Anthony Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions |
| title | Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions |
| title_auth | Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions |
| title_exact_search | Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions |
| title_exact_search_txtP | Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions |
| title_full | Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions Annett, Anthony |
| title_fullStr | Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions Annett, Anthony |
| title_full_unstemmed | Toward a Robust Fiscal Framework for Iceland Motivation and Practical Suggestions Annett, Anthony |
| title_short | Toward a Robust Fiscal Framework for Iceland |
| title_sort | toward a robust fiscal framework for iceland motivation and practical suggestions |
| title_sub | Motivation and Practical Suggestions |
| url | http://elibrary.imf.org/view/IMF001/08761-9781451867992/08761-9781451867992/08761-9781451867992.xml |
| work_keys_str_mv | AT annettanthony towardarobustfiscalframeworkforicelandmotivationandpracticalsuggestions |