Gerd Schwartz - Academia.edu (original) (raw)

Papers by Gerd Schwartz

IMF Working Papers, 1997

ABSTRACT This paper reviews the role of fiscal policy in a number of stabilization programs in La... more ABSTRACT This paper reviews the role of fiscal policy in a number of stabilization programs in Latin America since the early 1980s. The paper highlights the importance of sustainable fiscal adjustment in stabilization efforts, and discusses the main issues that arise in this context. By reviewing the Latin American experience, it is argued that responsibility for failed stabilization attempts can be traced to four main factors: inconsistent policy mixes; excessive reliance on temporary factors of improvement in the fiscal accounts; failure to implement fundamental fiscal reforms; and lack of complementary structural reforms.

IMF Working Papers, 2006

This Working Paper should not be reported as representing the views of the IMF.

IMF Working Papers, 1995

ABSTRACT This paper addresses the problems of defining and measuring government subsidies, examin... more ABSTRACT This paper addresses the problems of defining and measuring government subsidies, examines why and how government subsidies are used as a fiscal policy tool, assesses their economic effects, appraises international empirical evidence on government subsidies, and offers options for their reform. Recent international trends in government subsidy expenditure are analyzed for the 16-year period from 1975 to 1990, using general government subsidy data for 60 countries from the System of National Accounts (SNA) and central government expenditure on subsidies and other current transfers for 68 countries from Government Finance Statistics (GFS). The paper reviews major policy options for subsidy reform, focusing on ways to improve the cost-effectiveness of subsidy programs.

IMF Working Papers, 2002

... 2002 International Monetary Fund WP/02/12 IMF Working Paper Fiscal Affairs Department ... equ... more ... 2002 International Monetary Fund WP/02/12 IMF Working Paper Fiscal Affairs Department ... equity through pro-poor expenditure programs, while at the same time seeking to increase the efficiency of public spending. ... Mexico: Primary Education Indicators, 1982-1998 27 12. ...

The views expressed in this Working Paper are those of the author(s) and do not necessarily repre... more The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper discusses the role of fiscal policy and fiscal institutions in managing scaled-up aid. In an environment of volatile scaled-up aid, fiscal policy formulation should be anchored in medium-term frameworks, incorporating a longer-term view of potential resource availability and spending plans. There is merit in smoothing expenditures over time so that all programs are adequately funded. The paper argues that wage-bill ceilings should be used in Fund-supported programs only in exceptional cases. The paper also discusses basic reforms for strengthening public financial management systems for effective utilization of scaled-up aid flows. JEL Classification Numbers: F35, H50, H61,O10

IMF Working Papers, 2001

used to achieve the policy objectives and targets. The paper reviews various general options in t... more used to achieve the policy objectives and targets. The paper reviews various general options in this regard, and, using the case of Brazil as an example, demonstrates how these options may be implemented in practice. [JEL E52, E31, E17] O ver the past decade, the staff of the IMF has frequently been engaged in assessing the functioning and effectiveness of inflation targeting in IMF member countries that adopted this scheme as their monetary policy framework. As inflation targets were first embraced by various industrialized economies, however, this involvement was restricted to the IMF's surveillance functionthat is, it was part of the macroeconomic analyses performed during the regular 313

Most new EU member states (NMS) need further fiscal adjustment to support economic growth and mac... more Most new EU member states (NMS) need further fiscal adjustment to support economic growth and macroeconomic stability. In this context, achieving income convergence with other EU members rests more with maintaining productivity growth, attracting foreign savings, and improving investment efficiency than with increasing government spending (including for infrastructure). Additional institutional fiscal reforms, aimed at improving expenditure efficiency and facilitating private sector investment, will be needed to support these objectives. However, further fiscal adjustment and reforms do not necessarily need to depress public investment. New financing options for public investment - including from various EU funds and through public-private partnerships - can ease existing fiscal and macroeconomic constraints, but present both new opportunities and challenges that need to be handled carefully.

IMF Working Papers, 1998

ABSTRACT This study analyzes the effects of right-wing extremism on the well-being of immigrants ... more ABSTRACT This study analyzes the effects of right-wing extremism on the well-being of immigrants based on data from the German Socio-Economic Panel (SOEP) for the years 1984 to 2006 merged with state-level information on election outcomes. The results show that the life satisfaction of immigrants is significantly reduced if right-wing extremism in the native population increases. Moreover ; the life satisfaction of highly educated immigrants is affected more strongly than that of low-skilled immigrants. This supports the view that policies aimed at making immigration more attractive to the high-skilled have to include measures that reduce xenophobic attitudes in the native population. --

transportation infrastructure investments. Different institutional mechanisms that have been deve... more transportation infrastructure investments. Different institutional mechanisms that have been developed—including revenue earmarking, dedicated road/transportation funds, and public-private partnerships (PPPs)— have pushed back traditional financing from annual budget allocations. In many instances, these mechanisms have been motivated by tight government budgets and a desire to circumvent restrictions and controls that apply to traditional financing. These new financing mechanisms have given rise to fiscal risks due to several factors. Some of these factors include an increased fragmentation of the budget planning process by creating off-budget or extrabudgetary entities, and/or contingent liabilities for the public sector. Risks from these factors have, in many cases, been compounded by the lack of appropriate institutional arrangements within the public sector to identify, quantify, and manage the complexities involved in new financing mechanisms. This paper looks at fiscal aspect...

Journal of Economic Surveys, 2002

It is commonly agreed that economic policies, including budgetary policies, can have potentially ... more It is commonly agreed that economic policies, including budgetary policies, can have potentially strong distributional effects. Traditional economic analysis held that economic policies affected the income distribution primarily through their impact on the rate of growth. More recently, it has come to be recognised that qualitative aspects of economic growth are probably more important than the rate of growth itself. While recent research has confirmed the potential role of expenditure policies as a redistributive tool, it has also shown that redistribution does not necessarily have to come at the expense of economic growth and efficiency. Although there are substantial analytical and technical problems to be faced in the design of equitable and cost-effective public expenditure programmes, unfavourable distributional outcomes of these programmes can usually be traced more to political and institutional pressures than to purely technical factors. JEL Classification number: H5

MOCT-MOST Economic Policy in Transitional Economies, 1992