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Making Fiscal Space Happen: Managing Fiscal Policy in a World of Scaled-Up Aid
Debt relief and the scaling up of aid to low-income countries should allow for greater fiscal space for expenditure programs to create long-term growth and lower poverty rates. But designing a suitable medium-term fiscal framework that fosters a sustainable delivery of better public services and infrastructure while maintaining a credible commitment to fiscal prudence confronts many challenges. This paper discusses what low-income countries can do to shape fiscal policy frameworks that are ambitious in trying to absorb additional aid while still ensuring longer-term sustainability for government expenditure programs and finances. It suggests what approaches can be used to manage the greater fiscal policy risks associated with a scaled-up aid environment, including coordination with monetary policy. The paper also discusses what institutional changes are needed if donors and countries are to facilitate the implementation of a higher level of aid-financed spending programs.
eBook
Public Expenditure in the Slovak Republic: Composition and Technical Efficiency (PDF Download)
Good practice suggests that budget allocations should reflect spending priorities and that spending should provide cost-effective delivery of public goods and services. This paper analyzes the composition of public expenditure in the Slovak Republic. It also assesses the relative efficiency of spending in education and health. The Slovak Republic spends more on social benefits and less on wages compared to the EU and OECD average. While it manages to translate the low expenditures into outcomes in an efficient manner in the education sector, this is not true for health. Moreover, the recent increases in expenditure levels have not improved outcomes, suggesting that significant budgetary savings could be achieved through increases in efficiency.
eBook
A Review of Capital Budgeting Practices
A key challenge in government budgeting is to define an appropriate balance between current and capital expenditures. Budgeting for government capital investment also remains not well-integrated into the formal budget preparation process in many countries. This paper aims to provide an overview of past and current budgeting practices for public investment. The study will also provide a comparison between the budget practices between low-income countries and developed countries and make a series of recommendations for how to ensure efficient integration of capital planning and budget management in low-income countries.
eBook
The Spatial Spillover Effects of Fiscal Expenditure and Taxation on the Number of Enterprises
This study aims to investigate the impact of fiscal expenditures and tax policies at the county and city level in Taiwan on the number of local business registrations, with particular emphasis on identifying potential spatial spillover effects. To this end, the study compiles panel data covering 22 counties and cities in Taiwan from 2000 to 2023. In terms of spatial dependence, Moran’s I index is employed to test the spatial autocorrelation of business activities, and the spatial weight matrix is constructed based on the queen contiguity criterion. Based on the results of the Hausman test and model fit comparison, the Spatial Durbin Model (SDM) with random effects is ultimately selected as the most appropriate model. Empirical findings reveal significant spatial autocorrelation in the distribution of business registrations. Both fiscal expenditure and tax variables exhibit not only direct impacts on local jurisdictions but also significant spatial spillover effects. In particular, expenditures on education, science, and culture show a notable positive influence on business formation in neighboring regions. Conversely, certain tax variables exhibit negative spillovers, suggesting that interjurisdictional policy competition may be present.
Journal Article