Ms.Catherine A Pattillo

Luc Eyraud

Mr.Xavier Debrun

Andrew Hodge

Victor Duarte Lledo

Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog

Balancing Simplicity, Flexibility, and Enforceability

Second-Generation Fiscal Rules

Ms.Kalpana Kochhar

Ms.Yan M Sun

Mrs.Nujin Suphaphiphat

Mr.Andrew J Swiston

Mr.Robert Tchaidze

Mr.Benedict J. Clements

Ms.Stefania Fabrizio

Valentina Flamini

Ms.Laure Redifer

Mr.Harald Finger

This paper examines water challenges, a growing global concern with adverse economic and social consequences, and discusses economic policy instruments. Water subsidies provided through public utilities are estimated at about $456 billion or 0.6 percent of global GDP in 2012. The paper suggests that getting economic incentives right, notably by reforming water pricing, can go a long way towards encouraging more efficient water use and supporting needed investment, while enabling policies that protect the poor. It also discusses pricing reform options and emphasizes an integrated and holistic approach to manage water, going beyond the water sector itself. The IMF can play a helpful role in ensuring that macroeconomic policies are conducive to sound water management.

Issues in Managing Water Challenges and Policy Instruments

Is the Glass Half Empty Or Half Full?

Mr.Rabah Arezki

Mr.Marc G Quintyn

Min Zhu

In the years following the global financial crisis, many low-income countries experienced rapid recovery and strong economic growth. However, many are now facing enormous difficulties because of rapidly rising food and fuel prices, with the threat of millions of people being pushed into poverty around the globe. The risk of continued food price volatility is a systemic challenge, and a failure in one country has been shown to have a profound impact on entire regions. This volume addresses the challenges of commodity price volatility for low-income countries and explores some macroeconomic policy options for responding to commodity price shocks. The book then looks at inclusive growth policies to address inequality in commodity-exporting countries, particularly natural resource rich countries. Perspectives from the Middle East and North Africa, sub-Saharan Africa, emerging Asia, and Mexico are presented and, finally, the role of the international donor community is examined. This volume is a must read for policymakers everywhere, from those in advanced, donor countries to those in countries with the poorest and most vulnerable populations.

Commodity Price Volatility and Inclusive Growth in Low-Income Countries

Ms.Catherine A Pattillo

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