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How to Calibrate Fiscal Rules
This note provides guidance on how to calibrate fiscal rules, that is, how to determine the thresholds (ceiling, floor, or target) for specific fiscal aggregates constrained by rules. The note focuses, more specifically, on the calibration of the debt, balance, and expenditure rules. The note is divided into four sections. The first section discusses general principles used to calibrate rules. The second section reports international evidence on the numerical ceilings used in existing rules. The third and fourth sections provide guidance on the calibration of the debt ceiling and the operational rules (fiscal balance and expenditure rules). This is one of two guidance notes on the design of fiscal rules; the other one focuses on rule selection. The two exercises are linked: if a fiscal framework had to be built from scratch, rules would need to be selected and calibrated at the same time.
Bailing Out the People? When Private Debt Becomes Public
This paper documents a form of private sector bailout that is much more common (and yet unnoticed) than the typical bank bailout. Building on the newly-created Global Debt Database, we show that excess private debt systematically turns into higher public debt, regardless of whether the credit boom resulted in a crisis or a more orderly deleveraging process. This debt migration operates mainly through growth rather than explicit bailouts: private deleveraging weighs on activity, prompting a countercyclical government response to support economic activity. Ultimately, whether this debt substitution results in a net increase or a net decline of overall indebtedness in the economy depends on the extent of the growth slowdown during the deleveraging spell. These findings suggest that markets and policymakers should move away from looking at private and sovereign debt in silos and pay closer attention to the total stock of debt in the economy, as the line between the two tends to become blurry.
Global Debt Database: Methodology and Sources
This paper describes the compilation of the Global Debt Database (GDD), a cutting-edge dataset covering private and public debt for virtually the entire world (190 countries) dating back to the 1950s. The GDD is the result of a multiyear investigative process that started with the October 2016 Fiscal Monitor, which pioneered the expansion of private debt series to a global sample. It differs from existing datasets in three major ways. First, it takes a fundamentally new approach to compiling historical data. Where most debt datasets either provide long series with a narrow and changing definition of debt or comprehensive debt concepts over a short period, the GDD adopts a multidimensional approach by offering multiple debt series with different coverages, thus ensuring consistency across time. Second, it more than doubles the cross-sectional dimension of existing private debt datasets. Finally, the integrity of the data has been checked through bilateral consultations with officials and IMF country desks of all countries in the sample, setting a higher data quality standard.
Independent Fiscal Councils: Recent Trends and Performance
Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.
Probiotics and Plant Health
This book primarily focuses on microbial colonization, its role in plant growth and nutrient cycling, mycorrhizae, and providing an overview of phytospheric microorganisms in sustainable crop systems. Despite the advances made in the study of plant-microbe synergism, the relation between microbes and plant health in the context of food security, soil nutrient management, human and plant health is still largely unexplored. Addressing that gap, the book presents reviews and original research articles that highlight the latest discoveries in plant probiotics, their specificity, diversity and function. Additional sections addressing nutrient management, human health, and plant microbiome management to improve plant productivity round out the coverage.
Ground Works
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Biological Nitrogen Fixation: Towards Poverty Alleviation through Sustainable Agriculture
Poverty is a severe problem in Africa, Asia, South America and even in pockets of the developed world. Addressing poverty alleviation via the expanded use of biological nitrogen fixation in agriculture was the theme of the 15th International Congress on Nitrogen Fixation. Because nitrogen-fixation research is multidisciplinary, exploiting its benefits for agriculture and environmental protection has continued to attract research by diverse groups of scientists, including chemists, biochemists, plant physiologists, evolutionary biologists, ecologists, agricultural scientists, extension agents, and inoculant producers. The 15th International Congress on Nitrogen Fixation was held jointly with ...
The One and the Many
DIVExamines questions of agency, artisanship, and identity in relation to collaborative art practice./div
Crises and Integration in European Banking Union
Crises and Integration in European Banking Union builds a theory of how the combination of crisis severity and origin indicates whether a crisis will produce deep reform, modest reform, or a persistence of the pre-crisis status quo.
Mycorrhizosphere and Pedogenesis
The present book highlights importance of mycorrhiza in soil genesis wherein it reflects mycorrhizal occurrence and diversity, various tools to characterize them and its impact on soil formation/health together with crop productivity. The edited compendium provides glimpses on the mycorrhizal fungi and their prominent role in nutrient transfer into host plants, and presenting view on application of mycorrhiza for crop biofortification. It focuses on the mechanisms involve in weathering process employed by mycorrhiza with highlighting the current and advanced molecular approaches for studying mycorrhizal diversity. Further, book emphasizes following aspects in details: significance of AMF in ...
