Quasi-Fiscal Operations of Public Financial Institutions

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Economic and Fiscal Studies Monetary Policy and Economic Impact Fiscal Policies and Political Economy

Abstract

Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

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References

1993Deposit insurance reform: a functional approach 1993Limiting Central Bank Credit to the Government: Theory and Practice 1994Exchange Rates and Economic Fundamentals: A Framework for Analysis 1991Government Revenue from Financial Repression 1992Mexico: The Strategy to Achieve Sustained Economic Growth 1995Deposit Protection Arrangements 1993The Fiscal Abuse of Central Banks 1990Deposit insurance in developing countries

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2001Managing Public Expenditure 2012Central Banks Quasi-Fiscal Policies and Inflation 2009Unconventional Central Bank Measures for Emerging Economies

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