Mackenzie, G. A.

Quasi-fiscal operations of public financial Institutions - Washington International Monetary Fund 1996 - 38 p.

Central banks and other public financial institutions often carry out operations that are fiscal in all but name. Despite their potential macroeconomic and financial signif icance, these "quasi-fiscal" operations or activities have not received a great deal of attention from economists. This Occasional Paper aims to fill this gap by providing a comprehensive analysis of the macroeconomic and financial aspects of quasi-fiscal activity. It examines problems related to the measurement and allocative impact of such operations, the implications of their exclusion from conventional budgets, and possible policy responses.

1557755833


Budget deficits

339.523 MAC