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MTEFs and fiscal performance: panel data evidence
 
Author:Grigoli, Francesco; Mills, Zachary; Verhoeven, Marijn; Vlaicu, Razvan; Collection Title:Policy Research working paper ; no. WPS 6186
Country:World; Date Stored:2012/09/04
Document Date:2012/09/01Document Type:Policy Research Working Paper
Language:EnglishRegion:The World Region
Report Number:WPS6186SubTopics:Public Sector Expenditure Policy; Debt Markets; Banks & Banking Reform; Health Monitoring & Evaluation; E-Business
Volume No:1 of 1  

Summary: In the last two decades more than 120 countries have adopted a version of a Medium-Term Expenditure Framework (MTEF). These are budget institutions whose rationale it is to enable the central government to make credible multi-year fiscal commitments. This paper analyzes a newly-collected dataset of worldwide MTEF adoptions during 1990-2008. It exploits within-country variation in MTEF adoption in a dynamic panel framework to estimate their impacts. The analysis finds that MTEFs strongly improve fiscal discipline, with more advanced MTEF phases having a larger impact. Higher-phase MTEFs also improve allocative efficiency. Only top-phase MTEFs have a significantly positive effect on technical efficiency.

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