Policy Coordination in Fiscal Federalism Drawing Lessons From the Dubai Debt Crisis

Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and after the crisis. The empirical findings show that procyclical fiscal policies prior...

Full description

Bibliographic Details
Main Author: Cevik, Serhan
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2011
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
LEADER 02562nmm a2200529 u 4500
001 EB000927817
003 EBX01000000000000000721413
005 00000000000000.0
007 cr|||||||||||||||||||||
008 150128 ||| eng
020 |a 9781455269457 
100 1 |a Cevik, Serhan 
245 0 0 |a Policy Coordination in Fiscal Federalism  |b Drawing Lessons From the Dubai Debt Crisis  |c Serhan Cevik 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2011 
300 |a 23 pages 
651 4 |a United Arab Emirates 
653 |a Fiscal stance 
653 |a Public Administration 
653 |a Public debt 
653 |a Public finance & taxation 
653 |a Debt Management 
653 |a Debts, Public 
653 |a Fiscal Policy 
653 |a Debt 
653 |a Fiscal policy 
653 |a National Government Expenditures and Related Policies: General 
653 |a Expenditure 
653 |a Sovereign Debt 
653 |a Fiscal sustainability 
653 |a Cycles 
653 |a General Outlook and Conditions 
653 |a Public Sector Accounting and Audits 
653 |a Expenditures, Public 
653 |a Forecasts of Budgets, Deficits, and Debt 
653 |a Macroeconomics 
653 |a Business Fluctuations 
653 |a National Budget, Deficit, and Debt: General 
653 |a Governmental Loans, Loan Guarantees, Credits, and Grants 
653 |a Public Finance 
653 |a Fiscal Policies and Behavior of Economic Agents: General 
041 0 7 |a eng  |2 ISO 639-2 
989 |b IMF  |a International Monetary Fund 
490 0 |a IMF Working Papers 
028 5 0 |a 10.5089/9781455269457.001 
856 4 0 |u https://elibrary.imf.org/view/journals/001/2011/147/001.2011.issue-147-en.xml?cid=24991-com-dsp-marc  |x Verlag  |3 Volltext 
082 0 |a 330 
520 |a Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and after the crisis. The empirical findings show that procyclical fiscal policies prior to the crisis reinforced the financial sector cycle, exacerbated the economic upswing, and thereby contributed to the build-up of macro-financial vulnerabilities. The paper also sets out policy lessons to develop a rule-based fiscal framework that would help strengthen fiscal policy coordination between the various layers of government and ensure long-term fiscal sustainability and a more equitable intergenerational distribution of wealth