Managing Medium-Term Fiscal Challenges
Mexico needs a comprehensive fiscal reform to alleviate the looming medium-term pressures on its budget. This policy note contributes to the debate on Mexico's looming fiscal challenges. The country's fiscal framework, centered on the 2006 budget and fiscal responsibility law, and prudent fiscal risk management has helped maintain short-term budget stability and a fairly stable public debt path, even in times of economic volatility. However, Mexico faces serious longer term fiscal challenges that are not always recognized, measured, and addressed in policy debates, which tend to focus on approving the annual budget. And though Mexico has adopted several policies to mitigate oil-price volatility on the budget, oil production has fallen substantially over the past few years, drawing renewed attention to the longer term challenge of replacing part of the oil-related public revenue base with other, more permanent sources of revenue. Further, spending pressures associated with increasing aging-related spending, public investment, and social spending needs call for a discussion of the fiscal implications of additional impending outlays. Mexico's falling oil revenue and rising public spending needs over the medium term require increased tax revenue and more efficient and better targeted public spending. Looking more closely at this medium- and long-term revenue and spending trends and publishing a medium-term budget outlook would allow for long-term budget planning.
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dig-okr-10986165732024-08-08T14:39:49Z Managing Medium-Term Fiscal Challenges World Bank ALTERNATIVE MINIMUM TAX BENEFICIARIES CAPS CASH TRANSFER CLIMATE CLIMATE CHANGE CLIMATE CHANGE MITIGATION COMPLIANCE COSTS CONTINGENT LIABILITIES CORPORATE TAX CORPORATE TAX RATE COST OF PRODUCTION DEBT LEVELS DEDUCTIONS DEFICIT FINANCING DEMOGRAPHIC DEPOSITS DISTRIBUTIONAL IMPACTS ECONOMIC GROWTH ECONOMIC STABILITY ECONOMIC TRANSACTIONS ECONOMIC VOLATILITY ELECTRICITY ENERGY CONSUMPTION ENERGY PRICE ENERGY PRICES ENERGY SUBSIDIES EVASION EXCISE TAX EXPENDITURE EXPENDITURES FEDERAL TAX FEDERAL TAXES FISCAL DISCIPLINE FISCAL POLICY FISCAL RESPONSIBILITY FUEL PRICES GASOLINE PRICES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH SPENDING HOUSING HUMAN CAPITAL INCOME DISTRIBUTION INCOME INEQUALITY INCOME LEVELS INCOME TAX INCOME TAXES INFLATION INFLATION EXPECTATIONS INFORMAL ECONOMY INFORMATION FLOWS INSURANCE INTERNATIONAL STANDARDS INVESTMENT IN ENERGY EFFICIENCY LEGAL REFORM LIFE EXPECTANCY LOCAL GOVERNMENT LOCAL GOVERNMENT TAX LOCAL GOVERNMENTS LOCAL TAXES LOWER INCOME HOUSEHOLDS LOWER PRICE MONETARY AUTHORITIES NATIONAL DEVELOPMENT NEGATIVE INCOME TAXES NEGATIVE SHOCKS OIL PRICE OIL PRICES OIL PRODUCTION OPPORTUNITY COST PENSION PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PER CAPITA INCOME PERSONAL INCOME PRICE MOVEMENTS PRICE OF OIL PRICE VOLATILITY PROPERTY TAX PUBLIC PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC REVENUES PUBLIC SECTOR PUBLIC SPENDING PUBLIC SUBSIDIES PUBLIC TRANSFER PURCHASING POWER RATE OF RETURN REAL INTEREST REAL INTEREST RATES RESERVE RESERVE FUND REVENUE COLLECTION RISK MANAGEMENT SAVINGS SCENARIOS TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COMPLIANCE TAX CREDIT TAX EVASION TAX EXEMPTIONS TAX EXPENDITURES TAX RATES TAX REFORM TAX REGIMES TAX REVENUE TAX REVENUES TAX SYSTEM TRANSPARENCY VALUE ADDED TAX WITHDRAWAL Mexico needs a comprehensive fiscal reform to alleviate the looming medium-term pressures on its budget. This policy note contributes to the debate on Mexico's looming fiscal challenges. The country's fiscal framework, centered on the 2006 budget and fiscal responsibility law, and prudent fiscal risk management has helped maintain short-term budget stability and a fairly stable public debt path, even in times of economic volatility. However, Mexico faces serious longer term fiscal challenges that are not always recognized, measured, and addressed in policy debates, which tend to focus on approving the annual budget. And though Mexico has adopted several policies to mitigate oil-price volatility on the budget, oil production has fallen substantially over the past few years, drawing renewed attention to the longer term challenge of replacing part of the oil-related public revenue base with other, more permanent sources of revenue. Further, spending pressures associated with increasing aging-related spending, public investment, and social spending needs call for a discussion of the fiscal implications of additional impending outlays. Mexico's falling oil revenue and rising public spending needs over the medium term require increased tax revenue and more efficient and better targeted public spending. Looking more closely at this medium- and long-term revenue and spending trends and publishing a medium-term budget outlook would allow for long-term budget planning. 2014-01-16T21:25:38Z 2014-01-16T21:25:38Z 2013-04 http://documents.worldbank.org/curated/en/2013/04/17570432/managing-medium-term-fiscal-challenges https://hdl.handle.net/10986/16573 English en_US Mexico policy note;no. 8 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain Washington, DC |
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Banco Mundial |
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DSpace |
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Estados Unidos |
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US |
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Bibliográfico |
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En linea |
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dig-okr |
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biblioteca |
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America del Norte |
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Biblioteca del Banco Mundial |
| language |
English en_US |
| topic |
ALTERNATIVE MINIMUM TAX BENEFICIARIES CAPS CASH TRANSFER CLIMATE CLIMATE CHANGE CLIMATE CHANGE MITIGATION COMPLIANCE COSTS CONTINGENT LIABILITIES CORPORATE TAX CORPORATE TAX RATE COST OF PRODUCTION DEBT LEVELS DEDUCTIONS DEFICIT FINANCING DEMOGRAPHIC DEPOSITS DISTRIBUTIONAL IMPACTS ECONOMIC GROWTH ECONOMIC STABILITY ECONOMIC TRANSACTIONS ECONOMIC VOLATILITY ELECTRICITY ENERGY CONSUMPTION ENERGY PRICE ENERGY PRICES ENERGY SUBSIDIES EVASION EXCISE TAX EXPENDITURE EXPENDITURES FEDERAL TAX FEDERAL TAXES FISCAL DISCIPLINE FISCAL POLICY FISCAL RESPONSIBILITY FUEL PRICES GASOLINE PRICES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH SPENDING HOUSING HUMAN CAPITAL INCOME DISTRIBUTION INCOME INEQUALITY INCOME LEVELS INCOME TAX INCOME TAXES INFLATION INFLATION EXPECTATIONS INFORMAL ECONOMY INFORMATION FLOWS INSURANCE INTERNATIONAL STANDARDS INVESTMENT IN ENERGY EFFICIENCY LEGAL REFORM LIFE EXPECTANCY LOCAL GOVERNMENT LOCAL GOVERNMENT TAX LOCAL GOVERNMENTS LOCAL TAXES LOWER INCOME HOUSEHOLDS LOWER PRICE MONETARY AUTHORITIES NATIONAL DEVELOPMENT NEGATIVE INCOME TAXES NEGATIVE SHOCKS OIL PRICE OIL PRICES OIL PRODUCTION OPPORTUNITY COST PENSION PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PER CAPITA INCOME PERSONAL INCOME PRICE MOVEMENTS PRICE OF OIL PRICE VOLATILITY PROPERTY TAX PUBLIC PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC REVENUES PUBLIC SECTOR PUBLIC SPENDING PUBLIC SUBSIDIES PUBLIC TRANSFER PURCHASING POWER RATE OF RETURN REAL INTEREST REAL INTEREST RATES RESERVE RESERVE FUND REVENUE COLLECTION RISK MANAGEMENT SAVINGS SCENARIOS TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COMPLIANCE TAX CREDIT TAX EVASION TAX EXEMPTIONS TAX EXPENDITURES TAX RATES TAX REFORM TAX REGIMES TAX REVENUE TAX REVENUES TAX SYSTEM TRANSPARENCY VALUE ADDED TAX WITHDRAWAL ALTERNATIVE MINIMUM TAX BENEFICIARIES CAPS CASH TRANSFER CLIMATE CLIMATE CHANGE CLIMATE CHANGE MITIGATION COMPLIANCE COSTS CONTINGENT LIABILITIES CORPORATE TAX CORPORATE TAX RATE COST OF PRODUCTION DEBT LEVELS DEDUCTIONS DEFICIT FINANCING DEMOGRAPHIC DEPOSITS DISTRIBUTIONAL IMPACTS ECONOMIC GROWTH ECONOMIC STABILITY ECONOMIC TRANSACTIONS ECONOMIC VOLATILITY ELECTRICITY ENERGY CONSUMPTION ENERGY PRICE ENERGY PRICES ENERGY SUBSIDIES EVASION EXCISE TAX EXPENDITURE EXPENDITURES FEDERAL TAX FEDERAL TAXES FISCAL DISCIPLINE FISCAL POLICY FISCAL RESPONSIBILITY FUEL PRICES GASOLINE PRICES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH SPENDING HOUSING HUMAN CAPITAL INCOME DISTRIBUTION INCOME INEQUALITY INCOME LEVELS INCOME TAX INCOME TAXES INFLATION INFLATION EXPECTATIONS INFORMAL ECONOMY INFORMATION FLOWS INSURANCE INTERNATIONAL STANDARDS INVESTMENT IN ENERGY EFFICIENCY LEGAL REFORM LIFE EXPECTANCY LOCAL GOVERNMENT LOCAL GOVERNMENT TAX LOCAL GOVERNMENTS LOCAL TAXES LOWER INCOME HOUSEHOLDS LOWER PRICE MONETARY AUTHORITIES NATIONAL DEVELOPMENT NEGATIVE INCOME TAXES NEGATIVE SHOCKS OIL PRICE OIL PRICES OIL PRODUCTION OPPORTUNITY COST PENSION PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PER CAPITA INCOME PERSONAL INCOME PRICE MOVEMENTS PRICE OF OIL PRICE VOLATILITY PROPERTY TAX PUBLIC PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC REVENUES PUBLIC SECTOR PUBLIC SPENDING PUBLIC SUBSIDIES PUBLIC TRANSFER PURCHASING POWER RATE OF RETURN REAL INTEREST REAL INTEREST RATES RESERVE RESERVE FUND REVENUE COLLECTION RISK MANAGEMENT SAVINGS SCENARIOS TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COMPLIANCE TAX CREDIT TAX EVASION TAX EXEMPTIONS TAX EXPENDITURES TAX RATES TAX REFORM TAX REGIMES TAX REVENUE TAX REVENUES TAX SYSTEM TRANSPARENCY VALUE ADDED TAX WITHDRAWAL |
| spellingShingle |
ALTERNATIVE MINIMUM TAX BENEFICIARIES CAPS CASH TRANSFER CLIMATE CLIMATE CHANGE CLIMATE CHANGE MITIGATION COMPLIANCE COSTS CONTINGENT LIABILITIES CORPORATE TAX CORPORATE TAX RATE COST OF PRODUCTION DEBT LEVELS DEDUCTIONS DEFICIT FINANCING DEMOGRAPHIC DEPOSITS DISTRIBUTIONAL IMPACTS ECONOMIC GROWTH ECONOMIC STABILITY ECONOMIC TRANSACTIONS ECONOMIC VOLATILITY ELECTRICITY ENERGY CONSUMPTION ENERGY PRICE ENERGY PRICES ENERGY SUBSIDIES EVASION EXCISE TAX EXPENDITURE EXPENDITURES FEDERAL TAX FEDERAL TAXES FISCAL DISCIPLINE FISCAL POLICY FISCAL RESPONSIBILITY FUEL PRICES GASOLINE PRICES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH SPENDING HOUSING HUMAN CAPITAL INCOME DISTRIBUTION INCOME INEQUALITY INCOME LEVELS INCOME TAX INCOME TAXES INFLATION INFLATION EXPECTATIONS INFORMAL ECONOMY INFORMATION FLOWS INSURANCE INTERNATIONAL STANDARDS INVESTMENT IN ENERGY EFFICIENCY LEGAL REFORM LIFE EXPECTANCY LOCAL GOVERNMENT LOCAL GOVERNMENT TAX LOCAL GOVERNMENTS LOCAL TAXES LOWER INCOME HOUSEHOLDS LOWER PRICE MONETARY AUTHORITIES NATIONAL DEVELOPMENT NEGATIVE INCOME TAXES NEGATIVE SHOCKS OIL PRICE OIL PRICES OIL PRODUCTION OPPORTUNITY COST PENSION PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PER CAPITA INCOME PERSONAL INCOME PRICE MOVEMENTS PRICE OF OIL PRICE VOLATILITY PROPERTY TAX PUBLIC PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC REVENUES PUBLIC SECTOR PUBLIC SPENDING PUBLIC SUBSIDIES PUBLIC TRANSFER PURCHASING POWER RATE OF RETURN REAL INTEREST REAL INTEREST RATES RESERVE RESERVE FUND REVENUE COLLECTION RISK MANAGEMENT SAVINGS SCENARIOS TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COMPLIANCE TAX CREDIT TAX EVASION TAX EXEMPTIONS TAX EXPENDITURES TAX RATES TAX REFORM TAX REGIMES TAX REVENUE TAX REVENUES TAX SYSTEM TRANSPARENCY VALUE ADDED TAX WITHDRAWAL ALTERNATIVE MINIMUM TAX BENEFICIARIES CAPS CASH TRANSFER CLIMATE CLIMATE CHANGE CLIMATE CHANGE MITIGATION COMPLIANCE COSTS CONTINGENT LIABILITIES CORPORATE TAX CORPORATE TAX RATE COST OF PRODUCTION DEBT LEVELS DEDUCTIONS DEFICIT FINANCING DEMOGRAPHIC DEPOSITS DISTRIBUTIONAL IMPACTS ECONOMIC GROWTH ECONOMIC STABILITY ECONOMIC TRANSACTIONS ECONOMIC VOLATILITY ELECTRICITY ENERGY CONSUMPTION ENERGY PRICE ENERGY PRICES ENERGY SUBSIDIES EVASION EXCISE TAX EXPENDITURE EXPENDITURES FEDERAL TAX FEDERAL TAXES FISCAL DISCIPLINE FISCAL POLICY FISCAL RESPONSIBILITY FUEL PRICES GASOLINE PRICES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH SPENDING HOUSING HUMAN CAPITAL INCOME DISTRIBUTION INCOME INEQUALITY INCOME LEVELS INCOME TAX INCOME TAXES INFLATION INFLATION EXPECTATIONS INFORMAL ECONOMY INFORMATION FLOWS INSURANCE INTERNATIONAL STANDARDS INVESTMENT IN ENERGY EFFICIENCY LEGAL REFORM LIFE EXPECTANCY LOCAL GOVERNMENT LOCAL GOVERNMENT TAX LOCAL GOVERNMENTS LOCAL TAXES LOWER INCOME HOUSEHOLDS LOWER PRICE MONETARY AUTHORITIES NATIONAL DEVELOPMENT NEGATIVE INCOME TAXES NEGATIVE SHOCKS OIL PRICE OIL PRICES OIL PRODUCTION OPPORTUNITY COST PENSION PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PER CAPITA INCOME PERSONAL INCOME PRICE MOVEMENTS PRICE OF OIL PRICE VOLATILITY PROPERTY TAX PUBLIC PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC REVENUES PUBLIC SECTOR PUBLIC SPENDING PUBLIC SUBSIDIES PUBLIC TRANSFER PURCHASING POWER RATE OF RETURN REAL INTEREST REAL INTEREST RATES RESERVE RESERVE FUND REVENUE COLLECTION RISK MANAGEMENT SAVINGS SCENARIOS TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COMPLIANCE TAX CREDIT TAX EVASION TAX EXEMPTIONS TAX EXPENDITURES TAX RATES TAX REFORM TAX REGIMES TAX REVENUE TAX REVENUES TAX SYSTEM TRANSPARENCY VALUE ADDED TAX WITHDRAWAL World Bank Managing Medium-Term Fiscal Challenges |
| description |
Mexico needs a comprehensive fiscal
reform to alleviate the looming medium-term pressures on its
budget. This policy note contributes to the debate on
Mexico's looming fiscal challenges. The country's
fiscal framework, centered on the 2006 budget and fiscal
responsibility law, and prudent fiscal risk management has
helped maintain short-term budget stability and a fairly
stable public debt path, even in times of economic
volatility. However, Mexico faces serious longer term fiscal
challenges that are not always recognized, measured, and
addressed in policy debates, which tend to focus on
approving the annual budget. And though Mexico has adopted
several policies to mitigate oil-price volatility on the
budget, oil production has fallen substantially over the
past few years, drawing renewed attention to the longer term
challenge of replacing part of the oil-related public
revenue base with other, more permanent sources of revenue.
Further, spending pressures associated with increasing
aging-related spending, public investment, and social
spending needs call for a discussion of the fiscal
implications of additional impending outlays. Mexico's
falling oil revenue and rising public spending needs over
the medium term require increased tax revenue and more
efficient and better targeted public spending. Looking more
closely at this medium- and long-term revenue and spending
trends and publishing a medium-term budget outlook would
allow for long-term budget planning. |
| topic_facet |
ALTERNATIVE MINIMUM TAX BENEFICIARIES CAPS CASH TRANSFER CLIMATE CLIMATE CHANGE CLIMATE CHANGE MITIGATION COMPLIANCE COSTS CONTINGENT LIABILITIES CORPORATE TAX CORPORATE TAX RATE COST OF PRODUCTION DEBT LEVELS DEDUCTIONS DEFICIT FINANCING DEMOGRAPHIC DEPOSITS DISTRIBUTIONAL IMPACTS ECONOMIC GROWTH ECONOMIC STABILITY ECONOMIC TRANSACTIONS ECONOMIC VOLATILITY ELECTRICITY ENERGY CONSUMPTION ENERGY PRICE ENERGY PRICES ENERGY SUBSIDIES EVASION EXCISE TAX EXPENDITURE EXPENDITURES FEDERAL TAX FEDERAL TAXES FISCAL DISCIPLINE FISCAL POLICY FISCAL RESPONSIBILITY FUEL PRICES GASOLINE PRICES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH SPENDING HOUSING HUMAN CAPITAL INCOME DISTRIBUTION INCOME INEQUALITY INCOME LEVELS INCOME TAX INCOME TAXES INFLATION INFLATION EXPECTATIONS INFORMAL ECONOMY INFORMATION FLOWS INSURANCE INTERNATIONAL STANDARDS INVESTMENT IN ENERGY EFFICIENCY LEGAL REFORM LIFE EXPECTANCY LOCAL GOVERNMENT LOCAL GOVERNMENT TAX LOCAL GOVERNMENTS LOCAL TAXES LOWER INCOME HOUSEHOLDS LOWER PRICE MONETARY AUTHORITIES NATIONAL DEVELOPMENT NEGATIVE INCOME TAXES NEGATIVE SHOCKS OIL PRICE OIL PRICES OIL PRODUCTION OPPORTUNITY COST PENSION PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PER CAPITA INCOME PERSONAL INCOME PRICE MOVEMENTS PRICE OF OIL PRICE VOLATILITY PROPERTY TAX PUBLIC PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC REVENUES PUBLIC SECTOR PUBLIC SPENDING PUBLIC SUBSIDIES PUBLIC TRANSFER PURCHASING POWER RATE OF RETURN REAL INTEREST REAL INTEREST RATES RESERVE RESERVE FUND REVENUE COLLECTION RISK MANAGEMENT SAVINGS SCENARIOS TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COMPLIANCE TAX CREDIT TAX EVASION TAX EXEMPTIONS TAX EXPENDITURES TAX RATES TAX REFORM TAX REGIMES TAX REVENUE TAX REVENUES TAX SYSTEM TRANSPARENCY VALUE ADDED TAX WITHDRAWAL |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Managing Medium-Term Fiscal Challenges |
| title_short |
Managing Medium-Term Fiscal Challenges |
| title_full |
Managing Medium-Term Fiscal Challenges |
| title_fullStr |
Managing Medium-Term Fiscal Challenges |
| title_full_unstemmed |
Managing Medium-Term Fiscal Challenges |
| title_sort |
managing medium-term fiscal challenges |
| publisher |
Washington, DC |
| publishDate |
2013-04 |
| url |
http://documents.worldbank.org/curated/en/2013/04/17570432/managing-medium-term-fiscal-challenges https://hdl.handle.net/10986/16573 |
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AT worldbank managingmediumtermfiscalchallenges |
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1807157160104165376 |