Cyclicality in the Fiscal Policy of Nepal
... fiscal policies in the 2000s, compared with the 1980's and 1990's. There is widespread evidence that fiscal policy in emerging and less developed economies is pro-cyclical rather than counter-cyclical, in part because of political incentives to run larger deficits in good times, when financing is av ...
... fiscal policies in the 2000s, compared with the 1980's and 1990's. There is widespread evidence that fiscal policy in emerging and less developed economies is pro-cyclical rather than counter-cyclical, in part because of political incentives to run larger deficits in good times, when financing is av ...
Assessment of the Fiscal Stance
... Assuming a General Government deficit of 7.7 percent of GDP for 2012, with partial carryover of the unexpected improvements into the years 2013-2015, the combined effect of the two developments on the General Government deficit is estimated to be equivalent to additional cumulative adjustments of ro ...
... Assuming a General Government deficit of 7.7 percent of GDP for 2012, with partial carryover of the unexpected improvements into the years 2013-2015, the combined effect of the two developments on the General Government deficit is estimated to be equivalent to additional cumulative adjustments of ro ...
On the determinants of fiscal stabilizations: Testing the war of
... Throughout this study, the duration of a delay in fiscal stabilization is defined as the time elapsed between the onset of an unsustainable high fiscal deficit spell and the start of fiscal reform to stabilize budget deficits. Here we define unsustainable high deficit spells based on the size of fis ...
... Throughout this study, the duration of a delay in fiscal stabilization is defined as the time elapsed between the onset of an unsustainable high fiscal deficit spell and the start of fiscal reform to stabilize budget deficits. Here we define unsustainable high deficit spells based on the size of fis ...
2015 - Do fiscal councils impact fiscal performance?
... In 2012 the European Treaty on Stability, Coordination and Governance (in force since January, 1 2014) recognized to an “independent body” at the national level the mandate to monitor compliance with national fiscal policy rules and produce (or at least “assess or validate”) macroeconomic and budget ...
... In 2012 the European Treaty on Stability, Coordination and Governance (in force since January, 1 2014) recognized to an “independent body” at the national level the mandate to monitor compliance with national fiscal policy rules and produce (or at least “assess or validate”) macroeconomic and budget ...
No.334 / August 2010 IIIS Discussion Paper No. 334
... contributions of cyclical and trend factors in determining macroeconomic outcomes in a given period. Still, the joint analysis of a variety of wage, price and activity indicators may provide a reasonable projection of the cylical condition of the economy. Moreover, in relation to policymaking, it is ...
... contributions of cyclical and trend factors in determining macroeconomic outcomes in a given period. Still, the joint analysis of a variety of wage, price and activity indicators may provide a reasonable projection of the cylical condition of the economy. Moreover, in relation to policymaking, it is ...
chapter summary
... 1. This chapter considers the effects of fiscal policy on equilibrium income and employment. It begins with a discussion of multipliers and ends with a clear discussion of the aggregate demand curve and fiscal policy. Students should understand that there is a continuity to the presentations of the ...
... 1. This chapter considers the effects of fiscal policy on equilibrium income and employment. It begins with a discussion of multipliers and ends with a clear discussion of the aggregate demand curve and fiscal policy. Students should understand that there is a continuity to the presentations of the ...
Fiscal Policies and Rules in the Face of Revenue Volatility Within
... This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to eli ...
... This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to eli ...
EN EN 1. Introduction In the Letter of Intent accompanying the 2016
... The current economic outlook is mixed, with the recovery proceeding steadily since 2013, but failing to accelerate. The GDP of the euro area is now beyond its pre-crisis level but the recovery remains slow, with continued uncertainty surrounding its strength and evidence suggesting that there is st ...
... The current economic outlook is mixed, with the recovery proceeding steadily since 2013, but failing to accelerate. The GDP of the euro area is now beyond its pre-crisis level but the recovery remains slow, with continued uncertainty surrounding its strength and evidence suggesting that there is st ...
Monthly Bulletin articles, April 2004
... economic welfare by reducing fluctuations in income and consumption. There are three main channels through which fiscal policies can affect the short-term environment for monetary policy. First, fiscal policies may affect economic growth and prices via discretionary fine-tuning measures, i.e. active ...
... economic welfare by reducing fluctuations in income and consumption. There are three main channels through which fiscal policies can affect the short-term environment for monetary policy. First, fiscal policies may affect economic growth and prices via discretionary fine-tuning measures, i.e. active ...
Poland`s policy mix: fiscal or monetary leadership?
... This also triggered a tightening of overall monetary conditions (up to mid-2000, real depreciation had largely compensated for an increase in real interest rates). Fiscal policy was expected to tighten significantly in 2000 in order to contain overheating, but budgetary slippages (due to both cyclic ...
... This also triggered a tightening of overall monetary conditions (up to mid-2000, real depreciation had largely compensated for an increase in real interest rates). Fiscal policy was expected to tighten significantly in 2000 in order to contain overheating, but budgetary slippages (due to both cyclic ...
Britain`s fiscal watchdog: a view from the kennel
... The OBR was set up in interim form immediately after the May 2010 general election. (The incoming Coalition Government wanted an independent assessment of the public finances before its ‘emergency Budget’ in June 2010, which increased the size and pace of the fiscal consolidation plan that it inh ...
... The OBR was set up in interim form immediately after the May 2010 general election. (The incoming Coalition Government wanted an independent assessment of the public finances before its ‘emergency Budget’ in June 2010, which increased the size and pace of the fiscal consolidation plan that it inh ...
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... To what extent does Sweden's comparably favourable fiscal balance depend on stronger public finances before the crisis and to what extent on the performance during the crisis? The two last columns in Table 4.1 break down the differences in government net lending between Sweden and other countries in ...
... To what extent does Sweden's comparably favourable fiscal balance depend on stronger public finances before the crisis and to what extent on the performance during the crisis? The two last columns in Table 4.1 break down the differences in government net lending between Sweden and other countries in ...
Fiscal Multipliers in the Euro Area
... ten-year interest rate of government bonds (rt).7 All variables are seasonally adjusted and enter in logs except the interest rate, which enters in levels. The definition of fiscal variables follows Blanchard and Perotti (2002). In particular, government spending (gt) is defined as the sum of govern ...
... ten-year interest rate of government bonds (rt).7 All variables are seasonally adjusted and enter in logs except the interest rate, which enters in levels. The definition of fiscal variables follows Blanchard and Perotti (2002). In particular, government spending (gt) is defined as the sum of govern ...
conference paper
... legitimate economic coercion—international constraints can impose particularly high sovereignty costs on participating states.3 Third, fiscal policy is less technical and removed from democratic political processes than either monetary or exchange rate policy, and thus is more “public” and subject t ...
... legitimate economic coercion—international constraints can impose particularly high sovereignty costs on participating states.3 Third, fiscal policy is less technical and removed from democratic political processes than either monetary or exchange rate policy, and thus is more “public” and subject t ...
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... Due to the 2008–09 financial crisis and ensuing economic downturn, budgetary problems are on the policymakers’ agenda once again. Fiscal deficits incurred as a result of the financial crisis and economic downturn have caused public debt to rise steeply once again. Moreover, the public debt of some E ...
... Due to the 2008–09 financial crisis and ensuing economic downturn, budgetary problems are on the policymakers’ agenda once again. Fiscal deficits incurred as a result of the financial crisis and economic downturn have caused public debt to rise steeply once again. Moreover, the public debt of some E ...
Fiscal Rules and Resource Funds in Nonrenewable Resource
... the procyclicality of fiscal policy in the face of volatile resource revenues, and promote savings and sustainability.6 In some cases, fiscal rules have also been motivated by political economy factors: they have been seen as potentially useful instruments to address spending pressures or to enhance ...
... the procyclicality of fiscal policy in the face of volatile resource revenues, and promote savings and sustainability.6 In some cases, fiscal rules have also been motivated by political economy factors: they have been seen as potentially useful instruments to address spending pressures or to enhance ...
Fiscal Policy
... regular feature in coming decades. To tackle the problem it will have to efficiently use fiscal policy as a stabilization tool especially when monetary policy is ineffective. But for the emerging nations like India adequate fiscal space to maneuvered their public finances for stabilization is unfort ...
... regular feature in coming decades. To tackle the problem it will have to efficiently use fiscal policy as a stabilization tool especially when monetary policy is ineffective. But for the emerging nations like India adequate fiscal space to maneuvered their public finances for stabilization is unfort ...
U.S. Federal Budget and Appropriations: Select Research Resources
... Finding the Numbers In addition to the resources available from the Congressional Budget Office and U.S. Department of the Treasury (see above), the following are good resources for finding the numbers – e.g., budget authority, outlays, awards, revenues, and debt. Coverage and the level of detail va ...
... Finding the Numbers In addition to the resources available from the Congressional Budget Office and U.S. Department of the Treasury (see above), the following are good resources for finding the numbers – e.g., budget authority, outlays, awards, revenues, and debt. Coverage and the level of detail va ...
The Political Economy of the Budget Surplus in the United States
... contribution increased, often has enough political influence to block social security reforms, particularly those in which the main beneficiaries are future generations. Countries in fiscal stress are caught between a rock and a hard place. On the one hand, they need pension reforms to achieve long- ...
... contribution increased, often has enough political influence to block social security reforms, particularly those in which the main beneficiaries are future generations. Countries in fiscal stress are caught between a rock and a hard place. On the one hand, they need pension reforms to achieve long- ...
FISCAL POLICY IN BRAZIL AND JAPAN WHAT CAN BE LEARNED
... promote economic growth in a sustainable basis is the way fiscal policy is conducted. This paper will be concentrated in analyzing fiscal policies during the last 10 years for the two countries. In Brazil it has been implemented a very important structural change in its budget and fiscal policy sinc ...
... promote economic growth in a sustainable basis is the way fiscal policy is conducted. This paper will be concentrated in analyzing fiscal policies during the last 10 years for the two countries. In Brazil it has been implemented a very important structural change in its budget and fiscal policy sinc ...
Cyclically Adjusted Budget Balances in Slovenia
... medium-term objective, the SGP requirements could necessitate fiscal consolidation in bad times and therefore lead to pro-cyclical fiscal policies. For this reason, it is essential that countries achieve and maintain their medium-term budgetary objectives, thus ensuring a sufficient safety margin to ...
... medium-term objective, the SGP requirements could necessitate fiscal consolidation in bad times and therefore lead to pro-cyclical fiscal policies. For this reason, it is essential that countries achieve and maintain their medium-term budgetary objectives, thus ensuring a sufficient safety margin to ...
The Greek fiscal crisis and the role of fiscal governance
... Rogoff (1990), Persson and Svensson (1989), von Hagen (2010)). As far as the urging policy question on how fiscal discipline can be effectively ensured is concerned, attention is growingly shifting towards the importance of fiscal governance for budgetary outcomes. Fiscal governance is perceived as ...
... Rogoff (1990), Persson and Svensson (1989), von Hagen (2010)). As far as the urging policy question on how fiscal discipline can be effectively ensured is concerned, attention is growingly shifting towards the importance of fiscal governance for budgetary outcomes. Fiscal governance is perceived as ...
The Greek Fiscal Crisis and the Role of Fiscal Governance
... Rogoff (1990), Persson and Svensson (1989), von Hagen (2010)). As far as the urging policy question on how fiscal discipline can be effectively ensured is concerned, attention is growingly shifting towards the importance of fiscal governance for budgetary outcomes. Fiscal governance is perceived as ...
... Rogoff (1990), Persson and Svensson (1989), von Hagen (2010)). As far as the urging policy question on how fiscal discipline can be effectively ensured is concerned, attention is growingly shifting towards the importance of fiscal governance for budgetary outcomes. Fiscal governance is perceived as ...
Fiscal Policy and EMU
... years can shed light on the future evolution of fiscal policy under EMU, given that the previous years are strongly influenced with the conditions set in the Maastricht Treaty where there was an explicit and large punishment associated for those countries that did not meet the criteria. Although the ...
... years can shed light on the future evolution of fiscal policy under EMU, given that the previous years are strongly influenced with the conditions set in the Maastricht Treaty where there was an explicit and large punishment associated for those countries that did not meet the criteria. Although the ...
hovedtal for dansk økonomi
... GDP beyond the first year after the implementation of the stimulus. The effect on GDP seems to die out as government spending returns to its initial level. In other words, the expansionary effect of fiscal policy dies out more quickly in Denmark than in other countries. One explanation could be that ...
... GDP beyond the first year after the implementation of the stimulus. The effect on GDP seems to die out as government spending returns to its initial level. In other words, the expansionary effect of fiscal policy dies out more quickly in Denmark than in other countries. One explanation could be that ...