NUMERICAL FISCAL RULES FOR FISCAL DISCIPLINE Mihaela
... Member States (Figure 1). They are defined in nominal terms with annual time horizons. A major criticism of budget balance rules concerns the risk of pro-cyclicality. BBR should be based on a medium-term perspective. Rules embedded into a medium term budgetary framework, as a part of a comprehensive ...
... Member States (Figure 1). They are defined in nominal terms with annual time horizons. A major criticism of budget balance rules concerns the risk of pro-cyclicality. BBR should be based on a medium-term perspective. Rules embedded into a medium term budgetary framework, as a part of a comprehensive ...
as a PDF
... savings to outrun investment also requires a budget deficit to mop up the excess net private savings. We can then distinguish those budget deficits which are required to sustain demand and to mop up excess savings to ensure desirable levels of economic activity—these we will call necessary deficits. ...
... savings to outrun investment also requires a budget deficit to mop up the excess net private savings. We can then distinguish those budget deficits which are required to sustain demand and to mop up excess savings to ensure desirable levels of economic activity—these we will call necessary deficits. ...
Fiscal Rigor or Rigor Mortis - European Union Center of California
... and Stability Pact fiscal criteria are discussed and possibilities that the operation of the Excessive Deficit Procedures (EDP) of the Stability Pact could actually increase rather than reduce the pressures on the ECB are considered. Section VI concludes. The Need for a Political Economy Perspectiv ...
... and Stability Pact fiscal criteria are discussed and possibilities that the operation of the Excessive Deficit Procedures (EDP) of the Stability Pact could actually increase rather than reduce the pressures on the ECB are considered. Section VI concludes. The Need for a Political Economy Perspectiv ...
Fiscal Divergence and Business Cycle Synchronization
... • CC based on annual frequency, in principle, should have much larger variance than the other two it should show up in results ...
... • CC based on annual frequency, in principle, should have much larger variance than the other two it should show up in results ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Fiscal Institutions and Fiscal Performance
... case of deficits and expenditures, there are also significant differences across countries in this regard. The great variety of fiscal experiences among fairly homogeneous groups of countries is not unique to Latin America. Within the OECD countries, for example, debt ratios currently range from les ...
... case of deficits and expenditures, there are also significant differences across countries in this regard. The great variety of fiscal experiences among fairly homogeneous groups of countries is not unique to Latin America. Within the OECD countries, for example, debt ratios currently range from les ...
the fiscal framework in romania – the efficiency of
... constraints when formulating the next year budget. It also have to be noted a ceiling for the primary balance, i.e. the budgetary balance net of interest expenses and this is to prevent any savings that are made on the interest expenses as a result for example of more favorable financing conditions ...
... constraints when formulating the next year budget. It also have to be noted a ceiling for the primary balance, i.e. the budgetary balance net of interest expenses and this is to prevent any savings that are made on the interest expenses as a result for example of more favorable financing conditions ...
Bootstrapping estimates for a public expenditure model
... explain fiscal procyclicality as the result of a coordination failure among different such groups.7 In particular, and in light of the contrasting evidence between developed and developing countries, the argument leads to conclude that fiscal procyclicality is related to the presence of relatively s ...
... explain fiscal procyclicality as the result of a coordination failure among different such groups.7 In particular, and in light of the contrasting evidence between developed and developing countries, the argument leads to conclude that fiscal procyclicality is related to the presence of relatively s ...
Title Tales of Expansionary Fiscal Contractions in Two European
... provided they continue his party’s attempt to correct the public finances. FitzGerald’s successor, Alan Dukes, reiterated this policy in a speech in Tallaght. Opposition support for the government retrenchment became known as to the Tallaght Strategy and it limited opposition to the fiscal contracti ...
... provided they continue his party’s attempt to correct the public finances. FitzGerald’s successor, Alan Dukes, reiterated this policy in a speech in Tallaght. Opposition support for the government retrenchment became known as to the Tallaght Strategy and it limited opposition to the fiscal contracti ...
Government Budget Deficits and the Development of the Bond
... compounded by a fragmented cash management and budgetary system that does not generate reliable cash forecasts and effective control. The overall deficits and financing sources are summarized in Table 1. Persistent budgetary deficits have pushed the total debt and liability stock to 69.5 percent of ...
... compounded by a fragmented cash management and budgetary system that does not generate reliable cash forecasts and effective control. The overall deficits and financing sources are summarized in Table 1. Persistent budgetary deficits have pushed the total debt and liability stock to 69.5 percent of ...
1 Tales of Expansionary Fiscal Contractions in Two European
... The first sustained attempt to correct the situation took place between 1983 and 1986. While the success of this first fiscal adjustment is debated (Dornbusch, 1989 and Honohan, 1992) it is beyond doubt that it was not accompanied by expansionary effects. ...
... The first sustained attempt to correct the situation took place between 1983 and 1986. While the success of this first fiscal adjustment is debated (Dornbusch, 1989 and Honohan, 1992) it is beyond doubt that it was not accompanied by expansionary effects. ...
Fiscal rules OK?
... as ‘governments that fail to achieve a budget surplus over the year will be dismissed’ clearly lacks flexibility; however, if it were amended to permit some discretion for a crisis, it would no longer be well defined, simple or transparent. ...
... as ‘governments that fail to achieve a budget surplus over the year will be dismissed’ clearly lacks flexibility; however, if it were amended to permit some discretion for a crisis, it would no longer be well defined, simple or transparent. ...
New Zealand
... Each budget process will have its own unique characteristics that will inevitably lead to differences between years. These will reflect the political environment, the macroeconomic environment and the more detailed priorities of the government. The first budget process using output-based information ...
... Each budget process will have its own unique characteristics that will inevitably lead to differences between years. These will reflect the political environment, the macroeconomic environment and the more detailed priorities of the government. The first budget process using output-based information ...
Fiscal Policy as a Tool for Stabilization in Developing Countries
... This finding suggests that fiscal policy has been rather unsuccessful as a tool for stabilization in developing countries. In fact, the additional volatility induced by procyclical fiscal policy has been found to undermine growth in the long run as well.13 Second, a consistent finding from many cali ...
... This finding suggests that fiscal policy has been rather unsuccessful as a tool for stabilization in developing countries. In fact, the additional volatility induced by procyclical fiscal policy has been found to undermine growth in the long run as well.13 Second, a consistent finding from many cali ...
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... subject our key assumptions to sensitivity tests that will give us a range of feasible outcomes rather than simply point estimates. Derivation of estimates of the structural budget balance, while far from an exact science, can provide useful guidance for fiscal policy making. However, a range of ot ...
... subject our key assumptions to sensitivity tests that will give us a range of feasible outcomes rather than simply point estimates. Derivation of estimates of the structural budget balance, while far from an exact science, can provide useful guidance for fiscal policy making. However, a range of ot ...
NBER WORKING PAPER SERIES Joshua Aizenman
... While this moral hazard concern is important, in principle one could design a federal stimulus program that would involve transfers to states but would not reward states that had made past fiscal mistakes. For example, this can be done by channelling funds to states on a percapita basis, such that e ...
... While this moral hazard concern is important, in principle one could design a federal stimulus program that would involve transfers to states but would not reward states that had made past fiscal mistakes. For example, this can be done by channelling funds to states on a percapita basis, such that e ...
NBER WORKING PAPER SERIES DE FACTO FISCAL SPACE AND FISCAL STIMULUS:
... in a counter-cyclical manner. A frequent concern about ‘fiscal space’ is the lack of clarity about it. In attempts to clarify this fuzzy concept, Heller (2005) defined it “as room in a government’s budget that allows it to provide resources for a desired purpose without jeopardizing the sustainabili ...
... in a counter-cyclical manner. A frequent concern about ‘fiscal space’ is the lack of clarity about it. In attempts to clarify this fuzzy concept, Heller (2005) defined it “as room in a government’s budget that allows it to provide resources for a desired purpose without jeopardizing the sustainabili ...
Contents pdf 122.6 KB
... consumption tend to support standard presumptions. In particular, they indicate that a positive shock to expenditure increases GDP and private consumption, whereas a positive shock to revenue reduces them. In both cases, the impact on GDP reaches a maximum after about two years. The paper by Momigli ...
... consumption tend to support standard presumptions. In particular, they indicate that a positive shock to expenditure increases GDP and private consumption, whereas a positive shock to revenue reduces them. In both cases, the impact on GDP reaches a maximum after about two years. The paper by Momigli ...
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... was required. This policy could be used to stimulate the economy or to slow it down.7 If cyclically adjusted revenue exceeded cyclically adjusted expenditure, fiscal policy would justify more spending or less taxation. If the reverse were true, fiscal action would promote less spending or higher tax ...
... was required. This policy could be used to stimulate the economy or to slow it down.7 If cyclically adjusted revenue exceeded cyclically adjusted expenditure, fiscal policy would justify more spending or less taxation. If the reverse were true, fiscal action would promote less spending or higher tax ...
Enhancing Effectiveness of Fiscal Policy
... can be successfully broken by mobilizing domestic resources for investment energetically. Fiscal policy can play an important role in enhancing domestic resource mobilisation (b) Resource allocation to achieve accelerated growth: Fiscal policy entails use of government expenditure and tax policies t ...
... can be successfully broken by mobilizing domestic resources for investment energetically. Fiscal policy can play an important role in enhancing domestic resource mobilisation (b) Resource allocation to achieve accelerated growth: Fiscal policy entails use of government expenditure and tax policies t ...
Is Fiscal Policy Contracyclical in India?
... give rise to econometric problems, we apply Dickey Fuller [augmented] and Phillips Perron test to examine the stationarity. The Table 1 reported the Unit root test result of both fiscal stance and output gap. The result indicates that both fiscal stance and output gap are stationary at I (1). ...
... give rise to econometric problems, we apply Dickey Fuller [augmented] and Phillips Perron test to examine the stationarity. The Table 1 reported the Unit root test result of both fiscal stance and output gap. The result indicates that both fiscal stance and output gap are stationary at I (1). ...
the full text
... In an effort to deal with the decaying economy, the IMF/World Bank sponsored Economic Recovery and Structural Adjustment Programs were launched in 1983. The fiscal stabilization and consolidation process that ensued ensured tax collection improved and with significant donor support, government spend ...
... In an effort to deal with the decaying economy, the IMF/World Bank sponsored Economic Recovery and Structural Adjustment Programs were launched in 1983. The fiscal stabilization and consolidation process that ensued ensured tax collection improved and with significant donor support, government spend ...
Gregg JEC Testimony 9-8-16
... not conducive to the bipartisan agreement necessary for major tax and entitlement reforms. Other committees, especially Finance and Appropriation in the Senate, view the Budget Committee and the budget resolution as a threat to their jurisdiction and areas of responsibility. Authorizing committees j ...
... not conducive to the bipartisan agreement necessary for major tax and entitlement reforms. Other committees, especially Finance and Appropriation in the Senate, view the Budget Committee and the budget resolution as a threat to their jurisdiction and areas of responsibility. Authorizing committees j ...
Institutional Conditions of Expansionary Fiscal Consolidations
... Recently, the short-term effects of fiscal consolidation have attracted increasing attention from both the academia and policy-makers. Authors in the literature on non-Keynesian effects usually put the emphasis on the need for the devaluation of the national currency, the accommodating reaction of t ...
... Recently, the short-term effects of fiscal consolidation have attracted increasing attention from both the academia and policy-makers. Authors in the literature on non-Keynesian effects usually put the emphasis on the need for the devaluation of the national currency, the accommodating reaction of t ...
Fiscal Performance and Reelection across Brazilian States
... In a recent paper, Brender and Drazen (2005a) find evidence in favor of a political budget cycle in a cross-section of countries by moving ahead in the explanation and suggesting that it is only data on new democracies that support the existence of electoral cycles reflected in higher reelection pro ...
... In a recent paper, Brender and Drazen (2005a) find evidence in favor of a political budget cycle in a cross-section of countries by moving ahead in the explanation and suggesting that it is only data on new democracies that support the existence of electoral cycles reflected in higher reelection pro ...
15.1 The Evolution of Fiscal Policy Objectives
... aggregate demand. Each round of income and spending increases aggregate spending a little more. The multiplier effect of fiscal policy says that any change in fiscal policy affects aggregate demand by more than the original change in spending or taxing. CONTEMPORARY ECONOMICS ...
... aggregate demand. Each round of income and spending increases aggregate spending a little more. The multiplier effect of fiscal policy says that any change in fiscal policy affects aggregate demand by more than the original change in spending or taxing. CONTEMPORARY ECONOMICS ...