Strengthening Malta`s Fiscal Framework
... fiscal deficits and high public indebtedness particularly in countries which also run current account deficits. Current account deficits arise when countries borrow excessively from abroad and over time this increases the vulnerability to international financial markets. Furthermore excessive borrow ...
... fiscal deficits and high public indebtedness particularly in countries which also run current account deficits. Current account deficits arise when countries borrow excessively from abroad and over time this increases the vulnerability to international financial markets. Furthermore excessive borrow ...
55838_Ch 07_Executive Board Summary.indd
... activity is high on the policy agenda. As is clear from the evidence gathered in this Fiscal Monitor, fiscal policy has often served this purpose over the last 30 years. Since the mid-1990s, some advanced economies have also increasingly turned to fiscal policy to help stabilize economic conditions. ...
... activity is high on the policy agenda. As is clear from the evidence gathered in this Fiscal Monitor, fiscal policy has often served this purpose over the last 30 years. Since the mid-1990s, some advanced economies have also increasingly turned to fiscal policy to help stabilize economic conditions. ...
What`s Behind the Budget? - Overseas Development Institute
... of the budget process; d) Incentives for action (covert as well as overt) affecting the decisionmaking of politicians and officials during budget formulation and execution; e) The latitude for independent discretionary action of bureaucrats at all levels of the budget execution process; f) The norms ...
... of the budget process; d) Incentives for action (covert as well as overt) affecting the decisionmaking of politicians and officials during budget formulation and execution; e) The latitude for independent discretionary action of bureaucrats at all levels of the budget execution process; f) The norms ...
- Public Intelligence
... support intergenerational equity. Containing the size of government is a key function of expenditure rules, as well as of ceilings on revenues. In addition, balance rules can aim to support intergenerational equity by, for instance, requiring the buildup of public assets from the proceeds of exhaust ...
... support intergenerational equity. Containing the size of government is a key function of expenditure rules, as well as of ceilings on revenues. In addition, balance rules can aim to support intergenerational equity by, for instance, requiring the buildup of public assets from the proceeds of exhaust ...
THE CYCLICAL CONDUCT OF ESTONIAN FISCAL POLICY
... Appendix 1. Macroeconomic indicators 1996-2012, % .............................................. 79 Appendix 2. Annual real growth in quarterly GDP 1996-2012, % ............................. 80 Appendix 3. General government fiscal balances 1996-2012, % GDP ...................... 81 Appendix 4. Diag ...
... Appendix 1. Macroeconomic indicators 1996-2012, % .............................................. 79 Appendix 2. Annual real growth in quarterly GDP 1996-2012, % ............................. 80 Appendix 3. General government fiscal balances 1996-2012, % GDP ...................... 81 Appendix 4. Diag ...
The effects of fiscal policy on the conduct and transmission
... undergone significant changes overtime. For example, monetary policy had multiple objectives while fiscal policy was mostly socialist in nature supporting huge subsidies and inward-looking industrialization strategies. Prior to the 1990s, monetary policy was subordinated towards supporting governmen ...
... undergone significant changes overtime. For example, monetary policy had multiple objectives while fiscal policy was mostly socialist in nature supporting huge subsidies and inward-looking industrialization strategies. Prior to the 1990s, monetary policy was subordinated towards supporting governmen ...
Monetary–Fiscal Interactions: How to Improve Policy Outcomes?* Jan Libich, James Savage
... Stephen spoke on his idea for the re-design of fiscal rules – along the lines of the institutional changes towards independence, transparency and accountability that have occurred in monetary policy. The main motivation for fiscal rules is to limit the government’s capacity to spend excessively even ...
... Stephen spoke on his idea for the re-design of fiscal rules – along the lines of the institutional changes towards independence, transparency and accountability that have occurred in monetary policy. The main motivation for fiscal rules is to limit the government’s capacity to spend excessively even ...
mmi14-Fidrmuc Jan 19104740 en
... debt stabilization programme as something distant from their perspective. On the other hand, at high levels of debt, as a major fiscal consolidation is imminent, people react to government ...
... debt stabilization programme as something distant from their perspective. On the other hand, at high levels of debt, as a major fiscal consolidation is imminent, people react to government ...
Fiscal Rules in Response to the Crisis--Toward the "Next
... on budgetary aggregates.4 This implies that boundaries are set for fiscal policy which cannot be frequently changed and some operational guidance is provided by specifying a numerical target that limits a particular budgetary aggregate. Rules aim at correcting distorted incentives and containing pre ...
... on budgetary aggregates.4 This implies that boundaries are set for fiscal policy which cannot be frequently changed and some operational guidance is provided by specifying a numerical target that limits a particular budgetary aggregate. Rules aim at correcting distorted incentives and containing pre ...
Euro area fiscal stance - European Commission
... between stabilisation and sustainability in the euro area widens and the projected euro area fiscal stance cannot be regarded as optimal from the stabilisation perspective. Compared with the baseline, the reduction of the negative output gap in the adverse scenario is more limited, calling for a mor ...
... between stabilisation and sustainability in the euro area widens and the projected euro area fiscal stance cannot be regarded as optimal from the stabilisation perspective. Compared with the baseline, the reduction of the negative output gap in the adverse scenario is more limited, calling for a mor ...
The Government`s fiscal framework
... Monetary policy framework 1.4 In May 1997, the Government announced the establishment of a new monetary policy framework for the UK, with independent operational responsibility for meeting its monetary policy objectives transferred to the newly created Monetary Policy Committee (MPC) of the Bank of ...
... Monetary policy framework 1.4 In May 1997, the Government announced the establishment of a new monetary policy framework for the UK, with independent operational responsibility for meeting its monetary policy objectives transferred to the newly created Monetary Policy Committee (MPC) of the Bank of ...
The Government and Fiscal Policy
... • 6). Refer to Figure 9.1. Suppose that the consumption function is C = 400 + 0.5Yd and taxes are $200 billion, at equilibrium the value of autonomous consumption is • A) $400 billion. • B) $300 billion. • C) $100 billion. • D) $200 billion ...
... • 6). Refer to Figure 9.1. Suppose that the consumption function is C = 400 + 0.5Yd and taxes are $200 billion, at equilibrium the value of autonomous consumption is • A) $400 billion. • B) $300 billion. • C) $100 billion. • D) $200 billion ...
Chapter 2. Can Fiscal Policy Stabilize Output?
... How Fiscal Policy Influences Economic Activity To stabilize output in the near term, governments can affect economic activity and jobs by influencing domestic demand for goods and services.2 They can do this directly by changing public investment and consumption or indirectly by adjusting taxes and ...
... How Fiscal Policy Influences Economic Activity To stabilize output in the near term, governments can affect economic activity and jobs by influencing domestic demand for goods and services.2 They can do this directly by changing public investment and consumption or indirectly by adjusting taxes and ...
ON AMENDMENTS AND ADDENDA TO THE BUDGET SYSTEM LAW
... framework, in order to provide for a long-term sustainability of the fiscal policy. This Law shall introduce the Fiscal Council, as an independent body to assess the credibility of fiscal policy from the aspect of the defined fiscal rules' implementation and thus to provide for the public character ...
... framework, in order to provide for a long-term sustainability of the fiscal policy. This Law shall introduce the Fiscal Council, as an independent body to assess the credibility of fiscal policy from the aspect of the defined fiscal rules' implementation and thus to provide for the public character ...
Marco Cangiano , E. Baldacci , S. Mahfouz , andAxel Schimmelpfenning The Effectiveness of Fiscal Policy in Stimulating Economic Activity: An Empirical Investigation (Second IMF Research Conference)..
... economic activity, particularly given the recessions in Asian crisis countries, the prolonged slump in Japan and, more recently, the slowdown in the United States. Lane and others (1999), while noting fiscal policy in the Asian crisis countries became increasingly oriented toward supporting economic ...
... economic activity, particularly given the recessions in Asian crisis countries, the prolonged slump in Japan and, more recently, the slowdown in the United States. Lane and others (1999), while noting fiscal policy in the Asian crisis countries became increasingly oriented toward supporting economic ...
Cyclicality of Fiscal Policy over the Business Cycle: An Empirical
... policy over the business cycle by running GMM regressions of the detrended log of government consumption as dependent variable and the detrended log of real GDP as an explanatory variable. He finds evidence that government consumption and output are positively related for the cases of the developin ...
... policy over the business cycle by running GMM regressions of the detrended log of government consumption as dependent variable and the detrended log of real GDP as an explanatory variable. He finds evidence that government consumption and output are positively related for the cases of the developin ...
Fiscal multipliers and beyond - ECB
... consolidation on the public debt-to-GDP ratio for a selected sample of individual euro area countries and the euro area aggregate. In a first step, the paper estimates threshold multipliers that would lead to self-defeating consolidation, in the sense of driving the public debt-to-GDP ratio up, to t ...
... consolidation on the public debt-to-GDP ratio for a selected sample of individual euro area countries and the euro area aggregate. In a first step, the paper estimates threshold multipliers that would lead to self-defeating consolidation, in the sense of driving the public debt-to-GDP ratio up, to t ...
The Structural Balance Rule in Chile: Ten Years, Ten Lessons
... force during two recessions, an expansionary period, and an earthquake, including recovery and reconstruction. Experts in public finance, financial analysts, and international organizations single out the Chilean fiscal rule as a fundamental pillar of the country’s macroeconomic stability and an exa ...
... force during two recessions, an expansionary period, and an earthquake, including recovery and reconstruction. Experts in public finance, financial analysts, and international organizations single out the Chilean fiscal rule as a fundamental pillar of the country’s macroeconomic stability and an exa ...
Is discretionary fiscal policy a mitigating mechanism that coun
... The majority of the EMU member countries witnessed a convergence in real and financial macroeconomic variables during the pre- Maastricht Treaty (MT). This was partly due to the fiscal requirements introduced with the MT and that was furthermore deepened with the Stability Growth Pact (SGP). Limitat ...
... The majority of the EMU member countries witnessed a convergence in real and financial macroeconomic variables during the pre- Maastricht Treaty (MT). This was partly due to the fiscal requirements introduced with the MT and that was furthermore deepened with the Stability Growth Pact (SGP). Limitat ...
NBER WORKING PAPER SERIES GROWTH FORECAST ERRORS AND FISCAL MULTIPLIERS Daniel Leigh
... economies in early 2010. Growth forecast errors thus measure the difference between actual cumulative real GDP (year-over-year) growth during 2010–11, based on the latest data, minus the forecast prepared for the April 2010 WEO (IMF, 2010c).9 The forecast of fiscal consolidation is the forecast of t ...
... economies in early 2010. Growth forecast errors thus measure the difference between actual cumulative real GDP (year-over-year) growth during 2010–11, based on the latest data, minus the forecast prepared for the April 2010 WEO (IMF, 2010c).9 The forecast of fiscal consolidation is the forecast of t ...
Indicators of Fiscal Impulse for New Zealand
... have an approximate estimate of fiscal impulse. Estimates of fiscal impulse range from simple indicators based on fiscal aggregates, to more complicated approaches requiring greater use of judgement and economic theory. This paper develops reasonably simple indicators based on adjusted fiscal aggreg ...
... have an approximate estimate of fiscal impulse. Estimates of fiscal impulse range from simple indicators based on fiscal aggregates, to more complicated approaches requiring greater use of judgement and economic theory. This paper develops reasonably simple indicators based on adjusted fiscal aggreg ...
Fiscal Multipliers and Beyond - Instituto de Estudios Fiscales
... dation tend to be state dependent. Most importantly, they are larger in recessions and in times of financial stress. On the other hand, multipliers are found to be smaller when fiscal posi tions are precarious, in particular, when the government debt ratio is high. Given that these three factors te ...
... dation tend to be state dependent. Most importantly, they are larger in recessions and in times of financial stress. On the other hand, multipliers are found to be smaller when fiscal posi tions are precarious, in particular, when the government debt ratio is high. Given that these three factors te ...
Size, Determinants, and Use in Macroeconomic Projections
... exogenous policy changes correctly, because, for example, changes in revenues are not only due to output developments and discretionary policy, but also to asset and commodity price movements (IMF, 2010). The narrative approach instead seeks to identify exogenous fiscal shocks directly. On the tax s ...
... exogenous policy changes correctly, because, for example, changes in revenues are not only due to output developments and discretionary policy, but also to asset and commodity price movements (IMF, 2010). The narrative approach instead seeks to identify exogenous fiscal shocks directly. On the tax s ...
Riding the Roller Coaster: Fiscal Policies of Nonrenewable
... have put in place numerical fiscal rules and/or resource funds to help address the significant challenges that volatile, uncertain, and exhaustible resource revenues pose to fiscal management. In many cases, rules and funds have also been motivated by political economy considerations: they have been ...
... have put in place numerical fiscal rules and/or resource funds to help address the significant challenges that volatile, uncertain, and exhaustible resource revenues pose to fiscal management. In many cases, rules and funds have also been motivated by political economy considerations: they have been ...
Budget - Government of Manitoba
... the deficit would be eliminated by 2016. From 2005/06 to 2015/16, core government revenues grew at a reasonable and predictable pace, averaging 3.8%. Expenditures on the other hand, grew at 4.7%, outstripping the revenue growth. It is clear that these annual deficits were not the result of a revenue ...
... the deficit would be eliminated by 2016. From 2005/06 to 2015/16, core government revenues grew at a reasonable and predictable pace, averaging 3.8%. Expenditures on the other hand, grew at 4.7%, outstripping the revenue growth. It is clear that these annual deficits were not the result of a revenue ...