Fiscal rules OK?
... rules might make governments more responsible, but equally governments that are more responsible are more likely to make rules. Breugel, a European economics think tank, recently found that rules do not usually act to restrain governments, and are better understood as public statements of a governme ...
... rules might make governments more responsible, but equally governments that are more responsible are more likely to make rules. Breugel, a European economics think tank, recently found that rules do not usually act to restrain governments, and are better understood as public statements of a governme ...
Contents pdf 122.6 KB
... fiscal policy may become less effective as integration within the Euro area progresses. In such a context, given the loss of a national monetary policy, fiscal policy needs to play a more significant role in smoothing the impact of country-specific shocks. The authors find no evidence that fiscal po ...
... fiscal policy may become less effective as integration within the Euro area progresses. In such a context, given the loss of a national monetary policy, fiscal policy needs to play a more significant role in smoothing the impact of country-specific shocks. The authors find no evidence that fiscal po ...
Budget Paper No. 3: Federal Financial Relations 2017-18
... The Loan Council considers jurisdictions’ nominated borrowings for the forthcoming year, having regard to each jurisdiction’s fiscal position and infrastructure requirements, as well as to the macroeconomic implications of the aggregate figure. The Loan Council considered Loan Council Allocation (LC ...
... The Loan Council considers jurisdictions’ nominated borrowings for the forthcoming year, having regard to each jurisdiction’s fiscal position and infrastructure requirements, as well as to the macroeconomic implications of the aggregate figure. The Loan Council considered Loan Council Allocation (LC ...
Fiscal Performance and Reelection across Brazilian States
... 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 prospects. In other words, the Nordhaus story comes back to life in a more subtle form: true, ...
... 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 prospects. In other words, the Nordhaus story comes back to life in a more subtle form: true, ...
D : M F I
... nature, may at times go beyond an accounting time frame of a year, but there could be an automatic correction. However, persisting imbalances are structural and more difficult to address. These may arise from the inability to raise revenues or contain expenditure or a combination of both. As was ind ...
... nature, may at times go beyond an accounting time frame of a year, but there could be an automatic correction. However, persisting imbalances are structural and more difficult to address. These may arise from the inability to raise revenues or contain expenditure or a combination of both. As was ind ...
budget 2015 economic and fiscal outlook
... Private consumption is set to grow by 1.7 per cent this year. Although purchases of durable goods has been healthy, continued weakness in consumption of services is in evidence. Private consumption is set to pick up to 2.7 per cent next year on the back of continued employment growth and a more rela ...
... Private consumption is set to grow by 1.7 per cent this year. Although purchases of durable goods has been healthy, continued weakness in consumption of services is in evidence. Private consumption is set to pick up to 2.7 per cent next year on the back of continued employment growth and a more rela ...
EN EN 1. Introduction Regulation (EU) No 473/2013 of the
... The time profile of the measures should be specified in order to distinguish measures with a transitory budgetary effect that does not lead to a sustained change in the intertemporal budgetary position (i.e. in the permanent level of revenues or expenditure) from those having a permanent budgetary e ...
... The time profile of the measures should be specified in order to distinguish measures with a transitory budgetary effect that does not lead to a sustained change in the intertemporal budgetary position (i.e. in the permanent level of revenues or expenditure) from those having a permanent budgetary e ...
Risk factors in the establishment and running of EMU
... Taking a historic view of the preparations for monetary union remains important even after the birth of EMU, because reform of the political outlook of monetary integration created risk factors over the preparatory period that would necessarily persist into the early years of its operation. These ri ...
... Taking a historic view of the preparations for monetary union remains important even after the birth of EMU, because reform of the political outlook of monetary integration created risk factors over the preparatory period that would necessarily persist into the early years of its operation. These ri ...
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 ...
Assessment of the Fiscal Stance
... maturities has further improved the General Government deficit projected for 2015 by 0.6 percent of GDP (see Box C in Chapter 2 for an analysis of this transaction). Assuming a General Government deficit of 7.7 percent of GDP for 2012, with partial carryover of the unexpected improvements into the y ...
... maturities has further improved the General Government deficit projected for 2015 by 0.6 percent of GDP (see Box C in Chapter 2 for an analysis of this transaction). Assuming a General Government deficit of 7.7 percent of GDP for 2012, with partial carryover of the unexpected improvements into the y ...
Chapter 4 D : M
... average of Rs. 28941 crore during the VIII Plan (1992-1997) to Rs. 100986 crore in 2003-04. The average annual rate of growth of revenue deficit was 18.22 per cent. A negative spread between the trend growth of revenue receipts and revenue expenditure contributed to the surge in revenue deficit. In ...
... average of Rs. 28941 crore during the VIII Plan (1992-1997) to Rs. 100986 crore in 2003-04. The average annual rate of growth of revenue deficit was 18.22 per cent. A negative spread between the trend growth of revenue receipts and revenue expenditure contributed to the surge in revenue deficit. In ...
- RWI Essen
... In early 2012, Greece requested further assistance, which was then provided by the EFSF and accompanied by a private sector involvement (PSI) to reduce the amount of outstanding public debt. Finally, in 2013 it was Cyprus’ turn: after a formal request by the country in June 2012, the assistance pro ...
... In early 2012, Greece requested further assistance, which was then provided by the EFSF and accompanied by a private sector involvement (PSI) to reduce the amount of outstanding public debt. Finally, in 2013 it was Cyprus’ turn: after a formal request by the country in June 2012, the assistance pro ...
Macroeconomic Asymmetry and Imbalance in the Eurozone Abstract
... of growing imbalances which give rise to negative externalities for the entire Union (c). a/ The process of European Economic and Monetary Unification (EMU) engenders costs in terms of growth and competitiveness in less developed countries. …Costs associated with the single market The costs of the E ...
... of growing imbalances which give rise to negative externalities for the entire Union (c). a/ The process of European Economic and Monetary Unification (EMU) engenders costs in terms of growth and competitiveness in less developed countries. …Costs associated with the single market The costs of the E ...
Section 16. General Management of Fiscal Risks
... Fiscal risks are classified as: general economic risks, (e.g., lower economic growth than predicated resulting in loss of government revenues); or specific risks (e.g., potential cost of natural disasters). Fiscal risks from contingent and other opaque liabilities (e.g., government guarantees) can c ...
... Fiscal risks are classified as: general economic risks, (e.g., lower economic growth than predicated resulting in loss of government revenues); or specific risks (e.g., potential cost of natural disasters). Fiscal risks from contingent and other opaque liabilities (e.g., government guarantees) can c ...
Monetary Policy in Post-Stabilization LICs
... went into reserves and spending did not increase. ...
... went into reserves and spending did not increase. ...
The Benefits and “How-To” of Multiple Year Budgeting
... • A Budget Task Force provides input to the County Executive for development of the Recommended Budget. – The Budget Task Force is comprised of the Deputy ...
... • A Budget Task Force provides input to the County Executive for development of the Recommended Budget. – The Budget Task Force is comprised of the Deputy ...
COMMISSION STAFF WORKING DOCUMENT Analysis of the
... Portugal has been under the excessive deficit procedure since 2 December 2009. On 9 October 2012, the Council concluded that unexpected adverse economic events with major unfavourable consequences for government finances could be considered to have occurred in Portugal and adopted a revised recommen ...
... Portugal has been under the excessive deficit procedure since 2 December 2009. On 9 October 2012, the Council concluded that unexpected adverse economic events with major unfavourable consequences for government finances could be considered to have occurred in Portugal and adopted a revised recommen ...
Titel
... The D-mark and German unification: myth and reality An experience of life: „one mistake brings on the next“ No political union lax interpretation of the convergence criteria in 1998 (eleven countries) insufficient surveillance by the EU Commission from the start watering down of the Stab ...
... The D-mark and German unification: myth and reality An experience of life: „one mistake brings on the next“ No political union lax interpretation of the convergence criteria in 1998 (eleven countries) insufficient surveillance by the EU Commission from the start watering down of the Stab ...
Budget and External Deficits: Not Twins but the Same Family an
... account deficit widens) because the boost to income sucks in more imports; see the lower left-hand box. In addition, the interest rate rises, which tends to appreciate the dollar; net imports increase more and some of the potential increase in the interest rate is ameliorated by an even larger inflo ...
... account deficit widens) because the boost to income sucks in more imports; see the lower left-hand box. In addition, the interest rate rises, which tends to appreciate the dollar; net imports increase more and some of the potential increase in the interest rate is ameliorated by an even larger inflo ...
The Fiscal Governance Frameworks of the United States and the
... Fiscal governance in the EU today is characterised by a set of commonly agreed rules at the supranational level, and fiscal policy decisions taken by the sovereign Member States at the national level within the agreed EU legal framework. This so-called ‘rule based system’ has been one of the buildin ...
... Fiscal governance in the EU today is characterised by a set of commonly agreed rules at the supranational level, and fiscal policy decisions taken by the sovereign Member States at the national level within the agreed EU legal framework. This so-called ‘rule based system’ has been one of the buildin ...
Working Paper no 15/2005 Title: A bottom
... On an overall basis the calculations suggest that structural developments (i.e. changes in structural unemployment and effective labour supply) in most countries have strengthened the structural position of public finances, while fiscal policy has weakened the cyclically adjusted balance from 1995 t ...
... On an overall basis the calculations suggest that structural developments (i.e. changes in structural unemployment and effective labour supply) in most countries have strengthened the structural position of public finances, while fiscal policy has weakened the cyclically adjusted balance from 1995 t ...
Cyclically Adjusted Budget Balances in Slovenia
... budget deficit threshold that a country should not exceed, the operation of automatic fiscal stabilizers might sometimes have to be offset by discretionary fiscal policies so as not to breach that threshold. EU member states are obliged to respect provisions of the fiscal framework embedded in the M ...
... budget deficit threshold that a country should not exceed, the operation of automatic fiscal stabilizers might sometimes have to be offset by discretionary fiscal policies so as not to breach that threshold. EU member states are obliged to respect provisions of the fiscal framework embedded in the M ...
SUSTAINABLE - Progressive Economy
... groups feel that Europe is not working for them. The only way to reconcile them with the European idea is to set clear targets in our new European treaties. For instance, we should set as a minimal target the objective that large companies and high income and wealth individuals pay effective tax rat ...
... groups feel that Europe is not working for them. The only way to reconcile them with the European idea is to set clear targets in our new European treaties. For instance, we should set as a minimal target the objective that large companies and high income and wealth individuals pay effective tax rat ...
Silvia Fedeli* –Francesco Forte° – Ottavio Ricchi^
... 1.1. A new fiscal compact with the value of a binding constitutional rule has been approved by the Council of the European Union and by 16 states member of the Euro zone to limit the deficit and debts of their general governments. The new provisions entails that the member states that ratified the t ...
... 1.1. A new fiscal compact with the value of a binding constitutional rule has been approved by the Council of the European Union and by 16 states member of the Euro zone to limit the deficit and debts of their general governments. The new provisions entails that the member states that ratified the t ...
Bank of Korea - Harvard Kennedy School
... for a sample of 31 countries (sample period up to 2012.) 1. Official forecasters are more over-optimistic than private forecasters on average, at the 2-year horizon for budget balances and at the 1- & 2-year horizon for real GDP forecasts. 2. While euro area governments were very reluctant to foreca ...
... for a sample of 31 countries (sample period up to 2012.) 1. Official forecasters are more over-optimistic than private forecasters on average, at the 2-year horizon for budget balances and at the 1- & 2-year horizon for real GDP forecasts. 2. While euro area governments were very reluctant to foreca ...
Stability and Growth Pact
The Stability and Growth Pact (SGP) is an agreement, among the 28 Member states of the European Union, to facilitate and maintain the stability of the Economic and Monetary Union (EMU). Based primarily on Articles 121 and 126 of the Treaty on the Functioning of the European Union, it consists of fiscal monitoring of members by the European Commission and the Council of Ministers, and the issuing of a yearly recommendation for policy actions to ensure a full compliance with the SGP also in the medium-term. If a Member State breaches the SGP's outlined maximum limit for government deficit and debt, the surveillance and request for corrective action will intensify through the declaration of an Excessive Deficit Procedure (EDP); and if these corrective actions continue to remain absent after multiple warnings, the Member State can ultimately be issued economic sanctions. The pact was outlined by a resolution and two council regulations in July 1997. The first regulation ""on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies"", known as the ""preventive arm"", entered into force 1 July 1998. The second regulation ""on speeding up and clarifying the implementation of the excessive deficit procedure"", known as the ""dissuasive arm"", entered into force 1 January 1999.The purpose of the pact was to ensure that fiscal discipline would be maintained and enforced in the EMU. All EU member states are automatically members of both the EMU and the SGP, as this is defined by paragraphs in the EU Treaty itself. The fiscal discipline is ensured by the SGP by requiring each Member State, to implement a fiscal policy aiming for the country to stay within the limits on government deficit (3% of GDP) and debt (60% of GDP); and in case of having a debt level above 60% it should each year decline with a satisfactory pace towards a level below. As outlined by the ""preventive arm"" regulation, all EU member states are each year obliged to submit a SGP compliance report for the scrutiny and evaluation of the European Commission and the Council of Ministers, that will present the country's expected fiscal development for the current and subsequent three years. These reports are called ""stability programmes"" for eurozone Member States and ""convergence programmes"" for non-eurozone Member States, but despite having different titles they are identical in regards of the content. After the reform of the SGP in 2005, these programmes have also included the Medium-Term budgetary Objectives (MTO's), being individually calculated for each Member State as the medium-term sustainable average-limit for the country's structural deficit, and the Member State is also obliged to outline the measures it intends to implement to attain its MTO. If the EU Member State does not comply with both the deficit limit and the debt limit, a so-called ""Excessive Deficit Procedure"" (EDP) is initiated along with a deadline to comply, which basically includes and outlines an ""adjustment path towards reaching the MTO"". This procedure is outlined by the ""dissuasive arm"" regulation.The SGP was initially proposed by German finance minister Theo Waigel in the mid-1990s. Germany had long maintained a low-inflation policy, which had been an important part of the German economy's strong performance since the 1950s. The German government hoped to ensure the continuation of that policy through the SGP, which would ensure the prevalence of fiscal responsibility, and limit the ability of governments to exert inflationary pressures on the European economy. As such, it was also described to be a key tool for the Member States adopting the euro, to ensure that they did not only meet the Maastricht convergence criteria at the time of adopting the euro, but kept on to comply with the fiscal criteria for the following years.