11 update of the luxembourg stability and growth programme for the
... will pay particular attention to maintaining a competitive tax environment for businesses. A certain number of circumstances make it all the more necessary for Luxembourg to take up the challenge of budgetary consolidation. Indeed, in the long run, robust and sustainable public finances play a major ...
... will pay particular attention to maintaining a competitive tax environment for businesses. A certain number of circumstances make it all the more necessary for Luxembourg to take up the challenge of budgetary consolidation. Indeed, in the long run, robust and sustainable public finances play a major ...
Chapter 1 U G F
... The economy has shown signs of recovery in 2009-10 and there is a need to revert to the fiscal correction path as recommended by the Thirteenth Finance Commission and as emphasized in the budget speech in 2009-10 and 2010-11. High growth target of 9 per cent with inclusive development is achievable ...
... The economy has shown signs of recovery in 2009-10 and there is a need to revert to the fiscal correction path as recommended by the Thirteenth Finance Commission and as emphasized in the budget speech in 2009-10 and 2010-11. High growth target of 9 per cent with inclusive development is achievable ...
Reforming Fiscal Governance in the European Union
... and Monetary Union (EMU) and the euro area crisis led to major changes to the framework, including the 2005 reforms, the 2011 Six Pack, the 2012 Fiscal Compact, and the 2013 Two Pack. The successive reforms have helped to strengthen fiscal policy guidance, but they have also made the framework signi ...
... and Monetary Union (EMU) and the euro area crisis led to major changes to the framework, including the 2005 reforms, the 2011 Six Pack, the 2012 Fiscal Compact, and the 2013 Two Pack. The successive reforms have helped to strengthen fiscal policy guidance, but they have also made the framework signi ...
ppt - Harvard Kennedy School
... for a sample of 26 countries (sample period up to 2013.) 1. Official forecasters are more over-optimistic than private forecasters on average, at the 1- & 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 f ...
... for a sample of 26 countries (sample period up to 2013.) 1. Official forecasters are more over-optimistic than private forecasters on average, at the 1- & 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 f ...
2004-1
... between generations. Secondly, public debate about the need to consider the implications of current government policy on future generations has been conducted outside of any framework of objectives. In essence, the general objective is to balance the budget, but there are various conceptual framewor ...
... between generations. Secondly, public debate about the need to consider the implications of current government policy on future generations has been conducted outside of any framework of objectives. In essence, the general objective is to balance the budget, but there are various conceptual framewor ...
The Importance of Being Earnest About Fiscal Responsibility
... banks, the US Federal Reserve, the European Central Bank and the Ba nk of Japan have all tightened monetary policy. More importantly, the slack in the economy has been fully absorbed and the ‘output gap’ has been fully bridged. In fact, the concern today is the precise opposite – that the economy is ...
... banks, the US Federal Reserve, the European Central Bank and the Ba nk of Japan have all tightened monetary policy. More importantly, the slack in the economy has been fully absorbed and the ‘output gap’ has been fully bridged. In fact, the concern today is the precise opposite – that the economy is ...
Chapter 1
... Economic growth in Germany, the largest economy of the euro area, was only 0.6 per cent in 2001, the smallest increase since 1993. Little improvement is expected in 2002, with the annual growth rate forecast at about 0.75 per cent (table 1.2.1). The general government deficit rose to 2.7 per cent of ...
... Economic growth in Germany, the largest economy of the euro area, was only 0.6 per cent in 2001, the smallest increase since 1993. Little improvement is expected in 2002, with the annual growth rate forecast at about 0.75 per cent (table 1.2.1). The general government deficit rose to 2.7 per cent of ...
Presentazione standard di PowerPoint
... Different thresholds have been set for catching up countries. Differentiating between positive supply side shocks and excessive demand shocks would be important, but cannot be achieved with a limited number of indicators and statistical thresholds. The economic reading of the scoreboard and the in-d ...
... Different thresholds have been set for catching up countries. Differentiating between positive supply side shocks and excessive demand shocks would be important, but cannot be achieved with a limited number of indicators and statistical thresholds. The economic reading of the scoreboard and the in-d ...
Two decades ago, many people thought that the lesson of the
... technocratic professional estimate. Because labor income is taxed at higher rates than capital income, the change had the effect of artificially raising the forecast for future tax revenue. More importantly, Bush Administration officials argued publically that their tax cuts were consistent with fis ...
... technocratic professional estimate. Because labor income is taxed at higher rates than capital income, the change had the effect of artificially raising the forecast for future tax revenue. More importantly, Bush Administration officials argued publically that their tax cuts were consistent with fis ...
Fiscal Policy in the Global Financial and Economic Crisis First, I
... First, there is the effect of asset markets. The IS-LM-BP model includes asset markets, which react to the fiscal impulse to change interest rates and exchange rates to clear the money market and the foreign exchange market. Since the IS-LM model underlies much of our intuition about economies in de ...
... First, there is the effect of asset markets. The IS-LM-BP model includes asset markets, which react to the fiscal impulse to change interest rates and exchange rates to clear the money market and the foreign exchange market. Since the IS-LM model underlies much of our intuition about economies in de ...
Economic Reforms in the Euro Area: Fiscal and Macro
... common currency’s institutional architecture, the fiscal sustainability of some Member States and structural economic performance and competitiveness of these and others. At the same time, the crisis have since 2010 summoned an unprecedented political will among Member State governments, the Europea ...
... common currency’s institutional architecture, the fiscal sustainability of some Member States and structural economic performance and competitiveness of these and others. At the same time, the crisis have since 2010 summoned an unprecedented political will among Member State governments, the Europea ...
Coming Home to Europe: Greece and the Euro
... European Community a country fulfills this criterion if it does not have an "excessive deficit". In particular, the fiscal deficit should be below 3% of GDP, the public debt below 60% of GDP. If the fiscal deficit and debt are above the thresholds a country can nevertheless comply with the criterion ...
... European Community a country fulfills this criterion if it does not have an "excessive deficit". In particular, the fiscal deficit should be below 3% of GDP, the public debt below 60% of GDP. If the fiscal deficit and debt are above the thresholds a country can nevertheless comply with the criterion ...
Slide 1
... more prominent role in budgetary surveillance to strengthen national ownership, enhance enforcement through national public opinion and complement the economic and policy analysis at EU level. ...
... more prominent role in budgetary surveillance to strengthen national ownership, enhance enforcement through national public opinion and complement the economic and policy analysis at EU level. ...
Fiscal Reaction Function: Evidences from CESEE countries 4
... Economic crisis that recently hit the world left many European countries, both emerging and advanced, with public finance imbalances and sloppy growth prospects. Efforts of European countries to speed up economic growth and fight recession and rising levels of public debt revived academic discussion ...
... Economic crisis that recently hit the world left many European countries, both emerging and advanced, with public finance imbalances and sloppy growth prospects. Efforts of European countries to speed up economic growth and fight recession and rising levels of public debt revived academic discussion ...
Ágnes Csermely Magyar Nemzeti Bank
... Was it euro appreciation (and rest-of-EMU having of larger share of ROW-imports)? Was it US recession (and rest-of-EMU being more relied on trade with the US)? ...
... Was it euro appreciation (and rest-of-EMU having of larger share of ROW-imports)? Was it US recession (and rest-of-EMU being more relied on trade with the US)? ...
Chapter 1
... Phase 1, 1960 -1974: These were years of stable exchange rates, moderate inflation, low debt to GDP ratios and high growth rates. Also it was a period of political unrest, including the imposition of the dictatorship which lasted from 1967 to 1974. Public sector surplus, averaging 0.41% of GDP becam ...
... Phase 1, 1960 -1974: These were years of stable exchange rates, moderate inflation, low debt to GDP ratios and high growth rates. Also it was a period of political unrest, including the imposition of the dictatorship which lasted from 1967 to 1974. Public sector surplus, averaging 0.41% of GDP becam ...
FISCAL AND FINANCIAL STABILITY IN ROMANIA
... The main objective of this research was to examine the way and the extent to which fiscal and monetary policies were correlated in Romania following the transition to a market economy in 1990. We assume that the policies were adopted in order to achieve fiscal and financial stability goals. From suc ...
... The main objective of this research was to examine the way and the extent to which fiscal and monetary policies were correlated in Romania following the transition to a market economy in 1990. We assume that the policies were adopted in order to achieve fiscal and financial stability goals. From suc ...
Is the end of fiscal austerity feasible in Spain?
... Spanish budgetary policy became strongly restrictive and procyclical between 2010 and 2013. Economic authorities argued initially that fiscal consolidation could be associated with an expansion in private domestic demand through some “non-Keynesian effects” such as the expectation of future tax cuts ...
... Spanish budgetary policy became strongly restrictive and procyclical between 2010 and 2013. Economic authorities argued initially that fiscal consolidation could be associated with an expansion in private domestic demand through some “non-Keynesian effects” such as the expectation of future tax cuts ...
briefing on Submission for the 2015/16 Division of Revenue
... economy were felt in 2009 when the growth rate was negative (-1.5%) – In 2010 and 2011, SA economy recovered slightly, growing at just above 3% but export demand from developed countries remained slow • Since then, as poor growth continues in developed economies and somewhat slower growth in large d ...
... economy were felt in 2009 when the growth rate was negative (-1.5%) – In 2010 and 2011, SA economy recovered slightly, growing at just above 3% but export demand from developed countries remained slow • Since then, as poor growth continues in developed economies and somewhat slower growth in large d ...
Slovenia: Euro Area Member Presiding the EU
... This presentation has been prepared and issued by the Issuer to provide preliminary information about the Securities to a limited number of sophisticated prospective investors, to assist them in determining whether they have an interest in the type of Securities described herein. This presentation d ...
... This presentation has been prepared and issued by the Issuer to provide preliminary information about the Securities to a limited number of sophisticated prospective investors, to assist them in determining whether they have an interest in the type of Securities described herein. This presentation d ...
counter-cyclical fiscal policy in vietnam: theory, evidence and policy
... total state budget expenditure, increasing to 58% by 2011. Estimates of recurrent expenditure today is 70% of total government spendings. Inversely, share of expenditure for development is decreasing significantly, from level of over 30 of total public expenditure in 2008 to just over 15% in 2014 an ...
... total state budget expenditure, increasing to 58% by 2011. Estimates of recurrent expenditure today is 70% of total government spendings. Inversely, share of expenditure for development is decreasing significantly, from level of over 30 of total public expenditure in 2008 to just over 15% in 2014 an ...
Spring 2004 Forecast Presentation UK
... Automatic stabilizers operate on the demand side. Progressive taxes and benefit (viz. unemployment) systems make surpluses grow more than output in expansions and less than output in recessions Automatic stabilizers also operate on the supply side: ...
... Automatic stabilizers operate on the demand side. Progressive taxes and benefit (viz. unemployment) systems make surpluses grow more than output in expansions and less than output in recessions Automatic stabilizers also operate on the supply side: ...
FISCAL DEFICITS AND FOREIGN RESERVES EVIDENCE FROM NIGERIA
... run down foreign exchange reserves. By running down reserves instead of printing money, the government can hope for a time to mitigate the inflationary effects of a deficit. This policy appreciates the exchange rate relative to the level it would otherwise have had. The policy of slowing the rate of ...
... run down foreign exchange reserves. By running down reserves instead of printing money, the government can hope for a time to mitigate the inflationary effects of a deficit. This policy appreciates the exchange rate relative to the level it would otherwise have had. The policy of slowing the rate of ...
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.