Deauville Partnership Ministerial Meeting, Arab Countries in Transition
... Political uncertainty and social unrest have kept growth low for a third straight year, impacted policy performance, and clouded the economic outlook. Financial fragilities have continued to build up with rising fiscal deficits, arrears, inflation, and debt, as well as low external buffers. Recent f ...
... Political uncertainty and social unrest have kept growth low for a third straight year, impacted policy performance, and clouded the economic outlook. Financial fragilities have continued to build up with rising fiscal deficits, arrears, inflation, and debt, as well as low external buffers. Recent f ...
'Belgian public finances caught up in a war of attrition'
... this happened mostly exogenously as the country recovered somewhat from the worst of the crisis and the number of unemployed decreased – although it remained three-four times higher than in the early seventies. Since 1990, the gap has been opening again and amounted to 8.7 per cent of the GDP in 200 ...
... this happened mostly exogenously as the country recovered somewhat from the worst of the crisis and the number of unemployed decreased – although it remained three-four times higher than in the early seventies. Since 1990, the gap has been opening again and amounted to 8.7 per cent of the GDP in 200 ...
PDF
... the legislature to pass a balanced budget. Others prohibit the state from carrying over a deficit into the next fiscal year, from carrying it over for more than a year, or from carrying it over into the next biennium. Constitutional and statutory debt limits are designed to restrain governments fro ...
... the legislature to pass a balanced budget. Others prohibit the state from carrying over a deficit into the next fiscal year, from carrying it over for more than a year, or from carrying it over into the next biennium. Constitutional and statutory debt limits are designed to restrain governments fro ...
spd04 Sturm 225562 en
... is defined. A fiscal adjustment is generally defined as a period during which government tries to reduce its budget deficit. To take the impact of the business cycle into account, most authors focus on an improvement in some cyclically adjusted deficit measure. We follow Alesina and Perotti (1995) a ...
... is defined. A fiscal adjustment is generally defined as a period during which government tries to reduce its budget deficit. To take the impact of the business cycle into account, most authors focus on an improvement in some cyclically adjusted deficit measure. We follow Alesina and Perotti (1995) a ...
Fiscal Balancing Act - Peterson Foundation
... requires a more nuanced and dynamic view of balance. In particular, short- and long-run considerations are both in play, the needs of different generations must be taken into account along with distributional concerns within each generation, and financial constraints matched up over time with priori ...
... requires a more nuanced and dynamic view of balance. In particular, short- and long-run considerations are both in play, the needs of different generations must be taken into account along with distributional concerns within each generation, and financial constraints matched up over time with priori ...
THE EURO AND MONETARY POLICY The Perspective from Portugal
... Maastricht criteria seem, indeed, to pay little attention to those prerequisites. Sure that shocks impinging the European economies are not quite or even highly symmetric and labor mobility is not high. For these reasons, it is hard to say that EMU will be an optimal currency area. However, cyclical ...
... Maastricht criteria seem, indeed, to pay little attention to those prerequisites. Sure that shocks impinging the European economies are not quite or even highly symmetric and labor mobility is not high. For these reasons, it is hard to say that EMU will be an optimal currency area. However, cyclical ...
The role of fiscal policy in EMU: a simulation with EUROMON
... issues as well as the different parts of the business cycle. In terms of macroeconomic management however, countries maintain fiscal policy and lose the use of the monetary instrument at the national level. Monetary policy is in use at the European level, but it is not directed to the specific needs ...
... issues as well as the different parts of the business cycle. In terms of macroeconomic management however, countries maintain fiscal policy and lose the use of the monetary instrument at the national level. Monetary policy is in use at the European level, but it is not directed to the specific needs ...
Fundamentals of Management
... 1/ Equatorial Guinea and Libya are not shown because of their very large changes in oil revenue as a ratio to non-oil GDP. ...
... 1/ Equatorial Guinea and Libya are not shown because of their very large changes in oil revenue as a ratio to non-oil GDP. ...
Chapter 9 M G F
... policy has a significant role in maintaining the macroeconomic stability but its efficacy and effectiveness depends upon the structure of fiscal deficit. However, the large structural fiscal deficit caused due to dominant share of structural primary deficit and structural interest payments have redu ...
... policy has a significant role in maintaining the macroeconomic stability but its efficacy and effectiveness depends upon the structure of fiscal deficit. However, the large structural fiscal deficit caused due to dominant share of structural primary deficit and structural interest payments have redu ...
Mr O`Connell gives a review on the euro and the European Central
... appears to have turned the corner and to be on a path of stable, if unspectacular, growth. The European economy should expand by 3% this year and this should be sustained in 2001. The Far East generally is recovering, though the recovery in Japan appears to be very tentative. As always, there are ri ...
... appears to have turned the corner and to be on a path of stable, if unspectacular, growth. The European economy should expand by 3% this year and this should be sustained in 2001. The Far East generally is recovering, though the recovery in Japan appears to be very tentative. As always, there are ri ...
FISCAL CONSOLIDATION: HOW MUCH IS NEEDED TO REDUCE DEBT TO A PRUDENT LEVEL?
... The impact of pension spending can account for a large part of the fiscal gaps for many countries (Figure 4). The fiscal gaps of the countries facing the largest pension financing problems, such as Luxembourg, Belgium and the Netherlands underscore that meeting these challenges would be better addre ...
... The impact of pension spending can account for a large part of the fiscal gaps for many countries (Figure 4). The fiscal gaps of the countries facing the largest pension financing problems, such as Luxembourg, Belgium and the Netherlands underscore that meeting these challenges would be better addre ...
No. 434 - Banco de la República
... permanent (i.e. structural) components of the fiscal balance may allow fiscal authorities to determine the extent to which the fiscal stance in a particular year reflects their discretionary actions. Our findings indicate that the cyclical component of the central government balance in Colombia has ...
... permanent (i.e. structural) components of the fiscal balance may allow fiscal authorities to determine the extent to which the fiscal stance in a particular year reflects their discretionary actions. Our findings indicate that the cyclical component of the central government balance in Colombia has ...
towards a law of sustainable fiscal resources
... The euro zone sovereign debt crisis led to boosting coordination of fiscal policies, appearing more than necessary to achieve consistency with the national fiscal governance of the European Union (EU). Rules enacted in fiscal policy at EU level include (i) The Stability and Growth Pact (SGP), (ii) E ...
... The euro zone sovereign debt crisis led to boosting coordination of fiscal policies, appearing more than necessary to achieve consistency with the national fiscal governance of the European Union (EU). Rules enacted in fiscal policy at EU level include (i) The Stability and Growth Pact (SGP), (ii) E ...
Spanish public finances through the financial crisis
... a loss of competitiveness, a real exchange rate appreciation, sizeable current account deficits, and the build-up of external debt (see, for example, Hernández de Cos and Jimeno, 2013). The subsequent economic crisis in Spain was severe. Between 2007 and 2013 real per capita GDP fell by 9%, while in ...
... a loss of competitiveness, a real exchange rate appreciation, sizeable current account deficits, and the build-up of external debt (see, for example, Hernández de Cos and Jimeno, 2013). The subsequent economic crisis in Spain was severe. Between 2007 and 2013 real per capita GDP fell by 9%, while in ...
Structural Fiscal Rule: A Proposal for Mexico
... thus resulting in a zero structural balance. Given that potential growth does not change in the short run, since it represents the economy’s steady state, then structural revenues also grow at a constant rate. This way, structural fiscal revenues are insulated from the volatility of the business cyc ...
... thus resulting in a zero structural balance. Given that potential growth does not change in the short run, since it represents the economy’s steady state, then structural revenues also grow at a constant rate. This way, structural fiscal revenues are insulated from the volatility of the business cyc ...
Structural Fiscal Rule: A Proposal for Mexico
... thus resulting in a zero structural balance. Given that potential growth does not change in the short run, since it represents the economy’s steady state, then structural revenues also grow at a constant rate. This way, structural fiscal revenues are insulated from the volatility of the business cyc ...
... thus resulting in a zero structural balance. Given that potential growth does not change in the short run, since it represents the economy’s steady state, then structural revenues also grow at a constant rate. This way, structural fiscal revenues are insulated from the volatility of the business cyc ...
Mabbett , Deborah Schelkle , Waltraud. 'Searching under the lamp-post: the evolution of fiscal surveillance' LEQS Paper No. 75, May 2014
... Fiscal surveillance was developed as a supranational regulatory process to counteract shorttermism and deficit biases in government decision-making. With effective monetary policy to stabilize the economy, restraint on the fiscal discretion of national governments was seen as the key to macroeconomi ...
... Fiscal surveillance was developed as a supranational regulatory process to counteract shorttermism and deficit biases in government decision-making. With effective monetary policy to stabilize the economy, restraint on the fiscal discretion of national governments was seen as the key to macroeconomi ...
A budget for the euro area - Direction Générale du Trésor
... by European budget rules can lead to a suboptimal policy mix: • the capacity for countercyclical action by national fiscal policies may be constrained by fiscal rules, even if the latter have been improved considerably. As evidenced by the imbalances accumulated in the course of the 2000s, European ...
... by European budget rules can lead to a suboptimal policy mix: • the capacity for countercyclical action by national fiscal policies may be constrained by fiscal rules, even if the latter have been improved considerably. As evidenced by the imbalances accumulated in the course of the 2000s, European ...
Commission report - European Commission
... provision of the Pact but aims to further reinforce the effectiveness and understanding of its rules and develop a more growth-friendly fiscal stance in the euro area by ensuring the best use of the flexibility enshrined within the Pact, while preserving its credibility and effectiveness in upholdin ...
... provision of the Pact but aims to further reinforce the effectiveness and understanding of its rules and develop a more growth-friendly fiscal stance in the euro area by ensuring the best use of the flexibility enshrined within the Pact, while preserving its credibility and effectiveness in upholdin ...
Presentation to the Annual AEA/ASSA Conference San Francisco, CA
... I certainly agree with John Taylor that the zero bound doesn’t mean that monetary policy has run out of options. At another session this afternoon, I will discuss in detail a range of non-conventional measures, using the Fed’s “balance sheet,” that will be a prime focus for monetary policy going fo ...
... I certainly agree with John Taylor that the zero bound doesn’t mean that monetary policy has run out of options. At another session this afternoon, I will discuss in detail a range of non-conventional measures, using the Fed’s “balance sheet,” that will be a prime focus for monetary policy going fo ...
The Size of the Fiscal Expansion: An Analysis for the... The size of the fiscal stimulus has varied significantly across... why the stimulus differed across large economies.
... other hand, interest rates remain low in others (e.g., France, Germany, Japan, and the U.S.). Also, the fiscal space is larger in countries that have so far expanded less. ...
... other hand, interest rates remain low in others (e.g., France, Germany, Japan, and the U.S.). Also, the fiscal space is larger in countries that have so far expanded less. ...
Implications for Aggregate Fiscal Discipline [220K
... deficit/GDP<3% debt/GDP<60% Credibility of the rule is in this case imposed by a group of countries (with some flexibility), not by the individual countries alone. • Have been effective in helping achieve convergence, but part of the adjustment was achieved through creative accounting, as well as a ...
... deficit/GDP<3% debt/GDP<60% Credibility of the rule is in this case imposed by a group of countries (with some flexibility), not by the individual countries alone. • Have been effective in helping achieve convergence, but part of the adjustment was achieved through creative accounting, as well as a ...
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... Empty cells: No information was provided for these countries in the datasource. (a) Spending rules have been criticized for lowering the quality of public spending. This has led to the adoption of golden rules that specifically exclude investment spending from the cap on the grounds that there is a ...
... Empty cells: No information was provided for these countries in the datasource. (a) Spending rules have been criticized for lowering the quality of public spending. This has led to the adoption of golden rules that specifically exclude investment spending from the cap on the grounds that there is a ...
Adi Mitroi presentation Conference on Financial Stability April 2011
... •Too much debt is dangerous. During boom, central banks, investment bankers and politicians all signed up to the cult of debt; SE Asia is the least levered, best prepared for sustained economic growth (financial and commercial) •Companies went for balance-sheet "efficiency" - and homeowners, piled o ...
... •Too much debt is dangerous. During boom, central banks, investment bankers and politicians all signed up to the cult of debt; SE Asia is the least levered, best prepared for sustained economic growth (financial and commercial) •Companies went for balance-sheet "efficiency" - and homeowners, piled o ...
Adi Mitroi presentation Conference on Financial Stability April 2011
... •Too much debt is dangerous. During boom, central banks, investment bankers and politicians all signed up to the cult of debt; SE Asia is the least levered, best prepared for sustained economic growth (financial and commercial) •Companies went for balance-sheet "efficiency" - and homeowners, piled o ...
... •Too much debt is dangerous. During boom, central banks, investment bankers and politicians all signed up to the cult of debt; SE Asia is the least levered, best prepared for sustained economic growth (financial and commercial) •Companies went for balance-sheet "efficiency" - and homeowners, piled o ...
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.