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Slide 1
... Efficient governments are key to create competitive business environments, stimulate growth and innovation. Moreover, well-performing administrations are essential to ensure that citizens and businesses can benefit fully from the advantages of EU membership. * Government effectiveness captures perce ...
... Efficient governments are key to create competitive business environments, stimulate growth and innovation. Moreover, well-performing administrations are essential to ensure that citizens and businesses can benefit fully from the advantages of EU membership. * Government effectiveness captures perce ...
Macro Chapter 7 Lecture
... • When there is a recessionary gap, governments should spend and tax in a way that increases aggregate demand. • When there is an inflationary gap, governments should spend and tax in a way that reduces aggregate demand. ...
... • When there is a recessionary gap, governments should spend and tax in a way that increases aggregate demand. • When there is an inflationary gap, governments should spend and tax in a way that reduces aggregate demand. ...
Assessment of the 2015 Convergence Programme for CROATIA
... Croatia is currently subject to the corrective arm of the Stability and Growth Pact. The Council opened the Excessive Deficit Procedure based on both deficit and debt on 28 January 2014. Croatia was recommended to correct the excessive deficit situation by 2016. The year following the correction of ...
... Croatia is currently subject to the corrective arm of the Stability and Growth Pact. The Council opened the Excessive Deficit Procedure based on both deficit and debt on 28 January 2014. Croatia was recommended to correct the excessive deficit situation by 2016. The year following the correction of ...
Fiscal Policy Measures and Balance of Payments in Nigeria
... deficit financing tend to simulate the flow of imports in an expanding economy, it may not pose a serious problem when the economy is in recession. Their research work also demonstrated that the twin deficit proposition is not universally supported. If anything, the incidence of twin deficits appear ...
... deficit financing tend to simulate the flow of imports in an expanding economy, it may not pose a serious problem when the economy is in recession. Their research work also demonstrated that the twin deficit proposition is not universally supported. If anything, the incidence of twin deficits appear ...
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... Part of the results of the study is reproduced in the figure. There have been 49 (size definition) or 74 (persistence definition) consolidation episodes. About half of them (24 and 43, respectively) have been connected with higher growth. Again half of them (11 and 19, respectively) are considered a ...
... Part of the results of the study is reproduced in the figure. There have been 49 (size definition) or 74 (persistence definition) consolidation episodes. About half of them (24 and 43, respectively) have been connected with higher growth. Again half of them (11 and 19, respectively) are considered a ...
Greek Great Recession Competitiveness Expectations Reinventions
... Greek Great Recession Competitiveness Expectations Reinventions EU/EZ a crossroads Macro policy tools in view of the Great ...
... Greek Great Recession Competitiveness Expectations Reinventions EU/EZ a crossroads Macro policy tools in view of the Great ...
Before EMU Starts: Economic Policy Stimulates Recovery
... of the impulses from economic policy. In practically all countries, capacity utilization will reach or even surpass its normal level in the course of next year. As central banks will be expansionary in the fourth consecutive year, the phase of disinflation in Europe is coming to an end. Inflation wi ...
... of the impulses from economic policy. In practically all countries, capacity utilization will reach or even surpass its normal level in the course of next year. As central banks will be expansionary in the fourth consecutive year, the phase of disinflation in Europe is coming to an end. Inflation wi ...
Public finances in Portugal: a brief long- run view
... the budget deficit from going above the 3 per cent limit, did not address the structural factors behind the underlying Portuguese fiscal imbalances. Additionally, after the 2002 EDP, the consolidation strategy also included an increase in the standard VAT rate (from 17 to 19 per cent, which was agai ...
... the budget deficit from going above the 3 per cent limit, did not address the structural factors behind the underlying Portuguese fiscal imbalances. Additionally, after the 2002 EDP, the consolidation strategy also included an increase in the standard VAT rate (from 17 to 19 per cent, which was agai ...
The State's Budget Problem .~
... that could be considered. For instance, the Governor's November proposal to address the current-year shortfall (see. Figure 3) includes two major expenditure reduction options: (1) suspension of Proposition 98 and (2) a reduction in the state's renters' tax credit. These proposals, however, were rej ...
... that could be considered. For instance, the Governor's November proposal to address the current-year shortfall (see. Figure 3) includes two major expenditure reduction options: (1) suspension of Proposition 98 and (2) a reduction in the state's renters' tax credit. These proposals, however, were rej ...
Word - The Open University
... In many ways the introduction of the Euro both begged the question of an integrated financial system for Europe (or the Euro-zone in the first instance) and was stimulated by its own success. This success can be measured in terms of a relatively lowinflation economy and, after a shaky start, the Eur ...
... In many ways the introduction of the Euro both begged the question of an integrated financial system for Europe (or the Euro-zone in the first instance) and was stimulated by its own success. This success can be measured in terms of a relatively lowinflation economy and, after a shaky start, the Eur ...
Fiscal Divergence and Business Cycle Synchronization
... Both OLS and IV estimates seems to be highly significant, so we suspect that the true parameter is between them, with OLS being the upper bound (lower in absolute terms). ...
... Both OLS and IV estimates seems to be highly significant, so we suspect that the true parameter is between them, with OLS being the upper bound (lower in absolute terms). ...
Forecasting fiscal variables
... Giannitsarou and Scott (2006) for a group of OECD economies. Examining the fiscal balance of governments using an inter-temporal budget constraint, they conclude that the primary surplus has significant explanatory power for achieving fiscal balance. Inflation plays only a very small role for the bu ...
... Giannitsarou and Scott (2006) for a group of OECD economies. Examining the fiscal balance of governments using an inter-temporal budget constraint, they conclude that the primary surplus has significant explanatory power for achieving fiscal balance. Inflation plays only a very small role for the bu ...
Macro-Fiscal Forecasting - Homepage
... 6. The traditional model is to separate responsibility into functional departments within the ministry of finance (and ministry of economy). 7. A macro-fiscal unit can spearhead the development of macro-fiscal capacity, but requires constructive cooperation with budget policy dep’t. ...
... 6. The traditional model is to separate responsibility into functional departments within the ministry of finance (and ministry of economy). 7. A macro-fiscal unit can spearhead the development of macro-fiscal capacity, but requires constructive cooperation with budget policy dep’t. ...
Fiscal Transparency in Turkey
... • Specific problems identified – Sustainability of fiscal policies – Uncertainty re current liabilities and definition of fiscal risks ...
... • Specific problems identified – Sustainability of fiscal policies – Uncertainty re current liabilities and definition of fiscal risks ...
12 Joaquin Vial_Engl
... Minimum Pension Guarantees: identify expenses due to beneficiaries in old and new system (Good actuarial projections are the key). ...
... Minimum Pension Guarantees: identify expenses due to beneficiaries in old and new system (Good actuarial projections are the key). ...
Comment by Jonas Agell - Government Offices of Sweden
... scale. This also seems to be the interpretation adopted by Giavazzi and Pagano. My own reading of recent fiscal history, however, is that the magnitudes are much more modest. The single most important discretionary policy change in the early 1990s was the major tax reform implemented in 1990-9 1. Al ...
... scale. This also seems to be the interpretation adopted by Giavazzi and Pagano. My own reading of recent fiscal history, however, is that the magnitudes are much more modest. The single most important discretionary policy change in the early 1990s was the major tax reform implemented in 1990-9 1. Al ...
... and mitigate severe economic stress and/or outright crisis. Although the 2005 reform of the Pact had introduced a considerable degree of flexibility, the SGP did not and still does not allow for discretionary fiscal expansions, unless a country has significantly overachieved its budgetary objectives ...
EN EN 1. Introduction In the Letter of Intent accompanying the 2016
... expansionary fiscal policies. This reflects what is sometimes described as an asymmetry of the EU fiscal framework: the rules can proscribe high deficits (also to avoid high debt) but they can only prescribe the reduction of budgetary surpluses, without imposing it. Given the need to support the ong ...
... expansionary fiscal policies. This reflects what is sometimes described as an asymmetry of the EU fiscal framework: the rules can proscribe high deficits (also to avoid high debt) but they can only prescribe the reduction of budgetary surpluses, without imposing it. Given the need to support the ong ...
European Commission
... These funds are the main resources which the EU has to support investments in infrastructure, human capital, innovation, resource efficiency and business development. They cover the whole EU28, but the intensity of support is highest in the ‘less developed regions’, whose GDP is below 75% of the EU ...
... These funds are the main resources which the EU has to support investments in infrastructure, human capital, innovation, resource efficiency and business development. They cover the whole EU28, but the intensity of support is highest in the ‘less developed regions’, whose GDP is below 75% of the EU ...
la_i-job-vacancy - European External Action Service
... The European Union Delegation to the West Bank and Gaza Strip is looking for: Project Officer The European Union (EU) is an economic and political partnership between 28 European countries. It plays an important role in international affairs through diplomacy, trade, development aid and working with ...
... The European Union Delegation to the West Bank and Gaza Strip is looking for: Project Officer The European Union (EU) is an economic and political partnership between 28 European countries. It plays an important role in international affairs through diplomacy, trade, development aid and working with ...
integration of the baltic states into the eu and institutions of fiscal
... balance or surplus budget”. This means that while the budget deficit is kept at or below the reference value, normal cyclical fluctuations are still allowed. In the context of the Stability and Growth Pact, those member states that are part of the euro-zone are obliged to submit to the ECOFIN Counci ...
... balance or surplus budget”. This means that while the budget deficit is kept at or below the reference value, normal cyclical fluctuations are still allowed. In the context of the Stability and Growth Pact, those member states that are part of the euro-zone are obliged to submit to the ECOFIN Counci ...
Is the end of fiscal austerity feasible in Spain? An alternative plan to
... Domestic factors also matter. The gradual fall in the rate of household saving has a positive impact on private consumption and, in addition, the government has significantly relaxed the pace of austerity over the past year. The net primary expenditure (without financial aids to the banking system) ...
... Domestic factors also matter. The gradual fall in the rate of household saving has a positive impact on private consumption and, in addition, the government has significantly relaxed the pace of austerity over the past year. The net primary expenditure (without financial aids to the banking system) ...
CUI Zhiyuan
... The budget of a developed country usually has two components: current or operating expenditure and capital or development expenditure. The Maastricht deficit criterion, thus, can be interpreted as an implicit and reasonable current component of the balanced-budget rule for EU members. However, in re ...
... The budget of a developed country usually has two components: current or operating expenditure and capital or development expenditure. The Maastricht deficit criterion, thus, can be interpreted as an implicit and reasonable current component of the balanced-budget rule for EU members. However, in re ...
Milton Friedman and the Euro Antonio Martino
... deprive European countries of much needed automatic fiscalstabilizers. Still others have mourned the end of national stabilization policies, which would condemn our countries to otherwise avoidable instability. American economists have used the same arguments, which is surprising. None of them, as f ...
... deprive European countries of much needed automatic fiscalstabilizers. Still others have mourned the end of national stabilization policies, which would condemn our countries to otherwise avoidable instability. American economists have used the same arguments, which is surprising. None of them, as f ...
Stability and Growth Pact
![](https://commons.wikimedia.org/wiki/Special:FilePath/Fiscal_Compliance_2014-debt.png?width=300)
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.