REFORMS BY THE GOVERNMENT OF SPAIN
... Spain’s commitments to the European Union, especially in terms of budgetary stability, are being strengthened with important internal measures on economic governance, such as: The Constitutional Law on Budgetary Stability and Financial Sustainability (in force since 1 May 2012). This law increase di ...
... Spain’s commitments to the European Union, especially in terms of budgetary stability, are being strengthened with important internal measures on economic governance, such as: The Constitutional Law on Budgetary Stability and Financial Sustainability (in force since 1 May 2012). This law increase di ...
What Lessons Do Developing Countries Have for Fiscal Policy in the
... The design of budget rules • The SGP was too rigid to allow the need for deficits in recessions, counterbalanced by surpluses in good times. • “Tougher” constraints on fiscal policy do not always increase effective budget discipline -– countries often violate the rules -- ...
... The design of budget rules • The SGP was too rigid to allow the need for deficits in recessions, counterbalanced by surpluses in good times. • “Tougher” constraints on fiscal policy do not always increase effective budget discipline -– countries often violate the rules -- ...
LAF application for Estonia
... Sweden, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia OUT (with opt-out): UK, Denmark ...
... Sweden, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia OUT (with opt-out): UK, Denmark ...
This PDF is a selec on from a published volume... Bureau of Economic Research
... differentiate between cyclical upturns and improvements in trend growth) mean that output expansions may induce discretionary fiscal expansions so that y = 0. Given the cross-country and cross-time heterogeneity in these coefficients, panel-type estimation will limited value in understanding the spec ...
... differentiate between cyclical upturns and improvements in trend growth) mean that output expansions may induce discretionary fiscal expansions so that y = 0. Given the cross-country and cross-time heterogeneity in these coefficients, panel-type estimation will limited value in understanding the spec ...
Is stability necessary for growth?
... In the period preceding the agreement of Maastricht Treaty, there had been an extended debate about the transition to monetary union, with the two camps labelled ‘economists’ – who favoured a long period of convergence before full monetary union - and ‘monetarists’ - who argued that economic agents ...
... In the period preceding the agreement of Maastricht Treaty, there had been an extended debate about the transition to monetary union, with the two camps labelled ‘economists’ – who favoured a long period of convergence before full monetary union - and ‘monetarists’ - who argued that economic agents ...
Fiscal Policy, Deficits, and Debt
... purchase goods and services (G) and collect taxes (T) • The government can use: G and T to affect AD • Fiscal policy: deliberate changes in G and/or T to achieve full employment, price stability, and economic growth. LO1 ...
... purchase goods and services (G) and collect taxes (T) • The government can use: G and T to affect AD • Fiscal policy: deliberate changes in G and/or T to achieve full employment, price stability, and economic growth. LO1 ...
Medium Term Budgeting in Slovak Republic
... Budget IT system includes all the expenditures for 3 years in all budget classifications divided into programmes ...
... Budget IT system includes all the expenditures for 3 years in all budget classifications divided into programmes ...
Eurozone: ECB challenged by higher bond yields
... The information herein is published by DBS Bank Ltd (the “Company”). It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particu ...
... The information herein is published by DBS Bank Ltd (the “Company”). It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particu ...
Fiscal Federalism: a solution for the European Union during the crisis
... measures, focused mainly in the euro area Member States to protect the European Monetary Union (EMU) and the other Member States are have left full sovereignty in this respect. ...
... measures, focused mainly in the euro area Member States to protect the European Monetary Union (EMU) and the other Member States are have left full sovereignty in this respect. ...
Ch. 12: Fiscal Policy Hdot
... This principle is similar to the annually balanced budgets principle, but it is based on business cycles, not years. This means that government revenues and expenditures should be approximately equal between periods of contraction and _______________. Functional finance The Functional finance princi ...
... This principle is similar to the annually balanced budgets principle, but it is based on business cycles, not years. This means that government revenues and expenditures should be approximately equal between periods of contraction and _______________. Functional finance The Functional finance princi ...
2017-04-23-fiscal-assessment-of-the-2017-ndp
... would eventually be funded. For example, the Platform includes the following three major policy commitments, which are not included in the fiscal plan: first, a promise to completely eliminate the Medical Services Plan fee within four years; second, a promise to freeze BC hydro rates for four years; ...
... would eventually be funded. For example, the Platform includes the following three major policy commitments, which are not included in the fiscal plan: first, a promise to completely eliminate the Medical Services Plan fee within four years; second, a promise to freeze BC hydro rates for four years; ...
The Portuguese bailout experiment
... “Debt is now expected to peak at some 118.5 percent of GDP in 2013, some 3 percentage points higher than at the time of the third review. This is due to a lower nominal GDP path and reclassification of liabilities.” (fourth review, July 2012) “the upcoming introduction of the ESA 2010 accounting ...
... “Debt is now expected to peak at some 118.5 percent of GDP in 2013, some 3 percentage points higher than at the time of the third review. This is due to a lower nominal GDP path and reclassification of liabilities.” (fourth review, July 2012) “the upcoming introduction of the ESA 2010 accounting ...
ECB response to the crisis
... without sufficient flexibility to adjust to changes in competitiveness/shocks - risks of protracted economic losses. ...
... without sufficient flexibility to adjust to changes in competitiveness/shocks - risks of protracted economic losses. ...
Fiscal Stance
... IV: IV estimator for the differenced equation. D(CTB) and PB(-1)-CTB(-1) instrumented with SPB(-2), CTB(-2), PB(-2)-CTB(-2) and GAP(-1). Sargan-Hansen Tests of overidentification restrictions. All regressions include dummies that account for the periods in which any country was declared to be in def ...
... IV: IV estimator for the differenced equation. D(CTB) and PB(-1)-CTB(-1) instrumented with SPB(-2), CTB(-2), PB(-2)-CTB(-2) and GAP(-1). Sargan-Hansen Tests of overidentification restrictions. All regressions include dummies that account for the periods in which any country was declared to be in def ...
Recommendation for a COUNCIL RECOMMENDATION on the 2017
... Lithuania has postponed the entry into force of the new Labour Code and other legislation on the new social model. This gives it an opportunity to ensure a good balance between flexibility and security in its labour relations. The high proportion of people at risk of poverty or social exclusion, tog ...
... Lithuania has postponed the entry into force of the new Labour Code and other legislation on the new social model. This gives it an opportunity to ensure a good balance between flexibility and security in its labour relations. The high proportion of people at risk of poverty or social exclusion, tog ...
The Baltic States in the Aftermath of the Financial Crisis
... compliance with measures taken at EU and inter-governmental levels. The Baltic states have proved to be very diligent in implementing supranational principles and rules. Part II is made up of four sections. Section A pinpoints the main principles and rules established by Council Directive 2011/85/EU ...
... compliance with measures taken at EU and inter-governmental levels. The Baltic states have proved to be very diligent in implementing supranational principles and rules. Part II is made up of four sections. Section A pinpoints the main principles and rules established by Council Directive 2011/85/EU ...
Fiscal Policy during Transformation Period
... solidarity, come out of socialsocial-democratic theory. ...
... solidarity, come out of socialsocial-democratic theory. ...
PDF Download
... the rebuilding of inventories that explains a substantial part of the recent increase in growth. Also the crisis around Greece and possibly other southern European countries may have unforeseen effects on the rest of the EU. Hence, it is important to use a scenario analysis to study the consequences ...
... the rebuilding of inventories that explains a substantial part of the recent increase in growth. Also the crisis around Greece and possibly other southern European countries may have unforeseen effects on the rest of the EU. Hence, it is important to use a scenario analysis to study the consequences ...
Fakhri`s Presentation - The George Washington University
... Adoption of a Medium-Term Fiscal Framework (MTFF) Medium-term fiscal framework is a mechanism for setting multi-year objectives for one or more fiscal aggregates and ensuring that they are respected in budget formulation, approval and execution. Linking annual budget to long-term policies and sus ...
... Adoption of a Medium-Term Fiscal Framework (MTFF) Medium-term fiscal framework is a mechanism for setting multi-year objectives for one or more fiscal aggregates and ensuring that they are respected in budget formulation, approval and execution. Linking annual budget to long-term policies and sus ...
eee06-Nuti 3872134 en
... so-called Club Med countries (Spain, Portugal, Italy and Greece) two years before their entry into the euro area is encouraging (Gros, 2002). It should also be remembered that both inflation and interest criteria are compulsory only in the year preceding EMU admission, not in the preceding and the f ...
... so-called Club Med countries (Spain, Portugal, Italy and Greece) two years before their entry into the euro area is encouraging (Gros, 2002). It should also be remembered that both inflation and interest criteria are compulsory only in the year preceding EMU admission, not in the preceding and the f ...
42. Camelia Milea - Danubius Proceedings
... conclusion is that these countries are entering a world that works, basically, a lot differently than people think. It appears that fiscal discipline is not observed, and sanctions were shown not to be credible once a country was in the Economic and Monetary Union. Such a situation may increase the ...
... conclusion is that these countries are entering a world that works, basically, a lot differently than people think. It appears that fiscal discipline is not observed, and sanctions were shown not to be credible once a country was in the Economic and Monetary Union. Such a situation may increase the ...
Long-Term Fiscal Challenges for Portugal
... assessment highlight fiscal risks associated with not implementing Stability and Growth Programme in coming three years. Requires sustaining that primary balance (independent of aging-related factors). Sufficiency? Ignores other forms of fiscal risk exposure of Portugal. Does not assess whether ther ...
... assessment highlight fiscal risks associated with not implementing Stability and Growth Programme in coming three years. Requires sustaining that primary balance (independent of aging-related factors). Sufficiency? Ignores other forms of fiscal risk exposure of Portugal. Does not assess whether ther ...
Asia-Pacific Outreach Meeting on Sustainable Development Financing
... Impact on Sub-National Finances ...
... Impact on Sub-National Finances ...
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.