fiscal policy - Dictionnaire encyclopédique de l`administration publique
... As economies become increasingly open, the multiplier effect of fiscal policy correspondingly decreases, since the injection of additional funds by the government does not affect domestic producers exclusively. Indeed, a portion of such moneys goes toward the purchase of goods and services abroad an ...
... As economies become increasingly open, the multiplier effect of fiscal policy correspondingly decreases, since the injection of additional funds by the government does not affect domestic producers exclusively. Indeed, a portion of such moneys goes toward the purchase of goods and services abroad an ...
Remarks by Alicia Bárcena, Executive Secretary of the Economic
... developed countries to open up to the discussion at the G20 and other multilateral fora. 3. We share the view that progressive taxation of capital and income is an important tool for State intervention. Actually in more than 14 countries of the region the fiscal debate of the last decade has incorpo ...
... developed countries to open up to the discussion at the G20 and other multilateral fora. 3. We share the view that progressive taxation of capital and income is an important tool for State intervention. Actually in more than 14 countries of the region the fiscal debate of the last decade has incorpo ...
The 'Sense and Nonsense of Maastricht' revisited: What have we learnt about stabilization in EMU?
... exceptional and temporary and not subject to sanctions when it results either from an unusual event outside the control of the Member State concerned and has a major impact on the financial position of the general government, or from a severe economic downturn, defined as an annual fall of real GDP ...
... exceptional and temporary and not subject to sanctions when it results either from an unusual event outside the control of the Member State concerned and has a major impact on the financial position of the general government, or from a severe economic downturn, defined as an annual fall of real GDP ...
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... recessionary budgets, high interest rates and debts are reinforcing each other ...
... recessionary budgets, high interest rates and debts are reinforcing each other ...
Briefing by the Financial and Fiscal Commission on the 2014
... concentrated industrial structure that results in highly concentrated industries with large rents prominent in the financial services and mining sectors • VAT is raising revenue comparable to that of OECD countries but reducing the number of items with preferential tax treatment or improving complia ...
... concentrated industrial structure that results in highly concentrated industries with large rents prominent in the financial services and mining sectors • VAT is raising revenue comparable to that of OECD countries but reducing the number of items with preferential tax treatment or improving complia ...
The dynamics of accumulation of public debt
... The Commission’s legislative proposals for the new SGP released on Wednesday, 29 September; definitive text will be adopted by mid-2011 and implemented by 2012. 1.In the preventive arm, a new concept of “prudent fiscal policy”; this will ensure that in good economic times progress is made towards ac ...
... The Commission’s legislative proposals for the new SGP released on Wednesday, 29 September; definitive text will be adopted by mid-2011 and implemented by 2012. 1.In the preventive arm, a new concept of “prudent fiscal policy”; this will ensure that in good economic times progress is made towards ac ...
Diapositiva 1
... influenced by structural reforms. Its impact on the NAIRU is disputed. One explanation (Ball and Moffitt, 2002) relates to wage formation mechanisms: wage increases are based on worker ‘aspirations’, which are determined by past wage increases. An alternative approach (Pissarides 2000) is provided b ...
... influenced by structural reforms. Its impact on the NAIRU is disputed. One explanation (Ball and Moffitt, 2002) relates to wage formation mechanisms: wage increases are based on worker ‘aspirations’, which are determined by past wage increases. An alternative approach (Pissarides 2000) is provided b ...
Optimal Macroeconomic Policies in the time after Financial and
... the Council of the EU within the European Semester. The most recent program was adopted by the government May 9, 2013 (Republic of Slovenia 2013), together with the National Reform Programme 2013–2014 (Republic of Slovenia 2013a), which details planned reforms, mainly of a structural character. Both ...
... the Council of the EU within the European Semester. The most recent program was adopted by the government May 9, 2013 (Republic of Slovenia 2013), together with the National Reform Programme 2013–2014 (Republic of Slovenia 2013a), which details planned reforms, mainly of a structural character. Both ...
Slide 1
... Consistency could be obtained by: Zero growth in real terms except for pension and health care, but this implies a surplus in Entity II in 2015 and a deficit in Entity I. Higher expenditure growth in Entity II, but with a reduction in social security expenditure, including pensions and health ca ...
... Consistency could be obtained by: Zero growth in real terms except for pension and health care, but this implies a surplus in Entity II in 2015 and a deficit in Entity I. Higher expenditure growth in Entity II, but with a reduction in social security expenditure, including pensions and health ca ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... effect of fiscal policy, as suggested by Fatas and Mihov (2003), but it is not what the paper is focusing on. Finally, Figure 3 shows the percentage of forecast error of GDP per capita explained by country-specific shocks for Euro area countries. These numbers are estimated by Giannone and Reichlin ...
... effect of fiscal policy, as suggested by Fatas and Mihov (2003), but it is not what the paper is focusing on. Finally, Figure 3 shows the percentage of forecast error of GDP per capita explained by country-specific shocks for Euro area countries. These numbers are estimated by Giannone and Reichlin ...
Notes on the Stability Program for 2016 - 2020
... for 2016 (€6.6 bn) are dependent on market conditions and the sale of financial assets. Hence, the funding needs to be covered with MLT debt issuance for the remainder of 2016 effectively amount to about €7.2 bn. IGCP expects to end 2016 with a cash position of €6.6 bn (in line with the one observed ...
... for 2016 (€6.6 bn) are dependent on market conditions and the sale of financial assets. Hence, the funding needs to be covered with MLT debt issuance for the remainder of 2016 effectively amount to about €7.2 bn. IGCP expects to end 2016 with a cash position of €6.6 bn (in line with the one observed ...
The EFSM and the EFSF: Now and what follows
... Commission, may grant, under certain conditions, Union financial assistance to the Member State concerned.“ However, in the case of the European sovereign debt crisis it is difficult to argue that the severe difficulties faced by some member states where akin to being hit by hurricanes or earthquake ...
... Commission, may grant, under certain conditions, Union financial assistance to the Member State concerned.“ However, in the case of the European sovereign debt crisis it is difficult to argue that the severe difficulties faced by some member states where akin to being hit by hurricanes or earthquake ...
France Sustainability Report
... with the recent extension of the contributory period to 41.5 years for people born after 1955 (to be adjusted in line with gains in life expectancy), will also help lower the deficits over the long term. These changes will help achieve financial equilibrium in the pension system by 2018 from a curre ...
... with the recent extension of the contributory period to 41.5 years for people born after 1955 (to be adjusted in line with gains in life expectancy), will also help lower the deficits over the long term. These changes will help achieve financial equilibrium in the pension system by 2018 from a curre ...
Estimation of the Mechanisms for Automatic Fiscal Stabilization. The
... According to the Convergence Program submitted to the European Commission, Romania proposes to access the Euro area in 2015. For this reason, the assessment of the automatic fiscal stabilization mechanism of the Romanian economy is essential, under the terms in which the adjustment mechanisms (possi ...
... According to the Convergence Program submitted to the European Commission, Romania proposes to access the Euro area in 2015. For this reason, the assessment of the automatic fiscal stabilization mechanism of the Romanian economy is essential, under the terms in which the adjustment mechanisms (possi ...
Zsolt Darvas
... • Fiscal consolidations sometimes look expansionary (ie nonKeynesian) - yet there are concerns with methodologies and the fiscal multiplier maybe positive after all • Key to success: (a) The composition of adjustment, (b) Accompanying structural reforms, (c) Fiscal/budgetary institutions • Is fiscal ...
... • Fiscal consolidations sometimes look expansionary (ie nonKeynesian) - yet there are concerns with methodologies and the fiscal multiplier maybe positive after all • Key to success: (a) The composition of adjustment, (b) Accompanying structural reforms, (c) Fiscal/budgetary institutions • Is fiscal ...
Seasonally adjusted government deficit down Second quarter of 2014
... EU28 seasonally adjusted data have been estimated using EU27 seasonally adjusted data and the available quarterly pattern for Croatia. Croatian quarterly data are available from 2012 Q1. 2. Quarterly non-financial accounts for general government are collected from the Member under gentlemen's agreem ...
... EU28 seasonally adjusted data have been estimated using EU27 seasonally adjusted data and the available quarterly pattern for Croatia. Croatian quarterly data are available from 2012 Q1. 2. Quarterly non-financial accounts for general government are collected from the Member under gentlemen's agreem ...
PowerPoint - Ford School of Public Policy
... hence the probability of dropping power is low enough. • In the 1990s, especially after 1993, several parties formed a coalition government, and fiscal deficits increased. ...
... hence the probability of dropping power is low enough. • In the 1990s, especially after 1993, several parties formed a coalition government, and fiscal deficits increased. ...
the PDF
... 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 ...
La política fiscal en Chile está basada en una regla fiscal, aplicada
... has focused on understanding from a macro perspective the challenges posed by the ASGISA (Accelerated and Shared Growth Initiative – South Africa). This work is contained in six papers on different aspects of the South African macroeconomics, as well as in numerous presentations and short briefs. Ma ...
... has focused on understanding from a macro perspective the challenges posed by the ASGISA (Accelerated and Shared Growth Initiative – South Africa). This work is contained in six papers on different aspects of the South African macroeconomics, as well as in numerous presentations and short briefs. Ma ...
Chile`s Advisory Fiscal Council
... • 2000: Minister of Finance adopts a Cyclically-Adjusted (or Structural) Balance Rule • Starts in 2001, largely in place to the present (14 years) • Objetive: government expenditure determined by estimate of permanent income, saving cyclical revenue in sovereign wealth fund. • Early 2000s: independe ...
... • 2000: Minister of Finance adopts a Cyclically-Adjusted (or Structural) Balance Rule • Starts in 2001, largely in place to the present (14 years) • Objetive: government expenditure determined by estimate of permanent income, saving cyclical revenue in sovereign wealth fund. • Early 2000s: independe ...
The Death of Fiscal Policy
... the Greek government to undertake any fiscal expansion, because the fiscal pact requires that the structural (cyclical budget) shall be balanced (or not show any deficit larger than ½ pct. of GDP). This requirement is independent of the rate of unemployment. The PSBR is only allowed to show a de ...
... the Greek government to undertake any fiscal expansion, because the fiscal pact requires that the structural (cyclical budget) shall be balanced (or not show any deficit larger than ½ pct. of GDP). This requirement is independent of the rate of unemployment. The PSBR is only allowed to show a de ...
PRESENTATION -
... … by the end 2012, it will reach 60% of GDP (it will continue to grow in 2013 as well) So as to finance the deficit and repay public debt principal, €1.7 billion should be provided by the end of 2012 and additional €4-5 billion in ...
... … by the end 2012, it will reach 60% of GDP (it will continue to grow in 2013 as well) So as to finance the deficit and repay public debt principal, €1.7 billion should be provided by the end of 2012 and additional €4-5 billion in ...
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... intensify, plunging many European economies back into recession. During the Great Recession in the winter of 2008/2009, most Western countries implemented massive fiscal and monetary stimulus packages to prevent the situation at the time from deteriorating. These policies paved the way for an extrao ...
... intensify, plunging many European economies back into recession. During the Great Recession in the winter of 2008/2009, most Western countries implemented massive fiscal and monetary stimulus packages to prevent the situation at the time from deteriorating. These policies paved the way for an extrao ...
financemalta 6th annual financial services conference
... The price of getting this wrong, unfortunately, is clear for all to see in the fate of our fellow Mediterranean island Eurozone member state, Cyprus. It is not just the banking sector that underlies Malta’s stability, however. The entire financial services sector maintains, for the most part, a high ...
... The price of getting this wrong, unfortunately, is clear for all to see in the fate of our fellow Mediterranean island Eurozone member state, Cyprus. It is not just the banking sector that underlies Malta’s stability, however. The entire financial services sector maintains, for the most part, a high ...
Recommendation for a COUNCIL RECOMMENDATION on the 2017
... On 8 August 2016, the Council requested Spain to put an end to the excessive deficit situation by 2018 and, in particular, to reduce the general government deficit to 4.6% of GDP in 2016, 3.1% of GDP in 2017 and 2.2% of GDP in 2018. This improvement in the general government balance was deemed consi ...
... On 8 August 2016, the Council requested Spain to put an end to the excessive deficit situation by 2018 and, in particular, to reduce the general government deficit to 4.6% of GDP in 2016, 3.1% of GDP in 2017 and 2.2% of GDP in 2018. This improvement in the general government balance was deemed consi ...
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.