Recommendation for a COUNCIL RECOMMENDATION on the 2017
... contribution periods result in low current and future pension adequacy and risks of old-age poverty. There are many pathways to early retirement, possible a full five years before the statutory retirement age. Financial incentives to work until that age are weak. Announced measures to encourage long ...
... contribution periods result in low current and future pension adequacy and risks of old-age poverty. There are many pathways to early retirement, possible a full five years before the statutory retirement age. Financial incentives to work until that age are weak. Announced measures to encourage long ...
Long-term fiscal sustainability in Azerbaijan: current issues and post
... compute the maximum ceiling for oil revenues that can be spent annually without ever exhausting the oil revenues. A fiscal trajectory must be constructed, so that in the coming years the current abundance of oil revenues can be covered with a fiscal budget when oil revenues will decline. If the oil ...
... compute the maximum ceiling for oil revenues that can be spent annually without ever exhausting the oil revenues. A fiscal trajectory must be constructed, so that in the coming years the current abundance of oil revenues can be covered with a fiscal budget when oil revenues will decline. If the oil ...
Deficit Hawks Down
... President Obama’s second Inaugural Address offered a lot for progressives to like. There was the spirited defense of gay rights; there was the equally spirited defense of the role of government, and, in particular, of the safety net provided by Medicare, Medicaid and Social Security. But arguably th ...
... President Obama’s second Inaugural Address offered a lot for progressives to like. There was the spirited defense of gay rights; there was the equally spirited defense of the role of government, and, in particular, of the safety net provided by Medicare, Medicaid and Social Security. But arguably th ...
Budget preparation
... MOEF circular is sent to line ministries and regions. The circular contain two parts: 1) main fiscal policy targets and overall fiscal policy parameters (deficit and debt); and 2) a technical part specifying deadlines and information to be included in line ministries’ budget ...
... MOEF circular is sent to line ministries and regions. The circular contain two parts: 1) main fiscal policy targets and overall fiscal policy parameters (deficit and debt); and 2) a technical part specifying deadlines and information to be included in line ministries’ budget ...
The Macroeconomics of Public Expenditure
... • Debt sustainability and size of total debt matter – case by case basis • If high and unsustainable debt, cannot use GBD to finance higher PE and growth without jeopardizing macro stability • If low debt, can use higher PE, especially public investment provided concessional financing is available, ...
... • Debt sustainability and size of total debt matter – case by case basis • If high and unsustainable debt, cannot use GBD to finance higher PE and growth without jeopardizing macro stability • If low debt, can use higher PE, especially public investment provided concessional financing is available, ...
(+) deficit (–) or surplus(+) fiscal policy
... New 18. Complete the table below by stating whether the direction of discretionary fiscal policy was contractionary (C), expansionary (E), or neither (N), given the hypothetical budget data for an economy. ...
... New 18. Complete the table below by stating whether the direction of discretionary fiscal policy was contractionary (C), expansionary (E), or neither (N), given the hypothetical budget data for an economy. ...
The Global Financial Crisis
... And the spread of the crisis to emerging markets will continue Heat Map of Systemic Asset Classes ...
... And the spread of the crisis to emerging markets will continue Heat Map of Systemic Asset Classes ...
to 2016
... Note: The figure shows alternative projections of the balance ratio based on GDP growth forecasts that deviate from SPU 2015 projections by 0.5, 1.0 and 1.5 percentage points in either direction. Sources: Department of Finance, internal IFAC calculations based on the Council's Fiscal Feedbacks Model ...
... Note: The figure shows alternative projections of the balance ratio based on GDP growth forecasts that deviate from SPU 2015 projections by 0.5, 1.0 and 1.5 percentage points in either direction. Sources: Department of Finance, internal IFAC calculations based on the Council's Fiscal Feedbacks Model ...
Austria
... Austria is currently in the preventive arm of the Stability and Growth Pact and subject to the transitional debt rule. In its 2016 Stability Programme, the Government expects that the headline deficit will deteriorate to 1,6 % of GDP in 2016 and then gradually improve to 0,4 % of GDP in 2020. The me ...
... Austria is currently in the preventive arm of the Stability and Growth Pact and subject to the transitional debt rule. In its 2016 Stability Programme, the Government expects that the headline deficit will deteriorate to 1,6 % of GDP in 2016 and then gradually improve to 0,4 % of GDP in 2020. The me ...
![Deficit Budgeting, Government Borrowing, Borrowing Cost[1]](http://s1.studyres.com/store/data/008199494_1-95c1e666fd09afb2e6cd228c4c156b00-300x300.png)
Deficit Budgeting, Government Borrowing, Borrowing Cost[1]
... • Budget as an annual statement of projected outlays and revenue during the next financial year • Budget is a tool for managing the economy (key instrument of fiscal policy). • The budget in most democracies today has four broad objectives; to state the scale and allocation of projected government’s ...
... • Budget as an annual statement of projected outlays and revenue during the next financial year • Budget is a tool for managing the economy (key instrument of fiscal policy). • The budget in most democracies today has four broad objectives; to state the scale and allocation of projected government’s ...
COM COM(2007)
... for Growth and Jobs. This would entail explaining more clearly how medium-term budgetary plans will contribute to macro-financial stability and how envisaged changes in the level and structure of expenditure and taxation and other economic policy measures will set the right priorities and incentives ...
... for Growth and Jobs. This would entail explaining more clearly how medium-term budgetary plans will contribute to macro-financial stability and how envisaged changes in the level and structure of expenditure and taxation and other economic policy measures will set the right priorities and incentives ...
PRESENTATION ON Fiscal Policy for Development and Budgetary ”
... – Is it spent on building human Capital that would improve productivity and hence growth? – Is it spent on building or strengthening physical infrastructure that could contribute to promoting growth and employment generation If the answer is yes! Public debt, even though it is high and rising in t ...
... – Is it spent on building human Capital that would improve productivity and hence growth? – Is it spent on building or strengthening physical infrastructure that could contribute to promoting growth and employment generation If the answer is yes! Public debt, even though it is high and rising in t ...
Fiscal Policy Through the Cycle: The Colombian Experience
... •Coefficient a1 falls from 1/5 (for primary balance equation) to 1/10 (for total balance equation), which means that interest payment “smooth out” or “compensate” the pro-cyclicality policy stance. ...
... •Coefficient a1 falls from 1/5 (for primary balance equation) to 1/10 (for total balance equation), which means that interest payment “smooth out” or “compensate” the pro-cyclicality policy stance. ...
... (EDH), absorbed the equivalent of 1.3% of GDP in fiscal year 2013/2014. An average increase of 7.7% in hydrocarbon prices (gasoline, diesel and kerosene) in October 2014 is expected to reduce these subsidies and transfers, with a positive fiscal impact on the year in course. During the first half of ...
Macroeconomy of the Eurozone, 2003
... • Fiscal deficits should average at most 1% of GDP over the business cycle • Deficits in excess of 3% of GDP will attract penalties unless they were due to “exceptional” and/or “temporary” Could imply pro-cyclical transfers from countries to the centre. – Fiscal federalism in reverse ...
... • Fiscal deficits should average at most 1% of GDP over the business cycle • Deficits in excess of 3% of GDP will attract penalties unless they were due to “exceptional” and/or “temporary” Could imply pro-cyclical transfers from countries to the centre. – Fiscal federalism in reverse ...
Micro- and Macro reforms: two sides of the same euro
... badly or well. Individual countries persistently diverge in their growth and inflation performances. For example Ireland, Greece and Spain have growth rates well above the euro average, while Germany, Italy and Portugal having very low levels of aggregate demand and growth. Equally, rates of competi ...
... badly or well. Individual countries persistently diverge in their growth and inflation performances. For example Ireland, Greece and Spain have growth rates well above the euro average, while Germany, Italy and Portugal having very low levels of aggregate demand and growth. Equally, rates of competi ...
Addendum ECOSOC Tackling the Eurozone Crisis
... the low interest rates, alongside the International Monetary Fund (IMF) and the ECB, had to ‘bail out’ these troubled nations’ debts to prevent default. They did so with strict austerity measures. However, cutting government spending leads to lower earnings of civil servants, leading to lower tax in ...
... the low interest rates, alongside the International Monetary Fund (IMF) and the ECB, had to ‘bail out’ these troubled nations’ debts to prevent default. They did so with strict austerity measures. However, cutting government spending leads to lower earnings of civil servants, leading to lower tax in ...
will the young have to pay the bill?
... Major contributors are public pensions, health care and long-term care; moderate savings may be possible for unemployment benefits and education. Raising taxes and contributions is no solution, as tax burden is already high. ...
... Major contributors are public pensions, health care and long-term care; moderate savings may be possible for unemployment benefits and education. Raising taxes and contributions is no solution, as tax burden is already high. ...
EU FISCAL POLICY AND THE STABILITY AND GROWTH PACT: B
... With the necessary trimming of fiscal indulgence in order to meet the Maastricht Treaty criteria now fading in the minds of Finance Ministers, a Germanled initiative believed that some countries may now let their fiscal stance loosen, causing severe problems for other member states in the Euro area. ...
... With the necessary trimming of fiscal indulgence in order to meet the Maastricht Treaty criteria now fading in the minds of Finance Ministers, a Germanled initiative believed that some countries may now let their fiscal stance loosen, causing severe problems for other member states in the Euro area. ...
Economic growth 2008-2013 Initial conditions
... especially on fiscal and structural front. Giving up further reforms or even worse going back on fiscal and structural change, would unavoidably create another wave of crisis, with related political upheavals. This is a specially case of large countries. On the other hand persisting with the reforms ...
... especially on fiscal and structural front. Giving up further reforms or even worse going back on fiscal and structural change, would unavoidably create another wave of crisis, with related political upheavals. This is a specially case of large countries. On the other hand persisting with the reforms ...
Belize_en.pdf
... key commodity exports turned in a mixed performance. Sugar exports contracted in both value and volume owing to unfavourable weather and pest damage. The services surplus declined for the first time since 2000, owing mainly to falling tourism and transportation receipts. Net transport payments rose ...
... key commodity exports turned in a mixed performance. Sugar exports contracted in both value and volume owing to unfavourable weather and pest damage. The services surplus declined for the first time since 2000, owing mainly to falling tourism and transportation receipts. Net transport payments rose ...
Ребаланс буџета и фискална политика у 2008. години
... – Average growth rate over the past three years was 6.5%, expected growth this year is around 7% – The growth is relatively widely diversified (a large number of branches has average and above average growth) – Export grows at around 25% rate and is also highly diversified ...
... – Average growth rate over the past three years was 6.5%, expected growth this year is around 7% – The growth is relatively widely diversified (a large number of branches has average and above average growth) – Export grows at around 25% rate and is also highly diversified ...
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.