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Total fiscal balance
... Italy has not had does not have an excessive fiscal deficit. On the contrary, for the last twenty years it has had the best primary fiscal balance in the European Union. In the 1990s it suffered from unwise borrowing at high interest rates. That problem is over. Present "unsustainable" interest rate ...
... Italy has not had does not have an excessive fiscal deficit. On the contrary, for the last twenty years it has had the best primary fiscal balance in the European Union. In the 1990s it suffered from unwise borrowing at high interest rates. That problem is over. Present "unsustainable" interest rate ...
Ensuring and sustaining macroeconomic stability
... Linking in with sectoral development • Sectoral policy orientations need to be considered against macro-policy, e.g.: – Agricultural development (prone to Dutch disease) – Access to affordable credit (linked to viability of banking sector, linked to arrears and energysector problems) – Gas sector d ...
... Linking in with sectoral development • Sectoral policy orientations need to be considered against macro-policy, e.g.: – Agricultural development (prone to Dutch disease) – Access to affordable credit (linked to viability of banking sector, linked to arrears and energysector problems) – Gas sector d ...
Fiscal Policy
... • Fiscal Consolidation • Structural reforms to support growth - competitiveness ...
... • Fiscal Consolidation • Structural reforms to support growth - competitiveness ...
I. WHAT IS SGP
... Annual minimum adjustment for MS of the euro area of 0.5% of GDP in their structural balance. The effort shoud be higher in ‘good times’, identified as periods where output exceeds its potential level. ...
... Annual minimum adjustment for MS of the euro area of 0.5% of GDP in their structural balance. The effort shoud be higher in ‘good times’, identified as periods where output exceeds its potential level. ...
Czech Republic—2011 Article IV Consultation Concluding Statement
... deficit targets—aiming to balance the general government budget by 2016—are appropriate as they reverse public debt dynamics. Specifying early on a comprehensive consolidation strategy would increase the credibility of fiscal adjustment and lower the output costs of fiscal tightening. Expenditure-ba ...
... deficit targets—aiming to balance the general government budget by 2016—are appropriate as they reverse public debt dynamics. Specifying early on a comprehensive consolidation strategy would increase the credibility of fiscal adjustment and lower the output costs of fiscal tightening. Expenditure-ba ...
Fiscal Policy - European Parliament
... The Treaty envisages keeping these procedures very much within the family: all action is determined by the Council. Decisions there are by a majority of two thirds of the weighted votes of its members, excluding the offending Member State. In the early stages, the details are effectively secret. The ...
... The Treaty envisages keeping these procedures very much within the family: all action is determined by the Council. Decisions there are by a majority of two thirds of the weighted votes of its members, excluding the offending Member State. In the early stages, the details are effectively secret. The ...
Macroeconomics - College of Arts and Sciences
... Fiscal Policy • Stability and Growth Pact – National government – deficit no larger than 3% of GDP – debt-to-GDP ratio of 60% – Reduces inflationary pressures (and free-riding) – Main purpose of fiscal policy should be stabilization • But fiscal policy is main tool left to governments where monetary ...
... Fiscal Policy • Stability and Growth Pact – National government – deficit no larger than 3% of GDP – debt-to-GDP ratio of 60% – Reduces inflationary pressures (and free-riding) – Main purpose of fiscal policy should be stabilization • But fiscal policy is main tool left to governments where monetary ...
Fiscal Data (1st notification)
... plus the revenues from bank preference shares, being greater than the expenditures accrued. However, in the years 2013 and 2015 the expenditure of support measures was larger than the related revenues. ...
... plus the revenues from bank preference shares, being greater than the expenditures accrued. However, in the years 2013 and 2015 the expenditure of support measures was larger than the related revenues. ...
Prudent fiscal policy and declining state and external
... generate extra demand when that would be necessary. In periods when an economy expands in line with its normal growth potential, demand-boosting fiscal policy generates inflation and the subsequent accumulation of state debt prevents it from deploying pro-growth instruments in a recession era that c ...
... generate extra demand when that would be necessary. In periods when an economy expands in line with its normal growth potential, demand-boosting fiscal policy generates inflation and the subsequent accumulation of state debt prevents it from deploying pro-growth instruments in a recession era that c ...
25. Fiscal balance
... segment of the population disproportionately and hence there should be more reliance on direct taxation. In 2012, government expenditure in the region stood at around 21.5% of GDP. However, this aggregate figure does not indicate where this has been spent or what the priority areas are. ...
... segment of the population disproportionately and hence there should be more reliance on direct taxation. In 2012, government expenditure in the region stood at around 21.5% of GDP. However, this aggregate figure does not indicate where this has been spent or what the priority areas are. ...
State Fiscal Policy and Inflation in India:
... STATE FISCAL POLICY AND INFLATION IN INDIA Sadananda Prusty* An increasing trend in fiscal deficit, especially revenue deficit, of all state governments in India has been noticed since 1987-88. The objective of this paper is to explore the relationship between state fiscal policies and inflation in ...
... STATE FISCAL POLICY AND INFLATION IN INDIA Sadananda Prusty* An increasing trend in fiscal deficit, especially revenue deficit, of all state governments in India has been noticed since 1987-88. The objective of this paper is to explore the relationship between state fiscal policies and inflation in ...
ppt presentation
... 2. However, the Polish economy was not heated by the crisis, though the situation with regards to public finances worsened dramatically. The reason is that errors in fiscal policies among all former governments have accumulated over time. 3. One of the main factors behind this occurrence concerns fi ...
... 2. However, the Polish economy was not heated by the crisis, though the situation with regards to public finances worsened dramatically. The reason is that errors in fiscal policies among all former governments have accumulated over time. 3. One of the main factors behind this occurrence concerns fi ...
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... Fiscal positions have sharply deteriorated during the recent downturn, both in headline and in cyclically adjusted terms (Figures 1 and 2). The momentum of fiscal consolidation weakened in the late 1990s as rising tax receipts and overoptimistic growth projections led to tax cutting and new spending ...
... Fiscal positions have sharply deteriorated during the recent downturn, both in headline and in cyclically adjusted terms (Figures 1 and 2). The momentum of fiscal consolidation weakened in the late 1990s as rising tax receipts and overoptimistic growth projections led to tax cutting and new spending ...
Study Guide - Module 30 What is discretionary fiscal policy? How
... What are dedicated taxes? How do these explain the difference between total debt and the amount owed to the public? (Likewise, what is the social security trust fund? What is its role in explaining this difference?) ...
... What are dedicated taxes? How do these explain the difference between total debt and the amount owed to the public? (Likewise, what is the social security trust fund? What is its role in explaining this difference?) ...
4 Lectures on the €uropean crisis
... October: Euro area Member States submit draft budget plans for the following year to the Commission (by 15 October). If a plan is out of line with a Member State's medium-term targets, the Commission can ask it to be redrafted. November: The Commission publishes its opinions on draft budget plans. T ...
... October: Euro area Member States submit draft budget plans for the following year to the Commission (by 15 October). If a plan is out of line with a Member State's medium-term targets, the Commission can ask it to be redrafted. November: The Commission publishes its opinions on draft budget plans. T ...
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... year but (only) over the cycle is basically reasonable from an economic point of view. On the other hand, it opens room for discretionary decisions because what the cycle and its average GDP growth rate is can not be known in advance – but has to be known for determining what size of a budget defici ...
... year but (only) over the cycle is basically reasonable from an economic point of view. On the other hand, it opens room for discretionary decisions because what the cycle and its average GDP growth rate is can not be known in advance – but has to be known for determining what size of a budget defici ...
Association of Government Accountants
... When embarking on creating a MARKET ECONOMY through major reforms there is often pressure to change course, my advice DON’T. Slovakia is showing signs of recovering more rapidly than other countries in the Euro-zone. Often the hardest part is waiting for results. The message is Slovakia generally ha ...
... When embarking on creating a MARKET ECONOMY through major reforms there is often pressure to change course, my advice DON’T. Slovakia is showing signs of recovering more rapidly than other countries in the Euro-zone. Often the hardest part is waiting for results. The message is Slovakia generally ha ...
The gross fiscal deficit
... that involves a change of ownership of an asset. It is the net result of public and private international investment flowing in and out of a country. This includes foreign direct investment, ...
... that involves a change of ownership of an asset. It is the net result of public and private international investment flowing in and out of a country. This includes foreign direct investment, ...
Testimony before
... policies will preserve the sustainability of public finances while providing sufficient flexibility for automatic fiscal stabilisers to operate. While it is clear that, for many – partly formal – reasons, annual budgetary targets always need to be set in nominal terms, the assessment of fiscal polic ...
... policies will preserve the sustainability of public finances while providing sufficient flexibility for automatic fiscal stabilisers to operate. While it is clear that, for many – partly formal – reasons, annual budgetary targets always need to be set in nominal terms, the assessment of fiscal polic ...
JohnMcHale
... •5-year debt targets •Annual fiscal statements •Retrospective performance •Prospective plans •Assessed by Fiscal Council ...
... •5-year debt targets •Annual fiscal statements •Retrospective performance •Prospective plans •Assessed by Fiscal Council ...
Policy Space for Developmental States in a Multipolar World: In
... allocation but split according to equity shares • In 1997, there was already an agreement for an SDR allocation but never fulfilled • Additional resources to WB and IMF for relending-- raising the possibility of new debt obligations ...
... allocation but split according to equity shares • In 1997, there was already an agreement for an SDR allocation but never fulfilled • Additional resources to WB and IMF for relending-- raising the possibility of new debt obligations ...
Bahamas_en.pdf
... has revised its outlook on the long-term sovereign credit rating for the Bahamas to positive from stable, providing an A- rating for the long-term and A-2 for the short-term sovereign debt. ...
... has revised its outlook on the long-term sovereign credit rating for the Bahamas to positive from stable, providing an A- rating for the long-term and A-2 for the short-term sovereign debt. ...
doc conf
... Evaluate each of the following proposals to “control the deficit” to avoid the long-run burden of the debt. a. Maintain a zero cyclically adjusted deficit. b. Keep the debt-to-GDP ratio constant. c. Limit government borrowing in each year to some fixed percentage of national income in that year. ...
... Evaluate each of the following proposals to “control the deficit” to avoid the long-run burden of the debt. a. Maintain a zero cyclically adjusted deficit. b. Keep the debt-to-GDP ratio constant. c. Limit government borrowing in each year to some fixed percentage of national income in that year. ...
Calmfors January 14 HOW TO REFORM EUROPE´S FISCAL POLICY FRAMEWORK by
... ambitious. Another criticism is that the deficit and debt measures used are arbitrary. With respect to macroeconomic stabilisation, two main objections have been raised. The first is that the fiscal rules may hamper stabilisation efforts in downswings, as now appears to be the case in Germany. A sec ...
... ambitious. Another criticism is that the deficit and debt measures used are arbitrary. With respect to macroeconomic stabilisation, two main objections have been raised. The first is that the fiscal rules may hamper stabilisation efforts in downswings, as now appears to be the case in Germany. A sec ...
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.