Academic literature on the topic 'Central Fiscal Capacity'

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Journal articles on the topic "Central Fiscal Capacity"

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Lee, Pak K. "Into the Trap of Strengthening State Capacity: China's Tax-Assignment Reform." China Quarterly 164 (December 2000): 1007–24. http://dx.doi.org/10.1017/s0305741000019275.

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The Third Plenum of the 14th Central Committee of the Chinese Communist Party (CCP) in November 1993 decided in principle for a comprehensive reform of central-provincial fiscal relations. Soon after the Plenum, the central government announced that the new fiscal system, known as the tax-assignment system (fenshuizhi), would be implemented nation-wide in 1994. With the aim of providing adequate revenues for government, particularly the central government, by revamping central-provincial revenue-sharing arrangements, the reform is to “[change] the current fiscal contractual responsibility syst
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Oktavilia, Shanty, Fafurida Fafurida, Yozi Aulia Rahman, and Ririn Bella Silvia. "Improving Regional Fiscal Capacity in Central Java Province Indonesia." Economics Development Analysis Journal 9, no. 2 (2020): 136–43. http://dx.doi.org/10.15294/edaj.v9i2.35094.

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This study discusses the development of fiscal capacity in Central Java, Indonesia. The purpose of this study is to analyze internal and external factors that increase regional fiscal capacity, and formulate strategies by analyzing internal and external elements to obtain four alternative strategies namely 'strength - opportunity' strategy, 'strength - threat' strategy, 'weakness - opportunity' strategy and Strategy for 'weaknesses - threats'. This study uses secondary data to analyze indicators of regional fiscal capacity and primary data collected through focused discussions, to analyze stra
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Arnold, Nathaniel, Bergljot Barkbu, H. Elif Ture, Hou Wang, and Jiaxiong Yao. "A Central Fiscal Stabilization Capacity for the Euro Area." Staff Discussion Notes 18, no. 03 (2018): 1. http://dx.doi.org/10.5089/9781484348178.006.

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Schreger, Jesse, Pierre Yared, and Emilio Zaratiegui. "Central Bank Credibility and Fiscal Responsibility." American Economic Review: Insights 6, no. 3 (2024): 377–94. http://dx.doi.org/10.1257/aeri.20230263.

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We consider a New Keynesian model with strategic monetary and fiscal interactions. The fiscal authority maximizes social welfare. Monetary policy is delegated to a central bank with an anti-inflation bias that suffers from a lack of commitment. The impact of central bank hawkishness on debt issuance is nonmonotonic because increased hawkishness reduces the benefit from fiscal stimulus while simultaneously increasing real debt capacity. Starting from high levels of hawkishness (dovishness), a marginal increase in the central bank’s anti-inflation bias decreases (increases) debt issuance. (JEL E
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Thies, Cameron G. "State fiscal capacity and state failure." European Political Science Review 7, no. 2 (2014): 167–87. http://dx.doi.org/10.1017/s175577391400037x.

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This paper develops a predatory theory approach to understanding state failure. Predatory theory expects that state revenue extraction is central to the ability of states to engage in any other activities. States that are able to maximize their revenue extraction subject to well-known constraints are therefore likely to avoid state failure. On the other hand, when state failure occurs, it should reduce state revenue extraction. These hypotheses receive mixed support in several two-stage least-squares time-series analyses that control for the endogenous relationship between state fiscal capacit
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Veronica Moi, Maria Odriana, Susano P. Baso, and Ilyona Risty. "ANALYSIS OF THE FISCAL CAPACITY OF DISTRICT AND CITY GOVERNMENTS IN THE EAST NUSA TENGGARA PROVINCE." Jurnal RAK (Riset Akuntansi Keuangan) 8, no. 1 (2023): 43–50. http://dx.doi.org/10.31002/rak.v8i1.629.

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This study aims to analyze the fiscal capacity of districts and cities in East Nusa Tenggara Province through the analysis of the degree of decentralization and fiscal capacity index. Data were analyzed using the degree of fiscal decentralization formula and the calculation of the fiscal capacity index. The results showed that on average, districts and cities in East Nusa Tenggara Province have a low degree of decentralization of 7.99% and are in the very low fiscal capacity index category of 0.442-0.515. The largest contribution to the allocation of regional expenditure comes from central gov
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Dr., Manahari Dhakal. "Fiscal interrelationship between Local, Province and Central Government of Nepal." Global Journal of Arts Humanity and Social Sciences 4, no. 9 (2024): 687–93. https://doi.org/10.5281/zenodo.13827837.

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<em>Different types of rules regulations and commission has formulated differently and provide different types of grants. Interrelationship between theirs like National Natural Resources and Fiscal Commission act, Local Government Operation Act (LGOA), Fifteenth Plan, Achievements through IGFT, Intergovernmental Transfers (budgeted) Vertical Shares, Allocation of revenue among the three-tier of Government of Nepal, Provision of Revenue Distribution between Central, Province and Local government Fiscal Transfer Fiscal Equalization Grants, Conditional Grants, Matching Grants, Special Grants are
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Rosmawati, Sri, M. Rachmad. R, and Zamzami Zamzami. "Analisis Kebutuhan dan Kapasitas Fiskal serta Hubungannya dengan Belanja Pegawai di Kabupaten Tebo." Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 3, no. 1 (2015): 41–48. http://dx.doi.org/10.22437/ppd.v3i1.2637.

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The ability of fiscal capacity that does not support the fiscal needs allows the fiscal gap . General Allocation Grand which comes from the central government aims to address the fiscal gap . Based on the explanation Regulation No. 55 of 2005 on the balance funds , General Allocation Grand (DAU) aimed at inter- regional equalization capabilities through the application of a formula that takes into account the needs of personnel expenditure , fiscal needs and potential of the region . This study was conducted to determine the effect of Construction Cost Index , Relative Poverty Index and Human
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Sasana, Hadi. "Fiscal Decentralization and Regional Economic Growth." Economics Development Analysis Journal 8, no. 1 (2019): 108–19. http://dx.doi.org/10.15294/edaj.v8i1.29879.

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Fiscal decentralization in Indonesia initiated in 2001 has proven to be effective and efficient; although, its implementation still need to be evaluated. The aim of the study was to analyze the implementation of fiscal decentralization on economic growth in Central Java. Tools multiple regression analysis using the method Fixed Effect Model (FEM).The period of the research was 9 years (2009-2017), and the subject of the was 35 districts/cities in Central Java Province. The dependent variable was economic growth, the independent variable was fiscal decentralization, and the control variables we
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Isyandi, B., Hendro Ekwarso, and Wahyu Hamidi. "Fiscal Capacity Development for Enhancing Regional Autonomy in Indonesia's Wetland Areas: A Strategic Model for Posthumanist Public Policy." Journal of Posthumanism 5, no. 6 (2025): 3179–89. https://doi.org/10.63332/joph.v5i6.2441.

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This study aims to identify a strategic model of fiscal capacity to enhance regional autonomy and economic resilience in wetland areas of Riau Province, Indonesia. Utilizing a mixed-method approach, the research explores how regional own-source revenues, intergovernmental transfers, and capital expenditure allocation impact local fiscal independence. The findings show that fiscal capacity is significantly constrained by central government dependency, underutilized local revenue instruments, and low capital investment. Only three out of twelve districts achieved substantial own-source revenue a
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Dissertations / Theses on the topic "Central Fiscal Capacity"

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Pinter, Julien. "Essays on two new central banking debates : central bank financial strength and monetary policy outcome : the instability of the transmission of monetary policy to deposit rates after the global financial crisis." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E051.

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Cette thèse traite de deux nouveaux débats sur le central banking qui ont émergé après la crise financière de 2008: le débat sur les pertes financières aux bilans des banques centrales, et le débat sur le niveau élevé des taux bancaires par rapport aux taux de marché après la crise. Les deux premiers chapitres s’inscrivent dans le premier débat. Le lien entre la solidité financière des banques centrales et l’inflation est étudié empiriquement dans le premier chapitre, en se basant sur un large panel de 82 pays. Théoriquement, ce lien est potentiellement présent lorsque le gouvernement ne souti
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Books on the topic "Central Fiscal Capacity"

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Ture, H. Elif, Bergljot B. Barkbu, Nathaniel G. Arnold, Jiaxiong Yao, and Hou Wang. Central Fiscal Stabilization Capacity for the Euro Area. International Monetary Fund, 2018.

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Ture, H. Elif, Bergljot B. Barkbu, Nathaniel G. Arnold, Jiaxiong Yao, and Hou Wang. Central Fiscal Stabilization Capacity for the Euro Area. International Monetary Fund, 2018.

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Ture, H. Elif, Bergljot B. Barkbu, Nathaniel G. Arnold, Jiaxiong Yao, and Hou Wang. Central Fiscal Stabilization Capacity for the Euro Area. International Monetary Fund, 2018.

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(Editor), Yusuf Bangura, and George A. Larbi (Editor), eds. Public Sector Reform in Developing Countries: Capacity Challenges to Improve Services. Palgrave Macmillan, 2006.

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Chiyŏk munhwa yesul chinhŭng ŭl wihan pŏpche chŏngbi pangan. Hanʼguk Pŏpche Yŏnʼguwŏn, 2005.

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Govi, Elisabetta, ed. BIRTH. Archeologia dell’infanzia nell’Italia preromana. Bologna University Press, 2022. http://dx.doi.org/10.30682/disciarche31.

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L’archeologia dell’infanzia è un campo di ricerca molto attuale nel quadro internazionale degli studi dedicati all’antichità e negli anni più recenti ha visto una crescita considerevole anche grazie all’approccio interdisciplinare che arricchisce le indagini archeologiche di prospettive complementari, prime fra tutte quella dell’antropologia fisica e culturale. Il mondo infantile resta tuttavia molto difficile da analizzare per la scarsa visibilità che i bambini hanno in termini archeologici, a causa della fragilità dei resti ossei e della limitata evidenza sul piano sociale e culturale. Occor
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Book chapters on the topic "Central Fiscal Capacity"

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Felis, Paweł, Leszek Patrzałek, Agnieszka Bem, et al. "Fiscal capacity of area-based real estate taxes in selected countries of Central and Eastern Europe." In Local Tax Policy in Central and Eastern Europe. Routledge, 2024. https://doi.org/10.4324/9781003530503-4.

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Buti, Marco, Alessandro Coloccia, and Marcello Messori. "11. European Public Goods." In Financing Investment in Times of High Public Debt. Open Book Publishers, 2023. http://dx.doi.org/10.11647/obp.0386.11.

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A well-functioning economic union needs a permanent central fiscal capacity. Stepping up the supply of European Public Goods (EPGs) delivered and financed at EU level appears the most promising avenue. EPGs should meet a number of criteria at the intersection of the economic theory of public goods, the theory of fiscal federalism, and EU-specific institutional and political features. The green, digital, and social transition; the supply of critical raw materials; health; security; and defence define the areas where economic, institutional, and political coherence meet. Several issues still nee
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Fabbrini, Federico. "EMU during Covid-19." In EU Fiscal Capacity. Oxford University PressOxford, 2022. http://dx.doi.org/10.1093/oso/9780198874225.003.0003.

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Abstract Chapter 3 examines the transformations of Economic and Monetary Union (EMU) during Covid-19. It maps the responses that the European Union (EU) institutions and Member States deployed to address the sudden halt in demand and supply due to the pandemic and the restrictive measures taken to contain it. To this end, the chapter first surveys the action of the Commission, the European Central Bank, and the Eurogroup, and then focuses on the approval of the ‘Next Generation EU’ (NGEU) Recovery Fund—from the May 2020 Commission proposal sponsored by France and Germany, to the July 2020 Euro
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Rangarajan, C., and D. K. Srivastava. "Fiscal Transfers in India." In Fiscal Policy and Public Financial Management. Oxford University PressOxford, 2024. http://dx.doi.org/10.1093/9780198930464.003.0012.

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Abstract The principle of equalization is consistent with the objectives of both equity and efficiency in determining fiscal transfers in federal fiscal systems. Canada is a good example of fiscal capacity equalization, whereas in Australia capacity equalization is supplemented by expenditure-side considerations. In India, the delivery of fiscal transfers is done through sharing of central taxes and grants. The former has emerged as the major vehicle for these transfers. Although equalization is not explicitly incorporated in the way this is done in Canada and Australia, in India it is incorpo
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Riet, Ad van. "The ECB in the New Normal." In The New European Central Bank: Taking Stock and Looking Ahead. Oxford University PressOxford, 2022. http://dx.doi.org/10.1093/oso/9780198871231.003.0014.

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Abstract Within the Economic and Monetary Union (EMU) of Europe the responsibility for monetary policy lies with the European Central Bank (ECB). EMU was designed without a fiscal counterpart to the ECB that could assist monetary policy with stabilizing the euro area economy. This chapter reviews how euro area governments could cooperate to establish fiscal framework conditions in support of monetary policy that are more similar to those found in other currency areas. First, they could create a central fiscal capacity to ensure a euro area economic policy stance that is consistent with the ori
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Gardner, Leigh. "New Colonies, Old Tools: Building Fiscal Systems in East and Central Africa." In Fiscal Capacity and the Colonial State in Asia and Africa, c.1850–1960. Cambridge University Press, 2019. http://dx.doi.org/10.1017/9781108665001.007.

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Rangarajan, C., and D. K. Srivastava. "Evolution of Fiscal Federalism in India." In Federalism and Fiscal Transfers in India, 2nd ed. Oxford University PressOxford, 2024. https://doi.org/10.1093/9780198930426.003.0002.

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Abstract This chapter highlights the evolution of fiscal transfer arrangements in India over the period covered by the First to the Twelfth Finance Commissions. This chapter also traces the evolution of the criteria for sharing of tax revenues in India, showing how the system moved from a tax-by-tax approach to a more global sharing of central taxes and how the criteria for horizontal distribution of sharing also converged. It also examines the basic considerations in the determination of grants by the Finance Commission and the main patterns in the overall transfer of resources from the centr
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Baer, Katherine, Sanjeev Gupta, Mario Mansour, and Sailendra Pattanayak. "Building Fiscal Institutions in Fragile States." In Macroeconomic Policy in Fragile States. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198853091.003.0011.

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Building or restoring fiscal institutions is central to state-building and economic growth in fragile states. This chapter proposes a two-step approach to designing and implementing tax revenue and public expenditure reforms in fragile states based on the experience of IMF technical assistance programs. Reforms to build fiscal institutions in fragile states need to be sequenced to reflect country-specific circumstances. In the first stage, the focus should be on using available administrative capacity for effective tax collection and developing core public financial management functions with e
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Wang, Shaoguang. "FOUR The Rise of the Regions: Fiscal Reform and the Decline of Central State Capacity in China." In The Waning of the Communist State. University of California Press, 1995. http://dx.doi.org/10.1525/9780520419698-006.

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Santalova, Antonina. "School autonomy as a form of privatization in public schooling in post-Soviet republics of Central Asia—Kyrgyzstan, Tajikistan, and Uzbekistan." In Privatization in and of Public Education. Oxford University PressNew York, 2024. http://dx.doi.org/10.1093/oso/9780197673508.003.0011.

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Abstract This chapter offers a comprehensive empirical analysis of school autonomy in the post-Soviet Central Asian states of Kyrgyzstan, Tajikistan, and Uzbekistan, with a specific focus on two key dimensions: financial resource management and fundraising autonomy. The research draws from a multifaceted methodology, incorporating surveys, in-depth interviews, and legislative analysis to provide a holistic view of the educational landscape in these countries. The findings of the analysis shed light on a noteworthy trend: these nations have experienced a limited but discernible degree of privat
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Conference papers on the topic "Central Fiscal Capacity"

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Muzdalifah, Muzdalifah. "Impact of Regional Fiscal Capacity and Regional Economic Growth on Improving the Welfare of the Community in Regencies/Cities in Kalimantan." In Proceedings of the 2nd Borobudur International Symposium on Humanities and Social Sciences, BIS-HSS 2020, 18 November 2020, Magelang, Central Java, Indonesia. EAI, 2021. http://dx.doi.org/10.4108/eai.18-11-2020.2311800.

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Kumi, Evis. "The Effectiveness of the Albanian Monetary Policy." In 9th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2023. http://dx.doi.org/10.31410/eraz.2023.97.

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This article aims to assess the efficiency of the Bank of Albania’s monetary policy in attaining its goals of price stability and economic ex­pansion. Price stability is essential for ensuring a favorable business environ­ment, preserving the purchasing power of the currency, and reducing uncer­tainty in the economy. The analysis takes into account the unique character­istics and challenges faced by the Albanian economy. This article offers in­sights into the effectiveness of the monetary policy framework in Albania by assessing the primary instruments and tactics used by the BoA, including in
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Frroku, Mariel. "Local Government Financing and Sustainable Development: The Case of Albania." In 7th FEB International Scientific Conference. University of Maribor, University Press, 2023. http://dx.doi.org/10.18690/um.epf.3.2023.60.

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Local government is one of the most important pillars of good governance of a society, an important indicator to express the essential role it has in the sustainable development (SD) of a country. The reforms undertaken in Albania in terms of increasing the fiscal and functional capacity of local government, connect it more and more with all components of SD. The use and maximization of the capacities of the local government in order to improve the basic goals of SD, is supported not only by the theoretical connection of functions but also by the experience of developed countries with a deep d
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Yılmaz, Durmuş. "Global Economy and Turkey: 2016 and Beyond." In International Conference on Eurasian Economies. Eurasian Economists Association, 2016. http://dx.doi.org/10.36880/c07.01815.

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Irrespective of whether advanced economies (AEs) or emerging market economies (EMEs), the number one problem of the global economy is not being able to generate a satisfactory growth. Income levels is in some countries are barely above the per-crisis level. Despite ample liquidity due to quantitative monetary policies, consumption and investment demands are weak. Because high level of indebtedness deter economic agents from using credit. Credit markets still do not function well either.&#x0D; Quantitative easing policies have been successful in containing further deterioration. Despite ample l
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Reports on the topic "Central Fiscal Capacity"

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Pak, Kimchoeun. Fiscal Decentralisation in Cambodia: A Review of Progress and Challenges. Cambodia Development Resource Institute, 2011. https://doi.org/10.64202/wp.50.201105.

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To achieve democratic development, Cambodia’s next step towards fiscal decentralisation will focus on both institutional and service delivery reform at district level so as to strengthen the capacity of the sub-national administration and better link it to sectoral service delivery. To move forwards, fiscal decentralisation needs to be comprehensive and well coordinated with other cross-cutting reforms, especially the Public Financial Management Reform Programme, and sectoral reforms. This does not mean that everything has to be done at the same time, for doing so would overwhelm existing capa
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Castilleja Vargas, Liliana, Daniel Hernaiz, Alejandro Rasteletti, and Eduardo Borensztein. International Crises and Policy Responses in the Southern Cone. Inter-American Development Bank, 2012. http://dx.doi.org/10.18235/0011434.

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This document analyzes the patterns of fiscal and monetary policy in five economies of the Latin American Southern Cone (Argentina, Brazil, Chile, Paraguay and Uruguay) during four episodes of international crises: 1994, 1997-1999, 2001 and 2008. In contrast with earlier episodes when most countries in the region applied procyclical fiscal and monetary policies, the response of the five countries to the 2008 crisis was countercyclical. On the fiscal side, countries had a larger fiscal space in 2008 to implement a countercyclical policy thanks to increases in primary balances, improvements in s
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Demaestri, Edgardo C., Cynthia Moskovits, and Jimena Chiara. Management of Fiscal and Financial Risks Generated by PPPs: Conceptual Issues and Country Experiences. Inter-American Development Bank, 2018. http://dx.doi.org/10.18235/0001470.

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This paper discusses the main issues concerning sovereign fiscal and financial risks from public–private partnerships (PPPs) with a focus on contingent liabilities (CLs). It is based on the presentations and discussions that took place during the XI Annual Meeting of the Group of Latin American and the Caribbean Debt Management Specialists (LAC Debt Group), held in Barbados in August 2015. The main issues discussed include PPP risks assessment, institutional framework for PPP risk management, and accounting and reporting of CLs generated by PPPs. Six country cases (Chile, Colombia, Costa Rica,
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Vargas-Herrera, Hernando, Juan Jose Ospina-Tejeiro, Carlos Alfonso Huertas-Campos, et al. Monetary Policy Report - April de 2021. Banco de la República de Colombia, 2021. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr2-2021.

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1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lowe
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Guevara-Castañeda, Diego Alejandro, Leonardo Villar-Gómez, Olga Lucía Acosta-Navarro, et al. Report of the Board of Directors to the Congress of Colombia, February 2025. Banco de la República, 2025. https://doi.org/10.32468/inf-jun-dir-con-rep-eng.01-2025.

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In 2024, the macroeconomic adjustment process continued, characterized by a sustained reduction in inflation that began in 2023 and a decline in the current account deficit of the balance of payments. This adjustment took place in the context of a contractionary monetary policy, with a gradual reduction in the monetary policy interest rate. GDP grew by 1.7%, driven by investment and consumption, while employment increased by 2.2%. Foreign reserves remained at adequate levels, and Banco de la República recorded a profit of COP 10,041 billion, benefiting from the returns on foreign reserves. Mac
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Bonilla-González, Ricardo, Olga Lucía Acosta-Navarro, Roberto Steiner-Sampedro, et al. Report of the Board of Directors to the Congress of Colombia, March 2024. Banco de la República, 2024. http://dx.doi.org/10.32468/inf-jun-dir-con-rep-eng.03-2024.

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In 2023, the Colombian economy made progress in the macroeconomic adjustment required to achieve growth compatible with its productive capacity and external and price stability. This adjustment was reflected in the beginning of the convergence of inflation towards the target, which closed the year at 9.3%. This adjustment is an important step forward in the Board of Directors’ (BDBR) intention to drive inflation toward its target by mid-2025. Net foreign reserves increased and at the end of 2023 reached USD 59,608.3 million, and Banco de la República’s (the Central Bank of Colombia, Banrep) pr
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Ocampo-Gaviria, José Antonio, Roberto Steiner Sampedro, Mauricio Villamizar Villegas, et al. Report of the Board of Directors to the Congress of Colombia - March 2023. Banco de la República de Colombia, 2023. http://dx.doi.org/10.32468/inf-jun-dir-con-rep-eng.03-2023.

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Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this,
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Monetary Policy Report - July 2022. Banco de la República, 2022. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr3-2022.

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In the second quarter, annual inflation (9.67%), the technical staff’s projections and its expectations continued to increase, remaining above the target. International cost shocks, accentuated by Russia's invasion of Ukraine, have been more persistent than projected, thus contributing to higher inflation. The effects of indexation, higher than estimated excess demand, a tighter labor market, inflation expectations that continue to rise and currently exceed 3%, and the exchange rate pressures add to those described above. High core inflation measures as well as in the producer price index (PPI
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Monetary Policy Report - January 2023. Banco de la República, 2023. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr1-2023.

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1. Macroeconomic Summary In December, headline inflation (13.1%) and the average of the core inflation measures (10.3%) continued to trend upward, posting higher rates than those estimated by the Central Bank's technical staff and surpassing the market average. Inflation expectations for all terms exceeded the 3.0% target. In that month, every major group in the Consumer Price Index (CPI) registered higher-than-estimated increases, and the diffusion indicators continued to show generalized price hikes. Accumulated exchange rate pressures on prices, indexation to high inflation rates, and sever
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Monetary Policy Report - October 2022. Banco de la República Colombia, 2022. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr4-2022.

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1.1 Macroeconomic summary In September, headline inflation (11.4% annually) and the average of core inflation indicators (8.6% annually) continued on a rising trend, and higher increases than expected were recorded. Forecasts increased again, and inflation expectations remained above 3%. Inflationary surprises in the third quarter were significant and widespread, and they are the result of several shocks. On the one hand, international cost and price shocks, which have mainly affected goods and foods, continue to exert upwards pressure on national inflation. In addition to these external suppl
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