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Journal articles on the topic 'Deficit of public finance'

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1

Chornovol, Alla, Julia Tabenska, Tetiana Tomniuk, and Liudmyla Prostebi. "Public finance management system in modern conditions." Investment Management and Financial Innovations 17, no. 4 (2020): 402–10. http://dx.doi.org/10.21511/imfi.17(4).2020.34.

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The public finance management system is an important lever for equalizing financial and budgetary disproportions in the context of institutional changes. The paper aims to substantiate the directions of development of the public financial management system. Economic and statistical methods and correlation-regression analysis methods are used to determine the relationship between the GDP deflator and the share of revenues, expenditures, the general government budget deficit, and public debt in GDP, assessing the features of the public financial management system in Ukraine and EU countries. Thi
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OKSANEN, HEIKKI. "Public pensions in the national accounts and public finance targets." Journal of Pension Economics and Finance 4, no. 3 (2005): 291–312. http://dx.doi.org/10.1017/s1474747205002076.

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Preparations are underway to revise national accounting to implement actuarial recording of pension liabilities for corporations and government as an employer. This paper extends this to unfunded public pensions with the help of ‘implicit tax’ in pension contributions. The clearest advantages of the revision appear in situations where pension liabilities are shifted from the corporate sector to government, and where part of the public pension system is privatized. The proposed revision raises public debt and deficit to new orders of magnitude. The paper provides a framework for setting the deb
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Ann Pettifor, Ann Pettifor. "Deficit Financing’ or ‘Deficit-Reduction Financing?’ Debates in Contemporary Economics: Origins, Confusions and Clarity." journal of king Abdulaziz University Islamic Economics 32, no. 1 (2019): 67–78. http://dx.doi.org/10.4197/islec.32-1.4.

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The analysis of government deficits and public debt points to a fundamental error in contemporary economic discussions. It is not possible to assess the stance of fiscal policy from estimates of the public sector deficit. John Maynard Keynes’s macroeconomics and the empirical evidence discussed in this paper indicate that expansionary fiscal policy financed by loan issues will lead to growth in economic activity and employment. In an economy with spare capacity and idle resources, high government expenditure generates income, including tax revenues and thereby reduces the government deficit, a
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4

Dobrowolski, Krzysztof, and Grzegorz Pawłowski. "The condition of public finances and its impact on the level of inflation in Poland in 2011-2017." Współczesna Gospodarka 9, no. 4 (31) (2018): 1–11. http://dx.doi.org/10.26881/wg.2018.4.01.

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The aim of the article is to present the condition of the main elements of public finances: public finance deficit (budget deficit), public debt (state treasury debt) and public expenditure (budget expenditure) in Poland in 2011-2017 and on the basis of the described theoretical dependencies to determine their impact on the level of inflation during the period considered. The following methods were used in the research: analysis and logical construction and statistical methods.
 It was found that the state of public finances did not cause inflationary pressure in the analysed period. Infl
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Mahfuzul Haque, Mahfuzul Haque. "Deficit Financing in Contemporary Economies: Effects and Implications." journal of king Abdulaziz University Islamic Economics 32, no. 1 (2019): 87–95. http://dx.doi.org/10.4197/islec.32-1.6.

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Ann Pettifor’s paper on deficit financing elucidates how Keynesian policies in times of economic slumps reduce public deficits. A public misconception is that during economic downturns, increasing government expenditure will worsen the deficit. Deficit financing aims to increase economic output via creating/salvaging jobs and increasing productivity. Thus, the temporary increase in spending creates a longterm increase in economic output, so the size of the deficit in relation to GDP ultimately decreases. However, effective targeting of government expenditure is critical if it is to benefit the
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6

DALAMAGASASE, BASIL. "GROWTH, PUBLIC INVESTMENT AND DEFICIT FINANCING." Australian Economic Papers 34, no. 65 (1995): 244–62. http://dx.doi.org/10.1111/j.1467-8454.1995.tb00027.x.

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7

Mackiewicz, Michał. "The Public Finance Deficit From the Perspective of the New Political Economics." Gospodarka Narodowa 206, no. 3 (2006): 1–22. http://dx.doi.org/10.33119/gn/101432.

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8

Groneck, Max. "A golden rule of public finance or a fixed deficit regime?" Economic Modelling 27, no. 2 (2010): 523–34. http://dx.doi.org/10.1016/j.econmod.2009.11.005.

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9

Josifidis, Kosta, Radmila Dragutinovic, Olgica Glavaski, and Novica Supic. "Public Policies Influence on Fiscal Deficit in the EU-28: Common Correlated Effects Approach." Revista Hacienda Pública Española 227, no. 4 (2018): 63–101. http://dx.doi.org/10.7866/hpe-rpe.18.4.3.

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10

Misztal, Piotr. "Public Debt and Economic Growth in the European Union. Empirical Investigation." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (January 5, 2021): 199–208. http://dx.doi.org/10.37394/23207.2021.18.21.

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The relatively high sizes of public debts in many of the world's member states have led to frequentdebates concerning the influence of public debt on economic growth. Analyzing economic literature it can beseen, that theoretical and empirical considerations on this topic are divided into three main parties. The firstpart of analyzes is the work of the Keynesians, which emphasizes that the budget deficit as well as the publicdebt positively affects the economic development of the country, mainly through the impact of the budgetexpenditure multiplier. The opposite view on budget deficits and pub
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Mielczarek, Mikołaj. "Wpływ współczesnego kryzysu ekonomicznego na stan finansów publicznych państw Grupy Wyszehradzkiej." Ekonomia 23, no. 2 (2017): 57–73. http://dx.doi.org/10.19195/2084-4093.23.2.4.

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The impact of contemporary economic crisis on public finances of the Visegrad GroupThe article attempts to assess the state of public finances of the Visegrad Group V4 during the contemporary economic crisis. At the beginning there are shown two faces of the economic crisis in the European Union and that this crisis firstly took the form of abanking crisis, and next extend to the public finance sector. Analysis of GDP proved that when we have crisis in the European Union in all V4 countries there has been adecline in the volume of GDP, and in the next years there were rather its growth. Analys
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Sajid Amin Javed, Sajid Amin Javed. "Limitless Deficit Financing for Economic Prosperity: Where They Got Keynes’s Deficit Spending Wrong?" journal of king Abdulaziz University Islamic Economics 32, no. 1 (2019): 97–109. http://dx.doi.org/10.4197/islec.32-1.7.

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The recent wave of recommendations of unlimited credit creation to finance government expenditures to achieve economic growth and prosperity seems to be grounded in misunderstanding Keynes’s countercyclical fiscal policy. Keynes’s deficit spending denotes the stimulus geared towards increasing private investment as opposed to big government spending boosting consumption. Taking Japan as a case study, I showcase that deficit financing meeting Keynesian preconditions, including a sound monetary system, well-developed financial markets, and lower/zero interest rate, may not lead to raising growth
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13

Garcia, Manuel Jaen. "The Sustainability of Public Finances in Spain." Applied Economics and Finance 7, no. 6 (2020): 57. http://dx.doi.org/10.11114/aef.v7i6.5054.

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Concern regarding deficits in the public accounts in Europe and the United States has led politicians and researchers to consider sustainability of fiscal policy understood as the fulfillment of the intertemporal budget constraint established by the government which indicates the extent to which accumulated and future debt can be paid for by means of current and future taxes, and also cover standard public expenditures.The present article analyzes the sustainability of the national deficit in Spain for the period 1960-2016 by considering public revenue and spending in both real terms and perce
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Covalschi, Tatiana, and Sebastian Lazăr. "The Sustainability of Public Finances in Republic of Moldova Under EU Fiscal Rules." Scientific Annals of Economics and Business 63, no. 2 (2016): 149–59. http://dx.doi.org/10.1515/saeb-2016-0112.

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This paper analyses public finances sustainability in the Republic of Moldova under the European Union fiscal rules, by estimating the structural budget balance indicator using a three steps methodology. We concluded that, except for 2009, the Republic of Moldova complies with the Maastricht numerical fiscal rule; however it does not comply with the new fiscal rules regarding the structural deficit and public expenditures growth that had been set by the Fiscal Compact. The fact that budget deficits and public debt had been sustainable was mainly because of the concessions made by the external
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Rao, M. Govind. "Public Finance in Pandemic Times." Journal of Asian Development Research 1, no. 1 (2020): 1–14. http://dx.doi.org/10.1177/2633190x211003336.

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Never before in living memory has economic destruction been so severe as it has been caused by the COVID-19 pandemic. The pandemic has struck at a time when the economy has already been slowing due to structural problems. Therefore, hastening the recovery process and accelerating the pace of economic growth requires the government not only to provide substantial stimulus but also to implement structural reforms. The stimulus provided so far has been mainly by the RBI on the supply side in terms of reducing interest rate, augmenting augment liquidity, restructuring loans to stressed sectors, mo
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Minea, Alexandru, and Patrick Villieu. "PERSISTENT DEFICIT, GROWTH, AND INDETERMINACY." Macroeconomic Dynamics 16, S2 (2012): 267–83. http://dx.doi.org/10.1017/s1365100511000435.

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In this paper, we look for long-run and short-run effects of fiscal deficits on economic growth in an endogenous growth model with productive public spending that may be financed by public deficit and debt. The model shows a multiplicity of long-run balanced growth paths (a high-growth and a low-growth steady state) and a possible indeterminacy of the transition path, which may be consistent with the empirical literature, which exhibits strong nonlinear responses of economic growth to fiscal deficits. Starting from the high-growth steady state, a positive impulse in the deficit ratio exerts an
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17

Budzyński, Tomasz. "Analysis of public finance sector deficit in Poland in the years 2007-2012." Annales Universitatis Mariae Curie-Skłodowska, sectio H, Oeconomia 48, no. 1 (2014): 45. http://dx.doi.org/10.17951/h.2014.48.1.45.

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18

Stawska, Joanna. "Imbalance of the public finance in the context of Keynesian and Non-Keynesian effects of fiscal policy limitation." INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION 3, no. 3 (2017): 27–32. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.33.1003.

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The purpose of this article is to point out the importance of the size of public debt and deficit in the context of Keynesian and non-Keynesian effects of fiscal policy limitation. To achieve this objective primarily were used methods of analysis of the available literature and presentation of statistical data. Considerations include, among others, the presentation of public debt and deficit in the context of economic growth. Expansionary fiscal policy often caused by economic fluctuations contributes to the deepening of public finance imbalance with frequent decline in GDP growth. The restric
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Malinowski, Dariusz. "Dług publiczny w ujęciu ekonomicznym i prawnym. Zmienność długu publicznego w wybranych gospodarkach pozaeuropejskich po 2007 na tle państw Unii Europejskiej." Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace, no. 2 (December 5, 2015): 77–109. http://dx.doi.org/10.33119/kkessip.2015.2.4.

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The two main aims of the text were comparative analysis of several legal methodologies for defining public debt developed by international organizations and presenting the Polish legal methodology of calculating public debt while pointing out to the differences between methodologies. Presentation of the concept of the budget deficit and public debt in economic theory served as introduction to the description of legal approach to public debt. The second part of the study examines the economic volatility of the state budget deficit and public debt in selected non-European economies after 2007. T
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Bostan, Ionel, Mihaela Brindusa Tudose, Raluca Irina Clipa, Ionela Corina Chersan, and Flavian Clipa. "Supreme Audit Institutions and Sustainability of Public Finance. Links and Evidence along the Economic Cycles." Sustainability 13, no. 17 (2021): 9757. http://dx.doi.org/10.3390/su13179757.

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Against the backdrop of concerns for diminishing the vulnerabilities of the economies of the Member States, the EU has adopted measures to strengthen budgetary discipline and control of the public deficit. In this context, the responsibility of government institutions has increased, not only in ensuring the sustainability of public finances but also in direct or indirect cooperation for good economic governance. From this perspective, this study aims to assess the impact of macroeconomic variables and those associated with supreme audit institutions on the sustainability of public finances mea
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21

Wielechowski, Michał. "General government deficit and public debt in EU member states." Oeconomia Copernicana 2, no. 4 (2011): 29–41. http://dx.doi.org/10.12775/oec.2011.016.

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The aim of this article is the presentation and the attempt to analyse such phenomena as: an excessive general government deficit and public debt in EU Member States over the past 3 years. For the European Union the years 2008-2010 were the time when public finances of most member countries worsened dramatically. The average budget deficit in the EU increased during that period to a value of almost 7% compared to gross domestic product and public debt reached almost 80% of GDP. Referring the numbers to the principles of the budgetary policy in the Treaty on the European Union (the deficit shou
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22

Kasasbeh, Hamad A., and Marwan Alzoub. "The impact of deficit financing on economic stability." Ekonomski pregled 70, no. 5 (2019): 706–22. http://dx.doi.org/10.32910/ep.70.5.2.

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This study examines the effect of deficit financing on economic stability in Jordan during the period 2005-2017, using quarterly data by employing the Vector Error Correction Model (VECM) after seasonally adjusting the variables. This paper is unique as it is the first of its kind that tackles the issue of stability in Jordan. It provides empirical evidence that external borrowing (EBDT) and domestic bank financing (BANK) negatively affect economic stability in Jordan. The bank effect is due to crowding out the private sector. External borrowing negative impact is driven by the current high le
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23

Bergman, Michael. "Best in class: Public finances in Sweden during the financial crisis." Panoeconomicus 58, no. 4 (2011): 431–53. http://dx.doi.org/10.2298/pan1104431b.

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This paper studies why public finances in Sweden have remained very strong during the current financial crisis. Unlike almost all other European countries, Sweden has had budget surpluses and a government debt ratio around 40 percent of GDP during the recent crisis. We attribute this to two important factors. First, Sweden entered the crisis with strong public finances and second that unemployment did not rise as much as normally during recessions. The Swedish fiscal framework that was introduced after the banking crisis in the early 1990s with expenditure ceilings, a top-down budget process,
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Omar Zuhair Hafiz, Omar Zuhair Hafiz. "Ṣukūk: A Sharīʿah Compliant Tool for Financing Budget Deficits". journal of king Abdulaziz University Islamic Economics 32, № 1 (2019): 119–24. http://dx.doi.org/10.4197/islec.32-1.9.

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The lead paper (Pettifor, 2019) discusses an important issue at the macroeconomic level, especially the impact of financing government’s expansionary budget deficit through borrowing. The paper reiterates that claiming that the use of loans to finance the deficit will lead to a decline in the economic activity and will in turn increase the deficit, is a common misconception. In fact, the data on the British economy over a period of a hundred years, as shown in the lead paper, proves that there is a positive relationship between the volume of the budget deficit (and public debt) and economic ac
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Miner, Jerry. "The Reagan Deficit." Public Budgeting & Finance 9, no. 1 (1989): 15–32. http://dx.doi.org/10.1111/1540-5850.00806.

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Mugo, Patrick Mugendi, Wafula Masai, and Kennedy Osoro. "The Effects of Current Account Deficits on Economic Growth: Evidence from Kenya." Journal of Economics and Public Finance 7, no. 4 (2021): p59. http://dx.doi.org/10.22158/jepf.v7n4p59.

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The study examines the effects of current account deficits on economic growth. It also evaluates the direction of causality between the current account deficits and economic growth. These have in the recent past been analyzed in developed and developing economies. In contributing to this ongoing debate, the study applied unit root tests, cointegration analysis, a dynamic vector error correction model and Toda-Yamamoto Granger-causality representation using annual time series data for Kenya from 1980 to 2016. There is evidence that in the long run, current account deficit has significant positi
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Dziemianowicz, Ryta. "Independent Fiscal Institutions as a Tool of Fiscal Governance." Equilibrium 9, no. 1 (2014): 59–70. http://dx.doi.org/10.12775/equil.2014.004.

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The recent economic crisis, one of the symptoms of which is a sudden increase of public debt in the majority of OECD countries, again made the government and the society aware of the necessity for conducting transparent, but also responsible fiscal policy. Creating a framework of the fiscal discipline responsible fiscal policy started to be perceived as an essential condition of effective governance leading to reduce budget deficit and public debt. The independent fiscal institutions may be included into regulations supporting public finance management. Their fundamental aim is to reduce the r
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BRAUNINGER, MICHAEL. "The Budget Deficit, Public Debt, and Endogenous Growth." Journal of Public Economic Theory 7, no. 5 (2005): 827–40. http://dx.doi.org/10.1111/j.1467-9779.2005.00247.x.

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Muhamed Zulkhibri, Muhamed Zulkhibri. "Sustainable Level Debt, Expansionary Austerity, and Fiscal Consolidation Theories: A Critical Analysis." journal of king Abdulaziz University Islamic Economics 32, no. 1 (2019): 111–18. http://dx.doi.org/10.4197/islec.32-1.8.

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This commentary critically analyzes the debate between ‘deficit financing’ and ‘deficit-reduction financing’ in contemporary economics. Reading through the paper by Ann Pettifor (2019), one gets the impression that deficits don’t matter and that fiscal consolidation has not improved the public finances, at least for the advanced economies. Although Pettifor manages to pinpoint some of the fundamental errors in contemporary economic discussions on deficit financing, her paper puts undue emphasis on Keynes’s approach to public spending. Keynes’s argument was that increases in government spending
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Hansen, John Mark. "Individuals, Institutions, and Public Preferences over Public Finance." American Political Science Review 92, no. 3 (1998): 513–31. http://dx.doi.org/10.2307/2585478.

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This study examines public preferences over deficits, taxes, and spending. Using responses to public opinion questions designed for the purpose, the article assesses the state of preferences as expressed by individuals and as represented in government. One section examines the characteristics of individual preferences—their completeness, consistency, and coherence. Public opinion is remarkably well structured and overwhelmingly partial to the policy status quo. A second section explores the properties of mass preferences as they are aggregated by several different kinds of institutional voting
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Kia, Amir. "Impact of Public Debt, Deficit and Debt Financing on Private Investment in a Large Country: Evidence from the United States." World Journal of Applied Economics 6, no. 2 (2020): 139–61. http://dx.doi.org/10.22440/wjae.6.2.3.

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This paper analyses the direct impact of fiscal variables on private investment. The current literature ignores one or more fiscal variables and, in many cases, the foreign financing of debt. In this paper, an aggregate investment function for an economy in which firms incur adjustment costs in their investment process is developed. The developed model incorporates the direct impact of government expenditure, public debt and investment, deficits and foreign-financed debt on private investment. The model is tested on US data. It is found that public investment does not have any impact on privat
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Zharku, Lutfi. "Irregular Receipts Leading to Budget Deficits in Kosovo." Baltic Journal of Real Estate Economics and Construction Management 6, no. 1 (2018): 100–115. http://dx.doi.org/10.2478/bjreecm-2018-0008.

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Abstract The aim of the paper is to analyse the irregular budget receipts, their behaviour and impact on budget deficits in Kosovo. Since its independence, Kosovo has been engaging in large infrastructure projects based mainly on initially high cash balances and overestimation of revenue capacity, in particular of irregular receipts. This led to the creation of future liabilities and budget deficits, which had to be financed by public debt. Further, the politically motivated increase of wage and salary bill and social transfers increased the burden on budget deficit already caused by infrastru
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Rosales-Pérez, Ana M., Manuel A. Fernández-Gámez, Macarena Torroba-Díaz, and Jesús Molina-Gómez. "A Study of the Emotional Intelligence and Personality Traits of University Finance Students." Education Sciences 11, no. 1 (2021): 25. http://dx.doi.org/10.3390/educsci11010025.

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Studies on financial behavior indicate that emotional intelligence (EI) and personality traits (PTs) explain much of the bias in financial activity. This study aims to identify in which dimensions of theEI and PTs of university students in finance further training is needed to avoid financial behavior bias. To this end, the EI and PT levels of a sample of university finance students and financial industry professionals were compared using the Trait Emotional Intelligence Questionnaire (TEIQue) and Big Five Inventory questionnaire. Subsequently, the dimensions of EI and PTs in which students ha
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Tahri, Firdawss, Mohamed Karim, and Othmane Tanjali. "Budget Profile and Fiscal Policy in Morocco." Journal of Economics and Public Finance 5, no. 4 (2019): p514. http://dx.doi.org/10.22158/jepf.v5n4p514.

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This paper examines the structural changes that have marked the profile of public finance since 2012, and list the main internal challenges that Morocco is facing in managing public finances. The second part is devoted to presenting four approaches (the effective tax rate, the marginal tax rate, the elasticity, the regression and the analysis of co-integration) used by international institutions to forecast fiscal revenues. Then we estimate deficit government income and expenditure in 2020 and 2021, considering two scenarios; a baseline and an alternative scenario. The results of the alternati
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Barrell, Ray, and Simon Kirby. "Medium-Term Prospects for the Public Finances." National Institute Economic Review 212 (April 2010): F60—F67. http://dx.doi.org/10.1177/0027950110373208.

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The financial crisis and the recession it induced have wrought havoc with our understanding and decision-making on the medium-term fiscal position. The crisis will leave us with a higher debt stock and a lower level of sustainable output, and both of these will have implications for the optimal paths for spending and for taxes. If sustainable output has changed then spending plans need to be revised, even if there is no excessive accumulation of debt. If debt has been accumulated in excess of that seen as wise before the crisis, then a plan must be in place to raise taxes and reduce spending i
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Savage, James D. "California's Structural Deficit Crisis." Public Budgeting Finance 12, no. 2 (1992): 82–97. http://dx.doi.org/10.1111/1540-5850.00940.

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Malyshko, Vitalina, Natalia Yevtushenko, and Yuliia Horodnichenko. "Analysis of public debt of Ukraine." University Economic Bulletin, no. 44 (February 12, 2020): 187–95. http://dx.doi.org/10.31470/2306-546x-2020-44-187-195.

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Subject of research is public debt. The purpose of this article is to analyze the status of public debt of Ukraine, its dynamics and structure. Methods which were used in course of research: the method of systemic structural analysis and synthesis, method of comparative analysis, generalization, statistical, General, special methods of scientific knowledge and other research methods. Study results.The article described the views of scientists on the essence of economic category «public debt». Analyzed the periods of the formation of government debt, the dynamics of the budget deficit of Ukrain
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Sheldon, Marie, Martin Weale, and Garry Young. "Fiscal Report." National Institute Economic Review 160 (April 1997): 26–35. http://dx.doi.org/10.1177/002795019716000103.

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The new government will inherit an unhealthy fiscal position, with public sector borrowing higher than would normally be expected at this stage of the economic cycle. Chart 1 shows the public sector financial deficit as a proportion of GDP when compared with an estimate of the cyclically adjusted deficit. This shows for each date an estimate of what the deficit would have been if the economy had been operating at full capacity, as in early 1973 and late 1988, and achieved a level of output higher than has been normal over the past twenty five years.(1) In cyclically adjusted terms, the budget
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Kimura, Mitsuhiko. "Public finance in Korea under Japanese rule: Deficit in the colonial account and colonial taxation." Explorations in Economic History 26, no. 3 (1989): 285–310. http://dx.doi.org/10.1016/0014-4983(89)90023-5.

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40

Lizardo, Radhames A., and Andre Varella Mollick. "The Sustainability of the U.S. Current Account Deficit: Revisiting Mann's Rule." Global Economy Journal 9, no. 4 (2009): 1850181. http://dx.doi.org/10.2202/1524-5861.1532.

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Using quarterly data from 1973 to 2008, we provide evidence that current account (CA) deficits exceeding 4.2% of GDP (“Mann's rule") do have a significant lowering effect on the U.S. dollar value against major currencies. Controlling for inflation, public debt, and a broad trade weighted index, excessive CA deficits have a negative long-run impact on the USD. Along the transition path, much faster speeds of adjustment to long-run equilibrium are found when current account deficits in excess of Mann's rule are considered: 20% of the deviations from the long-run equilibrium are corrected in a mo
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Okafor, Samuel O., Olisaemeka D. Maduka, Ann N. Ike, and Benedict I. Uzoechina. "Tax-financing of Budget Deficits in LDCs: Re-validation of Laffer Curve Theory." Applied Economics and Finance 4, no. 3 (2017): 89. http://dx.doi.org/10.11114/aef.v4i3.2297.

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Urgent need for quick action to put Nigeria and other developing economies back to the path of economic recovery has almost imposed state of emergency on these economies. Most LDCs are faced with acute shortage of development funds due to recessions accompanying incessant crashes in international financial market. Raising existing tax rates to finance budget deficit in LDCs often generates public debate on pros and cons of such policy option. Study considered Nigeria as typical case of LDCs. Study focused on establishing the effectiveness of tax-financing of budget deficit under Laffer curve t
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Sadiq, Tahir. "The Causality between Revenues and Expenditure of the Federal and Provincial Governments of Pakistan." Pakistan Development Review 49, no. 4II (2010): 651–62. http://dx.doi.org/10.30541/v49i4iipp.651-662.

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Large fiscal deficits and a growing debt burden have been a key element of the structural problems faced by the economy of Pakistan. During the last three years, for example, the budget deficit has averaged almost 6 percent of the GDP and the public debt has approached the level of 60 percent of the GDP. Targets agreed with IMF have been seriously violated and the SBA with the Fund has floundered because of the inability to control the fiscal deficit. There is a growing perception that one of the root causes of inflation is the large borrowing from the Central Bank to finance the deficit. This
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Habib Ahmed, Habib Ahmed. "Fiscal Policy and Deficit Financing: Islamic Perspectives." journal of king Abdulaziz University Islamic Economics 32, no. 1 (2019): 79–85. http://dx.doi.org/10.4197/islec.32-1.5.

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Using deficit financing by increasing borrowing at lower interest rates has the potential to increase debt to levels that are not sustainable and can create further economic problems in the longer term. To understand the Islamic perspective on deficit financing, two features of government spending need to be recognized. First, government spending can be distinguished as current and capital expenditures. Second, the objectives of fiscal policy and government spending can be viewed as redistribution of income, expenditures to provide government services, provision of public goods that markets fa
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44

Dziemianowicz, Ryta Iwona, and Aneta Kargol-Wasiluk. "The Influence of Fiscal Rules on the Fiscal Stability in the EU Member States." European Journal of Economics and Business Studies 8, no. 1 (2017): 212. http://dx.doi.org/10.26417/ejes.v8i1.p212-224.

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Due to the rapid increase of the budget deficit and public debt in many the EU countries after 2008, fiscal policy has faced a significant challenge for developing an appropriate tools to strengthen fiscal discipline and thereby improve the quality of public finance. Institutional mechanisms such as among others numerical fiscal rules play an important role in maintaining the fiscal discipline and support fiscal credibility of the state. Fiscal rules are most often defined as permanent constraints on fiscal policy, expressed by indicators introducing a limit for a particular fiscal aggregate,
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45

Kato, Ryuta Ray. "Government Deficit, Public Investment, and Public Capital in the Transition to an Aging Japan." Journal of the Japanese and International Economies 16, no. 4 (2002): 462–91. http://dx.doi.org/10.1006/jjie.2002.0517.

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46

Rybacki, Jakub. "Are the European Commission's forecasts of public finances better than those of national governments?" Central European Economic Journal 7, no. 54 (2020): 101–9. http://dx.doi.org/10.2478/ceej-2020-0013.

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AbstractThe academic literature in the past has frequently highlighted that the European Commission (EC) tends to provide more accurate public finance forecasts compared with national governments, thanks to its neutrality. The recent conflicts regarding the excessive deficit procedure with Romania and Italy and rule of law with Hungary and Poland raises the question of whether such conclusions are still binding. Therefore, we analysed a panel of forecasts submitted by the national governments with an annual update of Convergence programmes and corresponding EC predictions. Our dataset contains
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47

Cebula, Richard J., Fabrizio Rossi, Fiorentina Dajci, and Maggie Foley. "Financial market determinants of the real cost of funds to public corporations in the US." Journal of Financial Economic Policy 8, no. 1 (2016): 2–12. http://dx.doi.org/10.1108/jfep-09-2015-0048.

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Purpose The purpose of this study is to provide new empirical evidence on the impact of a variety of financial market forces on the ex post real cost of funds to corporations, namely, the ex post real interest rate yield on AAA-rated long-term corporate bonds in the USA. The study is couched within an open-economy loanable funds model, and it adopts annual data for the period 1973-2013, so that the results are current while being applicable only for the post-Bretton Woods era. The auto-regressive two-stage least squares (2SLS) and generalized method of moments (GMM) estimations reveal that the
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Morozov, Ivan, Luiza Yangulbaeva, Akhmed Gachaev, and Tatyana Rodermel. "State financial management system and reforms in Russia." OOO "Zhurnal "Voprosy Istorii" 2021, no. 02 (2021): 4–10. http://dx.doi.org/10.31166/voprosyistorii202102statyi02.

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Much attention was paid to the implementation of financial reforms in the Russian Empire. The most significant works include works on the history of finance. It is particularly important to emphasize the importance of research on the formation of the Ministry of Finance, which was an integral part of the financial and legal reform in the empire of the first half of the XIX century. Archaic, contradictory legal norms, lagging behind public relations, the constant growth of public debt, the absence of a single state budget, high inflation rates and a chronic budget deficit are features that char
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Kemmet, Lyndee. "Living With A Deficit: Indio, California." Public Budgeting Finance 13, no. 2 (1993): 104–13. http://dx.doi.org/10.1111/1540-5850.00978.

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Doyle, Richard. "Congress, the Deficit, and Budget Reconciliation." Public Budgeting Finance 16, no. 4 (1996): 59–81. http://dx.doi.org/10.1111/1540-5850.01086.

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