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Journal articles on the topic 'Effectiveness of fiscal policy'

Author: Grafiati

Published: 28 May 2022

Last updated: 29 May 2022

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1

Działo, Joanna. "Fiscal Rules and Effective Fiscal Policy." Comparative Economic Research. Central and Eastern Europe 15, no. 2 (September 17, 2012): 65–78. http://dx.doi.org/10.2478/v10103-012-0010-1.

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This article examines and assesses the influence of political factors on the effectiveness of pursuing fiscal policy. These factors usually cause and maintain a high budget deficit and public debt. Moreover, the problems of influence of fiscal rules on increased effectiveness of the pursued fiscal policy have been discussed. The fiscal rules are to assure macroeconomic stability in economy and improve credibility of the pursued fiscal policy by reducing the deficit, government spending, and public debt. Examples of applicable fiscal rules in the EU and Poland are presented and an attempt is made to evaluate the effectiveness of these rules in the process of consolidation of public finances.

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2

Kuttner, Kenneth N., and Adam S. Posen. "Fiscal Policy Effectiveness in Japan." Journal of the Japanese and International Economies 16, no. 4 (December 2002): 536–58. http://dx.doi.org/10.1006/jjie.2002.0512.

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3

Caraballo, Maria A., and Carlos Usabiaga. "Microfoundations of fiscal policy effectiveness: monopolistic competition and fiscal policy multipliers." International Journal of Public Policy 1, no. 3 (2006): 266. http://dx.doi.org/10.1504/ijpp.2006.009803.

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4

Molana, Hassan, and Junxi Zhang. "Market Structure and Fiscal Policy Effectiveness." Scandinavian Journal of Economics 103, no. 1 (March 2001): 147–64. http://dx.doi.org/10.1111/1467-9442.00235.

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5

D’Acunto, Francesco, Daniel Hoang, and Michael Weber. "Unconventional Fiscal Policy." AEA Papers and Proceedings 108 (May 1, 2018): 519–23. http://dx.doi.org/10.1257/pandp.20181061.

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Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We provide preliminary evidence for the effectiveness of such policies using changes in value-added tax (VAT) and household survey data for Poland. We find households increased their inflation expectations and willingness to purchase durables before the increase in VAT. Future research has to ensure income, wealth effects, or intratemporal substitution channels cannot explain these results and ideally exploit exogenous variation in VAT in a fixed nominal interest rate environment.

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6

Hart, Neil. "The Role and Effectiveness of Fiscal Policy." Economic and Labour Relations Review 16, no. 1 (July 2005): 17–41. http://dx.doi.org/10.1177/103530460501600103.

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A meaningful discussion of the role and effectiveness of fiscal policy is not possible within the context of the antiquated textbook models, which in their current and likely future form (the ‘New Neo-Classical Synthesis) have been used to endorse the deflationary bias in macroeconomic policy formulation during recent decades. This paper present a critique of the ‘mainstream’ textbook modelling of fiscal policy, and suggests a more meaningful framework in which to consider the role of fiscal policy; a framework which in particular recognises the realities of endogenous money and interest rate targeting by central banks.

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7

Looney, Robert E., and Pater C. Frederiksen. "The declining effectiveness of Mexican fiscal policy." Socio-Economic Planning Sciences 25, no. 1 (January 1991): 49–53. http://dx.doi.org/10.1016/0038-0121(91)90028-p.

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8

Barrell, Ray, Tatiana Fic, and Iana Liadze. "Fiscal Policy Effectiveness in the Banking Crisis." National Institute Economic Review 207 (January 2009): 43–50. http://dx.doi.org/10.1177/0027950109103678.

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We investigate the effects of changes in taxes using the National Institute international macro model, NiGEM. A comparison on fiscal impulses worth 1 per cent of GDP for one year is made, with a comparison of a direct tax change, indirect tax change, and a lump sum payment. Multipliers are assessed one country at a time and when policy is coordinated to increase its impacts. We look at the importance of releasing borrowing constraints in a banking crisis. The analysis assumes financial and foreign exchange markets are forward looking.

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Slimani, Slah. "Fiscal Policy Effectiveness in the Tunisian Economy." International Journal of Sustainable Economies Management 10, no. 4 (October 2021): 21–38. http://dx.doi.org/10.4018/ijsem.2021100102.

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Based on Blanchard and Perotti, Perotti, and Biau and Girard approaches, this paper evaluates the fiscal policy's effectiveness in Tunisia using Structural VAR model. The results show the short-run macroeconomic efficiency of a structural increase in public spending in Tunisia with a fiscal multiplier close to 1,806, in line with Keynesian's models. However, the estimated effect of a structural increase in tax revenues on activity is non-Keynesian. This is explained by the presence of a voracity effect in the case of the Tunisian economy.

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10

Okorie, David Iheke, Manu Adasi Sylvester, and Dak-Adzaklo Cephas Simon-Peter. "Relative Effectiveness of Fiscal and Monetary Policies in Nigeria." Asian Journal of Social Science Studies 2, no. 1 (November 15, 2016): 117. http://dx.doi.org/10.20849/ajsss.v2i1.129.

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This study employs the auto regressive distributed lag (ARDL) model to ascertain the relative effectiveness of monetary and fiscal policies in Nigeria using a quarterly time-series from 1981-2012. From our analysis, it discovered that monetary and fiscal policies both have significant positive impact income. This conforms to a priori expectation and we discovered that monetary policy effects income faster than fiscal policy. In the short run, monetary policy effects income more than fiscal policy but the reverse is the case for the long run. Total impact of fiscal policy is higher than that of monetary policy. This study supports the use of both policies to achieve change in income but this depends on the objective the authorities want to achieve.

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11

Rogalska, Elżbieta. "Effectiveness of expansionary fiscal policy under conditions of state fiscal crisis." Oeconomia Copernicana 3, no. 4 (December 31, 2012): 5–22. http://dx.doi.org/10.12775/oec.2012.020.

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The paper provides synthetic presentation of key economic theories on the effectiveness of fiscal policy – neoclassical and keynesian view. Then the problem of the state fiscal budget crisis and its possible influence on the occurrence of ricardian equivalence. The empirical part of the paper presents several cases of significant fiscal stimulus, which proved to be totally ineffective in stimulating economic activity and several cases of fiscal adjustments that – despite the fears of politicians and economists on the negative impact on the economy in the short run – lead to a substantial increase in business activity and growth dynamics of GDP. These examples are supported by the interpretation of the possible factors that determined the nature of the various adjustments and their impact on business activity. The paper is closed with conclusions for further theoretical and empirical analysis, especially useful for fiscal policy in Middle and Eastern European countries in the time of global financial crisis.

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12

Auerbach, Alan J., William G. Gale, and Benjamin H. Harris. "Activist Fiscal Policy." Journal of Economic Perspectives 24, no. 4 (November 1, 2010): 141–64. http://dx.doi.org/10.1257/jep.24.4.141.

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During and after the “Great Recession” that began in December 2007 the U.S. federal government enacted several rounds of activist fiscal policy. In this paper, we review the recent evolution of thinking and evidence regarding the effectiveness of activist fiscal policy. Although fiscal interventions aimed at stimulating and stabilizing the economy have returned to common use, their efficacy remains controversial. We review the debate about the traditional types of fiscal policy interventions, such as broad-based tax cuts and spending increases, as well as more targeted policies. While there have been improvements in estimates of the effects of broad-based policies, much of what has been learned recently concerns how such multipliers might vary with respect to economic conditions, such as the credit market disruptions and very low interest rates that were central features of the Great Recession. The eclectic and innovative interventions by the Federal Reserve and other central banks during this period highlight the imprecise divisions between monetary and fiscal policy and the many channels through which fiscal policies can be implemented.

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13

Pradana, Reza Septian. "EFFECTIVENESS OF REGIONAL FISCAL POLICY FOR INFLATION CONTROL IN SERANG CITY." Jurnal Kebijakan Pembangunan Daerah 3, no. 1 (June 30, 2019): 1–12. http://dx.doi.org/10.37950/jkpd.v3i1.50.

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ABSTRAK Penelitian ini bertujuan untuk menganalisis efektivitas kebijakan fiskal daerah yang ditinjau berdasarkan belanja pegawai, belanja barang, dan penerimaan pajak daerah dalam pengendalian inflasi di Kota Serang. Penelitian ini menggunakan analisis regresi linier berganda. Hasil estimasi menunjukkan bahwa belanja pegawai dan belanja barang secara signifikan berpengaruh postif terhadap inflasi sedangkan penerimaan pajak daerah secara signifikan berpengaruh negatif terhadap inflasi. Dengan demikian, pengendalian inflasi di Kota Serang dapat dilakukan dengan pengendalian terhadap pengeluaran pemerintah daerah khususnya belanja pegawai dan belanja barang serta penerimaan pajak daerah. Kata kunci: belanja barang, belanja pegawai, inflasi, kebijakan fiskal daerah, penerimaan pajak daerah ABSTRACT This study aims to analyze the effectiveness of regional fiscal policy based on personnel expenditure, goods expenditure, and local taxes revenue to control inflation in Serang City. This study uses multiple regression analysis. The result of estimation shows that personnel expenditure and goods expenditure significantly give positive influence to inflation while local taxes revenue significantly give negative influence to inflation. So, The Control of Inflation in Serang City can be done by controlling of local government expenditure especially personnel expenditure and goods expenditure and local government revenue. Keyword: goods expenditure, inflation, local fiscal policy, local taxes revenue, personnel expenditure

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14

Taylor, John B. "Reassessing Discretionary Fiscal Policy." Journal of Economic Perspectives 14, no. 3 (August 1, 2000): 21–36. http://dx.doi.org/10.1257/jep.14.3.21.

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Recent changes in policy research and in policy-making call for a reassessment of countercyclical fiscal policy. Such a reassessment indicates that countercyclical fiscal policy should focus on automatic stabilizers rather than discretionary actions. Monetary policy has been reacting more systematically to output and inflation; long expansions in the 1980s and 1990s demonstrate policy effectiveness. It is unlikely that discretionary countercyclical fiscal policy could improve things, even with less uncertainty about fiscal impacts. A discretionary countercyclical fiscal policy could make monetary policy making more difficult. Discretionary fiscal policy should focus on long-run issues, such as tax reform and social security reform.

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15

Arestis, Philip, Hüseyin Şen, and Ayşe Kaya. "Fiscal and monetary policy effectiveness in Turkey: A comparative analysis." Panoeconomicus, no. 00 (2020): 19. http://dx.doi.org/10.2298/pan190304019a.

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Relying on the Autoregressive Distributed Lag cointegration technique, this paper assesses the comparative effectiveness of the fiscal and monetary policy on output growth in Turkey over the period 2003:q1-2019:q1. The empirical findings show that both policies are effective in promoting output growth but with varying degrees, suggesting that the impact of monetary policy on output growth is more significant than that of fiscal policy. Overall, based on the findings, we can suggest that the Turkish authorities should set sight on monetary policy to achieve higher output growth while seeking ways to improve the growth-enhancing role of fiscal policy. To that end, among many others, budgetary flexibility can be increased through creating fiscal space, and growth-friendly tax and spending reforms can be undertaken without undermining growth-equity trade-off while giving priority to proper coordination of fiscal policy with monetary policy.

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16

Arestis, Philip, and Malcolm Sawyer. "On the Effectiveness of Monetary Policy and of Fiscal Policy." Review of Social Economy 62, no. 4 (December 2004): 441–63. http://dx.doi.org/10.1080/0034676042000296218.

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17

KUDRYASHOV, Vasyl. "RULES AND ADJUSTMENT OF FISCAL POLICY." Economy of Ukraine 2018, no. 11-12 (December 7, 2018): 47–59. http://dx.doi.org/10.15407/economyukr.2018.11.047.

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The issue of using fiscal rules in budget policy implementation is covered (namely, one of the innovative mechanisms aimed at limiting fiscal imbalances and enhancing positive impacts on economic and social development). An analysis of approaches to determining the content of fiscal rules is carried out. The content’s interpretation is proposed, which reflects not only restrictive, but also corrective functions. The IMF recommendations on application of fiscal rules and supranational regulation of budget policy in the framework of integration associations, as well as their positive and negative impact on the development of Member States, were considered. It is noted that fiscal rules should be sufficiently balanced and flexible for their use in public administration. In order to increase the effectiveness of fiscal rules, significant changes have been made in the EU regarding their composition over the past years. The authors reveal the main objectives of application of fiscal rules, as well as their importance in increasing the budgetary responsibility of the government, particularly, to ensure budgetary discipline, as well as the effectiveness of spending funds. Mechanisms for adjusting the fiscal policies that are introduced in framework of fiscal rules are outlined. Particular attention is paid to measures to continue fiscal consolidation, as well as to support economic growth and financial stability. It is concluded that strengthening rigidity of fiscal rules at the supranational level in the EU hampered flexibility in managing budget resources, hence they require reform. With the use of fiscal rules, the issues of amending the institutional structure of public finance management and deepening the transparency of budget operations have been actualized. It is noted that changes to application of fiscal rules are important enough for Ukraine. The rules used in our state are insufficient and do not fully solve the tasks assigned to them. They require expansion and improvement, as well as introduction of effective implementation mechanisms. To improve the effectiveness of fiscal policy in Ukraine, one should take into account the experience of foreign countries, as well as develop and implement more detailed and flexible fiscal rules.

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18

Phuc Canh, Nguyen. "The effectiveness of fiscal policy: contributions from institutions and external debts." Journal of Asian Business and Economic Studies 25, no. 1 (June 11, 2018): 50–66. http://dx.doi.org/10.1108/jabes-05-2018-0009.

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Purpose The effectiveness of fiscal policy is an interesting field in literature of macroeconomics. The purpose of this paper is to investigate the effects of fiscal policy on economic growth under contributions from the differences in institutions and external debt levels. Design/methodology/approach The authors use panel data from 2002 to 2014 from 20 emerging markets and use GMM estimators for unbalanced panel data. Findings The results show positive growth effects of fiscal policy across emerging markets in the examined periods. Notably, the improvement in institutions promotes higher crowding-in effects of fiscal policy. In addition, this paper finds interesting evidences that the external debt has non-linear effects on economic growth, whereas the heterogeneous effects of fiscal policy on economic growth as positive effects in low indebted level and negative effect in high indebted level may explain the mechanism of this non-linear relationship. Originality/value This study proposes the non-linear relationship of fiscal growth effects in emerging economies under the dynamic of debt levels.

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19

Molana, Hassan, and Catia Montagna. "Market structure, cost asymmetries, and fiscal policy effectiveness." Economics Letters 68, no. 1 (July 2000): 101–7. http://dx.doi.org/10.1016/s0165-1765(00)00221-4.

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20

Viren, Matti. "Measuring effectiveness of fiscal policy in OECD countries." Applied Economics Letters 7, no. 1 (January 2000): 29–34. http://dx.doi.org/10.1080/135048500352059.

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21

Christopher Walker, W. "Ricardian Equivalence and Fiscal Policy Effectiveness in Japan." Asian Economic Journal 16, no. 3 (September 2002): 285–302. http://dx.doi.org/10.1111/1467-8381.t01-1-00153.

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22

Fazzari, Steven M. "Why Doubt the Effectiveness of Keynesian Fiscal Policy?" Journal of Post Keynesian Economics 17, no. 2 (December 1994): 231–48. http://dx.doi.org/10.1080/01603477.1994.11490025.

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23

K, Nurjannah Rahayu, and Phany Ineke Putri. "Mundell-Fleming Model: The Effectiveness of Indonesia�s Fiscal and Monetary Policies." JEJAK 10, no. 1 (March 10, 2017): 223–35. http://dx.doi.org/10.15294/jejak.v10i1.9137.

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This study examines the fiscal and monetary policy in Indonesia using the Mundell-Fleming model. The main objective of this study was to determine which policies are effective between fiscal and monetary policies of the national income in Indonesia because Indonesia is a small open economy with not perfect capital mobility. The analysis technique used is Two Stage Least Square (TSLS) by using secondary data base on International Financial Statistics, 2000.I 2014.II . The research result is monetary policy is more effective than the fiscal policy in which monetary policy multiplier at 0.0028 greater than fiscal policy multiplier 0.001316. The results are consistent with the theory of the Mundell-Fleming.

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24

Silalahi, Tumpak, and Tevy Chawwa. "RELATIVE EFFECTIVENESS OF INDONESIAN POLICY CHOICES DURING FINANCIAL CRISIS." Buletin Ekonomi Moneter dan Perbankan 14, no. 2 (January 30, 2012): 187–228. http://dx.doi.org/10.21098/bemp.v14i2.462.

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The objective of this paper is to review the impact of crisis and policy measures taken during the crisis, to evaluate the effectiveness of those measures and to analyze the exit strategy in Indonesia. The econometric model was used to evaluate the impact of monetary and fiscal policy to economic output using quarterly data from 1990 - 2010. The result shows that monetary and fiscal policies have significant impact to economic output. In the short run the changes in real GDP is significantly affected by changes in real monetary supply in the previous three quarter and real fiscal expenditures. The lesson learned from this research among other are that cooperation and coordination among the policy makers and the timely responses are very important in tackling the crisis; an effective conventional monetary policy in normal times may become less effective in a crisis thus unconventional monetary policy indeed necessary as timely policy response and the improvement for more timely disbursement of government expenditure is important to increase the effectiveness of this policy to stimulate economic output. Moreover, several Indonesian exit strategy and policies to face future challenges are very important to reach the ultimate objective of sustainable economic growth while maintaining macroeconomic stability. JEL Classification : E52, E62, E63Keywords: monetary policy, fiscal policy, financial sector policy, global financial crisis.

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Silalahi, Tumpak, and Tevy Chawwa. "RELATIVE EFFECTIVENESS OF INDONESIAN POLICY CHOICES DURING FINANCIAL CRISIS." Buletin Ekonomi Moneter dan Perbankan 14, no. 2 (January 30, 2012): 177–219. http://dx.doi.org/10.21098/bemp.v14i2.84.

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The objective of this paper is to review the impact of crisis and policy measures taken during the crisis, to evaluate the effectiveness of those measures and to analyze the exit strategy in Indonesia. The econometric model was used to evaluate the impact of monetary and fiscal policy to economic output using quarterly data from 1990 - 2010. The result shows that monetary and fiscal policies have significant impact to economic output. In the short run the changes in real GDP is significantly affected by changes in real monetary supply in the previous three quarter and real fiscal expenditures. The lesson learned from this research among other are that cooperation and coordination among the policy makers and the timely responses are very important in tackling the crisis; an effective conventional monetary policy in normal times may become less effective in a crisis thus unconventional monetary policy indeed necessary as timely policy response and the improvement for more timely disbursement of government expenditure is important to increase the effectiveness of this policy to stimulate economic output. Moreover, several Indonesian exit strategy and policies to face future challenges are very important to reach the ultimate objective of sustainable economic growth while maintaining macroeconomic stability. JEL Classification : E52, E62, E63Keywords: monetary policy, fiscal policy, financial sector policy, global financial crisis.

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Abdulov, Damir. "EFFICIENCY OF THE STATE FISCAL POLICY." INNOVATIONS IN ECONOMY 3, no. 3 (March 30, 2020): 38–46. http://dx.doi.org/10.26739/2181-9491-2020-3-6.

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The article discusses the definition, goals and main types of fiscal policy. It also provides an analysis of the effectiveness of fiscal policy in Uzbekistan based on the Laffer curve of indicators of the level of tax burden and elasticity of the tax system.

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27

Baran, Bernadeta. "Effectiveness of Fiscal Policy Coordination Rules in the Monetary Union." Equilibrium 7, no. 3 (September 30, 2012): 73–91. http://dx.doi.org/10.12775/equil.2012.020.

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Stability and Growth Pact is the main rule-based framework for the coordination of national fiscal policies in the economic and monetary union (EMU). It was established to safeguard sound public finances, an important requirement for EMU to function properly. Member states had a lot of determination before setting up a monetary union (nominal criteria were a condition to adopt common currency). In the next years, coordination of fiscal policy was not so successful. In many countries, revenues were temporarily boosted by tax-rich activity, while they didn’t restrict their expenditures. In most countries fiscal policy was pro-cyclical (not anti-cyclical) and they didn’t achieve their MTO. Financial crisis has sharpened budgetary problems in member states and showed the weakness of coordination rules.

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Bespalov, Maksym. "IMPROVING THE EFFECTIVENESS OF FISCAL REGIONAL POLICY IN UKRAINE." European Journal of Economics and Management 6, no. 6 (2020): 87–91. http://dx.doi.org/10.46340/eujem.2020.6.6.9.

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29

Biljana, Rakic, and Radjenovic Tamara. "The effectiveness of monetary and fiscal policy in Serbia." Industrija 41, no. 2 (2013): 103–22. http://dx.doi.org/10.5937/industrija41-4011.

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30

Karras, Georgios. "Exchange-Rate Regimes and the Effectiveness of Fiscal Policy." Journal of Economic Integration 26, no. 1 (March 15, 2011): 29–44. http://dx.doi.org/10.11130/jei.2011.26.1.29.

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Jha, Shikha, Sushanta K. Mallick, Donghyun Park, and Pilipinas F. Quising. "Effectiveness of countercyclical fiscal policy: Evidence from developing Asia." Journal of Macroeconomics 40 (June 2014): 82–98. http://dx.doi.org/10.1016/j.jmacro.2014.02.006.

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32

Arestis, Philip, and John McCombie. "ON THE EFFECTIVENESS OF FISCAL POLICY AS AN INSTRUMENT OF MACROECONOMIC POLICY." Economic Affairs 29, no. 1 (March 2009): 77–79. http://dx.doi.org/10.1111/j.1468-0270.2009.01872.x.

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33

Izzulhaq, Syahid, and Akhmad Syakir Kurnia. "The Credibility of Monetary Policy and Procyclical Fiscal Policy." Applied Economics and Finance 9, no. 1 (February 14, 2022): 121. http://dx.doi.org/10.11114/aef.v9i1.5482.

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If indiscipline fiscal policy could affect the monetary policy’s objective and effectiveness, is it necessarily mean that the status quo of monetary policy credibility would also be impacted? This paper addresses the issue by constructing a simple theoretical model and conducting empirical investigations using a dataset from 25 selected Inflation Targeting Framework countries throughout 2003-2017. By employing the Generalized Method of Moments, we find that the monetary policy will remain the status quo credible as the central bank would optimally respond to the disturbances originated from procyclical fiscal policy. However, such a response potentially crowds out domestic investment and slows down the economy, and induces financial instability. This implies that bearing the eye only on the status quo credibility of monetary policy is not sufficient, and the consideration over the fiscal policy behavior becomes crucial.

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Richard, Kabanda, Peter W. Muriu, and Benjamin Maturu. "Relative Effectiveness of Monetary and Fiscal Policies on Output Stabilization in Developing Countries: Evidence from Rwanda." International Journal of Economics and Finance 10, no. 1 (December 20, 2017): 220. http://dx.doi.org/10.5539/ijef.v10n1p220.

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The aim of this study was to explain the relative effectiveness of monetary and fiscal policies in explaining output in Rwanda. The study used a sample of quarterly data for the period 1996-2014. Applying a recursive VAR, the study used 12 variables, including 5 endogenous and 7exogenous variables to the benchmark model and other two specifications were attempted to capture the true contribution of monetary and fiscal policies to variations in nominal output. Obtained results using impulse responses and variance decomposition provide evidence that monetary policy is more effective than fiscal policy in explaining changes in nominal output in Rwanda. In addition, monetary policy explains better output when the VAR model contains domestic exogenous variables than when they are not included, suggesting the relevance of including domestic exogenous variables in VAR specification of monetary and fiscal policies effectiveness on economic variables. Another suggestion is that in order to achieve higher growth, the government of Rwanda should rely more on monetary policy as compared to fiscal policy.

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Dziemianowicz, Ryta. "Independent Fiscal Institutions as a Tool of Fiscal Governance." Equilibrium 9, no. 1 (March 31, 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 related risk of conducting the irresponsible fiscal policy, monitoring it, controlling deficit and assessing long-term effects of government action in this area. The purpose of this article is to present independent fiscal institutions and evaluate their usefulness in enhancing the effectiveness of the fiscal policy and stabilizing public finance. Experiences of the EU and OECD countries were used in the analysis.

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Agoba, Abel Mawuko, Joshua Yindenaba Abor, Kofi Osei, Jarjisu Sa-Aadu, Benjamin Amoah, and Gloria Clarissa Odortor Dzeha. "Central bank independence, elections and fiscal policy in Africa." International Journal of Emerging Markets 14, no. 5 (December 2, 2019): 809–30. http://dx.doi.org/10.1108/ijoem-08-2018-0423.

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Purpose The purpose of this paper is to primarily investigate the ability of independent central banks (central bank independence (CBI)) to improve fiscal performances in Africa, accounting for election years, and also to examine whether the effectiveness of CBI in improving fiscal performance is enhanced by higher political institutional quality. Design/methodology/approach Using recent CBI data from Garriga (2016) on 48 African countries, 90 other developing countries and 40 developed countries over the period 1970–2012, the authors apply a two stage system GMM with Windmeijer (2005) small sample robust correction estimator to examine the impact of CBI and elections on fiscal policy in Africa, other developing countries and developed countries. Findings The authors provide evidence that unlike in other developing countries and developed countries, CBI does not significantly improve fiscal performance in Africa. However, the effectiveness of CBI in improving fiscal performance in Africa is enhanced by higher levels of institutional quality. Although elections directly worsen fiscal performance in Africa, institutional quality enhances CBI’s effect on improving fiscal performance in election years across Africa, other developing countries and developed countries. Practical implications The findings of the study are significant as they provide insight into the benefits of having strong institutions to complement independent central banks in order to control fiscal indiscipline in election years. Originality/value The study is the first among the studies of CBI-fiscal policy nexus, to measure fiscal policy using net central bank claims on government as a percentage of GDP. In addition to the use of fiscal balance, this study also uses cyclically adjusted fiscal balance as a measure of fiscal policy. This is a critical channel through which independent central banks can constrain government spending. It also compares findings in Africa to other developing countries, noting some differences.

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Shevchuk, Oleg, and Valentyna Martynenko. "An integrated approach to assessing the level of fiscal policy decentralization." Investment Management and Financial Innovations 17, no. 1 (February 12, 2020): 49–63. http://dx.doi.org/10.21511/imfi.17(1).2020.05.

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The main purpose of this study is to introduce an integrated approach to the methodology of assessing the level of fiscal policy decentralization. It is proposed to evaluate the fiscal policy decentralization of the state according to three functional components: decentralization of the process of local budget revenues formation (includes five indicators); decentralization of local budget structure (includes six indicators); decentralization of intergovernmental budgetary relations (includes five indicators). The expediency of forming an integral indicator of the level of fiscal policy decentralization as the geometric mean of three sub-indexes formed by its main functional components is substantiated. It has been proved that the level of fiscal decentralization in Ukraine decreased at the end of 2017, compared to 2004, but was medium with acceptable risks of fiscal policy modernization. Instead, in 2014, the lowest numerical value of the decentralization level was recorded, which corresponded to the critical level of the integral indicator with significant obstacles to the modernization of fiscal policy. The results obtained confirm the feasibility of implementing the decentralization reform in Ukraine, which started in 2014, and demonstrate its effectiveness.

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Rizvi, Syed Aun R., Solikin M. Juhro, and Paresh K. Narayan. "UNDERSTANDING MARKET REACTION TO COVID-19 MONETARY AND FISCAL STIMULUS IN MAJOR ASEAN COUNTRIES." Buletin Ekonomi Moneter dan Perbankan 24, no. 3 (September 30, 2021): 313–34. http://dx.doi.org/10.21098/bemp.v24i3.1690.

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In this paper, we examine the effect of fiscal and monetary policy stimulus actions during the COVID-19 pandemic on the stock markets of four ASEAN countries, namely, Indonesia, Singapore, Malaysia, and Thailand. Using time-series regression models, we show the relative importance of monetary and fiscal policies. Our findings suggest that 7-days after the policy announcement, fiscal policies helped cushion financial market losses in Indonesia, Singapore and Thailand. We do not find any robust evidence of policy effectiveness for Malaysia. While our investigation is preliminary it opens an additional avenue for understanding the effectiveness of policy stimulus.

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Özer, Mustafa, and Veysel Karagöl. "Relative effectiveness of monetary and fiscal policies on output growth in Turkey: an ARDL bounds test approach." Equilibrium 13, no. 3 (September 30, 2018): 391–409. http://dx.doi.org/10.24136/eq.2018.019.

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Research background: Effects of monetary and fiscal policy on output growth has been one of the major topics that economists have been investigating. Monetary and fiscal policies are tools for economists and policymakers to correctly direct the economy and facilitate the growth and development of the country. Accordingly, it is critically important for policy-makers in the area of economy to study the efficiency and the effectiveness of such policies. But, so far, there has been no generally accepted evidence suggesting the effectiveness of either the policy in Turkey or around the world. Instead, the dominance of either policy is subject to a change period to period and country to country. Purpose of the article: The purpose of this study is to analyze the growth effectiveness of fiscal and monetary policies and then determine which of these two policies is more powerful in promoting economic growth in Turkey over the period 1998 and 2016. Methods: To investigate the growth effectiveness of monetary and fiscal policies, we use some of the time series econometric techniques, such as ARDL Bounds testing, structural break unit root tests and Granger causality tests. Findings & Value added: Monetary policy variable is creating only short-run effects on growth; but, it’s not causing any Granger causality on it. On the other hand, fiscal policy variable has a long-run significant effect and causing to growth. Thus, the fiscal policy seems to be more effective than monetary policy during examination period, implying the rethinking the implementation of both policies in Turkey. To the best of our knowledge, this study is the first attempt to investigate the relative effectiveness of economic policies on growth in Turkey in terms of both methods used and period chosen.

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Kavale, Lūcija. "FISCAL STATE POLICY FOR SUSTAINABLE DEVELOPMENT." Latgale National Economy Research 1, no. 3 (June 23, 2011): 117. http://dx.doi.org/10.17770/lner2011vol1.3.1809.

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One of the most important measures to be taken for the development of sustainable economy in Latvia is to implement an effective fiscal policy. It means a complex and well timed use of fiscal instruments to regulate economy. Evaluating the proposals of the government and the measures taken for the stabilization of economy we can make the conclusion that they have not always been effective and economically justified. Several rearrangements in the field of planning taxes and budget have been late. The aim of the article is on the basis of the theoretical viewpoints, to undertake a critical assessment of the fiscal measures taken by the government of Latvia and to make recommendations for the improvement of the effectiveness of the fiscal policy in Latvia.

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Vasilyeva, Tetyana Anatoliivna, Alina Vysochyna, and Alina Taranchenko. "Corporate Income Tax: Effectiveness in the Context of Public Fiscal Policy and Entrepreneurship Support." International Journal of Economics, Business, and Entrepreneurship 1, no. 2 (December 21, 2018): 83–94. http://dx.doi.org/10.23960/ijebe.v1i2.3.

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The article analyzes the approaches to the definition of the essence and quantitative assessment of the fiscal effectiveness of the income tax. According to the results of the study, it was found out that the fiscal effectiveness of the income tax can be estimated through the indicators of fiscal importance of the tax in the tax revenues of the state (consolidated) budget; tax burden of the tax (in relation to GDP); elasticity of income tax; effective tax rate and tax productivity, etc. The analysis of the dynamics of these indicators over the past few years in Ukraine has allowed us to confirm the low level of fiscal effectiveness and regulatory potential of this tax for Ukraine. One of the possible ways to improve the fiscal effectiveness of the income tax is to use indirect channels of influence, which are represented by the general state of the country's economic development, labor market efficiency, level of welfare of the population, investment attractiveness, and performance of enterprises. The empirical study of determining the most significant channels of influence on the indicators of fiscal effectiveness of the income tax has made it possible to find out: 1) growth of absolute amounts of income tax revenue can be achieved through the use of the investment channel, budget channel and labor market channel; 2) increase in the tax burden on income tax is contributed by the increase in the revenues of the Consolidated Budget, index of industrial producer prices and consumer price index, and increase of the employment rate, while the improvement of the indicators of the overall economic development of the state and investment climate leads to reduction of the tax burden; 3) increase in the fiscal significance of the income tax is contributed by the increase in growth rate of direct investment, level of employment and real wages. Thus, the analysis conducted allowed to identify the channels through which authorities can influence the fiscal effectiveness of the income tax.

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Berg, Tim Oliver. "BUSINESS UNCERTAINTY AND THE EFFECTIVENESS OF FISCAL POLICY IN GERMANY." Macroeconomic Dynamics 23, no. 4 (July 20, 2017): 1442–70. http://dx.doi.org/10.1017/s1365100517000281.

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There are suggestions that increased uncertainty makes fiscal policy temporarily less effective. In this paper, I examine the relationship between business uncertainty and fiscal policy effectiveness in Germany. I use measures of business uncertainty that are derived from the firm-level data of the Ifo Business Climate Survey and interact them with the parameters of a structural vector autoregression to produce state-dependent spending multipliers. The impact of increased uncertainty on the spending multiplier is generally small and often statistically not significant in the short run. By contrast, I obtain a significant positive impact on the long-run multiplier. These baseline results are supported by a variety of robustness checks and specifications.

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Huang, Chiung-Ju, and Yuan-Hong Ho. "The impact of national fiscal rules and government effectiveness on the procyclicality of fiscal policy in the Asia-Pacific countries." Journal of Governance and Regulation 9, no. 1 (2020): 35–43. http://dx.doi.org/10.22495/jgrv9i1art3.

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Fiscal rules are institutional approaches aimed at maintaining fiscal credibility and fiscal discipline and usually set a numerical indicator. Currently, there are two sources of fiscal rules. One is the International Monetary Fund (IMF) dataset that provides country-specific details on various characteristics of rules for 96 countries and the other is European Commission – numerical fiscal rules index that provides the fiscal rule index for 28 member countries. Because of the lack of fiscal rule index for the Asia-Pacific countries, the purpose of this study is to construct the fiscal rule index for 8 Asia-Pacific countries from 1996 to 2015 by using the IMF dataset. Then, this study utilizes the Panel Generalized Method of Moments and the constructed fiscal rule index to investigate the impact of fiscal rules and government effectiveness on the procyclicality of fiscal policy in 8 Asia-Pacific countries, classified as “advanced economies” and “emerging economies”. The empirical results show that fiscal rules and government effectiveness are effective in reducing the procyclicality of government expenditure only in advanced economies. Additionally, the interaction of fiscal rules and government effectiveness has a negative impact on the procyclicality of government expenditure for both advanced economies and emerging economies but the effect is not significant in emerging economies.

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Ologbenla, Patrick. "Fiscal Policy and External Shocks in Nigeria." Journal of Economics and Behavioral Studies 11, no. 1(J) (March 10, 2019): 129–38. http://dx.doi.org/10.22610/jebs.v11i1(j).2754.

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The study assessed the effects of external shocks on fiscal policy in Nigeria. Vector auto-regression VAR estimating technique is adopted to achieve the set objectives of the study. The VAR model comprises of the following variables GDP, oil output, oil price, government revenue, government expenditure, external reserve, exchange rate, fiscal balance, and non-oil export. These variables represent the external shocks, the growth variables, fiscal variables and some other macroeconomic variables. The VAR results show that oil price and non-oil export are the most important external shocks affecting fiscal policy in Nigeria. It was also discovered that public debt shock has no significant impact on government expenditure. In addition, external reserve and exchange rate shocks also have a significant impact on fiscal policy. Finally, government expenditure shock failed to have a significant impact on the GDP. The implication of these results is that the effectiveness of fiscal policy in achieving macroeconomic objectives in Nigeria depends on these identified shocks.

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Sitmuratov, Sh. "The Effectiveness of Fiscal and Monetary Policy: Case of Uzbekistan." Bulletin of Science and Practice 6, no. 3 (March 15, 2020): 266–74. http://dx.doi.org/10.33619/2414-2948/52/31.

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The article examines an effectiveness of government monetary and fiscal policy for Uzbekistan by constricting IS-curve for goods market and LM-curve for money market, simultaneously. For the both markets equilibrium interest rate is also determined. The results show that the variables are co integrated, that the variables have long-run or short-run equilibrium relationship between them. According to the empirical results, the long-run equilibrium interest rate for covered period was 22.0% for Uzbekistan, for the current period we recommend the equilibrium interest rate around 15%.

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Eskesen, Leif Lybecker. "Countering the Cycle: The Effectiveness of Fiscal Policy in Korea." IMF Working Papers 09, no. 249 (2009): 1. http://dx.doi.org/10.5089/9781451873962.001.

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Klonowska, Alina. "Barriers for effectiveness of fiscal policy: the case of Poland." Ekonomia i Prawo 18, no. 1 (March 3, 2019): 29. http://dx.doi.org/10.12775/eip.2019.003.

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Zeyneloglu, Irem. "Fiscal policy effectiveness and the golden rule of public finance." Central Bank Review 18, no. 3 (September 2018): 85–93. http://dx.doi.org/10.1016/j.cbrev.2018.08.001.

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Díaz-Roldán, Carmen. "Fiscal performance in monetary unions: How much austerity should be allowed?" Panoeconomicus 64, no. 1 (2017): 61–76. http://dx.doi.org/10.2298/pan140730021d.

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The effectiveness of fiscal policy becomes particularly relevant in the case of the member countries of a monetary union facing a sovereign debt crisis. In that environment, fiscal policy is constrained by the need to carry out fiscal consolidation and reduce debt levels. For that reason and with the purpose of anchoring fiscal discipline, the adoption of fiscal rules has become a central issue. In this paper we will analyse the management of fiscal policies in monetary unions, when the central bank and the fiscal authorities follow policy rules. The results are related to the conservativeness of the central bank, the degree of austerity of the fiscal authorities and the initial level of public debt.

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Kielin, Łukasz. "Constitutionalisation of Fiscal Rules in Times of Financial Crises – a Cure or a Trap?" Financial Law Review, no. 22 (2) (2021): 94–112. http://dx.doi.org/10.4467/22996834flr.21.014.13982.

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The global financial crisis of 2008 undoubtedly had a significant impact on the constitutional regulation of economic and financial matters. As a consequence of economic downturn six EU Member States (Germany, Spain, Slovakia, Slovenia, Italy and Hungary) have amended their constitutions. With economic crisis caused by global pandemic of, the new discussion about constitutional fiscal policy rules is expected. New economic downturn is one of the most important challenges for the constitutional fiscal rules, which undoubtedly will verify their functioning and effectiveness. The main purpose of this paper is to find out if constitutional fiscal policy rules is a cure or trap in times of financial crisis. According to the hypothesis adopted, constitutional fiscal rules can be an effective tool. The article has the following structure. In the first and second part I describe constitutional fiscal rules. The third part concerns the method of constitutionalisation. Subsequently, I am focus on effectiveness of constitutional fiscal policy rules. The last part of the article contains conclusions.

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