Academic literature on the topic 'Fiscal dominance'
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Journal articles on the topic "Fiscal dominance"
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Jevđović, Gordana, and Ivan Milenković. "MONETARY VERSUS FISCAL DOMINANCE IN EMERGING EUROPEAN ECONOMIES." Facta Universitatis, Series: Economics and Organization, no. 1 (September 26, 2018): 125. http://dx.doi.org/10.22190/fueo1802125j.
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The conventional macroeconomic paradigm is that monetary policy provides the nominal anchor for inflation expectations and that fiscal policy is disciplined in implementing credible and timely revenue-expenditure measures when debt rises, in order to ensure sustainability. In this scenario monetary policy is active, whereas fiscal policy is passive, which is referred to as monetary dominance. However, the proponents of the Fiscal Theory of the Price Level emphasize that another regime may be possible - the one of fiscal dominance. In this setup, primary balance follows some arbitrary path, not necessary compatible with the evolution of government debt, and monetary policy is faced with limited room for manoeuvre as it has no option but to adjust to fiscal developments. Following these theoretical foundations, the aim of this paper is to empirically ascertain the prevailing policy regime (monetary versus fiscal dominance) in five emerging European economies (Hungary, Romania, Bulgaria, Serbia and Macedonia). In line with expectations, results overwhelmingly suggest that monetary policy may have been subordinated to fiscal policy over the period of analysis in all economies under scrutiny and that fiscally-led regime prevailed.
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Sanusi, Kazeem Abimbola, and Anthony Enisan Akinlo. "Investigating Fiscal Dominance in Nigeria." Journal of Sustainable Development 9, no. 1 (January 26, 2016): 125. http://dx.doi.org/10.5539/jsd.v9n1p125.
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This paper investigates the presence or otherwise of fiscal dominance in Nigeria during the period of 1986-2013 using structural VAR analysis. Annual secondary data were used for the study. Data on fiscal deficits and monetary base were obtained from the publication of Central Bank of Nigeria Statistical Bulletin. The results show that shock to fiscal deficits of government does not stimulate response from the growth of monetary base. In addition, the results show that there exists no causality running from fiscal deficits to growth of monetary base in Nigeria. The study concludes that there is no evidence of fiscal dominance in Nigeria during the study period.
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Mackiewicz-Łyziak, Joanna. "Fiscal sustainability in cee countries – the case of the Czech Republic, Hungary and Poland." Equilibrium 10, no. 2 (June 30, 2015): 53. http://dx.doi.org/10.12775/equil.2015.013.
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The aim of the study is to assess fiscal sustainability in the Czech Republic, Hungary and Poland and to test for existence of fiscal dominance in these countries in the context of the fiscal theory of the price level. The empirical study is conducted using unit root tests and cointegration analysis with possible structural breaks. The approach is consistent with so called backward-looking approach for fiscal dominance testing proposed by Bohn (1998). The results suggest that in the Czech Republic and Poland fiscal dominance prevailed in the analyzed period, while in Hungary – monetary dominance. The result for Hungary may be caused, however, by a one-time reduction in debt resulting from changes in pension system.
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Kumhof, Michael. "Simple Monetary Rules Under Fiscal Dominance." International Finance Discussion Paper 2008, no. 937 (July 2008): 1–33. http://dx.doi.org/10.17016/ifdp.2008.937.
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Kumhof, Michael, Ricardo Nunes, and Irina Yakadina. "Simple Monetary Rules Under Fiscal Dominance." IMF Working Papers 07, no. 271 (2007): 1. http://dx.doi.org/10.5089/9781451868340.001.
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KUMHOF, MICHAEL, RICARDO NUNES, and IRINA YAKADINA. "Simple Monetary Rules under Fiscal Dominance." Journal of Money, Credit and Banking 42, no. 1 (February 2010): 63–92. http://dx.doi.org/10.1111/j.1538-4616.2009.00278.x.
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Shvets, S. "HOW FAR FISCAL DOMINANCE MATTERS FOR A DEVELOPING ECONOMY." Financial and credit activity: problems of theory and practice 3, no. 38 (June 30, 2021): 214–21. http://dx.doi.org/10.18371/fcaptp.v3i38.237449.
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Abstract. The growing public debt that intensifies with a frequency of economic crises grasps a high rating in the current economic debates. There is an urgent need for implementing an effective policy regime targeted at handling the public debt problem. The fiscal dominance policy, usually practiced to ensure strong recovery and growth, has a strict guideline for identifying a degree of fiscal expansion and monetary accommodation. Given a dilemma between growth and debt burden, the government should mobilize the most effective policy instrument targeted at the highest fiscal multiplier and does not cross a debt-to-GDP threshold ratio. Following an effective practice of fiscal management, this instrument is associated with public investment. The paper aims to assess the magnitude of the public investment multiplier by following a stable growth path limited by a prescribed debt limitation for a developing economy. To achieve the goal, we use an elaborated New Keynesian model, which besides an active fiscal and monetary stances, also includes a high share of non-Ricardian households, the separability in preferences between private and government consumption, a low level of public investment efficiency, and the substantiated degree of nominal and real rigidities. The obtained present value cumulative output multiplier for public investment grasps the point 2.0 in maximum over two years of the impulse response function. The multiplier effect proves to be high enough to offset temporary public debt growth and maintain a sustainable growth path over the long run. The verified measure of fiscal dominance contradicts an active monetary stance and, among other things, has to be counterbalanced by an appropriate efficiency and productivity of public investment and degree of price stickiness.
Keywords: fiscal policy, monetary policy, fiscal-monetary interaction, fiscal dominance, fiscal multiplier, DSGE modeling.
JEL Classification O47, E63, H63, D58
Formulas: 1; fig.: 2; tabl.: 0; bibl.: 21.
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Saito, Mika, Lam Nguyen, Shirin Nikaein Towfighian, and John Hooley. "Fiscal Dominance in Sub-Saharan Africa Revisited." IMF Working Papers 2021, no. 017 (January 2021): 1. http://dx.doi.org/10.5089/9781513567747.001.
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Jia, Pengfei. "THE MACROECONOMIC IMPACT OF MONETARY-FISCAL POLICY IN A “FISCAL DOMINANCE” WORLD." Macroeconomic Dynamics 24, no. 3 (August 2, 2018): 670–707. http://dx.doi.org/10.1017/s1365100518000408.
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This paper focuses on the question of what monetary and fiscal policy can do and should do in a “fiscal dominance” world. I first highlight that both “amplification” and “fiscal cushion” effects are always at work jointly in determining the evolution of inflation. I find the threshold of maturity of government bonds beyond which more aggressive monetary policy dampens inflation volatility is three quarters. In addition, I conduct welfare analysis to quantitatively evaluate the costs and benefits brought by long-term debt. My results show that the threshold of government debt maturity above which an aggressive monetary policy improves welfare is eight quarters. More importantly, I characterize optimal monetary and fiscal policy using simple and implementable rules. My results indicate an optimal monetary and fiscal combination calls for an aggressive response in both rules. Finally, I find that optimized simple monetary-fiscal rule is significantly welfare inferior to the Ramsey optimal policy.
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Tanner, Evan, and Alberto M. Ramos. "Fiscal sustainability and monetary versus fiscal dominance: evidence from Brazil, 1991–2000." Applied Economics 35, no. 7 (May 30, 2003): 859–73. http://dx.doi.org/10.1080/0003684032000056832.
Full textDissertations / Theses on the topic "Fiscal dominance"
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Sel, Tugba. "Inflation Targeting And Fiscal Dominance: Evidence From Turkey." Master's thesis, METU, 2007. http://etd.lib.metu.edu.tr/upload/12608846/index.pdf.
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ABSTRACT
INFLATION TARGETING AND FISCAL DOMINANCE:
EVIDENCE FROM TURKEY
SEL, TUgBA
M.Sc., Department of Economics
Supervisor: Prof. Dr. Erdal Özmen September 2007, 60 pages. This study investigates the significance of fiscal dominance for an inflation targeting regime in the context of the recent Turkish experience. To this end, capital flows and country risk equations are estimated for the Turkish monthly data pertaining the inflation targeting regime implementation period. The results from the capital flows models based on portfolio approach strongly suggest that the real effective exchange rates in Turkey during the period are determined by foreign interest rates and the Emerging Markets Bond Index (EMBI) but not by the domestic interest rates in the long run. This supports the view that the risk premium channel dominates the standard portfolio channel in the determination of real exchange rates in Turkey during the period. The country risk of Turkey, proxied by the EMBI spread in the long run is determined by risk appetite of foreign investors and domestic variables including real debt stock, real consolidated budget balance, international gross reserves, current account deficits and credit ratings. All these results are found to be important manifestations of the presence fiscal dominance in Turkey. Consequently, contrary to the postulations of the conventional monetary policy transmission mechanism, interest rate increases to cope with inflationary pressures may lead to an inflation acceleration, rather than the reverse.
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FURTADO, MAURICIO BUSNELLO. "INFLATION TARGETING UNDER FISCAL DOMINANCE: LESSONS TO BRAZIL." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2017. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=33205@1.
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O presente trabalho procura investigar as implicações de se seguir um regime de meta para a inflação sob dominância fiscal. Para isto é desenvolvido um modelo novo keynesiano de equilíbrio geral dinâmico estocástico (DSGE) em que a autoridade monetária segue uma regra de Taylor, com o objetivo de estabilizar a inflação e o produto, e a autoridade fiscal segue uma regra de superávit primário, com a finalidade de se estabilizar a dívida pública. Este modelo se caracteriza por apresentar uma coordenação entre as autoridades fiscal e monetária em que a política monetária é dominante. Posteriormente, a regra monetária é modificada para incorporar uma resposta da autoridade monetária à dívida pública e a regra fiscal passa a ser exógena (ativa), caracterizando um regime de dominância fiscal. Por fim, o modelo é calibrado com os parâmetros estimados por De Castro et al (2015) para a economia brasileira e são computadas as variâncias da taxa de inflação e do produto (proxies para a perda de bem estar decorrente das flutuações econômicas) nos diferentes regimes de coordenação política para distintas parametrizações das funções de reação das autoridades monetária e fiscal. Mostra-se, assim, que, quando se está em regime de dominância fiscal, o mais indicado à autoridade monetária é não reagir à inflação de modo agressivo. Em outros termos, isto significa que se o Banco Central quer que a inflação fique na meta – como requer um regime de meta -, ele não pode de forma alguma ignorar a postura da autoridade fiscal.The present work seeks to investigate the implications of following an inflation targeting regime under fiscal dominance. For this, a new Keynesian dynamic stochastic general equilibrium (DSGE) model is developed in which the monetary authority follows a Taylor rule with the objective of stabilizing inflation and output, and the fiscal authority follows a primary surplus rule, with The purpose of stabilizing public debt. This model is characterized by a coordination between the fiscal and monetary authorities in which monetary policy is dominant. Subsequently, the monetary rule is modified to incorporate a response of the monetary authority to the public debt and the fiscal rule becomes exogenous (active), characterizing a regime of fiscal dominance. Finally, the model is calibrated with the parameters estimated by De Castro et al. (2015) for the Brazilian economy and the inflation rate and output gap variances (proxies for the welfare losses due to economic fluctuations) are computed in the different regimes and under different specifications of the monetary and fiscal authorities reaction functions. It is shown that under a fiscal dominance regime, the monetary authority should not react aggressively to inflation. In other words, this means that if the Central Bank wants inflation to stay in it s target level - as it is required under an inflation targeting regime - it cannot in any way ignore the fiscal authority s stance.
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Fernandes, João Souza. "A interação entre regimes de dominância fiscal e monetária no Brasil entre 2011 e 2016." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2017. http://hdl.handle.net/10183/172601.
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Este trabalho analisa se entre 2011 e 2016 a economia brasileira operou sob um regime de dominância fiscal ou de dominância monetária. Considerando que cada um destes regimes implica ações diametralmente opostas para a política econômica, a identificação de qual regime está em vigor é de fundamental importância para as autoridades fiscal e monetária. Para realizar esta avaliação, foram testados quatro modelos distintos, cada qual com uma estrutura particular que objetiva identificar sob qual regime a economia está operando. De modo geral, os resultados apontaram que durante o período de interesse predominou o regime de dominância monetária. Contudo, há sinais de que em determinados momentos a economia se encontrou próxima um regime de dominância fiscal, algo que implica em alterações na importância das políticas fiscal e monetária para o equilíbrio da economia.This paper analyzes if between 2011 and 2016 the Brazilian economy operated under a regime of fiscal dominance or monetary dominance. Considering that each of these regimes implies diametrically opposed actions for the economic policy, the identification of which regime is in force is of fundamental importance for the fiscal and monetary authorities. In order to carry out this evaluation, four distinct models were tested, each one with a particular structure that aims to identify under which regime the economy is operating. In general, the results pointed out that during the period of interest the regime of monetary dominance prevailed. However, there are signs that at certain times the economy has found itself close to a regime of fiscal dominance, something that implies changes in the importance of fiscal and monetary policies for the equilibrium of the economy.
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Nobrega, Wellington Charles Lacerda. "Interação entre a política fiscal e monetária: uma análise sobre o regime de dominância vigente na economia brasileira." Universidade Federal da Paraíba, 2016. http://tede.biblioteca.ufpb.br:8080/handle/tede/8684.
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This research aims to investigate the dominance regime (monetary or fiscal) prevailing in Brazilian economy in the period from 2003 to 2015. For this, an autoregressive vectors model (VAR) was used as first approach. The results of this step suggest the existence of a monetary dominance relationship, as described by Sargent and Wallace (1981) and Blanchard (2004). However, a structural change in the relationship between variables was verified. And, through multiple regressions of debt equation with the inclusion of dummy variables, was found that the money supply began to show negative relationship with public debt, suggesting that the expansion of the monetary base was used to stabilize public accounts. This results suggests that there is evidence of a fiscal dominance regime for the recent period. Fact borne out by the Markov-Switching autoregressive vectors model (MS-VAR), where it identified the existence of two clearly defined regimes in the analyzed period.
Esta pesquisa tem o propósito de investigar o regime de dominância (monetária ou fiscal) vigente na economia brasileira no período de 2003 a 2015. Para isso, empregou-se o modelo de vetores autorregressivos (VAR) como primeiro exercício. Os resultados obtidos nessa etapa sugerem a existência de uma relação de dominância monetária, conforme descrito por Sargent e Wallace (1981) e Blanchard (2004). Entretanto, verificou-se uma mudança estrutural na relação entre as variáveis no ano de 2011. E, por meio de regressões múltiplas da equação da dívida com inclusão de variáveis dummies, foi possível verificar que a oferta monetária passou a apresentar relação negativa com a dívida, sugerindo que a expansão da base monetária foi utilizada para estabilizar as contas públicas. Esse resultado sugere que há indícios de um regime de dominância fiscal para o período recente. Fato corroborado pelo método de vetores autorregressivos com mudança markoviana (MS-VAR), onde este identificou a existência de dois regimes bem definidos no período analisado.
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Machado, Hilton. "Interação entre as políticas monetária e fiscal no regime de metas de inflação do Brasil." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19322.
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Mestrado em Econometria Aplicada e PrevisãoEsta dissertação tem como objetivo detectar as interações ocorridas entre as políticas monetária e fiscal e discutir sua evolução ao longo do regime de metas de inflação do Brasil. O estudo é realizado no período de 2000 a 2019, são estimados Modelos Vetoriais Autorregressivos (VAR) e a avaliação é feita através de testes de causalidade de Granger, funções resposta ao impulso e decomposição da variância do erro de previsão. Os resultado revelaram que predominou a dominância monetária, com esforço do governo em controlar a dívida pública por meio da obtenção de superavit primário e o Banco Central agindo de forma independente na sua função de definir a taxa de juros. Exceção feita ao período de 2011 a 2016 quando prevaleceu a dominância fiscal. Algumas mudanças ocorridas no regime de metas de inflação fizeram o Brasil ter relativamente pouca vulnerabilidade em relação a possíveis descoordenações entre as políticas monetária e fiscal.
This thesis aims to detect the interactions between monetary and fiscal policies and discuss their evolution along Brazil's inflation targeting regime. The study is carried out from 2000 to 2019, Vector Autoregression (VAR) are estimated and the evaluation is done through Granger causality tests, impulse response functions and variance decomposition of forecast errors. The results revealed that monetary dominance prevailed, with the government's effort to control public debt by obtaining a primary surplus and the Central Bank acting independently in its role of setting the interest rate. Exception made from 2011 to 2016 when fiscal dominance prevailed. Some changes in the inflation targeting regime have made Brazil relatively less vulnerable to possible mismatches between monetary and fiscal policies.
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Machado, Joanito Teixeira. "Interação entre as políticas fiscal e monetária brasileiras no período pós-Plano Real: uma análise de causalidade com aplicação do modelo VAR." Pontifícia Universidade Católica de São Paulo, 2010. https://tede2.pucsp.br/handle/handle/9421.
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This study consists in the analyses of the relations of causality among some of the main variables of Brazilian fiscal and monetary policies in the period post-Plano Real (1995-2008). The study was concentrated in the identification of the impacts of each one of the variables over the determination of the temporal path of each another. Initially, the work systematizes the theorist debate about the subject in two divergent axes: i) The hypothesis of fiscal dominance, that identificates the main determinants of the persistent contracionist monetary policy in the expansionist fiscal policy. ii) An alternative hypothesis that identificates the main determinants of the fiscal disequilibrium of the public sector in Brazil in the contracionist monetary policy, in the persistent overvaluation of the Real and in the strategy of international insertion of the country in the last two decades. Even, the study presents an econometric analyses of temporal series about fiscal policy, monetary policy and exchange rate policy in Brazil in the period of January/1995- December/2008. The econometric analyses consists in the application of the Vector Autorregressive Model (VAR) and of the Granger Causality Test
Este estudo consiste numa análise das relações de causalidade existentes entre algumas das principais variáveis de políticas fiscal e monetária brasileiras no período pós-Plano Real (1995-2008), concentrando-se na identificação dos impactos que cada uma das variáveis exerceu sobre a determinação da trajetória temporal das demais. Buscou-se, inicialmente, sistematizar o debate teórico travado acerca do tema em torno de dois eixos divergentes, quais sejam, i) o que aceita a hipótese da dominância fiscal e identifica no manejo de uma política fiscal supostamente expansionista o principal determinante da natureza persistentemente contracionista da política monetária durante o período; e ii) o que rejeita esta hipótese, idenficando, ao contrário, no manejo da política monetária contracionista e da política cambial marcada pela persistente sobrevalorização da moeda nacional bem como na peculiar inserção internacional do país, dada ao longo das últimas duas décadas, os principais determinantes do persistente desequilíbrio fiscal do setor público. O estudo inclui ainda uma análise econométrica de séries temporais referentes às políticas fiscal, monetária e cambial, para o período de janeiro de 1995 a dezembro de 2008, baseada na aplicação do modelo de Vetores Auto-Regressivos (VAR) e no teste de causalidade de Granger
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Ahmad, Bashir. "Policy coordination, budget deficit and inflation in Pakistan." Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01E036.
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Tout au long de l'histoire du Pakistan depuis son indépendance, la domination budgétaire est restée une norme, à la fois dans les régimes démocratiques et militaires. Cette augmentation de la persistance du déficit budgétaire a dilué la performance du secteur réel et affecté négativement la balance des paiements, ce qui provoque l'inflation dans l'économie. L'expérience du Pakistan montre que d'importants déficits budgétaires ont conduit le gouvernement à des emprunts excessifs de la banque d'État du Pakistan (SBP) et par conséquent à une vaste impression de l'argent. Dans une telle situation, la banque centrale se retrouve avec peu d'espace pour exterminer les chiffres croissants d'inflation et d'assurer une croissance saine. Sur la base de toutes ces preuves et l'échec de la politique monétaire pour maintenir les prix dans des limites acceptables, l'économie du Pakistan est supposée victime de la domination budgétaire - également connu sous le régime de non-ricardienne. Cependant, il n'y a guère de preuves où une étude approfondie est menée pour prouver la domination budgétaire au Pakistan, puis définir une politique pour y remédier. Dans ce contexte, notre thèse porte sur la domination budgétaire et le niveau d'inflation élevé en conséquence, qui est resté élevé pendant presque une décennie. Nous allons mener quatre études, allant de l'identification de la domination budgétaire dans l'économie du Pakistan pour évaluer l'impact de la politique budgétaire sur la croissance et l'inflation. La première étude est liée à la littérature sur les théories de dominance fiscale, où la politique budgétaire agit activement et la politique monétaire suit passivement. Le deuxième modèle, la théorie budgétaire du niveau des prix (FTPL), affirme que la dette publique et la politique budgétaire déterminent principalement le niveau des prix dans une économie. Le troisième modèle examine la fiscalisation optimale et le revenu du seigneuriage. Le concept est basé sur Sidrauski (1967) modèle. La notion du modèle est que le niveau général des prix plus élevés déforme la demande de monnaie et augmente ainsi le bien-être. Lorsque les revenus du gouvernement sont en deçà de ses dépenses, le gouvernement finance son déficit budgétaire grâce à la génération des revenus de seigneuriages. Dans notre quatrième étude, nous mesurons la réponse de l'inflation et de la croissance à l'évolution de la politique budgétaire tout en tenant compte des comportements des détenteurs de dépôts et l'industrie bancaireThe central bank uses policy rates for reducing inflation. However, policy rates become less affective in comparison to bond’s rates when convertibility between bonds of different maturities decreases. This makes monetary policy ineffective if the government borrows heavily from the domestic market and an active fiscal policy, aiming to increase the economic activity, stimulates inflationary pressure. Throughout the history of Pakistan since its independence, fiscal dominance remained a norm, both in the democratic and military regimes. During the last three decades, the economy of Pakistan is faced with serious fiscal deficit tribulations. Increasing public debt stock and dilapidated tax-to-GDP ratio are grave hurdles in reducing the widening fiscal deficit. This persistence increase in the fiscal deficit has diluted the real sector performance and negatively affected the balance of payments position, causing inflation in the economy. Further, it makes government dependent on huge borrowing from internal and external sources and pushed it to increased debt servicing intricacy. Despite recurring efforts on part of government, no evident success is witnessed to reduce the ever increasing fiscal deficit. Large fiscal deficits have led the government of Pakistan to excessive borrowing from central bank of the country (SBP) and consequently to extensive printing of money.Though, SBP imposed an upper ceiling on government borrowing to reduce its public borrowing from central bank. However, the government never respected these ceilings and compromised the independence of central bank. This dependence on local money market for financing budget deficit increased money base, caused crowding out of private sector, resulted in high printing of money and reduced the monetary policy space to exterminate high inflation. Such a situation restricts the monetary policy to offset the distortions existing in the economy and to achieve its desired goals. Such scenario advocates a dire need of fiscal and monetary policy coordination to strike an appropriate balance between growth and inflation. In this context, our thesis focuses on fiscal dominance and the consequent high inflation level, which remained lofty for almost a decade. We conduct four studies, ranging from the identification of fiscal dominance in the economy of Pakistan to gauging the impact of fiscal policy on growth and inflation.The first study is related to literature on fiscal dominance theories, where fiscal policy acts actively and monetary policy follows passively. To establish that the decades long high inflation in Pakistan is solely because of fiscal dominance, a second study is conducted to analyze the interest rate pass through mechanism in Pakistan. In the third step, it uses corporate governance proxies, capital structure proxies and ownership structure proxies to investigate their links with bank’s performance. In our fourth study, we gauge the response of inflation and growth to changes in fiscal policy while taking into account deposit holders behavior and banking industry
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D'Antonio, Daniele. "Proprietà nucleari degli oggetti di tipo BL Lac e delle radiogalassie." Bachelor's thesis, Alma Mater Studiorum - Università di Bologna, 2014. http://amslaurea.unibo.it/7214/.
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Questa tesi si occupa dello studio delle sorgenti radio extragalattiche.
Il presente lavoro è divisibile in due parti distinte.
La prima parte descrive la morfologia e la struttura delle varie tipologie degli oggetti AGN, i fenomeni relativistici riguardo al moto delle radiosorgenti, il modello unificato, che consiste nel descrivere tutti i tipi di radiosorgenti presentati come la stessa tipologia di oggetto.
La seconda parte vede l'analisi di due campioni: uno di radiogalassie, l'altro di BL Lacs. L'obiettivo consiste nel confrontare i valori di core dominance(rapporto tra potenza osservata e attesa) dei due campioni e dimostrare come la core domincance degli oggetti BL Lacertae sia maggiore di quella delle radiogalassie, al fine di mettere in evidenza un fattore a sostegno della teoria dei modelli unificati.
Infine sono state inserite due appendici:l'una descrive un importante meccanismo di emissione come la radiazione di sincrotrone, l'altra presenta la tecnica di interferometria VLBI.
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Hamann, Tobias. "O new deal da sociedade em comandita em Portugal." Master's thesis, 2020. http://hdl.handle.net/10316/91253.
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Dissertação de Mestrado em Direito apresentada à Faculdade de DireitoA frustração da responsabilidade ilimitada de pessoas singulares, a transparência fiscal, ou melhor, a não verificação de dupla tributação económica, e a transição material engenhosa da posição de domínio da administração para a esfera dos sócios comanditários explicam, quase integralmente, o sucesso da GmbH & Co. KG na Alemanha. Em Portugal, a “Lda. (S.A.) & Comandita (por Ações)”, embora não signifique qualquer vantagem fiscal, permite também a uma sociedade por quotas ou a uma sociedade anónima assumir a posição de sócia comanditada e, por isso, a de gerente da comandita, frustrando-se, ainda, a responsabilidade ilimitada de pessoas singulares. Ademais, a lei garante ao conjunto dos sócios comanditados (ou à sociedade sócia comanditada única) um mínimo de 1/3 do total de votos, totalmente desvinculado das respetivas partes até estas atingirem 1/3 do capital social. Por conseguinte, a “Lda. (S.A.) & Comandita (por Ações)” constitui um mecanismo de perpetuação da posição de poder do grupo de controlo – sendo que, diante de aumentos de capital com entrada de novos sócios, a perda de domínio sobre o capital não é acompanhada por uma perda de controlo na mesma medida –, bem assim como um mecanismo defensivo preventivo da OPA hostil, no caso da comandita por ações, porque (i) o grupo de controlo controla a administração, (ii) esta administração não pode ser destituída sem justa causa pelo novo comanditário emergente da OPA hostil sem o seu consentimento e (iii) o grupo de controlo terá sempre um poder de voto direto e indireto cumulado superior a 1/3 do total de votos, o que configura uma minoria de bloqueio de todas as deliberações estruturantes que partam da iniciativa do novo comanditário hostil.
The frustration of unlimited liability of natural persons, tax transparency, or rather, the absence of economic double taxation, and the ingenious material transition of the position of management dominance to the sphere of limited partners explain almost entirely the success of the GmbH & Co. KG in Germany. In Portugal, the "Lda. (S.A.) & Comandita (por Ações)", although it does not come with any tax advantage, also allows a private limited company or a public limited company to assume the position of general partner and, therefore, that of manager of the limited partnership, also thwarting the unlimited liability of natural persons. Moreover, the law guarantees general partners (or sole general partner company) a minimum of 1/3 of the total votes, totally dissociated from the respective stakes in the share capital until they reach 1/3 of the share capital. Therefore, “Lda. (S.A. ) & Comandita (por Ações)” constitutes a mechanism to perpetuate the position of power of the control group – given that in the face of capital increases with the entry of new partners, the loss of control over the capital is not accompanied by a loss of control or dominance to the same extent - as well as a preventive defensive mechanism against a hostile takeover bid in the case of the partnership limited by shares, because (i) the control group controls the management, (ii) this management cannot be dismissed without just cause by the new limited partner emerging from the hostile takeover without its consent, and (iii) the control group will always have a cumulative direct and indirect voting power of more than 1/3 of the total votes, which constitutes a blocking minority of all the structuring resolutions that are the initiative of the hostile new limited partner.
Books on the topic "Fiscal dominance"
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Kumhof, Michael. Simple monetary rules under fiscal dominance. Washington, D.C: Federal Reserve Board, 2008.
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Fund, International Monetary. Fiscal dominance, debt, and exchange rates. [N.Y.]: International Monetary Fund, Fiscal Affairs Dept., 1987.
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Blanchard, Olivier. Fiscal dominance and inflation targeting: Lessons from Brazil. Cambridge, MA: Massachusetts Institute of Technology, Dept. of Economics, 2004.
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Blanchard, Olivier. Fiscal dominance and inflation targeting: Lessons from Brazil. Cambridge, Mass: National Bureau of Economic Research, 2004.
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Blanchard, Olivier. Fiscal dominance and inflation targeting: Lessons from Brazil. Cambridge, MA: National Bureau of Economic Research, 2004.
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Tanner, Evan. Fiscal sustainability and monetary versus fiscal dominance: Evidence from Brazil, 1991-2000. [Washington, D.C.]: International Monetary Fund, IMF Institute and Western Hemisphere Department, 2002.
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Nachega, Jean-Claude. Fiscal dominance and inflation in the Democratic Republic of the Congo. [Washington, D.C]: International Monetary Fund, African Dept., 2005.
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Marco, Vega, and Martinelli César. The Monetary and Fiscal History of Peru, 1960-2017: Radical Policy Experiments, Inflation and Stabilization. Pontificia Universidad Católica del Perú, 2018. http://dx.doi.org/10.18800/2079-8474.0468.
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We show that Peru’s chronic inflation through the 1970s and 1980s was the result of the need for inflationary taxation in a regime of fiscal dominance of monetary policy. Hyperinflation occurred when debt accumulation became unavailable, and a populist administration engaged in a counterproductive policy of price controls and loose credit. We interpret the fiscal difficulties preceding the stabilization as a process of social learning to live within the realities of fiscal budget balance. The credibility of the policy regime change in the 1990s may be linked ultimately to the change in public opinion giving proper incentives to politicians, after the traumatic consequences of the hyperstagflation of 1987–1990.
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Heisenberg, Dorothee. 10. From the Single Market to the Single Currency. Oxford University Press, 2017. http://dx.doi.org/10.1093/hepl/9780199570829.003.0011.
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This chapter examines how France's dissatisfaction with de facto German dominance of the European Monetary System (EMS) set the European Community (EC) on the road to the economic and monetary union (EMU) in the late 1980s. It first considers the conduct and outcome of the Maastricht negotiations on EMU before discussing the rocky road to the launch of the single currency in 1999 and the experience of EMU since then. In particular, it analyses the difficulty of enforcing the Stability and Growth Pact for fiscal discipline among participating member states. It also looks at the Delors Committee and the role of Bundesbank president Karl-Otto Pöhl. Finally, the chapter explores attempts to coordinate fiscal policy management as well as the onset and impact of the eurozone crisis.
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Bawumia, Mahamudu, and Håvard Halland. Oil Discovery and Macroeconomic Management. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198817369.003.0011.
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This chapter analyses the evolution of fiscal and monetary variables in Ghana, from the discovery of oil in 2007 through to 2014. It documents the deterioration of fiscal and monetary discipline over this period, which resulted in a rebound of debt, a deterioration of the external balance, and a decrease in public investment. The chapter goes on to analyse the potential causes of this deterioration, including the political economy context, and the fiscal and monetary institutional framework. The suggested causes include the politics of Ghana’s dominant two-party system. Finally, the chapter discusses what Ghana could have done differently to avoid the various damaging effects associated with the oil discovery. It does not aim to provide specific fiscal policy recommendations for Ghana, but rather to give an empirical account of Ghana’s experience that may be useful for other countries that discover oil.
Book chapters on the topic "Fiscal dominance"
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"Fiscal Dominance and Inflation Targeting." In Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003. The MIT Press, 2005. http://dx.doi.org/10.7551/mitpress/3759.003.0007.
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"ITALY, THE FISCAL-DOMINANCE MODEL, AND THE GOLD-STANDARD AGE." In Monetary Standards and Exchange Rates, 243–77. Routledge, 2002. http://dx.doi.org/10.4324/9780203031223-16.
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Volpe, Mario, and Giuseppe Tattara. "Italy, the Fiscal-Dominance Model, and the Gold-Standard Age." In Routledge Explorations in Economic History. Routledge, 1997. http://dx.doi.org/10.4324/9780203031223.ch9.
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Morales, Juan Antonio, and Paul Reding. "Monetary Policy." In Monetary Policy in Low Financial Development Countries, 185–224. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198854715.003.0005.
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The chapter explores two significant challenges faced by central banks in LFDCs: fiscal dominance and external shocks. Monetary policy can be dominated by governments that rely on seigniorage generated by the central bank or impose other constraints to facilitate the financing of persistent deficits. The chapter discusses and illustrates for several countries the concept of seigniorage, examines the mechanisms of fiscal dominance, and assesses its consequences. External oil and food price shocks also raise several monetary policy challenges. Using a theoretical approach, the chapter explores the trade-off between price and output stabilization that the central bank faces after a commodity price hike. The analysis takes into account whether the country is a net exporter or a net importer and whether it is on fixed or on flexible exchange rates. It also discusses coordination issues between monetary and fiscal policies, in particular when windfall gains accrue to the government.
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Elbadawi, Ibrahim, Mohamed Goaied, and Moez Ben Tahar. "Threshold Effects of Fiscal-Monetary Interdependence and Exchange Rate Regimes in Oil-Dependent Arab Economies." In Institutions and Macroeconomic Policies in Resource-Rich Arab Economies, 73–116. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198822226.003.0004.
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This chapter contributes to the literature on fiscal-monetary interdependence in resource-dependent economies in the Arab World, specifically during the post-mid-1990s oil boom. It also provides empirical evidence on threshold effects for oil rents per capita. These findings support differentiated exchange rate regime choices in economies with low rent per capita, such as Sudan and Yemen, relative to wealthier Gulf Cooperation Council (GCC) economies and Algeria. The first group suffers from fiscal dominance, which explains their choice of soft pegged exchange rate regimes and their failure to sustain credible exchange rate-based stabilization programs. GCC countries, however, managed to maintain credible de facto pegged exchange rate regimes and convertible currencies, while Algeria graduated to a successfully managed exchange rate regime. Nevertheless, in contrast to Chile and Norway, Arab oil economies still need to establish credible fiscal rules for conducting monetary policy in order to withstand the effects of permanently lower oil prices.
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Duncan, Grant. "The ‘soft target’ of Labour in New Zealand." In Why the Left Loses. Policy Press, 2017. http://dx.doi.org/10.1332/policypress/9781447332664.003.0005.
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This chapter focuses on the social democratic left in New Zealand. Prior to the 2008 election, a three-term Labour-led government under Prime Minister Helen Clark followed a Blairite ‘Third Way’ model. It moderated some of the policies of the more radical neoliberal years (1984–96), but the fundamentals of neoliberal reform, such as financial openness, central bank independence, and fiscal responsibility, were kept in place. Clark's Labour-led government did not satisfy all social democratic aspirations, but its dominance in the 2000s showed that it was the first to master the art of political management under the mixed-member proportional representation system in place since 1996. Defeat came in 2008, however, in an election held shortly after the global financial crisis, and John Key's National Party-led government took over the reins.
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Oktayer, Asuman, and Nagihan Oktayer. "Monetary and Fiscal Policy Interactions." In Handbook of Research on Public Finance in Europe and the MENA Region, 447–73. IGI Global, 2016. http://dx.doi.org/10.4018/978-1-5225-0053-7.ch020.
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While the role of fiscal policy in price level determination was neglected by the conventional theory, a new point of view was adapted by the Fiscal Theory of the Price Level. In the context of the new theory, monetary and fiscal policy interactions were taken into account and the role of fiscal policy was underlined. This paper investigates the monetary and fiscal policy coordination in Turkey during the period 1989.1-2012.2 and sub-periods 1989.1-2001.1 and 2001.2-2012.2. In order to reveal if financial policies are monetary dominant or fiscal dominant in aforementioned periods, bounds testing procedure is applied by using quarterly data. While the empirical test results related to the entire period of 1989.1-2012.2 and sub-period of 1989.1-2001.1 indicate fiscal policy dominant regime, the findings regarding 2001.2-2012.2 imply monetary policy dominant regime in Turkey.
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Cummins, Ian. "Conclusion." In Mental Health Services and Community Care, 129–38. Policy Press, 2020. http://dx.doi.org/10.1332/policypress/9781447350590.003.0009.
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This chapter brings together the main themes of the volume. It argues that deinstitutionalisation and community care should be understood as distinct policies – one should follow on from the other, but this has not happened. These policies which have been adopted across the globe were driven by a combination of fiscal conservatism and progressive idealism. Fiscal conservatism was, for most of the period, the dominant force. Community care has become discredited, but it can be reinvigorated by a call to the progressive idealism that underpinned it.
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Liebenthal, Robert, and Caesar Cheelo. "The Boom–Bust Cycle of Global Copper Prices, Structural Change, and Industrial Development in Zambia." In Mining for Change, 374–96. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198851172.003.0017.
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This chapter is about understanding the cycle of global copper price booms and busts over Zambia’s economic history. We explore how the mining industry has been managed, and wider economic management during boom periods. We find that successive Zambian governments did not use copper revenues to accumulate productive assets, focusing instead on financing consumption subsidies and sustaining inefficient state-owned companies. In recent times, Zambia has accumulated worryingly high levels of sovereign debt with virtually no prospect of official debt relief. Nonetheless, a reasonable chance exists of avoiding debt distress, provided the authorities consistently pursue strong fiscal management and discipline. Ultimately, Zambia’s ability to ring-fence and prudently use the mineral revenues from copper mining in building productive capacities remains elusive. Instead recurrent consumption expenditure demands dominate the fiscal landscape and the agenda of the fiscal authorities.
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Ates, Leyla, Alex Cobham, Moran Harari, Petr Janský, Markus Meinzer, Lucas Millán, and Miroslav Palanský. "The Corporate Tax Haven Index." In Combating Fiscal Fraud and Empowering Regulators, 89–111. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198854722.003.0006.
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In this chapter, we set out a new approach to the geography of profit shifting, based on a range of objectively verifiable criteria. These are combined in the Corporate Tax Haven Index, published for the first time in 2019. We present the technical argument for the index as a meaningful representation of the global distribution of the risks of corporate tax abuse and explore the new geography that emerges. Our findings show the UK’s dominant responsibility for corporate tax avoidance risks and the colonial roots of many exploitative double tax treaties. We discuss the index’s political implications for the immediate process of international tax reform, and for the longer-term prospects for global governance in this area. Greater clarity about the geography of profit shifting is likely to support growing demands for redistribution not only of taxing rights but also of decision-making power in the global architecture for tax governance.
Conference papers on the topic "Fiscal dominance"
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Tashevska, Biljana, Marija Trpkova – Nestorovska, and Suzana Makreshanska – Mladenovska. "IS THERE A DOMINANCE OF SOCIAL PROTECTION EXPENDITURE IN THE EUROPEAN UNION?" In Economic and Business Trends Shaping the Future. Ss Cyril and Methodius University, Faculty of Economics-Skopje, 2020. http://dx.doi.org/10.47063/ebtsf.2020.0003.
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European welfare states, with their comprehensive and generous welfare model, create the largest part of general government expenditures in the European Union member countries. Given the rising trend of social expenditure and the long-run challenges coming from population ageing, this paper addresses the issue of social dominance, a situation in which, particularly when facing limited fiscal space, social expenditure could crowd-out other productive public expenditures, thus undermining growth potentials and possibly threatening fiscal sustainability. Using a panel regression analysis, the aim of the paper is to test whether social protection expenditure has crowded-out expenditures on other purposes in the European Union in the period 1995-2018. The results provide some evidence of crowding-out of infrastructure spending and education spending. Additionally, deficit financing and rising government debt have a significant adverse effect on spending on infrastructure, education and core public services, confirming that they are more prone to cutbacks in times of deteriorating public finance. These findings, along with the long-run fiscal pressure from the ‘greying population’ and the high political costs of welfare reforms suggest significant future risks of social dominance.
Reports on the topic "Fiscal dominance"
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Martin, Fernando M. Fiscal Dominance. Federal Reserve Bank of St. Louis, 2020. http://dx.doi.org/10.20955/wp.2020.040.
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Blanchard, Olivier. Fiscal Dominance and Inflation Targeting: Lessons from Brazil. Cambridge, MA: National Bureau of Economic Research, March 2004. http://dx.doi.org/10.3386/w10389.
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Ahmed, Rashad, Joshua Aizenman, and Yothin Jinjarak. Inflation and Exchange Rate Targeting Challenges Under Fiscal Dominance. Cambridge, MA: National Bureau of Economic Research, June 2019. http://dx.doi.org/10.3386/w25996.
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Jinjarak, Yothin, Rashad Ahmed, Sameer Nair-Desai, Weining Xin, and Joshua Aizenman. Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone: COVID-19 Dominance During January - June 2020. Cambridge, MA: National Bureau of Economic Research, June 2020. http://dx.doi.org/10.3386/w27451.
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Lozano-Espitia, Luis Ignacio, and Magaly Herrera. Dominancia fiscal versus dominancia monetaria: evidencia para Colombia, 1990-2007. Bogotá, Colombia: Banco de la República, February 2008. http://dx.doi.org/10.32468/be.485.
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