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Journal articles on the topic 'Fiscal dominance'

Author: Grafiati

Published: 4 June 2021

Last updated: 2 February 2022

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1

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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2

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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3

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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4

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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6

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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7

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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8

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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9

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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10

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.

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11

Tanner, Evan, and Alberto M. Ramos. "Fiscal Sustainability and Monetary Versus Fiscal Dominance: Evidence From Brazil, 1991-2000." IMF Working Papers 02, no. 5 (2002): 1. http://dx.doi.org/10.5089/9781451842197.001.

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12

Shaheen, Rozina. "Testing Fiscal Dominance Hypothesis in a Structural VAR Specification for Pakistan." Scientific Annals of Economics and Business 65, no. 1 (March 1, 2018): 51–63. http://dx.doi.org/10.2478/saeb-2018-0003.

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Abstract This research aims to test the fiscal dominance hypothesis for Pakistan through a bivariate structural vector auto regression (SVAR) specification, covering time period 1977 – 2016. This study employs real primary deficit (non interest government expenditures minus total revenues) and real primary liabilities (sum of monetary base and domestic public debt) as indicators of fiscal measures and monetary policy respectively. A structural VAR is retrieved both for entire sample period and four sub periods (1977 – 1986, 1987 – 1997, 1998 – 2008, and 2009 – 2016). This study identifies the presence of fiscal dominance for the entire sample period and the sub period from 1987 – 2008. The estimates reveal an interesting phenomenon that fiscal dominance is significant in the elected regimes and weaker in the presence of military regimes in Pakistan. From a policy perspective, this research suggests increased autonomy of central bank to achieve long term price stability and reduced administration costs to ensure efficient democratic regime in Pakistan.

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13

Ersel, Hasan, and Fatih Özatay. "Fiscal Dominance and Inflation Targeting: Lessons from Turkey." Emerging Markets Finance and Trade 44, no. 6 (November 2008): 38–51. http://dx.doi.org/10.2753/ree1540-496x440603.

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14

Gadea, María Dolores, Marcela Sabaté, and Isabel Sanz. "Long-run fiscal dominance in Argentina, 1875–1990." Financial History Review 19, no. 3 (September 13, 2012): 311–35. http://dx.doi.org/10.1017/s0968565012000157.

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For most of the twentieth century, Argentina solved the macroeconomic policy trilemma through domestic monetary sovereignty. This article illustrates how the need to finance deficits was behind Argentine sovereignty. We test the hypothesis of fiscal dominance between 1875 and the approval of the Austral Plan in 1991 and find that deficits drove money creation in the long run. The article also reveals how fiscal dominance, in a scenario of increasing currency substitution, helps to explain the dynamics of Argentine inflation in the second half of the twentieth century.

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15

GRUBEN, WILLIAM C., and JOHN H. WELCH. "IS TIGHTER FISCAL POLICY EXPANSIONARY UNDER FISCAL DOMINANCE?: HYPERCROWDING OUT IN LATIN AMERICA." Contemporary Economic Policy 28, no. 2 (April 2010): 171–81. http://dx.doi.org/10.1111/j.1465-7287.2009.00062.x.

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16

Dufrénot, Gilles, Fredj Jawadi, and Guillaume A. Khayat. "A model of fiscal dominance under the “Reinhart Conjecture”." Journal of Economic Dynamics and Control 93 (August 2018): 332–45. http://dx.doi.org/10.1016/j.jedc.2018.01.046.

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17

Sabaté, Marcela, Regina Escario, and Maria Dolores Gadea. "Fighting fiscal dominance. The case of Spain, 1874–1998." European Review of Economic History 19, no. 1 (November 7, 2014): 23–43. http://dx.doi.org/10.1093/ereh/heu020.

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18

Ahmed, Rashad, Joshua Aizenman, and Yothin Jinjarak. "Inflation and Exchange Rate Targeting Challenges Under Fiscal Dominance." Journal of Macroeconomics 67 (March 2021): 103281. http://dx.doi.org/10.1016/j.jmacro.2020.103281.

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19

Diessner, Sebastian, and Giulio Lisi. "Masters of the ‘masters of the universe’? Monetary, fiscal and financial dominance in the Eurozone." Socio-Economic Review 18, no. 2 (April 19, 2019): 315–35. http://dx.doi.org/10.1093/ser/mwz017.

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Abstract The rise of central bankers to the status of new ‘masters of the universe’ has been matched by mounting allegations of political overreach. In the Eurozone, for instance, the European Central Bank has increasingly been accused of straying into the fiscal realm. Why do politically independent central banks engage intensely and publicly with government policies, thereby threatening the neat separation between monetary and fiscal policy that was meant to protect central banks themselves from interference? While existing political economy accounts have focused squarely on the issues of government debt and central bankers’ fears of fiscal dominance, we argue for the emerging role of ‘financial dominance’ throughout the crisis, thereby shedding light on the structural forces that master the new masters of the universe. To this end, we pursue a mixed-methods approach, combining quantitative text analysis techniques with a qualitative understanding of the context in which central banks communicate on fiscal policy.

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20

Elhendawy, Emad Omar. "Coordination or Dominance of Fiscal and Monetary Policy in Egypt." International Journal of Economics and Finance 11, no. 12 (November 6, 2019): 28. http://dx.doi.org/10.5539/ijef.v11n12p28.

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This study investigates to what extent of coordination between the fiscal and monetary policies in Egypt in the period 1980-2017, it has been adopted in its methodology on the vector error correction and Granger causality test. It concludes that there is a significant relation between money supply and budget deficit on one hand and inflation on the other hand, and that fiscal policy is dominant in monetary policy, as a change of 10% of the budget deficit results in an increase in the inflation rate of 8.1%. As for the Granger causality test. Thus stresses the existence of causal relationship to one direction of inflation against both the budget deficit and the money supply, which affects the budget deficit in the second slowdown. Then it feeds the budget deficit and inflation in the third year, which in turn feeds the budget deficit in the fourth year and the causal relationship between inflation and money supply has concluded that there is a one-way causal relationship of money supply to inflation after four slows and then inflation affects the money supply from the fifth to the tenth slowdown. As for the relationship of the budget deficit to money supply, there may be a one-way causal relationship between the budget deficit and the money supply from the second to the tenth year, except the third year, which also confirms the dominance of fiscal policy on monetary policy in Egypt in the period under consideration.

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21

Fratianni, Michele, and Franco Spinelli. "Fiscal Dominance and Money Growth in Italy: The Long Record." Explorations in Economic History 38, no. 2 (April 2001): 252–72. http://dx.doi.org/10.1006/exeh.2000.0753.

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22

Aimola, Akingbade Urungbodi, and Nicholas M. Odhiambo. "The Dynamics of Public and Private Debt in Ghana." Studia Universitatis „Vasile Goldis” Arad – Economics Series 28, no. 4 (December 1, 2018): 24–44. http://dx.doi.org/10.2478/sues-2018-0018.

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Abstract This paper explores the dynamics of public and private debt in Ghana for the past 32 years. Ghana’s total public debt stock to Gross Domestic Product (GDP) ratio has remained above the 60.0% sustainability threshold recommended by the West Africa Monetary Zone (WAMZ) since 2013. Implemented bank reforms in the country show an upward trend for domestic credit to private sector by banks as a percentage of GDP. Using exploratory review approach, the paper identified fiscal dominance, cost of borrowing, deterioration in export earnings, ineffective fiscal, monetary and debt management policies coordination as factors responsible for changes in total public debt stock. On the other hand, increased domestic borrowings by government from the banks, and Deposit Money Banks’ (DMBs)’ adverse selection in private sector credit allocation affect changes in domestic credit to the private sector by banks. Of these causes, fiscal dominance is the major determinant of public and private debt in Ghana. The study, therefore, recommends that government should pursue fiscal operations that are necessary to put public debt on a declining path. In addition, effective coordination of fiscal, monetary and debt management policies need to be strengthened together with the autonomy of the Bank of Ghana in the use of its monetary policy instruments.

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23

Nachega, Jean-Claude. "Fiscal Dominance and Inflation in the Democratic Republic of the Congo." IMF Working Papers 05, no. 221 (2005): 1. http://dx.doi.org/10.5089/9781451862409.001.

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24

Naini, Ahmad Reza Jalali, and Mohammad Amin Naderian. "Oil price cycles, fiscal dominance and countercyclical monetary policy in Iran." OPEC Energy Review 43, no. 1 (October 11, 2018): 3–28. http://dx.doi.org/10.1111/opec.12125.

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25

Sanusi, Kazeem Abimbola. "Fiscal dominance and inflation: Evidence from Nigerian and South African’s experiences." Cogent Economics & Finance 8, no. 1 (January 1, 2020): 1814508. http://dx.doi.org/10.1080/23322039.2020.1814508.

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26

E. B. Inyang, Gabriel, and Amarachukwu Onyinyechi Ijiomah. "The Emergence of Nigerian Maritime Cabotage Laws and the Future of Its Maritime Commerce." Journal of Social Sciences Research, no. 64 (April 25, 2020): 476–82. http://dx.doi.org/10.32861/jssr.64.476.482.

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Nigerian maritime cabotage laws evolved to add efficiency to the country’s maritime industry, especially in the area of indigenous fleet expansion, ship building and human capacity development. The aim was to curtail foreign dominance and unequal competition by non-Nigerian operators. Since the enactment of the Cabotage Act, attempt at successful and beneficial implementation could not be achieved due to regulatory inadequacies. What is obtainable now includes foreign dominance, unfair competition, policy failure, institutional ineffectiveness, absent of stable local capacity, regulatory problems, fiscal deficiencies, lack of political will by the government. In view of these inadequacies, appropriate remedial regulatory measures need be considered. These include regulatory overhaul or ample review of all extant maritime laws which are no more relevant in a cabotage regime. There is need for institutional reforms which will engender adequate and effective monitoring and enforcement. Fiscal and financial legal framework needs to be put in place to strengthen this inadequate and weak policy. This article submits that, cabotage laws which are supposed to be the framework of transformation from foreign to indigenous dominance of coastal shipping, have fallen short of the intended objectives. It therefore requires proper and adequate review to cure the obvious defects.

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27

Fialho, Marcelo Ladeira, and Marcelo Savino Portugal. "Monetary and fiscal policy interactions in Brazil: an application of the fiscal theory of the price level." Estudos Econômicos (São Paulo) 35, no. 4 (December 2005): 657–85. http://dx.doi.org/10.1590/s0101-41612005000400003.

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The aim of the present paper is to verify the predominance of a monetary or fiscal dominance regime in Brazil in the post-Real period. The analysis is based on a model proposed by Canzoneri, Cumby and Diba (2000). This model proposes that there is a relationship between the public debt/GDP and primary surplus/GDP series by using the vector autoregression (VAR) framework and analyzing the impulse response functions. Another aim is the extension of the article written by Muscatelli et al. (2002) about the interactions between monetary and fiscal policies using the Markov-switching vector autoregressive model (MS-VAR) introduced by Krolzig (1997), since the relationship between these policies may not be constant over time. In conclusion, the macroeconomic coordination between monetary and fiscal policies in Brazil was virtually a substitute policy throughout the study period, with a predominantly monetary regime, in opposition to the non-Ricardian policies of the Fiscal Theory of The Price Level.

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28

Bajo-Rubio, Oscar, Carmen Díaz-Roldán, and Vicente Esteve. "Deficit sustainability, and monetary versus fiscal dominance: The case of Spain, 1850–2000." Journal of Policy Modeling 36, no. 5 (September 2014): 924–37. http://dx.doi.org/10.1016/j.jpolmod.2014.07.004.

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29

Wong, Kenneth K. "Fiscal Support for Education in American States: The "Parity-to-Dominance" View Examined." American Journal of Education 97, no. 4 (August 1989): 329–57. http://dx.doi.org/10.1086/443933.

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30

Mishra, Ankita. "Pre-conditions for Inflation Targeting in an Emerging Economy: The Case of India." Global Economy Journal 13, no. 1 (April 2013): 89–108. http://dx.doi.org/10.1515/gej-2012-0014.

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This article looks at the preconditions that an emerging economy needs to fulfill, before it can adopt inflation targeting as a monetary policy regime. The study is conducted using the Indian economy as a case study. We conduct sector-wise analysis of the Indian economy to evaluate the independence of India’s monetary policy from fiscal, external, structural and financial perspectives. Dominance from any of these sectors may divert monetary policy from the objective of maintaining price stability in the economy. Our analysis suggests that among the four dominance issues, the issue of “structural dominance” is the most acute for India. Supply shocks, hitting the economy due to structural bottlenecks, pose a major threat to the independent conduct of monetary policy. This study concludes that inflation band targeting with a wide target range would be a feasible monetary policy option for India.

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31

Mishura, A. "Economic Dominance of the Russian Capital: Causes and Consequences." Voprosy Ekonomiki, no. 2 (February 20, 2013): 151–60. http://dx.doi.org/10.32609/0042-8736-2013-2-151-160.

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Economic primacy of the capital is a prominent feature of the spatial structure of the Russian economy. The main ideas on urban primacy presented in the literature are considered and applied to the case of Moscow. It can be concluded that the probable causes of primacy of the capital in Russia are political ones. Russia has features that make political favoritism towards the capital city very likely. They include poor development of democratic institutions, a significant role of personal relationships, especially with the authorities, in all kinds of economic activity and dependence on natural resources exports. There are two basic active mechanisms of income concentration in the capital — concentration of business and the fiscal one. The consequences of such dominance of the capital can be negative for the country’s economic development.

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32

Jesus, Diego Pitta de, Cássio da Nóbrega Besarria, and Sinézio Fernandes Maia. "The macroeconomic effects of monetary policy shocks under fiscal constrained." Journal of Economic Studies 47, no. 4 (February 26, 2020): 805–25. http://dx.doi.org/10.1108/jes-01-2019-0011.

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PurposeThis paper aims to analyze the macroeconomic effects of a monetary policy shock considering that fiscal policy is under fiscal constraints. For that, a dynamic stochastic general equilibrium (DSGE) model was developed for Brazil, which was estimated through Bayesian econometrics.Design/methodology/approachIn the basic model, the government does not have any type of fiscal restriction. The other two estimated models, however, consider that the fiscal authority implements some kind of fiscal rule. One of these rules is the Constitutional Amendment 95/2016 (EA 95/2016), which includes a limitation for government spending. The other Alternative Rule seeks to represent the characteristics of a more austere fiscal rule, as proposed by Wesselbaum (2017).FindingsIt was possible to verify in this paper that the implementation of EA 95/2016 by the Brazilian government does not produce statistically different results and that it reduces the welfare of the households in relation to the scenario without fiscal rule. Thus, the proportionate benefit of EA 95/2016 is less than the cost associated with this fiscal rule (less welfare). If the government adopts a fiscal constraint similar to the Alternative Rule, it is possible to considerably reduce the interaction between fiscal and monetary policy, thereby reducing the fiscal dominance policy over monetary policy. However, the cost in terms of welfare is much higher than the baseline scenario. Thus, the fiscal authority is subject to a trade-off among public debt stabilization and household welfare.Originality/valueThe study intends to contribute to the literature on three specific points. First, the monetary–fiscal policy interaction within a representative model of the Brazilian economy is discussed. In addition, the study considers that the government can adopt EA 95/2016 and the Alternative Rule, used in the US economy. Second, the impacts of EA 95/2016 and the Alternative Rule on household welfare will be quantified. Finally, two types of individuals (Ricardian and non-Ricardian agents) and two sectors of production (wholesalers and retailers) are considered. In this paper, the DSGE model is estimated, since the previously mentioned authors performed simulations

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سید عابد مخیمر, محمد. "Estimation of Monetary Policy Reaction Function and Inflation Function under Fiscal Dominance in Egypt." المجلة العلمیة لکلیة الدراسات الإقتصادیة و العلوم السیاسیة 5, no. 10 (July 1, 2020): 11–64. http://dx.doi.org/10.21608/esalexu.2020.117522.

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Khudolei, V., M. Bespalov, S. Tulchynska, R. Tulchinsky, and N. Kholiavko. "FISCAL STIMULATION OF SPATIAL DEVELOPMENT: THE EU COUNTRIES’ CASES." Financial and credit activity: problems of theory and practice 1, no. 36 (February 17, 2021): 124–32. http://dx.doi.org/10.18371/fcaptp.v1i36.227676.

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The objective of this article is to form the basis for strengthening the fiscal stimulus spatial development of regional economic systems in the context of decentralization. The methods of research: dialectical, synthesis, analysis, generalizations and monographic, abstraction and generalizations. Results. The authors consider the «fiscal space» as a certain economic spatial formation, formed by elements of the regional economic system, which are involved in the construction of budget components and management of financial flows. The positive impact of the fiscal policy’s implementation in the context of decentralization is highlighted, as well as a certain imbalance of certain areas that provoke the search for ways of fiscal policy objectives intra-regional coordination. Summarizing the experience of European countries on fiscal stimulation of the development of regional economic systems, the following trends are highlighted: first, the main regulatory instruments are tax and budgetary policies, the level of their development and independence in the regions of countries; secondly, regional fiscal policy is always subordinated to the national economic development strategy; thirdly, taxes are becoming a tool for both stimulating and restraining the regions’ development. The article proposes the ways to smooth out negative challenges and the task of regional development’s fiscal stimulation is defined. The experience of European countries allows us to explore the prospects for developing tools for fiscal stimulus to ensure the sustainability and modernization of the regional space. Conclusions. The experience of European countries in the implementation of fiscal policy in the context of decentralization and the functioning of local self-government is studied. Despite the binding nature and dominance of European norms in fiscal policy, each country has formed its own strategic goals in economic development. This allowed preserving the national identity of individual territories, the specificity of the cultural value’s impact on the fiscal stimulation of regional economic systems. The authors come to the conclusion that the adaptation of the best practices in European countries in the Ukrainian economy’s conditions requires their reformatting under the goals and strategies of national economic policy. Directions of implementation of EU countries’ experience in fiscal stimulus of regional space in Ukraine are identified in the article.

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35

Kudrin, A., and E. Gurvich. "A New Growth Model for the Russian Economy." Voprosy Ekonomiki, no. 12 (December 20, 2014): 4–36. http://dx.doi.org/10.32609/0042-8736-2014-12-4-36.

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The recent slowdown of the Russian economy has fundamental roots and cannot be overcome by ‘simple’ measures like alleviation of monetary or fiscal policy. The major impediment to growth is marked weakness of the market environment, explained primarily with dominance of state-owned and quasi-state companies. Strong incentives for efforts to enhance efficiency by both business and public administration are required. The key objectives of policies needed to develop a new growth model are listed.

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36

Almeida, Karina de Oliveira, Leonardo Fernando Cruz Basso, and Eli Hadad Junior. "DOMINÂNCIA FISCAL E POLÍTICA MONETÁRIA PASSIVA: UMA ANÁLISE DA ECONOMIA BRASILEIRA / FISCAL DOMINANCE AND PASSIVE MONETARY POLICY: AN ANALYSIS OF THE BRAZILIAN ECONOMY." Brazilian Journal of Development 7, no. 1 (2021): 5162–77. http://dx.doi.org/10.34117/bjdv7n1-349.

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37

Fumey, Abel, and Festus O. Egwaikhide. "Redistributive politics: the case of fiscal transfers in Ghana." International Journal of Social Economics 46, no. 2 (February 11, 2019): 213–25. http://dx.doi.org/10.1108/ijse-05-2017-0191.

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Purpose The purpose of this paper is to examine the effects of political influences on fiscal transfers from the central government to district assemblies in Ghana. Design/methodology/approach It adopted a redistributive politics model and estimated the two-step system generalized method of moment using electoral outcomes, and transfers data for 167 districts which were classified into swing and aligned, from 1994 to 2014. Findings The findings reveal that Gh₵6.28m on average was transferred to each district annually, which tend to increase by 8.4 percent in election years. Further, the swing districts received 5.2 percent more than the aligned districts. Practical implications The sharing mechanism is significantly influenced by political considerations as there exists a political budget cycle and a general dominance of swing effects. Social implications The fiscal transfer system disregards the social principles of fairness and efficiency. Therefore, a wider consultative process in reviewing the formula is proposed; and this should be done in intervals of five years to minimize the indiscriminate adjustments of the sharing formula. Originality/value The paper empirically examines the political economy dynamics of intergovernmental fiscal transfers in a decentralized unitary system.

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38

LI, HUAIYIN. "Centralized Regionalism: The rise of regional fiscal-military states in China, 1916–28." Modern Asian Studies 55, no. 1 (March 24, 2020): 253–91. http://dx.doi.org/10.1017/s0026749x18000501.

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AbstractWarlordism in early Republican China was more than political fragmentation and intensive warfare. It involved serious efforts and breakthroughs in state-making at the regional level. Warlords or regional forces that centralized and bureaucratized their fiscal and governing institutions would eventually outcompete those who did not. Geopolitical advantages and access to modern economic and financial resources added to their competitiveness. The Guangdong-based Guomindang force prevailed over all others precisely because of a combination of all these factors in its state-building efforts by 1928. Central to state-making in early twentieth-century China, therefore, was the rise of regional fiscal-military states and their rivals for national dominance. China joined some of the most prominent latecomers to nation states in other parts of the modern world in their shared bottom-up path of state-building.

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Lučev, Josip. "How Long Before NATO Aircraft Carrier Force Projection Capabilities Are Successfully Countered? Some effects of the fiscal crises." Croatian International Relations Review 20, no. 71 (October 1, 2014): 121–51. http://dx.doi.org/10.2478/cirr-2014-0011.

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Abstract Growth and fiscal policy conducive to economic development have been severely jeopardized in most NATO member countries since 2008. In sharp contrast, China has experienced only a relatively slower GDP growth, which it has mitigated with a fiscally expansionary outlook. Under these conditions, when can we expect the politico-military position of NATO to be challenged? This paper surveys amphibious force projection capabilities in six countries: the USA, the UK, France, Russia, India and the People's Republic of China (PRC). An assessment of the current capability for aircraft carrier building and a survey of carrier-related ambitions is undertaken to offer projections of probable aircraft carrier fleets by 2030. The three non-NATO countries are far better positioned to build aircraft carriers than the three NATO members, with China in the lead. Nevertheless, there is a high probability of the continued military dominance of the USA and NATO, but also of a military build-up focusing on the Indian Ocean.

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Olejnik, Łukasz Wiktor. "Fiscal Consolidations in Polish Local Governments in the Period 2008–2016: Course and Causes." Lex localis - Journal of Local Self-Government 17, no. 1 (January 26, 2019): 71–96. http://dx.doi.org/10.4335/17.1.71-96(2019).

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The article presents strategies of fiscal consolidations conducted in Poland in cities with powiat rights, and a study of causes behind the decision to conduct such fiscal consolidations. Local governments showing an improvement of their public finances have been distinguished; and based on that, a description of various methods of reduction of expenditures, deficit or debt in Polish local governments has been presented. An analysis of data shows the dominance of consolidations on the revenue side. The study has identified few cases of expenditure cuts, and they mostly included investments, public transport and housing expenditures. Besides the description of data concerning fiscal consolidations, the article also presents a multivariate probit regression model and logistic regression model estimated based on panel data aimed at studying the determinants of conducting financial consolidations in a given local government. The hypotheses that macroeconomic variables and the election cycle have a statistically significant effect on the decision to conduct consolidation have been positively verified; whereas the hypothesis that other political factors significantly affect the probability of improvement of the financial situation of a local government have been verified negatively.

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Winter, I., and T. Brooke. "Urban Planning and the Entrepreneurial State: The View from Victoria, Australia." Environment and Planning C: Government and Policy 11, no. 3 (September 1993): 263–78. http://dx.doi.org/10.1068/c110263.

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It is argued that the state in Victoria, Australia, has pursued five key trends in urban planning throughout the 1980s: Privatisation, liberalisation, subsidisation, commercialisation, and elitism. These trends are a response to conditions wrought by global economic restructuring, the dominance of economic fundamentalism as a political discourse in Australia, the institutional structure of federal–State government financial relations, and a resultant perception of fiscal crisis. These developments in urban planning have resulted in financial costs and a loss of democratic accountability to the Victorian community.

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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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Husman, Jardine A. "DAMPAK FLUKTUASI NILAI TUKAR TERHADAP OUTPUT DAN HARGA: PERBANDINGAN DUA REZIM NILAI TUKAR." Buletin Ekonomi Moneter dan Perbankan 10, no. 1 (September 10, 2007): 3–22. http://dx.doi.org/10.21098/bemp.v10i1.217.

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This paper analyzes the impact of exchange rate fluctuation on the output and price in two different regimes. The model employed distinguishes four different sources of impacts on the output and price, namely the anticipated and the un-anticipated exchange rate movement, the aggregate demand and the aggregate supply shock.The result confirms the impact of the exchange rate regime switch on how the exchange rate influences the output. The net impact of Rupiah depreciation will expand the output, indicating the dominance of the aggregate the demand shock through the competitive advantage than the aggregate supply shock through import price effect.The regime switch also alters the effectiveness of the monetary and the fiscal policy on the output. The magnitude of monetary and fiscal policy is much larger than the exchange rate impact on output, both managed and free floating regime.Keywords: exchange rate, anticipated vs. unanticipated depreciation, supply vs. demand channels.JEL Classification: F41, F43, F31

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Krychevska, Tetiana. "Correction of monetary policy under the influence of corona crisis and long-term factors." Ekonomìčna teorìâ 2021, no. 2 (June 16, 2021): 65–92. http://dx.doi.org/10.15407/etet2021.02.065.

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The article shows the modification of monetary policy and modification of its interaction with fiscal policy in response to the challenges of the global financial crisis and the corona crisis, as well as reveals potential macroeconomic policy adjustments in response to long-term structural changes in the global economy. The specificity of the global financial and economic crisis, which was caused by financial intermediaries, and the belief in markets efficiency led to the dominance of monetary instruments in combating this crisis. However, purely monetary stimulus does not solve structural problems, and, acting with a very low degree of targeting, but on a huge scale, leads to the debt accumulation and financial crises. The corona crisis forced to resort to budget incentives to ensure targeted support for people and businesses and provided an impetus to discuss the ways to make better use of fiscal policy capacity to increase potential GDP and reduce inequality. The following potential long-term adjustments of macroeconomic policy are revealed: 1) increasing the emphasis on the interests of employees; 2) increasing the inclusiveness of monetary and fiscal policy; 3) the growing role of fiscal policy as an instrument of macroeconomic stabilization; 4) revision of the theory of monetary and fiscal policy interaction; 5) revision of the pre-emptive approach to anti-inflation policy, which means the reaction of monetary policy to deviations of the inflation forecast from the target, and the emergence of alternatives: response to the actual achievement and maintenance the inflation target for some time and compensation for the previous deviations from the inflation target; 6) modification of the optimal anti-inflationary policy in response to demand-pull inflation and cost-push inflation; 7) adjustment of the monetary policy in response to rising inflation due to the exhaustion of long-standing global disinflationary forces that have been in effect since the 1980s; 8) more active monetary and fiscal stimulus in emerging market economies.

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Olusola, Ayinde Taofeek. "Policy lags and exchange rate dynamics in Nigeria: Any evidence?" Jurnal Ekonomi Pembangunan 18, no. 1 (July 12, 2020): 1–12. http://dx.doi.org/10.29259/jep.v18i1.9688.

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The study investigates policy lags and exchange rate dynamics in Nigeria. The downswing in the Nigerian economy attributed to recurring exchange rate fluctuations justifies this empirical investigation. The period of investigation spans 1970 – 2016 and the data were obtained from the various issues of the Central Bank of Nigeria (CBN) Statistical Bulletin and the Annual Statistics of the National Bureau of Statistics (NBS). Anchored on the monetary theory of exchange rate, the Markov-Switching Dynamic Regression (MSDR) was employed as the technique of analysis. The findings show that the supply of broad money in Nigeria is endogenous in nature as it serves as the adjustment variable for the stabilization of exchange rate in the economy. Also, the results obtained indicated that changes in the exchange rate affect the overall government income and that the Nigerian economy is still foreign dependent. An expansionary monetary policy takes three (3) years to stabilize exchange rate in Nigeria while an expansionary fiscal policy only takes one and a half (11/2) years. By implication, monetary policy is half-effective as the fiscal policy. Besides, there is evidence of fiscal dominance in Nigeria. The study found two exchange regimes of fixed- and managed-float. More so, fixed exchange rate regime in Nigeria was just not persistent but that the probability of transiting to a managed-float regime was relatively lower.

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Prinz, Aloys L., and Hanno Beck. "Modern Monetary Theory: A Solid Theoretical Foundation of Economic Policy?" Atlantic Economic Journal 49, no. 2 (May 25, 2021): 173–86. http://dx.doi.org/10.1007/s11293-021-09713-6.

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AbstractThis paper shows that so-called modern monetary theory (MMT) lacks a sound economic foundation for its far-reaching policy recommendations. This paper’s main contribution to the literature concerns the theoretical foundation of MMT. A simple macroeconomic model shows that MMT is indistinguishable from the Keynesian cross model, as well as a neoclassical macroeconomic model, even when taking account of money in the sense of MMT. This result is in stark contrast to the claims of MMT proponents. Accordingly, it is asserted that MMT is a fundamentally new theory of money and monetary economics. However, MMT is admittedly based on the functional finance concept of the 1940s and money is modelled as an accounting identity. In addition, the fundamental connection between government expenditures for goods and services and the steady state equilibrium value of the national income, the so-called fiscal stance, is a well-known result that is not only consistent with MMT. The interpretation of the fiscal stance, in combination with the accounting identity for money, is a major issue because an equilibrium condition should have a certain causal direction of effects. Based on this reading of the equilibrium condition, policy recommendations encompass the fiscal dominance of monetary policy via monetization of public debt, a job guarantee by the state, along with a so-called Green New Deal. According to the results of this paper, these policy recommendations cannot be justified with MMT.

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Filiz BAŞTÜRK, Meryem. "THE ROLE OF FISCAL DOMINANCE ON THE EFFECTIVENESS OF MONETARY POLICY:AN EVALUATION OF 2002-2012 PERIOD IN TURKEY." Journal of Management and Economics Research 13, Cilt:13 Sayı:3 (January 1, 2015): 40. http://dx.doi.org/10.11611/jmer587.

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Schneider, Aaron. "Response to Gerald M. Easter's review of State-Building and Tax Regimes in Central America." Perspectives on Politics 11, no. 4 (December 2013): 1146. http://dx.doi.org/10.1017/s1537592713002879.

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This valuable review of my book identifies core points and three potential areas of deepening: newly emerging elites, additional cases, and the challenge of fiscal sociology research in Central America. I address each in turn. As noted, contemporary elites share many characteristics with traditional elites, who are accurately described as incestuous, exclusive, and self-perpetuating. Some of the newly emerging elites are indeed drawn from the very families and networks that produced prior generations of elites. This evolution has been usefully described in ethnographic work by Central Americans such as Marta Casaús Arzú and North Americans such as Jeffrey Paige. They note that despite continuities, there are important differences in contemporary elites, perhaps because of the democratic regimes in which they operate, and especially because of their location atop transnationally integrated production processes. Still, while this structural position produces both conflicts and coincidences of interest with traditional elite actors, the precise pattern of intraelite relations is the outcome of contingent social processes captured by the dimensions of cohesion and dominance. Different combinations of cohesion and dominance in intraelite relations serve as a useful beginning to the analysis of tax-regime outcomes.

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Okpanachi, Eyene. "The Limits of Federation-wide Political Parties in Ensuring Federal Stability: Nigeria under the Peoples Democratic Party." Publius: The Journal of Federalism 49, no. 4 (2019): 617–41. http://dx.doi.org/10.1093/publius/pjy045.

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Abstract Since Nigeria’s return to electoral rule in 1999, the People’s Democratic Party (PDP) ruled the country as the majority party at both levels of its federal system until 2015. However, despite this dominance, the relationship between presidents and governors was often so divisive that the instability within the party threatened the stability of not only the ruling governments, but also the federation as a whole and undermined its productivity. This article examines this anomaly against the background of scholarship emphasizing the crucial role of federation-wide parties in fostering smooth intergovernmental bargains and in facilitating federal stability. It argues that Nigeria’s recent experience provides counterevidence of this theory and discusses the mutually reinforcing contextual factors that might have influenced this development, focusing on the PDP’s norms and the country’s intergovernmental fiscal structure.

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Khan, Gulzar, and Ather Maqsood Ahmed. "Understanding Business Cycle Fluctuations in Pakistan." Pakistan Development Review 59, no. 1 (July 9, 2020): 1–28. http://dx.doi.org/10.30541/v59i1pp.1-28.

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Notwithstanding the level of improvement in understanding the complexities of an economy, it is now well accepted that the ultimate incidence of various policy interventions leads to varied outcomes in terms of magnitude and persistence depending upon the structure of the economy. The objective of the present study is to disentangle the relative contributions of various exogenous and domestic shocks that contribute to business cycle fluctuations in Pakistan. The study is based on the New-Keynesian Open economy model, which is an extended version of (Gali & Monacili 2005). Keating’s two-step approach (1990, 2000) is employed to capture the dynamic behaviour of the variables of interest. Impulse response functions, along with forecast error variance decomposition analyses, are used to gain useful insights into the understanding of the transmission mechanism of policy and non-policy shocks. It is observed that fiscal policy does matter, at least in the short-run. The interest rate shock leads to the exchange rate appreciation thereby confirming the exchange rate puzzle. In response to adverse supply shocks, the Monetary Authority responds with a monetary contraction that prolongs the recessionary periods. Furthermore, it has a limited power to control inflation as inflation in Pakistan stems from supply-side factors as well as fiscal dominance. JEL Classification: C32, E52, E62, F41 Keywords: Open Economy, New Keynesian Model, Rational Expectations, Exchange Rate Puzzle

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