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Journal articles on the topic 'Fiscal position'
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1
Weale, Martin. "COMMENTARY: FISCAL POLICY AND THE FISCAL POSITION." National Institute Economic Review 208, no. 1 (April 2009): 4–8. http://dx.doi.org/10.1177/0027950109338641.
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Pikhart, Zdeněk. "Possible Evaluation of Fiscal Position and Stabilization Fiscal Policy." Politická ekonomie 61, no. 6 (December 1, 2013): 795–813. http://dx.doi.org/10.18267/j.polek.931.
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Cao, Xun. "Global Networks and Domestic Policy Convergence: A Network Explanation of Policy Changes." World Politics 64, no. 3 (June 27, 2012): 375–425. http://dx.doi.org/10.1017/s0043887112000081.
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National economies are embedded in complex networks such as trade, capital flows, and intergovernmental organizations (IGOs). These globalization forces impose differential impacts on national economies depending on a country's network positions. This article addresses the policy convergence-divergence debate by focusing on how networks at the international level affect domestic fiscal, monetary, and regulatory policies. The author presents two hypotheses: first, similarity in network positions induces convergence in domestic economic policies as a result of peer competitive pressure. Second, proximity in network positions facilitates policy learning and emulation, which result in policy convergence. The empirical analysis applies a latent-space model for relational/dyadic data and indicates that position similarity in the network of exports induces convergence in fiscal and regulatory policies; position similarity in the network of transnational portfolio investments induces convergence in fiscal policies; and position proximity in IGO networks is consistently associated with policy convergence in fiscal, monetary, and regulatory policies.
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Soni, Kalkikumar S. "An Assessment of Fiscal Imbalance Position of the Central Government of India." International Journal of Scientific Research 3, no. 7 (June 1, 2012): 116–18. http://dx.doi.org/10.15373/22778179/july2014/38.
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Young, Garry. "Fiscal Report." National Institute Economic Review 171 (January 2000): 29–35. http://dx.doi.org/10.1177/002795010017100104.
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The public finances were transformed in the second half of the 1990s as the economy recovered from recession, a range of fiscal measures were implemented and there was unexpected buoyancy in revenues from existing taxes. The budget surplus that this produced looks set to continue for a number of years, provided that the economy does not suffer any major unfavourable shocks. Indeed, the underlying budgetary position is sufficiently strong that it would take a serious adverse macroeconomic shock to raise the deficit to threatening levels.
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Đurović-Todorović, Jadranka, and Marija Vuković. "Empirical Evaluation of the Fiscal Position in Serbia." Economic Themes 54, no. 2 (June 1, 2016): 217–32. http://dx.doi.org/10.1515/ethemes-2016-0011.
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Abstract The paper evaluates the size of the cyclical and structural components of the fiscal deficit of the Republic of Serbia for the period from the first quarter of 2002 to the second quarter of 2014. The method of the European Central Bank was used, where it is assumed that cyclically sensitive elements of state are budget income tax, profit tax, value added tax on the value, excises, social security contributions and unemployment benefits. Elasticity of cyclically sensitive elements relative to their macroeconomic bases are estimated using the VEC model with error correction. The results suggest that automatic stabilizers generally played a more prominent role than consistent countercyclical discretionary fiscal policy, which means that the discretionary measures were late or were not well targeted.
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Young, Garry. "Fiscal Report." National Institute Economic Review 163 (January 1998): 27–36. http://dx.doi.org/10.1177/002795019816300106.
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There has been a substantial improvement in the financial position of the public sector over the past year. The PSBR is expected to fall from 3 per cent of GDP in 1996/97 to about 1¼ per cent of GDP in the current fiscal year. The restrictive policy promised over a number of years, together with the effects of the economic cycle, is now having the desired effect. Further action by the new government to raise the tax burden has also improved the outlook for the public finances. Public borrowing is expected to continue to fall and the public sector balance sheet should begin to improve from the start of this year.
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Santos de Oliveira Pontes, Amanda, and André Luís Cabral de Lourenço. "POLÍTICA FISCAL DISCRECIONAL EN BRASIL, 1995-2017: DESCOMPOSICIÓN Y EVOLUCIÓN." Investigación Económica 79, no. 313 (June 15, 2020): 51. http://dx.doi.org/10.22201/fe.01851667p.2020.313.76065.
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<p>Este artículo tiene como objetivo evaluar la orientación general (expansionista o contraccionista) del componente discrecional de la política fiscal brasileña en el periodo 1995-2017, así como verificar su posición respecto al ciclo económico (procíclica o anticíclica). Con este fin, proponemos y aplicamos una nueva metodología para separar el impulso fiscal discrecional de la parte del resultado fiscal que se obtiene de la activación de los estabilizadores fiscales automáticos. Concluimos que la política fiscal: 1) generó una posición mayormente procíclica (desestabilizadora) de su componente discrecional, lo que la llevó a amplificar en lugar de amortiguar los ciclos económicos; 2) no pudo evitar que la relación deuda pública/PIB entrase en una trayectoria insostenible al final del periodo. Se hacen algunas sugerencias para mejorar su rendimiento.</p><p><strong> </strong></p><p align="center">DISCRETIONARY FISCAL POLICY IN BRAZIL, 1995-2017: DECOMPOSITION AND EVOLUTION</p><p align="center"><strong>ABSTRACT</strong><strong></strong></p>This article aims to evaluate the general (expansionist or contractionist) orientation of the discretionary component of Brazilian fiscal policy in the period 1995-2017, as well as to verify its position in relation to the economic cycle (procyclical or anticyclical). To this end, it proposes and applies a new methodology to separate the discretionary fiscal impulse from the part of the fiscal result arising from the operation of automatic fiscal stabilizers. It concludes that fiscal policy: 1) generated a mostly procyclical (destabilizing) position of its discretionary component, leading it to amplify rather than dampen economic cycles; 2) failed to prevent the public debt/GDP ratio from entering the unsustainable path at the end of the period. Suggestions are made to improve its performance.
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McKibbin, Warwick J., and Andrew B. Stoeckel. "Global Fiscal Consolidation." Asian Economic Papers 11, no. 1 (January 2012): 124–46. http://dx.doi.org/10.1162/asep_a_00126.
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The buildup in government debt in response to the “great recession,” has raised a number of policy dilemmas for individual countries as well as the world as a whole. The recent need for a change of fiscal policy stance has fuelled debates about the impact of fiscal consolidation on domestic economies that are tightening, the flow-on effects to the world economy, and also about how much tightening there should be and how quickly it should happen. This paper explores these issues in a global framework focusing on the national and global consequences of coordinated fiscal consolidation. It explores the implications this fiscal adjustment might have on country risk premia and what happens if all countries coordinate their fiscal adjustment except the United States. A coordinated fiscal consolidation in the industrial world that is not accompanied by U.S. actions is likely to lead to a substantial worsening of trade imbalances globally as the release of capital in fiscally contracting economies flows into the U.S. economy, appreciates the U.S. dollar, and worsens the current account position of the United States. The scale of this change is likely to be sufficient to substantially increase the probability of a trade war between the United States and other economies. To avoid this outcome, a coordinated fiscal adjustment is clearly in the interest of the global economy.
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Sheldon, Marie, Martin Weale, and Garry Young. "Fiscal Report." National Institute Economic Review 160 (April 1997): 26–35. http://dx.doi.org/10.1177/002795019716000103.
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The new government will inherit an unhealthy fiscal position, with public sector borrowing higher than would normally be expected at this stage of the economic cycle. Chart 1 shows the public sector financial deficit as a proportion of GDP when compared with an estimate of the cyclically adjusted deficit. This shows for each date an estimate of what the deficit would have been if the economy had been operating at full capacity, as in early 1973 and late 1988, and achieved a level of output higher than has been normal over the past twenty five years.(1) In cyclically adjusted terms, the budget was in surplus throughout the 1980s but went strongly into deficit around the time of the 1992 election. Since this also coincided with the recession, the actual budget deficit deteriorated sharply around this time, reaching a peak at the beginning of 1994. Since then there has been a decline in both the actual and the cyclically adjusted deficit.
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Zildzovic, Emir. "The sustainability of Serbia's external position: The impact of fiscal adjustment and external shocks." Ekonomski anali 60, no. 204 (2015): 31–60. http://dx.doi.org/10.2298/eka1504031z.
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This paper studies the impact of fiscal policy and external shocks on the sustainability of Serbia?s external position. The key determinants of Serbia's current account balance are identified using model averaging techniques and are compared with estimates obtained for other small open economies (Poland, Georgia, Morocco, Ukraine, and Estonia). The paper uses estimated influences of macrovariables on the current account balance to generate a rich set of possible outcomes for the external position of the country. The results suggest the importance of fiscal policy for the reduction of external imbalances in all countries in our sample. In particular, credible and sustained fiscal adjustment can reduce current account deficit and stabilize Serbia?s external position close to its current level over the medium term. The analysis also warns that lack of success in fiscal consolidation coupled with external shocks may easily push the external position onto an unsustainable path.
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Abbas, Kalbe. "Craig Burnside (ed.). Fiscal Sustainability in Theory and Practice: A Handbook. Washington, D. C.: World Bank. 2005. pp.xx+285. Price not given." Pakistan Development Review 43, no. 3 (September 1, 2004): 295–97. http://dx.doi.org/10.30541/v43i3pp.295-297.
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Fiscal sustainability is essential for economic growth and comprises a set of fiscal policies that result in financial solvency over the long run. As such, fiscal sustainability is the prime objective of the World Bank’s Quality of Fiscal Adjustment Thematic Group (QFATG). It is a main issue in developing countries. The articles compiled from many journals here address fiscal sustainability analysis and the practical work undertaken by the Bank’s Development Economic Research Group (DECRG) or Poverty Reduction Economic Management undertaken by the Economic Policy Group (PRMEG) and others. This book, basically a combination of economic theory and practical methods of analysis, provides a simple set of tools to assess a government’s budget and debt position and is a comprehensive source of information on fiscal sustainability. It describes the effects of business cycles on public finance and examines the role of fiscal rule and currency crises and their impact on fiscal sustainability. Some basic concepts are explained, with solutions of complicated practical problems such as contingent liabilities, external debt position, and fiscal federalism.
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Amri, Hoirul, and Muhammad Jauhari. "MODEL PENGELOLAAN FISKAL RASUL SAW DALAM KONTEKS PENGELOLAAN FISKAL KOTA PALEMBANG." BALANCE Jurnal Akuntansi dan Bisnis 3, no. 2 (November 1, 2018): 392. http://dx.doi.org/10.32502/jab.v3i2.1257.
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This study aims to find out the model of the fiscal application of Rasul SAW in the context of the fiscal management of Palembang City Province. This research was conducted in two stages. Phase I, namely describing Rasul SAW's fiscal management model and implemented it in the management of the fiscal city of Palembang and its implications for the level of security and welfare of the people of Palembang city. Phase II, namely the development of Rasul SAW's fiscal management model, became the model rule for the fiscal management of Palembang city. Fiscal management includes the use of government spending, taxation, and loans to achieve the desired goals in building a country, fiscal management becomes the main tool for the state for welfare, this management is applied by the Prophet Muhammad in Medina. The Prophet Muhammad's fiscal resources consisted of Zakat, Ghanimah, Kharaj, Jizyah, and other sources burupa Usyir. The position of fiscal management plays an important role in the Islamic economic system compared to monetary management, with the prohibition on usury and obligations regarding the importance of fiscal position compared to monetary. The economic and fiscal system applied to the government of Palembang City refers to the policies contained in the Pancasila, the Act, and government regulations both the central government and regional government regulations. The fiscal becomes regional original income (PAD) sourced from; (1) Results of regional tax collection; (2) Regional retreat; (3) Management of regional wealth 4) and others.
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Biswas, Rajiv, Christopher Johns, and David Savage. "The Measurement of Fiscal Stance." National Institute Economic Review 113 (August 1985): 50–64. http://dx.doi.org/10.1177/002795018511300106.
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Most economists would doubtless reject the idea that policy makers or the public should judge budgets solely in terms of a single summary concept, surplus or deficit. Yet there is an undoubted demand for a single statistic which provides at least a rough-and-ready summary of the fiscal position. The attempt to specify such a single statistic has given rise to controversy for many years.
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Suka, Adamgbo,, Kenn-Ndubuisi, Juliet Ifechi*, and Toby, J. Adolphus. "Rising External Debt Burden, Increase Financial Stability Risk; the Need for Fiscal Adjustment in Nigeria." Noble International Journal of Economics and Financial Research, no. 62 (March 22, 2021): 33–43. http://dx.doi.org/10.51550/nijefr.62.33.43.
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The study examines the rising external debt burden, increased financial stability risk; the need for fiscal adjustment. Given that economic sustainability is the prime desire of every economy and considering the continuous accumulation of external borrowings. Our main focus is to investigate the fiscal vulnerability and debt sustainability position of the Nigerian economy. To find out whether the country’s present fiscal position is sustainable? Has the substantial external borrowings in the last two decades of uninterrupted democratic rule significantly supported the growth path of the Nigeria economy? If not, there is need for fiscal adjustment. Our period of investigation spans from 1999 to 2019. Data estimated using the time series based from CBN, Federal Ministry of Finance, IMF/World Bank publications. In analyzing the country’s debt burden/vulnerability, we applied the IMF debt burden indicators under the debt sustainability framework (DSF) for low income countries. Using the descriptive statistic, the study also employed the regression analysis technique to exploits the cause and effect relationship between the nation’s present debt stock, debt servicing obligation and the nominal as well the real economic growth rate. Our findings revealed the following; (i) using the percentile analysis and comparing it with the major debt sustainability bench marks under the IMF/Work Bank specifications, the country’s debt sustainability position was very negligible. The Nigerian situation shows debt sustainability position that fell below the bench marks (ii) the results of our finding also indicates a negative statistically significant relationship that exists between debt stock, servicing payment and both the nominal and real GDP. Based on our results, we concluded that the present fiscal vulnerability position of the country if not checked or curtailed through fiscal adjustment would amount to increasing the financial stability risk capable of causing deterioration in the functioning of the economy. We therefore, suggest amongst other measures that all should be aimed at improving and or enhancing monetary restrains, debt contraction restrains as well evolving and improving existing rules toward achieving fiscal responsibility and discipline.
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Truger, Achim. "The fiscal compact, cyclical adjustment and the remaining leeway for expansionary fiscal policies in the Euro area." Panoeconomicus 62, no. 2 (2015): 157–75. http://dx.doi.org/10.2298/pan1502157t.
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Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the ?reformed? stability and growth pact, and the even stricter ?fiscal compact?. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis have become more frequent, recently. Therefore, the article tries to assess the remaining leeway for a truly expansionary fiscal policy within the existing institutional framework. Special emphasis is put on the method of cyclical adjustment employed by the European commission in order to assess member states? fiscal position and effort. It turns out that even in the existing framework the leeway for a macroeconomically and socially more sensible fiscal policy using the interpretational leeway inherent in the rules is quite substantial.
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Canofari, Paolo, Alessandro Piergallini, and Giovanni Piersanti. "THE FALLACY OF FISCAL DISCIPLINE." Macroeconomic Dynamics 24, no. 1 (July 12, 2018): 55–68. http://dx.doi.org/10.1017/s1365100518000317.
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Fiscal discipline is commonly evaluated on the basis of the debt–gross domestic product ratio, which exhibits a stock variable measured relative to a flow variable. This way of monitoring debt solvency is arguably not consistent with transversality conditions obtained from optimizing macroeconomic frameworks. In this paper, we consider a wealth-based sustainability index of government debt policy derived from a baseline endogenous growth model. We calculate the index from 1999 onward for countries in which the after-growth real interest rate is positive, consistently with the theoretical setup. Results are radically different from common wisdom. We show that the fiscal position is sustainable for both Germany and Italy, and strongly unsustainable for both Japan and France. Policy implications of our findings are discussed.
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Drelichman, Mauricio, and Hans-Joachim Voth. "The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566–1596." Journal of Economic History 70, no. 4 (December 2010): 813–42. http://dx.doi.org/10.1017/s0022050710000732.
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The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. We reassess the fiscal position of Habsburg Castile, deriving comprehensive estimates of revenue, debt, and expenditure from new archival data. The king's debts were sustainable. Primary surpluses were large and rising. Debt-to-revenue ratios remained broadly unchanged during Philip's reign. Castilian finances in the sixteenth century compare favorably with those of other early modern fiscal states at the height of their imperial ambitions, including Britain. The defaults of Philip II therefore reflected short-term liquidity crises, and were not a sign of unsustainable debts.
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Sari, Nurma. "ZAKAT SEBAGAI KEBIJAKAN FISKAL PADA MASA KEKHALIFAH UMAR BIN KHATTAB." JURNAL PERSPEKTIF EKONOMI DARUSSALAM 1, no. 2 (March 2, 2017): 172–84. http://dx.doi.org/10.24815/jped.v1i2.6552.
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This paper discusses a descriptive charity as fiscal policy during the caliphate of Umar. Zakat has a major position in fiscal policy in the early days of Islam. Besides, as a source of major revenue Islamic state at the time, zakat is also capable of supporting both state spending in the form of government expenditure (expenditure countries) and government transfers (transfer expenses). Zakat is also able to influence the economic policy of the Islamic government to improve the welfare of the people, especially the weak. It was in because zakat is the source of funds that will never dry out.Tulisan ini membahas secara deskriptif zakat sebagai kebijakan fiscal pada masa kekhalifahan umar bin khatab. Zakat mempunyai kedudukan utama dalam kebijakan fiskal pada masa awal islam. Disamping sebagai sumber pendapatan Negara Islam yang utama pada masa itu, zakat juga mampu menunjang pengeluaran Negara baik dalam bentuk government expenditure (pengeluaran belanja negara) maupun government transfer (pengeluaran transfer). Zakat juga mampu mempengaruhi kebijakan ekonomi pemerintah islam untuk meningkatkan kesejahteraan rakyat terutama kaum lemah. Hal itu di karenakan zakat adalah sumber dana yang tidak akan pernah kering dan habis.
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Grubišić, Zoran, and Sandra Kamenković. "An Analysis of the Effects of the Economic Policy in Serbia by the Mundell-Fleming Model." Economic Themes 53, no. 1 (March 1, 2015): 51–62. http://dx.doi.org/10.1515/ethemes-2015-0004.
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AbstractThe global economic crisis has affected the whole world, including Serbia. Countries with different degrees of development reacted with different measures of economic policy, both monetary as well as fiscal. Economic authorities in Serbia have encountered certain limiting factors in the selection of measures, first of all taking into account the unfinished transition process. This paper will examine whether the applied monetary and fiscal policy in Serbia is adequate according to the position which Serbia occupies by the Mundell-Fleming model, as well as to identify the starting position for future economic policy measures.
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Farvaque, Etienne, Florence Huart, and Clément Vaneecloo. "Taylor's Fiscal Rule: An Exit to the Stability and Growth Pact Dead-end?" Acta Oeconomica 56, no. 3 (September 1, 2006): 323–40. http://dx.doi.org/10.1556/aoecon.56.2006.3.4.
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This study applies Taylor's (2000) proposed fiscal rule to EU-15 countries. We show that such a simple, flexible and transparent fiscal rule, if applied to individual EMU countries, could improve the enforceability of the Stability and Growth Pact. This rule is used to compute the structural budget balance consistent with a total budget position in balance, given national specificities concerning automatic stabilisers and the output gap. It is thus designed for being consistent with both fiscal discipline and flexibility.
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Raudla, Ringa, and Rainer Kattel. "Why Did Estonia Choose Fiscal Retrenchment after the 2008 Crisis?" Journal of Public Policy 31, no. 2 (August 2011): 163–86. http://dx.doi.org/10.1017/s0143814x11000067.
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AbstractThe budgetary response of Estonia to the 2008 global financial crisis poses a puzzle. While many other countries increased public expenditure and ran high deficits in 2009, the Estonian government was different: it undertook fiscal retrenchment, combining expenditure cuts and tax increases, despite a large drop in economic output. This article explains why the Estonian government opted for fiscal consolidation during the crisis. The ideological position of the governing parties and their desire the join the euro-zone played an important role in driving fiscal discipline. It also argues that the key to understanding Estonia's fiscal decisions in 2009 is what happened in the 1990s: fiscal policy choices became path-dependent as a result of positive feedback loops from previous periods of fiscal consolidation. Path-dependency was further reinforced by institutional capabilities (or lack thereof) created by initial macroeconomic policy choices.
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CHIA, NGEE CHOON. "UNIQUELY SINGAPORE'S BUDGETARY SYSTEM AND SOCIAL PROTECTION FINANCING SCHEMES." Singapore Economic Review 59, no. 03 (June 2014): 1450024. http://dx.doi.org/10.1142/s0217590814500246.
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This paper examines Singapore's fiscal position and its unique way of financing targeted welfare programs. We examine how reserves are accumulated through fiscal discipline during times of phenomenal economic growth in Singapore and when Singapore was enjoying demographic dividend. The existence of the large accumulated reserves has resulted in particular features of the Singapore's budgetary process, such as fiscal rules, which govern the utilization of revenues from the reserves. Innovative budget implementation, such as Block Budgeting, has helped Singapore to ensure fiscal sustainability. The accumulation of reserves throughout its economic history has afforded Singapore a unique way to fund social protection through special transfers and funds, without having to raise taxes.
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Kuusi, Tero. "Does the Structural Budget Balance Guide Fiscal Policy Pro-Cyclically? Evidence from the Finnish Great Depression of the 1990s." National Institute Economic Review 239 (February 2017): R14—R31. http://dx.doi.org/10.1177/002795011723900111.
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In this article, I evaluate the challenges related to the European Commission's output gap method of calculating the structural budgetary position, and assess its bottom-up alternatives in the EU's fiscal framework using the Finnish data for the years 1984–2014. The results reinforce the impression of the limited capacity of the output gap method to predict cyclical changes in real time and suggest that using the output gap method to steer fiscal policy tends to lead to a procyclical policy (stimulus in upturns and austerity in downturns). The bottom-up assessment methods that are based on discretionary fiscal policy measures appear to work better, and using them to steer fiscal policy could make the policy more effective.
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Onofrei, Mihaela, Anca Gavriluţă (Vatamanu), Ionel Bostan, Florin Oprea, Gigel Paraschiv, and Cristina Mihaela Lazăr. "The Implication of Fiscal Principles and Rules on Promoting Sustainable Public Finances in the EU Countries." Sustainability 12, no. 7 (April 1, 2020): 2772. http://dx.doi.org/10.3390/su12072772.
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The purpose of this study was to analyze fiscal behavior in the European Union countries, to highlight the implications of institutional constraints on healthy fiscal attitudes, and to test the relationship between government decisions, fiscal responsibility instruments, and the sustainability of public finances during the period 2000–2014. By using panel data analysis, we tested the responsiveness of primary balance to government indebtedness, as well as to some determinants of fiscal responsibility, such as the degree of public spending or fiscal rules effectiveness, and we included two different perspectives regarding fiscal rules status. First, we computed a fiscal responsibility index, which measures the applicability of or compliance with the fiscal rules, referring to legal dimensions and administrative and institutional capacity. Second, we established a fiscal responsibility convergence index, which measures the status of the EU Member States regarding the approach of numerical rules. The empirical findings indicate that fiscal authorities do not act to the existing stock of public debt and highlights a negative response of budget balances to the stock of outstanding debt. Fiscal position improves when the index of fiscal responsibility is involved and countries become more sustainable when they are related to the entire level of fiscal governance, with respect to legal framework, institutional and administrative capacity, but at the debt ratio threshold of over 90%, the effect of the overall fiscal rule comes out as less relevant for the improvement of the primary balance.
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Morselli, Alessandro. "Theoretical approaches on the possible existence of a stabilising economic policy in Europe." Journal of Economic Studies 43, no. 5 (October 10, 2016): 815–34. http://dx.doi.org/10.1108/jes-03-2015-0056.
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Purpose The purpose of this paper is to investigate whether there is room for a stabilising fiscal policy, through an analysis of the supporters of the new classical economics and the supporters of the new Keynesian economics. There are no reliable results on the Keynesian and non-Keynesian effects of fiscal policies. As such, the policy-mix becomes a problem of theoretical approach, in the sense of a strategic game between monetary authorities and tax authorities (among them). This points to the problem of coordination between budgetary authorities as being the central debate within the Eurozone. The end-result is that without fiscal policy coordination, Eurozone member states are working on a series of non-cooperative games that are inefficient, because no player can improve its position by unilaterally changing its strategy. Design/methodology/approach The analysis starts from the experience of three countries in the 1980s, these are Denmark, Ireland and Sweden. In all three cases the adoption of restrictive budget policies has provoked a strong, rapid and enduring resizing of public debt, and growth did not weaken, moreover it accelerated. In all three cases the logic behind the policy-mix actions allowed the individualisation of the respective roles of fiscal and monetary policies. Fiscal policies were joining with fiscal instruments and reduction in public spending and furthermore monetary policy was accommodated in respect of the budget contraction. Findings First, the authors were not able to identify an analytical method that can ensure the success of a fiscal policy. Second, analysing fiscal policies within the Eurozone implies also that the authors reflect on the need for a coordination of these policies. In fact, the authors have shown how the possible coordination of economic policies in the Eurozone would result in major benefits for all member countries. Originality/value In the absence of fiscal policy coordination, member states are engaged in a series of non-cooperative games that prove inefficient, when no player is able to improve its position by unilaterally changing its fiscal policy. The coordination of national fiscal policies generates a collective advantage, bringing each state to consistently change its strategies.
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Wepman, Noah. "Reforming the Power of the Purse: A Look at the Fiscal and Budgetary Relationship between the District of Columbia and the U.S. Congress." Policy Perspectives 9, no. 1 (May 1, 2002): 22. http://dx.doi.org/10.4079/pp.v9i1.4229.
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The fiscal and budgetary relationship between the U.S. Congress and the District of Columbia is inconsistent with the typical federal governance system. In its current position, the District’s fiscal and budgetary authority is somewhere between that of a central city vis-a-vis its state capital and that of an Executive-level agency, like the Department of Commerce. The District is restricted in how it can raise revenue and formulate an annual budget, resulting in an often fragile fiscal environment. This article looks at the history of the current arrangement and suggests ways to reform the relationship between these two distinct government entities.
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Connaughton, Brian. "Agio, clero y bancarrota fiscal, 1846-1847." Mexican Studies/Estudios Mexicanos 14, no. 2 (1998): 263–85. http://dx.doi.org/10.2307/1051930.
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This article analyzes the loans made by the Mexican Church to the national government between 1835 and 1846, and especially in the years 1846 and 1847. It relates the significant increase in the loaned amounts to the government's growing indebtedness, while pointing out the clear tendency, beginning in 1842, for loans from suffragan dioceses to dry up. By 1846 and particularly 1847, the burden of providing ecclesiastical loans to the federal government fell mainly upon the Archbishopric of Mexico. As a result, diocesan authorities increasingly condemned usury, considered as undermining their own position, and parallel symptoms of crisis within ecclesiastical institutions.
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Allsopp, Christopher, and David Vines. "Fiscal Policy and EMU." National Institute Economic Review 158 (October 1996): 91–107. http://dx.doi.org/10.1177/002795019615800107.
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This article considers the role of fiscal policy within a European Monetary Union. There are two quite different issues. The first is the medium-term problem of deficits and debt. The Maastricht fiscal convergence criteria are usually seen as an imperfect response to the need to contain potentially ‘irresponsible’ fiscal authorities. It is argued here that they should be seen as reflecting a coordinated response to the generalised objective of fiscal consolidation and restraint in Europe: similar rules are likely to be a feature of Stage 3. There is a danger that governments are underestimating the difficulties of fiscal consolidation in a large area such as Europe. In practice, success would require a sustained rise in private sector investment and growth (or reduced private savings). The monetary coordination to go with generalised fiscal restraint appears to be lacking and we suggest a preemptive cut in interest rates. A more complete view of the causes of rising debt stocks in Europe is needed, and we suggest that a reframing of the problem of deficits and debt in terms of the needed (counterpart) private sector responses would be helpful in highlighting the coordination problems and avoiding adverse dynamic reactions. The medium-term problems interract unfavourably with the second set of issues-the need for fiscal policy to be used more actively for short-term stabilisation in a future common currency area. Fiscal offsets are an appropriate response to domestic demand shocks, but not to others, such as those requiring a change in the real exchange rate. Contrary to the ‘fiscal federalist’ position, such stabilisation need not involve centralisation. But there are serious difficulties. Without care, needed stabilisation will be prevented by the Maastricht criteria or the rules likely to follow them. And without coordination, independent stabilisation of common shocks will tend towards too little fiscal activism rather than too much.
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Hughes Hallett, Andrew, Moritz Kuhn, and Thomas Warmedinger. "The gains from early intervention in Europe: Fiscal surveillance and fiscal planning using cash data." European Journal of Government and Economics 1, no. 1 (June 30, 2012): 44. http://dx.doi.org/10.17979/ejge.2012.1.1.4276.
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The use of real-time cash data allows us to make accurate intra-annual forecasts of an economy’s fiscal position, and to issue early warning signals for the need to correct fiscal imbalances. This paper shows how those signals can be used to design the necessary fiscal corrections, and discusses the gains that can be achieved from such interventions. Examples from Germany and Italy show that large corrections are often necessary early on to make adjustments later on acceptable and to keep debt ratios from escalating. There is a credibility issue here; we find the difference between front-loaded and back-loaded adjustment schemes is likely to be vital for the time consistency of fiscal policymaking. We also show that, without early interventions, the later deficit reductions typically double in size – meaning governments become subject to the excessive deficit procedure and significant improve-ment tests more often. Thus the budget savings from early intervention and the use of cash data are significant; in our examples they are similar in size to the operating budget of the department of housing and urban development in Germany. Similar results apply in other Eurozone countries.
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Crawford, Rowena, and Gemma Tetlow. "Fiscal Challenges and Opportunities for an Independent Scotland." National Institute Economic Review 227 (February 2014): R40—R53. http://dx.doi.org/10.1177/002795011422700106.
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This paper looks at some of the key fiscal questions related to Scottish independence, drawing on detailed analysis of household survey data, official data on public spending and revenues, and using a model of the UK and Scotland's public finances over the next half a century. We examine how and why public spending on, and revenues raised from, Scotland differ from the average across the UK, and how Scotland's fiscal position might be expected to evolve over the next 50 years under current policies.
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Románová, Anna, and Karolína Červená. "Computerisation of Public Administration in Slovakia – Impact on (the Fiscal Position of) Municipalities." Public Governance, Administration and Finances Law Review 4, no. 1 (June 30, 2019): 26–43. http://dx.doi.org/10.53116/pgaflr.2019.1.3.
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The authors of the paper will analyse the structure of revenues and expenditures of local governments and evaluate the actual level of their independence. The authors will try to identify the room for improving of the financial position of the municipalities and special attention will be paid to a certain means of rationalisation of public administration, particularly computerisation within the e-Government projects that should, inter alia, lead to reduction of the administrative burden laid upon (local) government bodies and also saving of the budget. The analysis, largely based on a survey conducted by the authors within primary research, shows that performance of reforms in terms of rationalisation efforts may be a way forward, hence, the one analysed in this paper was not implemented in a fully satisfactory manner.
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M.R., Anantha Ramu. "‘Twin Deficits’ Hypothesis." Foreign Trade Review 52, no. 1 (July 28, 2016): 15–29. http://dx.doi.org/10.1177/0015732516650825.
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Higher and persistent level of fiscal deficit and current account deficit is the problem of the day for Indian economy. There exists an argument that higher fiscal deficit is the major factor behind worsening balance of payments position. However, there is no identical perception on the relationship between fiscal deficit and current account deficit both theoretically and empirically. Hence this article is a revisit to the existing debate to see whether fiscal deficit and current account deficit can be called as ‘twin deficits’ pertaining mainly to Indian economy. Using long-term annual data for the period 1980–1981 to 2012–2013 on Indian economy and using vector error correction method, this article seeks to prove that there exists long-term positive association between fiscal deficit and current account deficit, and hence can be called as ‘twins’. Using structural VAR method it has been proved here that fiscal deficit is in line with the pattern illustrated in Keynesian absorption theory and Mundell–Fleming model in regard to its impact on current account deficit. This article negates the relevance of Ricardian equivalence theory in Indian context.
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Mukhtar, Tahir, and Zainab Jehan. "Fiscal Response to Terrorism in Pakistan: The Role of Institutions." Journal of Quantitative Methods 5, no. 1 (March 1, 2021): 154–92. http://dx.doi.org/10.29145/2021/jqm/050107.
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This study empirically estimates the fiscal consequences of terrorism in Pakistan by using annual time series data from 1984 to 2016. By employing the autoregressive distributed lag (ARDL) technique, the study has gauged the impact of terrorist incidents on two important facets of fiscal policy, namely, tax revenue and defense spending. The results reveal that terrorism has detrimental ramifications for fiscal policy in Pakistan. Specifically, on the one hand, an increase in terrorist incidents tends to bring a fall in tax revenue while on the other hand, they induce a rise in defense outlays, thus deteriorating both fronts of the fiscal position. Notably, the moderating role of institutional quality appears significant and indicates that institutional quality has not only a significant direct impact on fiscal policy, but it also helps in completely mitigating (reducing) the harmful impact of terrorism on defense spending (tax revenue) in Pakistan. These findings suggest that there is a need to take appropriate steps for strengthening institutional setup to control the fallouts of terrorism on fiscal behavior of the government of Pakistan.
Keywords: Terrorism; Tax Revenue; Institutional Quality; ARDL
JEL Classification: E62; H2; E02; H5; F35
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Saillant, Richard, and Herb Emery. "Policy Forum: Is New Brunswick Heading over the Fiscal Cliff?" Canadian Tax Journal/Revue fiscale canadienne 67, no. 4 (December 27, 2019): 1011–24. http://dx.doi.org/10.32721/ctj.2019.67.4.pf.saillant.
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This article examines New Brunswick's recent fiscal track record and major trends likely to shape its trajectory in the years ahead. New Brunswick's fiscal position eroded considerably over its "lost decade," from 2007-08 to 2016-17. During this period, the province's successive governments performed poorly—both in absolute terms and relative to the other maritime provinces—in adjusting to major shocks that seriously impaired revenue growth. Looking forward, the government's revenue-generating capacity is likely to remain constrained, while health-care spending pressures will mount with a fast-aging population. The authors conclude that, in a critical way, New Brunswick's fiscal future may no longer be in its own hands, but in the hands of richer provinces with a younger population, and the federal government.
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Moździerz, Anna. "Strengthening the post-crisis fiscal rules – the case of Spain, Slovakia and Sweden." Equilibrium 10, no. 2 (June 30, 2015): 31. http://dx.doi.org/10.12775/equil.2015.012.
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The purpose of this article is to identify changes in the development of national fiscal rules in response to the crisis, in terms of the new economic governance in the EU. In-depth analysis was carried out on the example of the three countries that have the highest Fiscal Rule Strength Index, i.e. Spain, Slovakia and Sweden. The conclusions of the study were the basis for the formulation of recommendations for Poland. The research focuses on the new rules as well as the rules modified between 2007 and 2012. The key elements of creating fiscal rules and criteria used for their evaluation were recognized. The research shows that the strength of fiscal rules is determined by their legitimacy, the type of institutions monitoring them, the adjustment mechanism and sanctions, as well as the scope of the public sector, which the rule was imposed on. Short duration of most of the rules limits the ability to evaluate their effectiveness. However, the analysis of changes in the finance sector and local government in terms of new institutional arrangements allowed to conclude that the strong fiscal rules index is not a guarantee of maintaining public finance discipline, and the example of this was the varied fiscal position of the countries surveyed.
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Bethlendi, András, and Csaba Lentner. "Subnational Fiscal Consolidation: The Hungarian Path from Crisis to Fiscal Sustainability in Light of International Experiences." Sustainability 10, no. 9 (August 21, 2018): 2978. http://dx.doi.org/10.3390/su10092978.
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The purpose of this study is to broaden the literature on the factors that contribute to the over-indebtedness of the subnational sector and the related crisis management tools based on the experience of Hungary. In addition to the phenomena known from the literature (vertical imbalance, the fiscal tightening of the central government, the weakness of central control and transparency, and local government-owned companies), non-standard factors also contributed to the evolution of a subnational fiscal crisis in Hungary. The Hungarian municipalities had, in practice, built up a carry trade position for speculative purposes, mostly from Swiss Franc funding. The other relevant observation based on experience is that, when significant amounts of central development funds fail to form a carefully considered development policy, over the long term they could undermine local fiscal stability. In addition to extraordinary fiscal transfer and full assignment of debts, the Hungarian subnational fiscal consolidation also involved a novel technique: the obligations were transferred to the state through the assumption of duties. In Hungary, in line with international experiences, central financial assistance was accompanied by increased fiscal control and by a tightening of the requirements for budgetary transparency and data reporting. Central approval for the assumption of new debts became an important element of fiscal sustainability. In addition to the above, this study argues that in political, social, and legal terms, credible no-bailout regimes do not offer an optimum solution for the subnational sector.
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POKATAIEVA, Olha V., Lesia A. SAVCHENKO, Oleksandr M. BUKHANEVYCH, Anton O. MONAIENKO, and Olga P. GETMANETS. "Instruments of Financial Legal Policy in the Countries of the European Union." Journal of Advanced Research in Law and Economics 11, no. 4 (June 15, 2020): 1313. http://dx.doi.org/10.14505/jarle.v11.4(50).28.
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For the purpose of a more detailed analysis of the features of administrative regulation of fiscal policy, it is necessary to consider examples of fiscal regulation of business processes in individual foreign countries, as well as features of fiscal policy in the EU. For several decades in a row, the G7 countries – Great Britain, Italy, Germany, Canada, the USA, France, and Japan - determine world economic policy. Despite the periodic global economic crises, they are among the first to overcome their consequences and maintain a leading position in the global business environment. This happens due to a balanced fiscal regulation policy. Among their common features is that part of the GDP that they accumulate through leverage of fiscal regulation has a steady tendency for growth. Thus, over the past 40 years in France, this share has grown by 10.1%, and in Canada - by 10.9%. The paper shows that the theoretical basis of modern fiscal regulation in these countries is neo-conservatism, the basis of which is the importance of direct impact on production through targeted and large-scale tax cuts. The authors show that fiscal regulation in this case provides incentives for conservation and investment. Another important element is the reduction of government spending, mainly due to the implementation of targeted government programs. However, despite several common features, each country has certain features in the administrative and legal regulation of fiscal policy. The relevance of the study is determined by the fact that it is necessary to investigate these features in more detail through the lens the historical development of the administrative and legal regulation of fiscal policy in foreign countries.
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Vicol, Dora-Olivia. "Into and Out of Citizenship, through Personal Tax Payments." Social Analysis 64, no. 2 (June 1, 2020): 101–19. http://dx.doi.org/10.3167/sa.2020.640206.
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This article builds on observations of self-employed Romanian migrants and their encounters with UK fiscal obligations to position tax as a distinct node in the worker-citizen nexus. Speaking to anthropological critiques of neoliberalism, I argue that economic activity is not merely the ethical imperative of a political order premised on self-reliance. It is also a practical test of migrants’ abilities to translate the moral capital of ‘hard work’ into the categories and bureaucracy of fiscal contribution. Analyzing migrants’ compliance with immigration controls and fiscal regimes, seen as a duty to ‘account for oneself’ in moral and financial terms, this article theorizes tax returns as a key junction in the worker-citizen nexus—one that can allow migrants into, but also confine them to the margins of, European citizenship.
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Maniatis, Thanasis, and Costas Passas. "The net social wage in different welfare regimes." Capital & Class 43, no. 2 (February 20, 2018): 227–50. http://dx.doi.org/10.1177/0309816818759232.
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This article investigates empirically the net fiscal position of the working class in nine European countries for the 1995–2015 period. This is done through the estimation of the net social wage for wage and salary earners in those countries, characterized by different types of welfare states. The negative net social wage ratio in eight out of nine countries indicates that in advanced capitalism, the state budget redistributes income in such a way that the post-fiscal or true rate of exploitation is higher than the pre-fiscal or apparent one. Adverse economic conditions and ageing of the population have made the net social wage ratio less negative recently, while the accumulation of public debt and the increased obligations for interest payments on this public debt have acted in the opposite direction.
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ROBERT, Lionel. "La rénovation urbaine et la stratégie fiscale des municipalités." Sociologie et sociétés 4, no. 1 (September 30, 2002): 55–82. http://dx.doi.org/10.7202/001643ar.
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Résumé Cet article constitue un chapitre d'un rapport de recherche intitulé l'État capitaliste et les problèmes urbains et qui traite du rapport entre l'État, ses politiques urbaines et les intérêts des classes dominantes dans le réaménagement de la ville (en l'occurrence la ville de Québec). Dans cette étude nous nous attachons à démontrer comment la position d'infériorité politique des municipalités, par rapport aux autres niveaux de gouvernement, détermine ses pratiques de réaménagement urbain. Le système fiscal, qui dévoile bien le statut politico-juridique; inférieur des municipalités, contraint celles-ci à adopter une stratégie fiscale, à l'intérieur de laquelle la rénovation urbaine occupe une place importante, dont certains effets favorisent les intérêts économiques et politiques des classes dominantes au détriment d'autres couches de la population urbaine concernée.
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Christie, Tamoya A. L., and Felix K. Rioja. "Fiscal position and the financing of productive government expenditures: an application to Latin America." Journal of Economic Policy Reform 20, no. 2 (January 13, 2016): 113–35. http://dx.doi.org/10.1080/17487870.2015.1119045.
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Rubin, Laura S. "The Fiscal Position of the State and Local Government Sector: Developments in the 1990s." Federal Reserve Bulletin 82, no. 4 (1996): 0. http://dx.doi.org/10.17016/bulletin.1996.82-4.
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Pattnaik, R. K. "Indian fiscal federalism: a study of factors affecting resource position of the state governments." Journal of Social and Economic Development 21, no. 2 (October 24, 2019): 191–211. http://dx.doi.org/10.1007/s40847-019-00087-9.
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Mazibuko, Gezani. "Local Government: Getting the South African Municipal Finances Right." Information Management and Business Review 12, no. 4(I) (February 25, 2021): 1–11. http://dx.doi.org/10.22610/imbr.v12i4(i).3148.
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Local government in South Africa from Musina to Cape Town have faced strategic financial management challenges of budget shortfalls, financial shambles and distress, leading to unmaintained infrastructure, deteriorating services quality, increasing municipal deprivation and intensifying social exclusion which is the unfortunate history of many municipalities. Municipal effective control leads to design, muster and fiscal wealth may accumulate effective approaches that accomplish its duty to be answerable to its inhabitants. Financial control and stewardship are preceded by the interconnected management facets towards augmenting the growing design, catalytic and hands-on route. Financial control is facilitated by effective reporting and auditing is chiefly paramount for accountability in the local government environment. Weak municipal management accountability and oversight institutions prevailing in local government compromise its integrity and a potential loss to the public’s confidence. Local government is confronted, by municipal fiscal administration morass and forgone fiscal reserves. The efficient budget implementation should conform to the will of the legislature’s authorizations. The financial position of municipalities in terms of the business model represents assets, liabilities and equity and displays the financial health at a specific time. The community and major stakeholders use financial statements to determine the financial position of any organization. The financial position and health determine how efficiently a municipality is expanding its resources and investment. This paper seeks to close the gap that other studies have not ventured to. This paper qualitatively and descriptively explores municipal financial management enigma and proposes a turnaround to get local government finances right
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Fagbemi, Fisayo, and Olufemi Solomon Olatunde. "Nigeria’s Fiscal Performance: Exploring the Role of Exchange Rate." American Finance & Banking Review 5, no. 1 (March 11, 2020): 17–26. http://dx.doi.org/10.46281/amfbr.v5i1.510.
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The paper offers empirical justifications for the instrumentality of external sector in influencing the fiscal position of a country through the exchange rate. In the study, ARDL bounds test approach to cointegration analysis is adopted to examine the long run and short run relationship between exchange rate and fiscal performance in Nigeria. The validity of the findings is based on time series data between 1981 and 2017. The emerging evidence reveals that the exchange rate movement has a substantial influence on the fiscal performance, as there exists a significant adverse relationship between exchange rate and fiscal deficit in the long run as well as in the short run, while the association between exchange rate and public debt is found to be significantly positive in both periods. Empirical elucidations posit that an appreciation of the exchange rate could lead to decreasing fiscal deficits. However, the exchange rate appreciation might not induce a reduction in public debt, as it could stimulate demand for loanable funds by the government, although such effect could be mitigated through strategic investment policy and subsidized funding schemes to aid domestic production. Given that fiscal performance is considerably driven or constrained by the exchange rate movement, the study suggests that developing a strategic framework for ensuring a realistic exchange rate and the mitigation of regular fluctuations or correcting inappropriate exchange rate is crucial.
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Cabaleiro-Casal, Roberto, and Enrique Buch-Gómez. "Public Spending Policies and Budgetary Balances: Evidence from Spanish Municipalities." Lex localis - Journal of Local Self-Government 13, no. 4 (September 3, 2015): 973–94. http://dx.doi.org/10.4335/13.3.973-994(2015).
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Unlike the frequent research that analyzes the effects of various demographic, economic and political factors on fiscal deficits of governments, this research focuses on studying whether certain structures of public spending policies are associated with situations of fiscal imbalances. Using a panel data model with endogenous variables and taking into account various socio-economic factors as instruments, we have observed that the spending policies of Basic public services, Social protection and social promotion, Preferential services, and Promotion of economic activity have different significant effects on the position of the budgetary balance in the Spanish municipal governments.
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Zezza, Gennaro. "Fiscal policies in a monetary union: the eurozone case." European Journal of Economics and Economic Policies: Intervention 17, no. 2 (September 18, 2020): 156–70. http://dx.doi.org/10.4337/ejeep.2020.02.05.
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We argue that the institutional framework of the eurozone was designed to deny a role for fiscal policy. However, the Great Recession of 2008–2009 forced governments to intervene, mainly to avoid the collapse of their financial systems. At the same time, the severe recession implied a decrease in tax revenues, and an increase in some components of public expenditure – such as unemployment benefits, which implied an increase in public deficits. When the crisis seemed to be over, the Maastricht rules gave priority to restoring fiscal targets, even at the cost of prolonged unemployment and stagnation in countries like Greece and Italy. Using the three-balances approach pioneered by Godley, we argue that such policies require the achievement of an external surplus, or else fiscal austerity will worsen the financial position of the private sector. We show that this is indeed how most eurozone countries moved, and argue that such policies are fragile, and possibly not sustainable in the medium term. We suggest the introduction of fiscal currencies as one way of introducing a degree of freedom in the sustainability of the eurozone.
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Muixer, Sam. "International Organizations and Their Officials: to Tax or not to Tax?" Leiden Journal of International Law 6, no. 1 (April 1993): 47–72. http://dx.doi.org/10.1017/s0922156500001631.
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Taking the United Nations, its specialized agencies and the EC as a focal point, this article looks at the fiscal position of international organizations and their officials vis-à-vis their host state. Firstly, the fiscal privileges are examined from a theoretical point of view, after which a number of cases are analyzed in which international organizations and their host state differed in their views on the application of the aforementioned privileges.From a broader perspective, this study explores the watercourse of standards which have sprung on the international level down to their application in daily life. A particular type of provision -concerning the fiscal immunities of an international organization and its officialscontained in a particular type of multilateral convention, dealing with the status, privileges and immunities of international organizations and their officials, is followed down to its application on the national level.
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Bodiuk, Adam. "Fiscal obligations of the subsoil users." Problems of Innovation and Investment Development, no. 19 (June 14, 2019): 29–35. http://dx.doi.org/10.33813/2224-1213.19.2019.3.
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The article of research is operating financial relations of subsoil users before the state for mining, exploitation of underground space and system of forming of monetary resources for a budget after the Internal revenue code of Ukraine. The aim of writing of the article is development after resource approach of concept vehicle and mechanism of input of payments on the fiscal obligations of subsoil users. Methodology of realization of work is application of abstractly-logical, system-structural and comparative analysis (for forming of the system and mech- anism of forming of fiscal obligation of subsoil users); to the analysis (research of right base of production of paying is for using the bowels of the earth); mono- graphic analysis (at application of resource approach); generalization (forming of the system of bills of debt is before the state); interpretation (application of tran- sition from fiscal payments to the budgetary resources from position of more generalized concept; fiscal resources ). Job performances – reasonably: resource approach is to forming of profits of the state budget; system of bills of debt of subsoil users before the state; name of operating pay in different forms for using the bowels of the earth for mining after her essence by a subsoil fiscal profit as to payment of subsoil users, that is brought in by them in the state budget; actu- ality of replacement far of past origin of concept of taxes is on fiscal obligations for using the bowels of the earth; concept of money, fiscal, budgetary resources. Conclusions – instead of the operating system of taxes it is necessary to enter payments on the fiscal obligations of subsoil users for using the bowels of the earth for mining and using underground space, with bringing of these inputs in the Internal revenue code of Ukraine.