This report explores to which extent alternative, (partially) Well-To-Wheel based fiscal systems may accelerate the introduction of low-carbon fuels and vehicles. The design of two alternative fiscal systems is described, as well as the challenges that any fiscal system must meet. The alternative systems are compared to the existing fiscal system with regard to (1) the extent to which they honour the 'polluter pays' principle, (2) the extent to which they are expected to accelerate the introduction of (alternative) gaseous fuels, liquid biofuels, and zero-emission vehicles, (3) their expected impact on the vehicle stock, and (4) a number of (undesired) side-effects. The results show that the alternative systems provide a stronger fiscal support for some alternative fuels and vehicles, but not for all.
We consider the strategic interplay between international monetary and fiscal cooperation in a world of interdependent economies. Motivated by the ongoing discussion of monetary unification of Europe, focus is on monetary cooperation, and in particular how its performance is altered by the...... introduction of fiscal (tax) cooperation. Our main result is that fiscal cooperation may be disadvantageous when monetary cooperation lacks credibility with private sectors. On the other hand, fiscal cooperation under a rule based monetary regime is always advantageous...
Pavlina R. Tcherneva
This paper augments the basic Post-Keynesian markup model to examine the effects of different fiscal policies on prices and income distribution. This is an approach à la Hyman P. Minsky, who argued that in the modern era, government is both 'a blessing and a curse', since it stabilizes profits and output by imparting an inflationary bias to the economy, but without stabilizing the economy at or near full employment. To build on these insights, the paper considers several distinct functions of...
Eric M. Leeper
Monetary policy decisions tend to be based on systematic analysis of alternative policy choices and their associated macroeconomic impacts: this is science. Fiscal policy choices, in contrast, spring from unsystematic speculation, grounded more in politics than economics: this is alchemy. In normal times, fiscal alchemy poses no insurmountable problems for monetary policy because fiscal expectations can be extrapolated from past fiscal behavior. But normal times may be coming to an end: aging...
This annual report to Congress details the second year of the Federal light duty vehicle operations as required by Section 400AA(b)(1)(B) of the Energy Policy and Conservation Act as amended by the Alternative Motor Fuels Act of 1988, Public Law 100-494. In 1992, the Federal alternative fuel vehicle fleet expanded significantly, from the 65 M85 (85 percent methanol and 15 percent unleaded gasoline) vehicles acquired in 1991 to an anticipated total of 3,267 light duty vehicles. Operating data are being collected from slightly over 20 percent, or 666, of these vehicles. The 601 additional vehicles that were added to the data collection program in 1992 include 75 compressed natural gas Dodge full-size (8-passenger) vans, 25 E85 (85 percent denatured ethanol and 15 percent unleaded gasoline) Chevrolet Lumina sedans, 250 M85 Dodge Spirit sedans (planned to begin operation in fiscal year 1993), and 251 compressed natural gas Chevrolet C-20 pickup trucks. Figure ES-1 illustrates the locations where the Federal light duty alternative fuel vehicles that are participating in the data collection program are operating. The primary criteria for placement of vehicles will continue to include air quality attainment status and the availability of an alternative fuel infrastructure to support the vehicles. This report details the second year of the Federal light duty vehicle operations, from October 1991 through September 1992.
Cataloged from PDF version of article. In this thesis, the effects of fiscal procedures, fiscal centralization and fiscal decentralization, on fiscal discipline are analyzed in a theoretical framework. A model of two optimization problems is established: central government’s optimization problem and local government’s optimization problem representing the two fiscal procedures; fiscal centralization and fiscal decentralization respectively. Comparative static analysis is per...
Feng, Xingyuan; Ljungwall, Christer; Guo, Sujian; Wu, Alfred M.
critical review of the theories on fiscal federalism, we develop a refined prototype of fiscal federalism. The model shows that quasi-traditional fiscal federalism is a much closer reality in China, while we argue that the refined fiscal federalism should be the direction of future reform in China....
Potrafke, Niklas; Reischmann, Markus
We examine whether US and German state governments pursue sustainable fiscal policies taking into account fiscal transfers. Using panel data techniques we investigate whether the debt-to-GDP ratio had a positive influence on the primary surplus (Bohn-model). We show that including/excluding fiscal transfers changes the results. If fiscal transfers are not included in the primary surplus, the test results do not indicate that the US and German state governments pursued sustainable fiscal polic...
This report gives a general presentation of energy fiscality in France: taxes on energy, mechanisms of stabilization of government's fiscal incomes in case of significant oil prices change, some particularities of energy taxes, the fiscality according to the energy content and according to the carbon content. The fiscality of petroleum products (automotive fuels and other products), natural gas and electricity in France is presented in appendixes together with a comparison of the fiscality in use in the rest of Europe (automotive fuels, domestic fuels, natural gas and electricity for domestic use and for industrial use). (J.S.)
Mihai ANTONESCU; Buziernescu, Radu
The unprecedented development of information technology in the past few years has made possible the transmission of information, inclusively fiscal information, by electronic means of transmission at distance. Tax payers can use the method of submission of fiscal declarations by electronic means of transmission at distance as alternative method of deposition of fiscal declarations. For the submission of fiscal declarations by electronic means of transmission at distance, tax payers should use...
Andersen, Asger Lau; Nielsen, Lasse Holbøll Westh
spending. The introduction of fiscal transparency generates two new predictions: 1) the procyclical bias in fiscal policy arises only in good times; and 2) a higher degree of fiscal transparency reduces the bias in good times. We find solid empirical support for both predictions using data on both OECD...
Full Text Available The central budget of a country collects only a fraction of the total fiscal revenues and executes only o fraction of the national public expenditures, the rest of the revenues and expenditures becoming the responsability of subnational governments. The economist Charles Tiebout developed a theoretical model which although makes an imperfect description of the reality, shows that people’s mobility is being influenced by tax rates and the amount of state/local expenditures. Thus, he suggests that the degree of responsibility that can be appointed to the local budgets should subscribe to the tax – benefits ratio, the extend of the positive externalities and the scale economies of public goods. Also, the issue of revenues distribution among communities is being raised, being identified three kinds of grants used by the public authorities: matching grants, block grants and conditional block grants. In the concept of fiscal federalism there can be found a limited analogy between national public finance theory and international public finance theory, with the international taxation as the pivotal element.
Auerbach, Alan J
This paper considers implications of population aging for the conduct of fiscal policy, grouping the issues into four areas, focusing on the impact of aging on: (1) the size of government budget imbalances; (2) the composition of government spending and government budget flexibility; (3) the composition of tax collections and the desirability of alternative tax systems; and (4) the effectiveness of fiscal policy as a tool for stabilization. Societal aging puts considerable stress put on publi...
Craig Burnside; Martin Eichenbaum; Fisher, Jonas D. M.
This paper illustrates a particular limited information strategy for assessing the empirical plausibility of alternative quantitative general equilibrium business cycle models. The basic strategy is to test whether a model economy can account for the response of actual economy to an exogenous shock. Here we concentrate on the response of aggregate hours worked and real wages to a fiscal policy shock. The fiscal policy shock is identified with the dynamic response of government purchases and a...
Bergman, Ulf Michael; Hutchison, Michael
The Expansionary Fiscal Contraction (EFC) hypothesis predicts that a major fiscal consolidation leads to an economic expansion under certain circumstances. We test this hypothesis, and the implied non-linear responses of the economy to large and small changes in fiscal policy, using data from the...... that the exogenous fiscal contraction in Denmark was a credible regime shift and, together with other reforms undertaken at the time, increased both private consumption and aggregate output....
De Graeve, Ferre; Queijo von Heideken, Virginia
Fiscal theorists warn about the risk of future inflation as a consequence of current fiscal imbalances in the US. Because actual inflation remains historically low and data on inflation expectations do not corroborate such risks, warnings for fiscal inflation are often ignored in policy and academic circles. This paper shows that a canonical NK- DSGE model enables identifying an anticipated component of inflation expectations that is closely related to fiscal policy. Estimation results sugges...
Auerbach, Alan J.; William G. Gale; Harris, Benjamin H.
During and after the "Great Recession" that began in December 2007, the U.S. federal government enacted several rounds of activist fiscal policy. In this paper, we review the recent evolution of thinking and evidence regarding the effectiveness of activist fiscal policy. Although fiscal interventions aimed at stimulating and stabilizing the economy have returned to common use, their efficacy remains controversial. We review the debate about the traditional types of fiscal policy interventions...
Fiscal space refers to the financial resources available to a government for policy initiatives through the budget and related decisions. This article reviews the factors that contribute to the shrinkage of fiscal space, considers methods for protecting or enlarging it, and reflects on how budgeting may be recast into a process for explicitly allocating scarce fiscal space.
Full Text Available This paper examines the role of Automatic Fiscal Stabilizers (AFS for stabilizing the cyclical fluctuations of macroeconomic output as an alternative to discretionary fiscal policy, admitting its huge potential of being an anti crisis solution. The objectives of the study are the identification of the general features of the concept of automatic fiscal stabilizers and the logical assessment of them from economic perspectives. Based on the literature in the field, this paper points out the disadvantages of fiscal discretionary policy and argue the need of using Automatic Fiscal Stabilizers in order to provide a faster decision making process, shielded from political interference, and reduced uncertainty for households and business environment. The paper conclude about the need of using fiscal policy for smoothing the economic cycle, but in a way which includes among its features transparency, responsibility and clear operating mechanisms. Based on the research results the present paper assumes that pro-cyclicality reduces de effectiveness of the Automatic Fiscal Stabilizer and as a result concludes that it is very important to avoid the pro-cyclicality in fiscal rule design. Moreover, by committing in advance to specific fiscal policy action contingent on economic developments, uncertainty about the fiscal policy framework during a recession should be reduced. Being based on logical analysis and not focused on empirical, contextualized one, the paper presents some features of AFS operating mechanism and also identifies and systematizes the factors which provide its importance and national individuality. Reaching common understanding on the Automatic Fiscal Stabilizer concept as a institutional device for smoothing the gap of the economic cycles across different countries, particularly for the European Union Member States, will facilitate efforts to coordinate fiscal policy responses during a crisis, especially in the context of the fiscal
Andersen, Torben M.
Analyses of fiscal sustainability have become integral parts of fiscal policy planning due to high debt levels and projected demographic changes. A popular metric by which to evaluate sustainability gaps is the so-called S2 metric given as the permanent change in the primary budget balance...... (relative to GDP) needed to meet the intertemporal budget constraint. While a very useful metric it also suffers from some problems, and the paper discusses some of the problems with this metric as a way to assess fiscal sustainability problems. A particular important issue is the extent to which the S2...
Mihai ANTONESCU; Ligia ANTONESCU
The unprecedented development of information technology in the past few years has made possible the transmission of information, inclusively fiscal information, by electronic means of transmission at distance. Tax payers can use the method of submission of fiscal declarations by electronic means of transmission at distance as alternative method of deposition of fiscal declarations. The date of deposition of a fiscal declaration is the date of its registration on the site of the Minis...
Brixi, Hana Polackova; Shatalov, Sergei; Zlaoui, Leila
To understand the fiscal position of a country, contingent liabilities and other sources of fiscal risk need to be considered. The authors develop a framework to assess and manage fiscal risk in Bulgaria. Bulgaria's Currency Board Arrangement has effectively imposed fiscal discipline, but leaves only limited room to accommodate potential fiscal shocks. Through risks embedded in the portfol...
Canzoneri, Matthew; Collard, Fabrice; Dellas, Harris; Diba, Behzad
The Great Recession, and the fiscal response to it, has revived interest in the size of fiscal multipliers. Standard business cycle models have difficulties generating multipliers greater than one. And they also cannot produce any significant state-dependence in the size of the multipliers over the business cycle. In this paper we employ a variant of the Curdia-Woodford model of costly financial intermediation and show that fiscal multipliers can be strongly state dependent in a countercyclic...
This note attempts to describe the pension system in Belarus including its fiscal performance, redistributive aspects benefit levels and benefit eligibility conditions. The note also discusses the challenging demographic environment which Belarus pension system is expected to face in the future and explores alternative paths that the system could take in this environment. Some reform scena...
Discusses fiscal decentralization and economic development in developed and developing countries. Explores historical trends in fiscal centralization and puts them in context of the developing countries.
Full Text Available This paper looks at the possible coordination problems that might result when monetary and fiscal policies are operated by separate authorities. In an open economy the feedback from movements in the exchange rate to the rate of consumer price inflation means fiscal policy can have a non-neutral effect on output even if monetary policy acts to keep inflation at target. This might encourage governments to run an overly expansive fiscal policy at the expense of weakness in the tradable sector. Preventing this scenario might require the monetary authority to target a measure of domestically-generated inflation or have a separate target for the exchange rate. Alternatively the government could delegate the assessment of policy against its fiscal rules to an independent fiscal council.
Kelders, Christian; Köthenbürger, Marko
Models of fiscal federalism rarely account for the efficiency implications of intergovernmental fiscal ties for federal tax policy. This paper shows that fiscal institutions such that federal tax deductibility, vertical revenue-sharing, and fiscal equalization (being common features of existing...
Roy W. Bahl; Wallich, Christine
The choice of the"right"fiscal relationship between central, provincial, and local governments depends on how a government weighs the benefits of decentralized economic development policies against the costs of having less effective central fiscal management. Three strong forces justify more fiscal centralization in China's highly decentralized fiscal system. First, Bouts of inflation and recurrent fiscal deficits can be seen as calling for more central control over the budget. Second, Reform...
Full Text Available The purpose of this article is to demonstrate that a common fiscal policy, designed to support the euro currency, has some significant drawbacks. The greatest danger is the possibility of leveling the tax burden in all countries. This leveling of the tax is to the disadvantage of countries in Eastern Europe, in principle, countries poorly endowed with capital, that use a lax fiscal policy (Romania, Bulgaria, etc. to attract foreign investment from rich countries of the European Union. In addition, common fiscal policy can lead to a higher degree of centralization of budgetary expenditures in the European Union.
Andrei G. Simonassi
Full Text Available Regarding the importance of fiscal policy in smoothing the impact of shocks such as the international financial and economic crises, the paper analyzes the sustainability of the Brazilian fiscal policy by taking into consideration the possibility of multiple endogenous structural breaks on the coefficients of government reaction function. From monthly data in the period 1991–2008, tests on the reliable estimates dictate the occurrence of structural change in May 1994, and another in February 2003. There has been a situation of fiscal solvency in Brazil, but only from May 1994 the hitherto innocuous actions of government to formulate policies on public debt turn out to be significant, as it rose twofold after February 2003. This reinforces the existence of a more flexible alternative to implement strategic policy in Brazil, if an eventual alternative for increasing public spending is a way of hindering the effects of international financial crises without compromising the fiscal targets.
Montgomery County of Maryland — This dataset includes the Fiscal Year 2015 Council-approved operating budget for Montgomery County. The dataset does not include revenues and detailed agency budget...
Pritha Mitra; Tigran Poghosyan
Amid renewed crisis, falling tax revenues, and rising debt, Ukraine faces serious fiscal consolidation needs. Durable fiscal adjustment can support economic confidence and rebuild buffers but what is its overall impact on growth? How effective are revenue versus spending instruments? Does current or capital spending have a larger impact? Applying a structural vector autoregressive model, this paper finds that Ukraineâ€™s near-term revenue and spending multipliers are well below one. In the me...
Bose, Sukanya; Bhanumurthy, N R
This paper attempts to present a framework for the estimation of fiscal multipliers for the Indian economy in the structural macroeconomic modelling tradition. Empirical estimates of short-run multipliers are obtained by giving shocks to a range of fiscal instruments - expenditures and taxes. As per our estimates, the values of capital expenditure multiplier, transfer payments multiplier and other revenue expenditure multiplier are 2.45, 0.98, and 0.99, respectively, while the tax multipliers...
Empowerment of local governments and citizens is a primary object of decentralization. Using the analytic lens of empowerment, the author explores the nature of decentralized governance and how this type of structure is likely to be more or less empowering. His primary concern is fiscal decentralization, specifically the association between fiscal determinants and the degree of empowerment of both citizens and local governments. The author's main argument is that both the revenue and expendit...
As budgetary commitments outpace current revenues and long-term liabilities balloon, the fiscal sustainability of state and local governments is a matter of mounting concern. Over the years, these governments have experimented with a wide variety of political and fiscal institutions, ranging from direct democracy to balanced budget rules, with the goal of slowing the growth of government and increasing financial responsibility. This article synthesizes the related empirical literature, summar...
Fagiolo G.; Treibich T.G.; Roventini A.; Napoletano M.; Dosi G.
In this paper we explore the effects of alternative combinations of fiscal and monetary policies under different income distribution regimes. In particular, we aim at evaluating fiscal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated by heterogeneous capital- and consumption-good firms, heterogeneous banks, workers/consumers, a central bank and a government. We show that the model is able to reproduce a wide array of macro and mic...
Giraldo Giraldo César
The fiscal deficit in Latin America is currently caused by the external and internal debt, and the fact that economic authorities have lost the ability to manage an important part of macroeconomic policy as a result of the process of decentralization. Along with less macroeconomic control, destabilizing factors increase due to the greater mobility of international financial markets, where any changein signals provokes abrupt and massive movements of capital in favor of or against a country. T...
This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless accompanied by one 'active' fiscal authority in the sense of Leeper (1991). Alternatively, both fiscal authorities can be 'active' while the central bank abandons the Taylor principle. The two determinate equilibria have significantly different i...
The existence of fiscal management determine the identification of the essential coordinates of it: the main objective; the sphere of action; essential characteristics; fundamental values; the main function; principles and legities. The essence of fiscal management represent its functions and on the basis of conceiving and exercising management from fiscality field resides an aggregate of principles. In this paper we will try to define the fiscal management, to identify the fundamental and sp...
Jens Hölscher; Mariusz Jarmuzek; Roman Matousek; Eva Katalin Polgar
Fiscal transparency became a topic of lively public and academic debate in the aftermath of the Mexican and Asian financial crises. The concept of fiscal transparency is, however, largely of a qualitative nature and is therefore something of a challenge to measure. This paper proposes an index of fiscal transparency that comprises various aspects of fiscal policy formulation, such as medium-term budgeting and analysis, accounting and data quality, off-budgetary activity, intergovernmental rel...
Hofman, Bert; Kadjatmiko; Kaiser, Kai; Suharnoko Sjahrir, Bambang
This paper presents a methodology to evaluate fiscal decentralization focusing on the potential mis-targeting of intergovernmental fiscal equalization transfers. The approach builds on an explicit comparison and the summary measurement of different (horizontal) allocation distributions across states or localities. Whereas formula-based fiscal transfers have the merit of being transparent and promoting revenue predictability in fiscal decentralization, in practice, two challenges emerge: (1) W...
Alesina, Alberto Francesco; Ardagna, Silvia
This paper offers three results. First, in line with the previous literature, we confirm that fiscal adjustments based mostly on the spending side are less likely to be reversed. Second, spending based fiscal adjustments have caused smaller recessions than tax based fiscal adjustments. Finally, certain combinations of policies have made it possible for spending based fiscal adjustments to be associated with growth in the economy even on impact rather than with a recession. Thus, expansionary ...
Lloyd-Ellis, H.; Xiaodong Zhu
We use the returns on a set of international financial securities to identify exogenous shocks to the Canadian federal surplus. We find that a large portion of the variation in the surplus can be replicated by a linear combination of these returns and that the rising debt observed in the 1980s and 1990s was a result of adverse exogenous shocks and a delayed response by the government to these shocks. We develop a formal framework to evaluate the potential gains from a fiscal risk management s...
Giraldo Giraldo César
Full Text Available The fiscal deficit in Latin America is currently caused by the external and internal debt, and the fact that economic authorities have lost the ability to manage an important part of macroeconomic policy as a result of the process of decentralization. Along with less macroeconomic control, destabilizing factors increase due to the greater mobility of international financial markets, where any changein signals provokes abrupt and massive movements of capital in favor of or against a country. This problem is aggravated by the dismantling of the principal regulations, especially those relating to exchange controls, foreign investment, and international trade. Fiscal policyends up defending the stability of the main economic variables, in anuncertain and unpredictable context determined by an autonomous finance capital. It defends the stability of three key prices: inflation, currency, and interest rateo An abrupt change in any of these may depreciate the real value of financial assets, with which financial wealth would disappear like foam.El déficit fiscal en América Latina se origina actualmente en las deuda externa e interna, y en que la autoridad económica ha perdido el manejo de una parte importante de la política macroeconómica como resultado del proceso de descentralización. A la par del menor control macroeconómico, los factores desestabilizadores aumentan por la mayor movilidad de mercados financieros internacionales, donde cualquier cambio en las señales suscita movimientos de capital abruptos y masivos en favor o en contra de un país. Este problema se agrava con el desmonte de las principales regulaciones, en especial a las referidas al control cambiario, la inversión extrnajera y el comercio internacional. La política fiscal termina defendiendo la estabilidad de las principales variables macroeconómicas, en un contexto incierto e impredecible determinado por un capital financiero autónomo. Defiende la estabilidad de tres
[eng] The thesis “Fiscal forecasting in Italy” is comprised of three main chapters in which is analyzed, from an empirical point of view, several issues related to public finance forecasts, with an application to Italy. Chapter II, “Accuracy of fiscal forecasts in Italy” is focused on one of the most important aspects of the new Treaty: it requires that the decisions and recommendations taken by the European Commission are no longer be based on outcomes but on forecasts. In this chapter, I e...
The current round of China’s economic development is expected to clear up in 2010, the final year of the country’s 11th Five-Year Plan (2006-10) that will pave the way for the next wave of economic growth. This year’s fiscal policies should follow several guidelines to lay a solid foundation for the stable and sustainable growth of the economy, writes Jia Kang, Director of the Research Institute for Fiscal Science under the Ministry of Finance, in a recent Guangming Daily article. Edited excerpts follow
@@ The current round of China's economic development is expected to clear up in 2010,the final year of the country's 11th Five-Year Plan(2006-10)that will pave the way for the next wave of economic growth.This year's fiscal policies should follow several guidelines to lay a solid foundation for the stable and sustainable growth of the economy,writes Jia Kang,Director of the Research Institute for Fiscal Science under the Ministry of Finance,in a recent Guangming Daily article.Edited excerpts follow:
McKibbin, Warwick J.; Andrew B Stoeckel
The build up 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. Where the government fiscal stimulus was seen as necessary to restore confidence to markets and stimulate deteriorating economies in the aftermath of the ‘great recession’ by 2010 the massive fiscal stimulus programs and associated run-up in debt had, for many economies, become a confidence sapping exercise. This need for a chang...
Maria Zenovia GRIGORE
Full Text Available This paper is aimed to analyze the taxation influence upon the company’s activity. Fiscal management is integrated into the company management and must therefore be defined in terms of general policy objectives of the company. The efficiency of fiscal policy is an essential element of fiscal management. This can be achieved directly (through the tax law that includes measures of fiscal incitement or indirectly (when the tax system offers a number of tax deductions for expenses, the possibility to cover losses from previous financial periods, the limitation of deductible expenses according to earnings before taxes etc.. The two forms of efficiency of fiscal policy are placed in the calculation of relations between fiscal management, strategic planning, tax risk and accounting. Fiscal policy should aim at the company’s research and to achieve optimal cost of taxation. This paper analyses the methods that the companies dispose of in order to reduce this cost.
Full Text Available Discretionary fiscal policy is associated with long time lags that, according to many authors, prevent its efficient implementation during economic crises. Implementation lags, i.e. the lag between the day on which economic policymakers decide on a specific form of response to the actual economic situation and the day on which a relevant law takes effect, have the signalling function. In this article we analyse the implementation lag in the discretionary fiscal policy in the Czech Republic during economic crises. First, we present arguments according to which time lags are pro-cyclic and thus they prevent implementation of the discretionary fiscal policy. We will verify the grounds behind the arguments concerning the Czech economy. Furthermore, we focus on the reasons due to which the implementation lag may be neutral as concerns the economic cycle. In the third part, we present our own concept of fiscal placebo pursuant to which the implementation lag may have negative, neutral, or even positive impacts on the actual economy. We have demonstrated, that anti-crisis laws have taken effect, with a single exception, always only after the end of the recession to which they were supposed to react and the volume of the funds used by the government to achieve stabilization is relatively low.
Fiscal policy in the US has been documented to have been the leading authority in the ‘60s and the ‘70s (active fiscal policy), while committing to make the necessary fiscal adjustments following Volcker’s appointment (passive fiscal policy). Moreover, while passive, US fiscal policy has at times fl
Hallerberg, Mark; Wolff , Guntram B.
We investigate the effect of fiscal institutions such as the strength of the finance minister in the budget process and deficits on interest spreads contained in bond yields of the countries now belonging to the Eurozone. Deficits significantly increase risk premia measured by relative swap spreads. The effect of deficits is significantly lower under EMU. This effect partly results from neglecting the role of fiscal institutions. After controlling for institutional changes, fiscal policy rema...
Hallerberg, Mark; Wolff , Guntram B.
We investigate the effect of fiscal institutions such as the strength of the finance minister in the budget process and deficits on interest rate spreads of Eurozone countries. Deficits significantly increase risk premia measured by relative swap spreads. The effect of deficits is significantly lower under EMU. This effect partly results from neglecting the role of fiscal institutions. After controlling for institutional changes, fiscal policy remains a significant determinant of risk premia ...
La sociologie fiscale questionne les relations fondamentales entre l’impôt, l’Etat et la société. Cet article présente une revue de la littérature et des problématiques envisagées dans leur aspect sociopolitique. Plusieurs représentations sociales sont considérées : l’impôt-contribution, l’impôt-échange, et l’impôt-obligation/contrainte/tribut, mais l’élaboration d’une typologie de l’Etat fiscal met l’accent sur l’impôt-contribution payé par le citoyen qui est capable d’altruisme pour finance...
This thesis analyses fiscal effects of aid, first of health aid on health spending for a sample of developing countries and then broadly for Ethiopia and Tanzania. Particular attention is paid to data quality and the severe difficulties in achieving a reliable disaggregation of aid into its on-budget and off-budget components. The first essay assesses the sensitivity of estimated health aid fungibility to how the missing data (often considerable) are treated and explores a novel (at least in...
Socio-Economic Planning Sciences, vol. 21, no.6, 1987. Refereed Journal Article Mexico's current crisis has its origins in a number of structural conditions that developed in the 1970s. This paper examines one of these structural impediments, the country's fiscal disequilibrium. An empirical analysis of the country's tax structure indicates that there is ample scope for major tax reforms geared to introducing more responsiveness into the country's tax collection system. Given t...
Perée, Eric; Välilä, Timo
This paper examines the link between fiscal rules and public investment both normatively and empirically. We first review the arguments for and against including public investment spending in a fiscal deficit rule. We then seek to assess the determinants of public investment, with a special focus on the role of the fiscal rules embodied in EMU. We conclude that there are practical difficulties precluding the introduction of a 'golden rule' and that there is virtually no evidence that EMU woul...
Alejandro Esteller-Moré; Umberto Galmarini; Leonzio Rizzo
We examine the design of fiscal equalization transfers aimed at inter-regional redistribution in a setting in which special interest groups distort the fiscal policies of local governments. Equity always calls for tax-base equalization while efficiency calls for tax-base equalization of fiscal capacities backed by strong lobby groups and for tax-revenue equalization of those backed by weak lobby groups. Hence, it is optimal to rely only on tax-base equalization if the special interest groups ...
Angel de la Fuente
This note critically appraises the claim that Catalonia is being fiscally mistreated, both in terms of the financing of its regional government and in terms of its net fiscal balance with the Spanish Central Government. Its conclusion is that nationalist complaints regarding these matters are not well founded. Looking at the available data, Catalonia's fiscal situation is similar to that of other regions with similar levels of income per capita relative to the national average, both within Sp...
Eric M. Leeper; Walker, Todd B
Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved fiscal stress raises the possibility that the economies will hit their fiscal limits where taxes and spending no longer adjust to stabilize debt. In such economies, monetary policy may lose its ability to ...
Gordin, Jorge P.
This study assesses the explanatory power of two competing views about intergovernmental fiscal transfers; one emphasizing the traditional neoclassical approach to federal-subnational fiscal relations and the other suggesting that transfers are contingent on the political fortunes and current political vulnerability of each level of government. These models are tested using data from Argentina, a federation exhibiting one of the most decentralised fiscal systems in the world and severe imbala...
This document contains the US NRC's accountability report for fiscal year 1997. Topics include uses of funds, financial condition, program performance, management accountability, and the audited financial statement
Maastricht Treaty accepts some criteria for securing fiscal and monetary discipline. Fiscal discipline criteria consist of budget deficit and public borrowing criteria. On monitoring these criteria it is obvious that fiscal discipline is not provided in recent years. There is one monetary policy but lots of fiscal policies at EU. This effects efforts that aim re-constituting fiscal discipline negatively. So economic crisis increases. Monetary policy can not be effective without fiscal policy....
Although fiscal illusion was first articulated by Puviani (1903), it is a current issue, and its consequences are rather serious, as shown in this paper. Fiscal illusion enlarges the public sector but it can, by itself, be a considerable threat to the trust between the State and its citizens, ultimately promoting serious instability in economic cycles and in democratic institutions.
Full Text Available As economic entities in Romania are still in a relationship of interdependence between the accounting interest and the fiscal one, it makes the application of one or another accounting treatment under different circumstances on the transactions specific to the activity have a certain influence on the information released by the financial statements, but also on the tax bases and hence on the fiscal cost. This article argues that the sustainability and performance of a business requires, in addition to the effective management of the economic and financial resources in order to maximise performance and to ensure the cash flows, that the management must take into account both the good informing of the information users through the financial statements, and proper management of the fiscal implications in order to record a fiscal cost as low as possible while respecting the legal framework so that the fiscal risk is avoided or reduced as much as possible.
... Fiscal Service Surety Companies Acceptable on Federal Bonds: Western Bonding Company AGENCY: Financial Management Service, Fiscal Service, Department of the Treasury. ACTION: Notice. SUMMARY: This is Supplement No. 12 to the Treasury Department Circular 570, 2009 Revision, published July 1, 2009, at 74 FR...
... Fiscal Service Reinsuring Companies Acceptable On Federal Bonds: Alterra Reinsurance USA, Inc. AGENCY: Financial Management Service, Fiscal Service, Department of the Treasury. ACTION: Notice. SUMMARY: This is Supplement No. 20 to the Treasury Department Circular 570, 2011 Revision, published July 1, 2011, at 76...
Alt, James E.; Lassen, David Dreyer; Rose, Shanna
We use unique panel data on the evolution of transparent budget procedures in the American states over the past three decades to explore the political and economic determinants of fiscal transparency. Our case studies and quantitative analysis suggest that both politics and fiscal policy outcomes...
This article describes the fiscal risk analysis, with emphasis on environmental and organizational factors, which should be taking into account in the risk management process. A special attention was given to the role of the fiscal policy and voluntary compliance related issues.
Dincecco, Mark; Prado, Mauricio
We exploit differences in casualties sustained in pre-modern wars to estimate the impact of fiscal capacity on economic performance. In the past, states fought different amounts of external conflicts, of various lengths and magnitudes. To raise the revenues to wage wars, states made fiscal...
Prado, Mauricio; Dincecco, Mark
We exploit differences in casualties sustained in pre-modern wars to estimate the impact of fiscal capacity on economic performance. In the past, states fought different amounts of external conflicts, of various lengths and magnitudes. To raise the revenues to wage wars, states made fiscal...
Giraldo Giraldo, César
El déficit fiscal en América Latina se origina actualmente en las deudas externa e interna, y en que la autoridad económica ha perdido el manejo de una parte importante de la política macroeconómica como resultado del proceso de descentralización. A la par del menor control económico, los factores desestabilizadores aumentan por la mayor movilidad de los mercados financieros internacionales, donde cualquier cambio de señales suscita movimientos de capital abruptos y masivos en favor o en cont...
Robert P. Inman
The 2007-10 recession has imposed significant fiscal hardships on state and local governments. The result has been state budget deficits and the need to increase state taxes, cut spending, and withdraw funds from state “rainy day” accounts. The primary cause of state budget “gaps” has been the rise in the level of state unemployment. There is no evidence that these gaps are related to state political institutions, a state’s prior receipt of federal funding, or possibly favored access to key c...
This report studies how the fiscality can be an adapted tool for the implementing of the french energy policy. The term fiscality designates here the fiscality of the energy production, consumption and use in the industrial fabrication processes. An evaluation of the french fiscality and the analysis of this accounting are detailed. (A.L.B.)
... the government's fiscal policy-making process.'' For the United States, reviews of the fiscal... Fiscal Transparency Report AGENCY: Department of State. ACTION: Notice. SUMMARY: The Department of State hereby presents the findings from the 2012 Fiscal Transparency review process in its first annual...
Bergman, Ulf Michael; Hutchison, Michael M.; Hougaard Jensen, Svend E.
This paper provides an overview of experiences with fiscal and structural reforms in Denmark and Sweden, focusing on areas of particular relevance to members of the euro area struggling with large budget imbalances. First, given the current priority to austerity plans in the euro area, we review......, we study the record of national fiscal rules, fiscal councils and gradual improvement of public finances, as implemented by Sweden for more than a decade. Third, given the challenges raised by ageing populations and budget pressures in several euro area countries, we assess the experiences with...
The United States has a huge long-term fiscal gap, perhaps with a present value as great as $74 trillion. The US may thus be unable to continue meeting its current spending commitments without eventually enacting huge tax increases. The tax cut enacted in 2001 may have increased the fiscal gap by about $13 trillion, but the main cause of the gap is increasing life expectancy, which raises the cost of Social Security and Medicare. While the fiscal gap can in theory be eliminated at the stroke ...
Dănuţ CHILAREZ; ENE George Sebastian
As economic entities in Romania are still in a relationship of interdependence between the accounting interest and the fiscal one, it makes the application of one or another accounting treatment under different circumstances on the transactions specific to the activity have a certain influence on the information released by the financial statements, but also on the tax bases and hence on the fiscal cost. This article argues that the sustainability and performance of a business requi...
This document contains the US NRC`s accountability report for fiscal year 1997. Topics include uses of funds, financial condition, program performance, management accountability, and the audited financial statement.
Esteban Pérez Caldentey
Full Text Available En la primera mitad de la década de los años treinta los padres fundadores de la escuela de economía de Chicago y John Maynard Keynes en Inglaterra propusieron la puesta en marcha de trabajos públicos para combatir el desempleo y sobreponerse a la Gran Depresión. Frente a la rigidez de los precios de mercado y la impotencia de la política monetaria, la política fiscal contra cíclica pasó a ser vista como una estrategia viable y capaz de atenuar las fases del ciclo económico. A finales de la década tanto los economistas de Chicago como Keynes renunciaron al uso de este tipo de incentivos fiscales. Los economistas de Chicago centraron su rechazo en el potencial inflacionario de la política fiscal expansiva y enfocaron sus preocupaciones hacia los aspectos monetarios de la política fiscal. Por su parte Keynes mantuvo su apoyo a la política fiscal contra cíclica absteniéndose de recomendar los instrumentos que había propuesto anteriormente para combatir las fluctuaciones económicas. Utilizando el marco teórico que desarrolló en la Teoría General (1936, Keynes distinguió entre el presupuesto corriente y el de capital. El presupuesto corriente debía mostrar un equilibrio o un superávit con el fin de financiar el gasto en capital que actuaría como estabilizador del ciclo económico. Keynes distinguió así entre dos conceptos de política fiscal (la política fiscal compensatoria y la política fiscal basada en la programación de los gastos de capital. El segundo tipo de política fiscal, válido bajo la suposición de escasez del factor capital, suponía el rechazo de los instrumentos de estabilización fiscal de corto plazo (trabajos públicos y el uso de los impuestos para alterar los patrones de consumo. Más allá del punto de saturación del capital, la política fiscal podría cambiar su enfásis hacia el consumo y su rol compensatorio.
Can an accrual budgeting system-a system in which budgetary spending authorizations to line ministries are formulated in accrual terms-serve the needs of good fiscal policy? If so, how must such a system be designed? What are the practical challenges which may arise in implementing sound fiscal policy under a budgeting system which is significantly more complex than traditional cash budgeting? These are the primary questions addressed in this paper. Because any budgeting system must support t...
Morar Ioan Dan
Fiscal science advertise in most analytical situations, while the principles reiterated by specialists in the field in various specialized works. The two components of taxation, the tax system relating to the theoretical and the practical procedures relating to tax are marked by frequent references and invocations of the underlying principles to tax. This paper attempts a return on equity fiscal general vision as a principle often invoked and used to justify tax policies, but so often violate...
Governments frequently assist troubled banks. This paper examines the fiscal aspects of such assistance: rationale, design criteria, methods, and macroeconomic implications. It concludes that (1) banks should be assisted only when there is a clear systemic risk; (2) assistance should be tied to a comprehensive restructuring program, minimize fiscal cost, be equitable and transparent, prevent recurrence, and facilitate a sound macroeconomic environment; (3) debt-based assistance will worsen pu...
Geršl, A.; Jašová, M.; Zápal, Jan
Roč. 64, č. 3 (2014), s. 190-212. ISSN 0015-1920 Grant ostatní: UK(CZ) UNCE 204005/2012 Institutional support: PRVOUK-P23 Keywords : dynamic inconsistency * fiscal and monetary policy interaction * independent fiscal council Subject RIV: AH - Economics Impact factor: 0.420, year: 2014 http://journal.fsv.cuni.cz/storage/1298_jasova.pdf
This paper identifies, quantifies, and assesses fiscal risks in Bangladesh. By performing sensitivity analysis and using stochastic simulations, it measures risks arising from shocks to GDP growth, the exchange rate, commodity prices, and interest rates. It also analyzes specific fiscal and institutional risks, such as those related to the pension system, the issuance of guarantees, the state-owned commercial banks, and the external borrowing and debt management strategy. The paper finds that...
Matthes, Christian; Sablik, Timothy
In response to the financial crisis and recession of 2007-09, the federal government enacted a number of emergency fiscal policies intended to aid recovery. These included short-term stimulus measures, such as the American Recovery and Reinvestment Act of 2009, and temporary tax reductions, such as the payroll tax cut in 2010. However, the unconventional and transitory nature of these fiscal policies may have contributed to greater economic uncertainty. Given the slow recovery that has follow...
Darvas, Zsolt M.; Tschekassin, Olga
Europe faces major challenges related to poverty, unemployment and polarisation between the south and the north, which impact adversely the current living conditions of many citizens, and also negatively impact medium- and long-term economic growth. Fiscal consolidation exaggerated social hardship. In vulnerable countries there was no alternative to fiscal consolidation, but in most EU countries and at aggregate EU level, consolidation was premature when the cyclical position of the economy w...
Hayo, Bernd; Neumeier, Florian
The poor state of public finances in many countries has led to calls for fiscal consolidation. In practice, implementing concrete consolidation measures appears to meet with public resistance, suggesting that the success of consolidation efforts strongly depends on the popularity of the chosen measures. To identify public attitudes toward fiscal consolidation and alternative consolidation measures, we conducted a survey among 2,000 German citizens. Applying ordered and multinominal logit mode...
Full Text Available The fraud and fiscal evasion phenomenon generate indisputable negative effects, which are felt directly on the level of fiscal receipts earnings, determining major distortions in the market’s functioning mechanism. If in the European Union, the contribution of the three large tax categories (direct tax, indirect and social contributions in forming revenue are relatively close, in Romania, fiscal and budget revenue are directly dependent on the indirect tax and duties, especially on VAT and various sales taxes. If there is reductions in the fiscal evasion as to what these taxes are concerned, the premises for creating budget resource needed to fund the economic growth are created. In judicial literature, tax evasion is considered as being the logic result of all defects and inadvertencies of an imperfect legislation, of broken application methods, as well as a lack of foreseeing and lack of skill on the law-maker’s side, with their excessive tax system is as guilty as those who contribute in creating it. Regardless of how this phenomenon is defined, fiscal evasion represents the lack of fulfillment by the taxpayer of his fiscal obligation. The field in which tax evasion acts is as widespread as the different taxes, manifesting especially in the direct and indirect taxes, influencing their efficiency.
This report contains the fiscal year budget justification to Congress. The budget provides estimates for salaries and expenses and for the Office of the Inspector General for fiscal years 1994 and 1995
The paper examines fiscal sustainability issues for the case of Eritrea but has wider implications for addressing fiscal and debt sustainability. It begins with a formal definition and explanation of analytical sustainability indicators, followed by an assessment of the causes of fiscal deficits and their impact on the usual indicators of fiscal and external debt sustainability. The paper then goes beyond the usual analytical indicators by attempting to identify how and through which channels...
This paper surveys the recent literature on the political economy of fiscal policy, in particular the accumulation of government debt. We examine three possible determinants of fiscal balances: opportunistic behavior by policymakers, heterogeneous fiscal preferences of either voters or politicians, and budget institutions. We focus on the contributions of the last 10 years and emphasize findings related to developing countries. We include a recent body of literature on the fiscal preferences ...
This paper surveys the recent literature on the political economy of fiscal policy, in particular the accumulation of government debt. We examine three possible determinants of fiscal balances: opportunistic behavior by policymakers, heterogeneous fiscal preferences of either voters or politicians, and budget institutions. We focus on the contributions of the last 10 years and emphasize findings related to developing countries. We include a recent body of literature on the fiscal preferences ...
Daniel Leigh; David Hauner; Michael Skaarup
Rising longevity, falling fertility rates, and the retirement of the baby boom generation will substantially raise age-related government spending in most advanced and many emerging market countries. This paper assesses the evolution of fiscal sustainability for each of the G-7 countries using two standard primary gap indicators. The estimated fiscal adjustment required to ensure long-run fiscal sustainability is substantial for all G-7 countries. In particular, ensuring fiscal sustainability...
Using an optimisation-based model with endogenous labour supply and a proportional tax rate, we compare the stabilising properties of different fiscal policy rules. The economy is affected by shocks from both government spending and technology. The fiscal policy rule can be based on government liabilities or the government budget deficit. As both are given as measures of fiscal policy performance in the Stability and Growth Pact (SGP), we also use a fiscal policy rule based on the combination...
Abstract This paper conducts an empirical investigation of the effects of temporary versus persistent fiscal policy shocks. Using data from the US I show that short lived fiscal expansions have a positive effect on output and consumption; while persistent fiscal shocks generate negative effects on consumption and - to a lesser extent - on output. Persistent fiscal expansions are associated with an increase in precautionary savings, collapse in consumers' confidence and an increase the yield c...
Cristina Aurora BUNEA-BONTAS; Petre, Mihaela Cosmina
Fiscal policy is an important government tool for managing the economy, having the ability to affect the total amount of output produced - GDP. Changes in the level and composition of government spending, taxation or other instruments of fiscal policy have impact on aggregate demand, the pattern of resource allocation, and the distribution of income. The article shows the mechanisms through which fiscal policy stabilizes the business cycle, and the specific requirements for fiscal policy duri...
Stockhammer, Engelbert; Qazizada, Walid; Gechert, Sebastian
The Great Recession 2007-09 has led to controversies around the role of fiscal policy. Academically this has translated into renewed interest in the effects of fiscal policy. Several studies have since suggested that fiscal multipliers are substantially larger in downswings or depressions than in the upswing. In terms of economic policy reactions countries have differed substantially in the fiscal stance. It is an important open question how big the impact of these policies on economic growth...
Production sharing contracts are one of the most popular forms of contractual system used in petroleum agreements around the world, but the manner in which the fiscal terms and contract parameters impact system measures is complicated and not well understood. The purpose of this paper is to quantify the influence of private and market uncertainty in contractual fiscal systems. A meta-modelling approach is employed that couples the results of a simulation model with regression analysis to construct numerical functionals that quantify the fiscal regime. Relationships are derived that specify how the present value, rate of return, and take statistics vary as a function of the system parameters. The deepwater Girassol field development in Angola is taken as a case study. (author)
Full Text Available In this paper I will try to analyze the fiscal policy and to suggest fiscal policy measures as very crucial instrument to market economy during the global financial crisis. Decision makers of monetary and financial policy in Kosovo currently are not under taking significant measures to promote growth and development. Public spending is excessive; the public debt is constantly growing, current account deficit also. In addition unemployment is high, capital investments in public and private sectors are insufficient, as well as investments in science and education. Market infrastructure in Kosovo is not functional and market laws are not enforced. The central government in Kosovo is facing trade of between market liberalization and challenges with public spending. Therefore fiscal policy measures are insufficient and cannot stimulate economic growth.
... 34 Education 2 2010-07-01 2010-07-01 false Fiscal control. 303.125 Section 303.125 Education... DISABILITIES State Application for a Grant Statement of Assurances § 303.125 Fiscal control. The statement must provide assurance satisfactory to the Secretary that such fiscal control and fund accounting...
... 45 Public Welfare 2 2010-10-01 2010-10-01 false Fiscal control. 402.21 Section 402.21 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN... Administration of Grants § 402.21 Fiscal control. (a) Fiscal control and accounting procedures must be...
Aarle, B. van; Garretsen, J.H.; Huart, F.
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules affect t
Martínez Muñoz, Yolanda
Este trabajo aborda el estudio del crowdfunding y su tratamiento fiscal en el sistema español. El notable protagonismo adquirido por este modo de financiación alternativa para proyectos innovadores exige la creación de un marco jurídico adecuado y el establecimiento de un sistema de incentivos fiscales que impulsen su desarrollo. En este sentido, la Ley de fomento de la financiación empresarial establece el régimen jurídico del crowdfunding financiero, dando cobertura legal a esta nueva forma...
Full Text Available Within the public choice framework, it has been argued that decentralised authority over the provision and financing of certain public goods and services induces competitive pressure among different governmental units and consequently reduces the size of government. However, in many countries, fiscal decentralisation seems to have occurred almost exclusively through devolution of expenditure activities, without the accompanying devolution of the tax authority. We address this issue in detail, and discuss the epercussions of the resulting vertical fiscal imbalance on the total size of government. We also discuss alternative, demand-side channels of the influence of fiscal decentralisation on the size of government. In the empirical literature that we review, little consensus on the relationship between fiscal decentralisation and the size of government is reached.
Alesina, Alberto; Favero, Carlo; Giavazzi, Francesco
We show that the correct experiment to evaluate the effects of a fiscal adjustment is the simulation of a multi year fiscal plan rather than of individual fiscal shocks. Simulation of fiscal plans adopted by 16 OECD countries over a 30-year period supports the hypothesis that the effects of consolidations depend on their design. Fiscal adjustments based upon spending cuts are much less costly, in terms of output losses, than tax-based ones and have especially low output costs when they consis...
Dreyer, Johannes Kabderian; A. Schmid, Peter
suggest their dependence on relative GDP and relative GDP growth during crisis periods, an evidence of net fiscal transfers from relatively rich to relatively poor states (redistributive effect) and to states with an underperforming economic development (stabilization effect). The Euro-zone (EZ) lacks a...
Morar Ioan Dan
Full Text Available Fiscal science advertise in most analytical situations, while the principles reiterated by specialists in the field in various specialized works The two components of taxation, the tax system relating to the theoretical and the practical procedures relating to tax are marked by frequent references and invocations of the underlying principles to tax. This paper attempts a return on equity fiscal general vision as a principle often invoked and used to justify tax policies, but so often violated the laws fiscality . Also want to emphasize the importance of devising procedures to ensure fiscal equitable treatment of taxpayers. Specific approach of this paper is based on the notion that tax equity is based on equality before tax and social policies of the executive that would be more effective than using the other tax instruments. I want to emphasize that if the scientific approach to justify the unequal treatment of the tax law is based on the various social problems of the taxpayers, then deviates from the issue of tax fairness justification explaining the need to promote social policies usually more attractive to taxpayers. Modern tax techniques are believed to be promoted especially in order to ensure an increasing level of high efficiency at the expense of the taxpayers obligations to ensure equality before the law tax. On the other hand, tax inequities reaction generates multiple recipients from the first budget plan, but finalities unfair measures can not quantify and no timeline for the reaction, usually not known. But while statistics show fluctuations in budgetary revenues and often find in literature reviews and analysis relevant to a connection between changes in government policies, budget execution and outcome. The effects of inequality on tax on tax procedures and budgetary revenues are difficult to quantify and is among others to this work. Providing tax equity without combining it with the principles of discrimination and neutrality
Full Text Available Placed in the international trend, Romanian accounting had experienced various changes, especially as regards of progress on disconnection between accounting and fiscality. In the present, fiscal rules should not have any role in accounting decisions, because accounting rules are applied to produce accounting information that is useful in making decisions and to provide a "true and fair view" upon financial reality of the entity. However, the barrier in the habit of accounting to thinking for fiscal point of view all economic transactions remains insurmountable, yet. Starting from this perspective on disconnection between accounting and fiscality would mean that amortization recorded in the accounting, as a result of management policy, to be different from fiscality amortization, to calculate income tax. Although formally accepted, disconnect between accounting and fiscality continues to meet many difficulties. In this sense, it is usual in practice to use the same method of amortization for accounting purposes and for fiscal purposes to prevent complications of double track amortization and prevent wandering in the rules in this field. Accounting rule is deliberately eluded in favor of the fiscal rules. This is the reason we proposed to make in this paper a comparative study between norms and rules on accounting and fiscal amortization, paper in which we intend to show the benefits of applying accounting and fiscal rules separately.
While tax harmonization in Europe can be difficult, fiscal coordination is as necessary as it is desirable. Tax competition, however, is the result of international mobility of tax bases, such as companies and financial assets. This mobility was not driven only by technological innovations in transport and telecommunications sectors, but especially the political decisions of liberalization and deregulation. This article addresses the issue of eliminating tax competition through tax base, by a...
This short document summarizes the main changes for 2002 in the French fiscal measures (tax credits, amortization, tariffs, recovery etc..) relative to the petroleum products, the renewable energies, the energy conservation and the alternative vehicles. (J.S.)
This report summarizes the Fiscal Year 2013 Revegetation Assessment by Battelle Energy Alliance, LLC. This assessment was conducted to supplement documentation related to the Storm Water Pollution Prevention Plan for Construction Activities and to ensure that disturbed vegetation and soil at various locations are being restored. This report provides the following information for each site being monitored by the Idaho National Laboratory Environmental Support and Services: Summary of each site Assessment of vegetation status and site stabilization at each location Actions and Resolutions for each site. Six disturbed sites were evaluated for this assessment. One has achieved final stabilization. The remaining five sites not meeting the criteria for final stabilization will be evaluated again in the next fiscal year.
This report summarizes the Fiscal Year 2012 Revegetation Assessment by Battelle Energy Alliance, LLC. This assessment was conducted to supplement documentation related to the Storm Water Pollution Prevention Plan for Construction Activities and to ensure that disturbed vegetation and soil at various locations are being restored. This report provides the following information for each site being monitored by the Idaho National Laboratory Environmental Support and Services: • Summary of each site • Assessment of vegetation status and site stabilization at each location • Actions and Resolutions for each site. Ten disturbed sites were evaluated for this assessment. Six have achieved final stabilization. The remaining four sites not meeting the criteria for final stabilization will be evaluated again in the next fiscal year.
Aldama, Pierre; Creel, Jérôme
This paper introduces a Regime-Switching Model-Based Sustainability test allowing for periodic (or local) violations of Bohn (1998, QJE)’s sustainability condition. We assume a Markov-switching fiscal policy rule whose parameters stochastically switch between sustainable and unsustainable regimes. We demonstrate that long-run fiscal sustainability not only depends on regime-specific feedback coefficients of the fiscal policy rule but also on the average durations of fiscal regimes. Evidence o...
Jaejoon Woo; Elva Bova; Tidiane Kinda; Yuanyan Sophia Zhang
The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes the effects of fiscal policies on income inequality in a panel of advanced and emerging market economies over the last three decades, complemented by a case study of selected consolidation episodes. The paper shows that fiscal...
Libich, Jan; Nguyen, Dat; Stehlik, Petr
The aftermath of the Global financial crisis has seen two types of monetary policy concerns. Some economists (e.g. Paul Krugman) worry primarily about possible deflation caused by a secular stagnation. In contrast, others (e.g. John Taylor) worry about excessively high inflation caused by quantitative easing and monetization of fiscal imbalances. We show that some countries should fear both - deflation in the short term and high inflation in the long term - whereas some countries are unlikely...
Anastasios G. Karantounias with Lars Peter Hansen; Sargent, Thomas J
This paper studies an optimal fiscal policy problem of Lucas and Stokey (1983) but in a situation in which the representative agent's distrust of the probability model for government expenditures puts model uncertainty premia into history-contingent prices. This situation gives rise to a motive for expectation management that is absent within rational expectations and a novel incentive for the planner to smooth the shadow value of the agent's subjective beliefs to manipulate the equilibrium p...
Neyapti, Bilin; Bulut-Cevik, Zeynep Burcu
This paper analyzes the welfare implications of a transfer mechanism in a fiscally decentralized economy where local governments select their tax collection effort to maximize their lifetime utility. We consider a transfer rule that both punishes for the lack of efficiency in tax-collection and compensates for the deviation of pre-tax or transfer income from a target level; in addition, a portion of transfers is considered to be directed towards investment. Simulations of the model's optimal ...
This document offers some marks on the petroleum fiscality in France: the taxes as the 'accises' and the 'TVA', the part of the taxes in the sale price at the service station, the comparison with other countries of Europe, the tax revenues and the Government budget. It provides also marks on the fuels prices formation (margins), the world petroleum markets (supply and demand) and the part of the petroleum companies on the petroleum market. (A.L.B.)
Matthias Burgert; Werner Roeger
Whilst it is generally accepted that a shift of taxation from labour to consumption has positive effects on employment and is growth enhancing, such a policy reform is often not pursued due to equity considerations. In this paper we challenge these considerations by arguing that a fiscal devaluation is a means to shift taxes from labour to all sources of income including income from financial and non-financial wealth. Approaching income from a functional income distribution angle, we focus on...
Alessandro Missale; emanuele bacchiocchi; elisa borghi
EU New Member States must comply with the Stability and Growth Pact (SGP) and the investment requirements implied by the Lisbon Agenda. However, the SGP rules may result in underinvestment or distortions in the allocation of public expenditure. This paper provides new evidence on the effects of debt sustainability and SGP fiscal constraints on government expenditure in fixed capital, education and health in OECD countries by estimating government expenditure reaction functions to public debt ...
Melina, Giovanni; VILLA, Stefania
This paper studies how fiscal policy affects credit market conditions. First, it conducts a FAVAR analysis showing that the credit spread responds negatively to an expansionary government spending shock, while consumption, investment, and lending increase. Second, it illustrates that these results are not mimicked by a DSGE model where the credit spread is endogenized via the inclusion of a banking sector exploiting lending relationships. Third, it demonstrates that introducing deep habits in...
von Hagen, Jürgen
A general feature of national fiscal systems is that they provide buffers against regional fluctuations in output and employment by redistributing income between the different regions of a country. Recent literature in connection with European monetary integration has stressed the insurance aspect of this function: Through the fiscal system, regions obtain insurance against asymmetric shocks. In this paper, we review the literature on risk-sharing through fiscal mechanisms. While consumption ...
Auerbach, Alan J.
To many observers, the current recession provides compelling circumstances for renewed fiscal policy activism. But the strong support for fiscal policy intervention reflects a renewed belief in policy activism that had already appeared before the present crisis. However, the recent debate about possible fiscal policy interventions suggests that we are still relying on the approaches to discretionary policy used in past periods of policy activism. It is not surprising that there have been few ...
Addison, Tony; Murshed, S. Mansoob
Political violence, coup d’état, civil wars and inter-state wars, all have fiscal dimensions (and sometimes fiscal causes). Who gets what—public employment and public spending—and who has to pay for it, are questions that raise fundamental issues about the distribution of society's resources. These can only be resolved peacefully by some form of social contract, resting on the foundation of effective fiscal institutions (systems of public spending and taxation). Accordingly, the paper contras...
Annicchiarico Barbara; Marini Giancarlo
This paper studies the issue of price stability in a continuous time optimizing general equilibrium model with overlapping generations. It is shown that fiscal policy has effects on nominal variables. Fiscal expansions are inflationary even when the government intertemporal budget constraint is respected for any prices sequence and there is no recourse to money financing. Our results shed new light on the interaction between fiscal policy and nominal prices.
The aim of this article is to assess the sustainability of fiscal policy in 18 developing and emerging countries, using the recursive algorithm developed by Croce and Juan-Ramón (2003). In general, the results suggest that most countries were identified as presenting large unsustainable fiscal positions in the period considered, explained basically by primary fiscal deficits. Interestingly, results for Panama suggest no evidence that officially dollarized countries run more pru...
This paper investigates how the feasibility of migration affects governments' optimal fiscal policies. We assume that households migrate towards economies where their welfare is higher, governments choose taxes and public expenditures to maximize a weighted sum of the households' welfare, welfare is increasing in public expenditures, and only distortionary labor income taxes are available. In isolated economies, the optimal fiscal policy implies that some households are net fiscal contributor...
Recently governments, economists, and international financial institutions have been debating the merits of further fiscal stimulus to combat the Great Recession versus fiscal austerity or “adjustment” – that is, higher taxes and/or lower government spending – to combat budget deficits. Some supporters of austerity have gone as far as arguing that fiscal adjustment could restore economic growth. These analyses are being touted to oppose increased stimulus to boost the economy. This paper exam...
Eric M. Leeper; Todd B. Walker
The Great Recession and worldwide financial crisis have exploded fiscal imbalances and brought fiscal policy and inflation to the forefront of policy concerns. Those concerns will only grow as aging populations increase demands on government expenditures in coming decades. It is widely perceived that fiscal policy is inflationary if and only if it leads the central bank to print new currency to monetize deficits. Monetization can be inflationary. But it is a misperception that this is the onl...
To cope with business cycle risks, a government has several fiscal measures at its disposal. First, the government may reduce the economic cost of recession. Second, the government may stimulate GDP in a recession. Furthermore, it is also useful to maintain a boom as long as possible. For each policy option, the government can use both automatic stabilizers and discretionary fiscal policy. Automatic stabilizers prepare business fluctuation risks in advance as a part of fiscal systems. At the ...
Because of the recent dramatic increase in waste production, solid waste management and control have become one of the central issues in environmental policy. In this paper we review alternative fiscal instruments to control the production of residuals by using the benchmark given by the social optimum. Finnally, we apply the model to theoretically evaluate the TARI.
Full Text Available In the last decade the number of independent fiscal institutions (known also as fiscal councils has tripled. They play an important oversight role over fiscal policy-making in democratic societies, especially as they seek to restore public finance stability in the wake of the recent financial crisis. Although common functions of such institutions include a role in analysis of fiscal policy, forecasting, monitoring compliance with fiscal rules or costing of spending proposals, their roles, resources and structures vary considerably across countries. The aim of the article is to determine the degree of independence of such institutions based on the analysis of the independence index of independent fiscal institutions. The analysis of this index values may be useful to determine the relations between the degree of independence of fiscal councils and fiscal performance of particular countries. The data used to calculate the index values will be derived from European Commission and IMF, which collect sets of information about characteristics of activity of fiscal councils.
Hallet, Andrew Hughes; Hougaard Jensen, Svend E.
operated, supported by an effective excess debt protocol. A division of labour between fiscal and monetary policy is proposed, whereby fiscal policy is used for long-term targets and monetary policy for short-term stabilization. We then design a monitoring agency, in the form of a fiscal policy commission......This contribution considers mechanisms for rule-based fiscal policy co-ordination to replace the failed Stability and Growth Pact in the euro area. It argues in favour of soft debt targets as a means of addressing problems caused by excessive debt. It is shown how such targets can be safely...
Full Text Available The main objective of this study is to analyses the fiscal policy conditions in Pakistan; in case of output change ( fiscal responsiveness, effect of last year policy on this year( fiscal persistence and finally fiscal discretion, through a 2SLS method the study period consist of 1972 to 2010. The main finding of the study is government expenditures are more responsive in case Pakistan which is the main cause of this fiscal imbalances and also indicating an unstable fiscal stance.
Vassilis Th. Rapanoss; Georgia Kaplanoglou
There is a growing interest in the role of independent fiscal councils in strengthening the incentives for fiscal discipline and improving fiscal performance. This paper discusses the motivation for the establishment of such councils and draws on the existing literature and the range of fiscal councils in OECD countries to discuss their key functions. In light of the recent fiscal crisis in Greece, the paper examines the potential role of such a council in enhancing fiscal transparency and ac...
Financial Markets Department
Throughout fiscal 2007, the Bank of Japan conducted money market operations with the uncollateralized overnight call rate as the operating target. The target level for the uncollateralized overnight call rate remained at "around 0.5 percent" throughout all of fiscal 2007. During this period, the basic loan rate applied to the complementary lending facility was 0.75 percent.
R.M.W.J. Beetsma; X. Debrun; F.J.G.M. Klaassen
'It is widely argued that Europe's unified monetary policy calls for international coordination of fiscal policy. This paper surveys the issues involved with the coordination of fiscal policies as a demand management tool. We discuss ex-ante and ex-post coordination. The former operates through bind
Full Text Available Taxation system is a necessary evil. Almost the entire world admits its utility, but even necessary as it is, the taxation system remains an evil. Fiscal paradises had been born heavily, but they multiplied quickly. In specialization literature, as well as in juridical and economical literature there are few and modest attempts of analysis of fiscal paradises, although a circumscribing of the area that is covered is not difficult to realize. Every state can be used as fiscal paradises for certain persons on the basis of several taxation agreements that provide an auspicious system for certain types of incomes and investments performed by foreigners in the respective country. There is a multitude of possibilities for the decrease of fiscal overwhelming. A legal possibility is the fiscal scheduling using the offshore companies registered in jurisdictions with fiscal paradise status. Fiscal scheduling through offshore company means the election of that type of company that fits for the purpose and interests of the business. There is also the problem of the election of the best jurisdiction in concordance with the purpose pursued. Fiscal paradises represent the fertile ground for the manipulation of taxation basis of the benefits, through utilization of intermediate transfer prices, having as justifiable basis economical transactions, most of the times simulated transactions. The legality, but most of all the ethics of the techniques used are al least controversial.
... On August 8, 2012, we published a notice in the Federal Register (77 FR 47375) inviting applications... Assistive Technology Alternative Financing Program AGENCY: Office of Special Education and Rehabilitative... Technology (AT) Alternative Financing Program (AFP) in fiscal year (FY) 2012 to make new grant awards in...
Esteban Pérez Caldentey
En la primera mitad de la década de los años treinta los padres fundadores de la escuela de economía de Chicago y John Maynard Keynes en Inglaterra propusieron la puesta en marcha de trabajos públicos para combatir el desempleo y sobreponerse a la Gran Depresión. Frente a la rigidez de los precios de mercado y la impotencia de la política monetaria, la política fiscal contra cíclica pasó a ser vista como una estrategia viable y capaz de atenuar las fases del ciclo económico. ...
Jenifer Nordstrom; Mike Lewis
This report summarizes the Fiscal Year 2010 Revegetation Assessment by Battelle Energy Alliance, LLC. This assessment was conducted to supplement documentation related to the Storm Water Pollution Prevention Plan for Construction Activities and to ensure that disturbed vegetation and soil at various locations are being restored. This report provides the following information for each site being monitored by the Idaho National Laboratory Environmental Support and Services: • Summary of each site • Assessment of vegetation status and site stabilization at each location • Recommendation(s) for each site.
This report summarizes the Fiscal Year 2009 Revegetation Assessment by Battelle Energy Alliance, LLC. This assessment was conducted to supplement documentation related to the Storm Water Pollution Prevention Plan for Construction Activities and to ensure that disturbed vegetation and soil at various locations are being restored. This report provides the following information for each site being monitored by the Idaho National Laboratory Environmental Support and Services: • Summary of each site • Assessment of vegetation status and site stabilization at each location • Recommendation(s) for each site.
Houlberg, Kurt; Holm Pedersen, Lene
It is becoming difficult to maintain consensus in a period of economic austerity, and this possibly challenges the ability of democratic institutions to take decisions on tough economic questions. In order to find out how political consensus influences fiscal outcomes, this article sets out to...... cost, while at the same time politicians may be better at sticking to budgets if political consensus exists. The analysis is based on a pooled regression analysis of the local governments in Denmark in the years 2008 and 2009 using a data set combining survey data with administrative data on the local...
This paper explains the different taxes existing in France for the petroleum products (domestic tax on petroleum products, added-value tax), the share of taxes in the retail price, the differences with other European countries, the French Government fiscal receipts and budget. Some information forms are attached to this document and concern: the formation of fuel prices (upstream, refining and transport-distribution margins), the evolution of annual average transport-distribution margins, some reference data about world petroleum markets (supply and demand, prices, market data), and some reference data about the role of oil companies on the petroleum market. (J.S.)
Full Text Available The conduct of the fiscal administration regarding the simplification and modernization of the systems of statements and payment of tax obligations is a necessary task to improve the relationship between the fiscal administration and the taxpayers, and also to induce efficiency regarding the management of fiscal duties in a single system. Regrouping the collecting of taxes under a single administration by taking over the functions of the social security administration has been the cornerstone of establishing a simplified tax administration. Improving the methods of compulsory enforcement of tax claims, the implementation of the management by objectives and the improvement of performance indicators of the fiscal administration activity, are considered to be the commitment of the fiscal body regarding the process of improving the collection of public financial resources.
Hansen, Sune Welling; Houlberg, Kurt; Holm Pedersen, Lene
basic argument is that the conceptualisation of fiscal management in political science is often too narrow as it focuses on the budget and pays hardly any attention to balances in the final accounts and debts – elements of management which are central to policy making. On this background, the causal......Improved fiscal management is a frequent justification for promoting boundary consolidations. However, whether or not this is actually the case is rarely placed under rigorous empirical scrutiny. Hence, this article investigates if fiscal outcomes are improved when municipalities are merged. The...... relationship between municipal mergers and fiscal outcomes is analysed. Measured on the balance between revenues and expenses, liquid assets and debts, municipal mergers improve the fiscal outcomes of the municipalities in a five-year perspective, although the pre-reform effects tend to be negative. For...
This book contains the following chapters: The Military and Alternative Security: New Missions for Stable Conventional Security; Technology and Alternative Security: A Cherished Myth Expires; Law and Alternative Security: Toward a Just World Peace; Politics and Alternative Security: Toward a More Democratic, Therefore More Peaceful, World; Economics and Alternative Security: Toward a Peacekeeping International Economy; Psychology and Alternative Security: Needs, Perceptions, and Misperceptions; Religion and Alternative Security: A Prophetic Vision; and Toward Post-Nuclear Global Security: An Overview
Nasir Iqbal; Musleh Ud Din; Ejaz Ghani
This study attempts to analyse the impact of fiscal decentralisation on economic growth. It also examines the complementarity between fiscal decentralisation and democratic institutions in promoting growth. The modelling framework is the endogenous growth model augmented with measures of fiscal decentralisation through democratic institutions. To capture the multidimensionality, three different measures of fiscal decentralisation are used. The overall analysis shows that revenue decentralisat...
Haralambie George Alin
Full Text Available This paper presents the tools for carrying out the fiscal budget in Romania. An effective fiscal policy involves increasing budget revenues and reduce their costs of collection. Public expenditure, taxes and debt are tools of fiscal policy to achieve economic stability budget. They are also presented the inter dependencies between fiscal policy and budget.
Edwards, Brian Keith [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Rivera, Michael Kelly [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Boero, Riccardo [Los Alamos National Lab. (LANL), Los Alamos, NM (United States)
This report documents progress made on continued developments of the National Infrastructure Simulation and Analysis Center (NISAC) Computable General Equilibrium Model (NCGEM), developed in fiscal year 2012. In fiscal year 2013, NISAC the treatment of the labor market and tests performed with the model to examine the properties of the solutions computed by the model. To examine these, developers conducted a series of 20 simulations for 20 U.S. States. Each of these simulations compared an economic baseline simulation with an alternative simulation that assumed a 20-percent reduction in overall factor productivity in the manufacturing industries of each State. Differences in the simulation results between the baseline and alternative simulations capture the economic impact of the reduction in factor productivity. While not every State is affected in precisely the same way, the reduction in manufacturing industry productivity negatively affects the manufacturing industries in each State to an extent proportional to the reduction in overall factor productivity. Moreover, overall economic activity decreases when manufacturing sector productivity is reduced. Developers ran two additional simulations: (1) a version of the model for the State of Michigan, with manufacturing divided into two sub-industries (automobile and other vehicle manufacturing as one sub-industry and the rest of manufacturing as the other subindustry); and (2) a version of the model for the United States, divided into 30 industries. NISAC conducted these simulations to illustrate the flexibility of industry definitions in NCGEM and to examine the simulation properties of in more detail.
Full Text Available We have appreciated that this paper can be structured in four chapters that will explain the inevitable negative effects generated by tax and fiscal fraud, which are felt in the level of fiscal revenue, determining major malfunctions in the mechanism of the markets. In the economic reality and in the rise of the tax fraud phenomenon, in the contemporary fiscal doctrine it is stated that the public desiderate of “loyal collaboration between the tax payer and the revenue agency” with the purpose of correctly setting taxes and tariffs and other required fund needed for creating public interest monetary funds. The economic, social and political globalization tendencies of the last decade have stimulated and supported actions relating to eluding the fiscal dispositions, actions which have moved more and more from the center of the national fiscal system towards the exterior, outside the field of action of the national fiscal law. In this regard show that reducing fiscal evasion, allows the creation of budgetary resources, necessary for funds allocation for economical growth. In Romania, one of the basic economic problems is the lack of investment resources allocated, these being the main contributor to economic growth, in which the reduction of fraud and tax evasion is the solution to increase this allocation which can be rated as one of the priority tasks of the state.
Full Text Available Acknowledged by the accounting regulations conform to the European directives inside the alternative assessment norms, the revaluation of tangible assets is also accepted by the International Accounting Standards as an allowed alternative treatment. As there is a real interaction between accountancy and taxation, the present study aims to analyze the fiscal vision on the revaluation, the manner in which the above mentioned accepts the revaluation of tangible assets. It is a known fact that the accounting information is used by the taxation as an object and a support in order to determine and to settle the assessments, the taxes and the contributions. Still, the taxation authority reserves the rights to punctually impose some financial treatments distinct to the accounting rules. This also happens with the revaluation of tangible assets, and this is exactly what we emphasize in the present paper.
The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction and decentralized fiscal policies under the jurisdiction of the member states. The member states` sovereignty in governing their fiscal policies is one of the key causes of the EU fiscal system underde...
Fatih Kaya; Selihan Yilar
Turkey has made significant progress over the last two decades regarding fiscal consolidation and a strong reform of fiscal policy. The highly fragile country of the 1990s, whose primary fiscal concern was to sustain its public finances in the short term, has become a successful transition model. Now the authorities are discussing the adoption of fiscal rules as a new anchor in public finances. A draft Fiscal Rule Law was prepared and submitted to the parliament in 2010. This article examines...
This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of monetary policy setting. Our results qualify existing evidence on systematic fiscal policy in two respects. First, fiscal policy usually stabilises public debt. And there is indeed substantial interact...
Chunli Shen; Jing Jin; Heng-fu Zou
Fiscal decentralization has been a fundamental aspect of China's transition to a market economy; and the country has made substantial efforts to break down its highly centralized fiscal management system with various forms of fiscal contracting systems (1978-1993) and later a tax sharing system (1994-present). The objectives of this paper are to provide a comprehensive review of China¡¯s experience in fiscal decentralization over the last decade, explore the impact of fiscal decentralization ...
IBRAHIM AHMED ELBADAWI; RAIMUNDO SOTO
The 1990s ushered the world not only into a democracy wave, following the collapse of the former Soviet Union, but also into a wave of Fiscal Rules, where the number of countries adopting this fiscal regime steadily rose from only 10 in 1990 to 97 in 2009. Countries that depend on hydrocarbons, in general, tend to suffer from fiscal policies that are highly susceptible to energy price shocks. This provides incentives for implementing fiscal stabilization instruments in the form of fiscal rule...
In the aftermath of the recent financial crisis and recession, governments' actions around the world suggest a non-linear responsiveness of fiscal policy to debt. Additionally, governments are realizing that they face fiscal limits on the size of debt that they can repay. The fiscal limits arise due to distortionary taxation and political will. This paper explores the implications of a non-linear fiscal rule coupled with fiscal limits on solvency crisis. We derive the restrictions on the non-...
Various fiscal considerations frequently encountered in the context of the planning of private electricity production projects were described. Two major themes were discussed: 1) the different jurisdictional vehicles that can be used during the planning of private electricity production projects and the associated fiscal considerations, and 2) the two main fiscal incentives of the Income Tax Act (Canada) which could impact on the financing and operation costs of such a project, namely the accelerated amortization and the possibility of deducting the costs associated to renewable energies and energy savings in Canada. This was a general presentation that did not go into specific details and did not represent a legal opinion. refs
The new EU fiscal framework builds on several overlapping target measures and convergence rules. Thus, it is not clear how strict goals the framework sets for public finances. In this paper we build a simulation framework that solves the minimum fiscal effort under different assumptions on the initial state of the economy and the expected economic conditions during the consolidation. We then use the model to analyze several fiscal consolidations. We find that Germany, France, Spain and Italy ...
This paper discusses the role of fiscal institutions, including budget rules and non-partisan agencies, in enhancing fiscal discipline. A stylized model of fiscal policy illustrates that optimal institutions lack credibility unless the costs to bypass them are sufficiently high. To the extent that the deficit bias is related to electoral uncertainty, complete budgetary transparency and strong democratic accountability suffice to establish credibility. Under incomplete budgetary transparency, ...
Nordstrom, Jenifer [Idaho National Lab. (INL), Idaho Falls, ID (United States)
This report summarizes the Fiscal Year 2014 Revegetation Assessment by Battelle Energy Alliance, LLC. This assessment was conducted to document revegetation efforts at Idaho National Laboratory to ensure that disturbed vegetation and soil at various locations are being restored. This report provides the following information for each site being monitored by the Idaho National Laboratory Environmental Support and Services: • Summary of each site • Assessment of vegetation status and site stabilization at each location • Actions and Resolutions for each site. Five disturbed sites were evaluated for this assessment. Four sites are recommended to be removed from the annual assessment, and one is recommended for continued evaluation. New sites are also identified for future monitoring as part of the annual assessment.
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Sherburne National Wildlife Refuge summarizes Refuge activities during the 2001 fiscal year. The report begins with an introduction...
Social Security Administration — This report contains yearly electronic services data for online applications. This report is updated monthly for the current fiscal year. The report is divided into...
US Fish and Wildlife Service, Department of the Interior — This narrative report for Bombay Hook National Wildlife Refuge outlines Refuge accomplishments during the 1973 fiscal year. The report begins with a Refuge...
Silvia Lăzărescu (Marinescu
Full Text Available In the literature, controversies have arisen concerning the link between accounting and fiscal evasion, which are the object of debates among specialists from different specialized organizations from many countries. Under the term of “creative accounting”, the American and European tax systems have made up an ensemble of accounting mechanisms and also of fiscal manipulation which increased the interest and involvement of the states in the mitigation of such fraud risks and fiscal subterfuges whose percentage in the countries’ GDP varies from 8 to 80%. Starting from the SWOT analysis of tax evasion in the real and underground economy, the specialists of the liberal trades are called to join the fight against fiscal fraud and share their professionalism in creating a real competitive environment characterized by fair play.
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Windom Wetland Management District summarizes activities during the 2000 fiscal year. The report begins with an introduction to the...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Windom Wetland Management District summarizes activities during the 2002 fiscal year. The report begins with an introduction to the...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Windom Wetland Management District summarizes activities during the 2003 fiscal year. The report begins with an introduction to the...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Windom Wetland Management District summarizes activities during the 2001 fiscal year. The report begins with an introduction to the...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Sherburne National Wildlife Refuge summarizes Refuge activities during the 2002 fiscal year. The report begins with an introduction...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Sherburne National Wildlife Refuge summarizes Refuge activities during the 2000 fiscal year. The report begins with an introduction...
Nigel Andrew Chalk; Richard Hemming
The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability (including sustainability indicators), and sustainability and uncertainty. The paper then looks at the way in which fiscal sustainability has been assessed in different types of IMF work. Finally the link be...
Luca Agnello; Guglielmo Maria Caporale; Ricardo M. Sousa
Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization when countries fix their exchange rates and become members of a monetary union; (iii)...
Agnello, Luca; Caporale, Guglielmo Maria; Ricardo M. Sousa
Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization when countries fix their exchange rates and become members of a monetary union; (iii)...
Jorge Martinez-Vazquez; Jameson Boex
The past ten years have been witness to one of the largest experiments in economic history, namely the transition of centrally planned economies to market-based economies. While policy reform in transitional countries has encompassed virtually every sector of the economy, modernization of public sector budgeting practices and fiscal management techniques have been widely recognized as critical to the success of the economic transition experiment. However, the breadth and pace of fiscal manage...
This lecture addresses three related aspects of monetary and fiscal management in Europe and elsewhere. First, I discuss the implications of economic integration for monetary and fiscal policy, especially the narrow focus on low inflation as the main objective of monetary policy. I argue that because inflation springs from several sources, monetary authorities held responsible by law for maintaining low inflation need to exercise their newfound independence by reserving the right to address a...
Gemma ESTRADA; Lee, Sang-Hyop; Park, Donghyun
In recent years, inequality has risen in the region alongside rapid economic growth. The widening income gap strengthens the case for a government response, and fiscal policy is one of the most suitable policy instruments to promote a more equitable society that provides opportunities for all. Developing Asia has trailed other parts of the world in equity-promoting fiscal expenditures, namely education, health care, and social protection, and thus the region needs to do more. Expanding public...
Immigration is a hotly contested policy issue in the United States. Diametrically opposed advocacy groups exchange counterclaims on immigration’s blessings or banes, sometimes with little pretext of objectivity. However, recent decades have also seen a growing body of nonpartisan scholarly analysis of immigration’s fiscal and economic impact in the US. An exploration of such study finds that the preponderance of evidence points to positive net fiscal and economic impacts—albeit modest ones—an...
Parry, Ian W.H.; Laxminarayan, Ramanan; West, Sarah E.
This paper develops and implements an analytical framework for estimating the optimal levels and welfare effects of alcohol taxes and drunk-driver penalties, accounting for externalities and how policies interact with the broader fiscal system. We find that the fiscal component of the optimal alcohol tax exceeds the externality-correcting component under many parameter scenarios and assumptions about revenue recycling; overall, the optimal tax is anything from three to more than ten times the...
MARIANA GURAU; MARIA ZENOVIA GRIGORE
Placed in the international trend, Romanian accounting had experienced various changes, especially as regards of progress on disconnection between accounting and fiscality. In the present, fiscal rules should not have any role in accounting decisions, because accounting rules are applied to produce accounting information that is useful in making decisions and to provide a "true and fair view" upon financial reality of the entity. However, the barrier in the habit of accounting to thinking for...
Jameson Boex; Jorge Martinez-Vazquez; Andrey Timofeev
Many countries around the world are currently engaged in one way or another in policy debates or reforms of their system of intergovernmental fiscal relations. While the policy dynamics vary greatly from country to country, the focus of such reform efforts can generally be categorized into one of the four main dimensions of intergovernmental fiscal relations, namely the assignment of functional responsibilities (expenditure assignments), the assignment of revenue sources, the provision of int...
Most European economies in transition are engaged in public sector reform aimed mainly at replacing the previous fiscal system subordinated to the central plan with a system where fiscal instruments can make a distinct contribution to stabilization, equity, and efficiency. This paper examines past progress and future tasks in major reform areas: taxation, subsidies, social security, public investment, public enterprises, government debt, and intergovernmental relations. An overview of the fis...
Francesco Magris; Giuseppe Russo
Reasons to grant immigration amnesties include the intention to reduce the weight of the informal sector and the attempt to identify employers of undocumented workers. However, it is incontestable that potential fiscal gains are important: tax revenues are crucial in all kinds of amnesties. Nevertheless, over the last 30 years 24% of applications have been rejected. It is still unexplained why governments accept this loss of fiscal base. We argue that applying for amnesty is basically selfinc...
This report contains the Nuclear Regulatory Commission (NRC) fiscal year budget justification to Congress. The budget provides estimates for salaries and expenses and for the Office of the Inspector General for fiscal year 1995. The NRC 1995 budget request is $546,497,000. This is an increase of $11,497,000 above the proposed level for FY 1994. The NRC FY 1995 budget request is 3,218 FTEs. This is a decrease of 75 FTEs below the 1994 proposed level.
Institutions play a fundamental role on the fiscal performance of governments. In the literature of federalism, fiscal institutions are one possible way to control subnational debt that may cause problems in the financial sector and affect a country's macroeconomic stability. This is particular relevant in developing countries where problems of soft-budget constraints at the regional and local level are more common and reliance on market discipline is harder. This paper studies the impact of ...
Georgeta VINTILĂ; Mihaela ONOFREI; Ioana Laura ŢIBULCĂ
Taxation convergence in the European Union has always been a heatedly debated issue, and it has constantly resurfaced to the limelight as more and more fiscal directive proposals are being discussed. The current study is an analysis of the evolution of taxation convergence tendencies within the European Union in recent years, using sigma-convergence and cluster analysis. Our goal is to analyze the fiscal convergence trends in the context of European Union enlargement over the last two decades.
This document reports the results of an applied general equilibrium model built to evaluate the fiscal reform initiative of the Mexican government. Taking public revenues as endogenous and tax rates as exogenous variables, the model incorporates in an explicit manner both the tax structure of the Mexican economy and the oil exporting sector as an important source of government revenue. The results confirm that, to a great extent, the so-called fiscal problem in Mexico stems from a low degree ...
van Wijnbergen, Sweder; van der Kwaak, Christiaan
We investigate the effectiveness of `Keynesian' fiscal stimuli when government deficits and debt rollovers are (possibly partially) financed by balance sheet constrained financial intermediaries. Because financial intermediaries operate under a leverage constraint, deficit financing of fiscal stimulus packages will cause interest rates to rise as private loans are crowded out by government debt in the credit provision channel. This lowers investment and (future) capital stocks, which affects ...
Full Text Available This paper focuses on the analysis of the convergence indicators relative to fiscal area in the EU; subsequent to a description of the main peculiarities of the convergence criteria, the reseach develops a critical analysis on a comparative perspective of the actual values of fiscal convergence indicators registered in EU countries compared with the reference values of the indicators, with emphasis on the differences between emerging and developed countries.
We consider an overlapping generations model in which public spending directly contributes to grow up productivity as Barro (1990) and a government comforts the constant spending-GDP and debtspending ratio rules. We analyse policy effects on fiscal sustainability, growth rate and welfare. This paper gives some remarks as follows: First, we demonstrate that when spending-GDP ratio rises it may be more sustainable fiscal policy. Second, we show analytically that if higher spending-GDP ratio is ...
Farzanegan, Mohammad Reza; Mennel, Tim
We estimate the impact of fiscal decentralization on different indicators of pollution for more than 80 countries from 1970 to 2000. Our cross country estimates show that fiscal decentralization increases pollution. However, higher quality of institutions can limit the destructive environmental effects of decentralization. The empirical results confirm a strand of the literature on decentralization that predicts a “race to the bottom” under federalism. The mitigating effect of good governance...
Rossana Merola; Pérez, Javier J.
The fact that the literature tends to find optimistic biases in national fiscal projections has led to a growing recognition in the academic and policy arenas of the need for independent forecasts in the fiscal domain, prepared by independent agencies, such as the European Commission in the case of Europe. Against this background the aim of this paper is to test: (i) whether the forecasting performance of governments is indeed worse than that of international organizations, and (ii) whether f...
This paper provides a detailed description of fiscal federal relations in Australian. The keystone to those relationships is the application by the Commonwealth Grants Commission of the principle of fiscal equalisation - that each State should be able to provide the same standard of services to its population, if it operates at the same level of efficiency and makes the same effort to raise revenues from its own sources. The Paper pays particular attention to the processes by which this princ...
The main aim of this paper is to examine the impacts of the crisis on fiscal space and government social spending. It also examines the design and implementation of national rescue packages, concentrating in particular on the composition of stimulus packages in terms of social protection and employment measures. This study analyses data from the year 2000 to 2011 in order to find out the Global Crises, fiscal space and national response. In this analysis various secondary sources have been us...
This report contains the Nuclear Regulatory Commission (NRC) fiscal year budget justification to Congress. The budget provides estimates for salaries and expenses and for the Office of the Inspector General for fiscal year 1995. The NRC 1995 budget request is $546,497,000. This is an increase of $11,497,000 above the proposed level for FY 1994. The NRC FY 1995 budget request is 3,218 FTEs. This is a decrease of 75 FTEs below the 1994 proposed level
Full Text Available Taxation convergence in the European Union has always been a heatedly debated issue, and it has constantly resurfaced to the limelight as more and more fiscal directive proposals are being discussed. The current study is an analysis of the evolution of taxation convergence tendencies within the European Union in recent years, using sigma-convergence and cluster analysis. Our goal is to analyze the fiscal convergence trends in the context of European Union enlargement over the last two decades.
Pavlina R. Tcherneva
The paper evaluates the fiscal policy initiatives during the Great Recession in the United States. It argues that, although the nonconventional fiscal policies targeted at the financial sector dwarfed the conventional countercyclical stabilization efforts directed toward the real sector, the relatively disappointing impact on employment was a result of misdirected funding priorities combined with an exclusive and ill-advised focus on the output gap rather than on the employment gap. The paper...
Proponents of fiscal stimulus argue that government spending is needed to replace the private spending normally lost during a recession. Estimates of the so-called fiscal multiplier based on wartime episodes are used to support the proposition that a peacetime intervention can "stimulate" the economy in a desirable manner. The author argues that a wartime crisis is fundamentally different from a peacetime economic crisis. What may be desirable in war is not necessarily so in peace. This is de...
Aizenman, Joshua; Pasricha, Gurnain Kaur
This paper studies the patterns of fiscal stimuli in the OECD countries propagated by the global crisis. Overall, we find that the USA net fiscal stimulus was modest relative to peers, despite it being the epicenter of the crisis, and having access to relatively cheap funding of its twin deficits. The USA is ranked at the bottom third in terms of the rate of expansion of the consolidated government consumption and investment of the 28 countries in sample. Contrary to historical experience, em...
Ghulam Rasool Madni
Full Text Available Fiscal policy has more controversial debate regarding its effectiveness on different macroeconomic activities of an economy. Taxation and government expenditure are two main instruments of fiscal policy. This paper is aimed to analyze and update the effects of different instruments of fiscal policy on inflation in Pakistan economy. The data time span for this study is 1979-2013. The impact of fiscal policy on inflation is analyzed by utilizing the Bounds testing procedure and ARDL approach of co-integration which is a better estimation technique for small sample size. It is found that investment negatively and significantly affect the inflation rate. The outcomes of the study show that both types of taxes (direct and indirect are causing to increase the inflation level while fiscal deficit is also one of the reasons to increase the inflation in the country. The study proposed that government should decrease the level of expenditure to reduce the level of fiscal deficit and investment have to be promoted to decrease the inflation in the country. Furthermore, it is also suggested to decrease the level of taxation for controlling inflation.
During fiscal year 1993, the reserves generated $440 million in revenues, a $33 million decrease from the fiscal year 1992 revenues, primarily due to significant decreases in oil and natural gas prices. Total costs were $207 million, resulting in net cash flow of $233 million, compared with $273 million in fiscal year 1992. From 1976 through fiscal year 1993, the Naval Petroleum and Oil Shale Reserves generated $15.7 billion in revenues for the US Treasury, with expenses of $2.9 billion. The net revenues of $12.8 billion represent a return on costs of 441 percent. See figures 2, 3, and 4. In fiscal year 1993, production at the Naval Petroleum and Oil Shale Reserves at maximum efficient rates yielded 25 million barrels of crude oil, 123 billion cubic feet of natural gas, and 158 million gallons of natural gas liquids. The Naval Petroleum and Oil Shale Reserves has embarked on an effort to identify additional hydrocarbon resources on the reserves for future production. In 1993, in cooperation with the US Geological Survey, the Department initiated a project to assess the oil and gas potential of the program`s oil shale reserves, which remain largely unexplored. These reserves, which total a land area of more than 145,000 acres and are located in Colorado and Utah, are favorably situated in oil and gas producing regions and are likely to contain significant hydrocarbon deposits. Alternatively the producing assets may be sold or leased if that will produce the most value. This task will continue through the first quarter of fiscal year 1994.
During fiscal year 1993, the reserves generated $440 million in revenues, a $33 million decrease from the fiscal year 1992 revenues, primarily due to significant decreases in oil and natural gas prices. Total costs were $207 million, resulting in net cash flow of $233 million, compared with $273 million in fiscal year 1992. From 1976 through fiscal year 1993, the Naval Petroleum and Oil Shale Reserves generated $15.7 billion in revenues for the US Treasury, with expenses of $2.9 billion. The net revenues of $12.8 billion represent a return on costs of 441 percent. See figures 2, 3, and 4. In fiscal year 1993, production at the Naval Petroleum and Oil Shale Reserves at maximum efficient rates yielded 25 million barrels of crude oil, 123 billion cubic feet of natural gas, and 158 million gallons of natural gas liquids. The Naval Petroleum and Oil Shale Reserves has embarked on an effort to identify additional hydrocarbon resources on the reserves for future production. In 1993, in cooperation with the US Geological Survey, the Department initiated a project to assess the oil and gas potential of the program's oil shale reserves, which remain largely unexplored. These reserves, which total a land area of more than 145,000 acres and are located in Colorado and Utah, are favorably situated in oil and gas producing regions and are likely to contain significant hydrocarbon deposits. Alternatively the producing assets may be sold or leased if that will produce the most value. This task will continue through the first quarter of fiscal year 1994
Alejandro Villagómez; Alejandro Castañeda
This paper deals with the fiscal implications of a stabilization fund that allows for a stable consumption over time, in particular in the case of an oil producing and exporting country like Mexico. We present a model of optimal fiscal policy in the context of a country with important revenues generated by an exhaustible resource such as oil.
Roellke, Christopher, Ed.; Rice, Jennifer King, Ed.
This volume focuses on school finance challenges in large urban school districts, fiscal accountability in these schools, and the fiscal dimensions of urban school reform. The 12 papers are (1) "School Finance and Urban Education Reform" (Christopher Roellke and Jennifer King Rice); (2) "Can Whole-School Reform Improve the Productivity of Urban…
Full Text Available : The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction and decentralized fiscal policies under the jurisdiction of the member states. The member states` sovereignty in governing their fiscal policies is one of the key causes of the EU fiscal system underdevelopment, i.e. its indigent structure in relation to “standard fiscal systems”.
Sartori, P.; D' Angelo, E.
The energy surcharge policies of various developed countries are compared for different types of fossil fuels, and for electric power. This analysis is followed by a critical evaluation of the positions taken by renown fiscal policy strategists and of the impacts of fiscal policies on overall economic and energy policies. With regard to the planned European Common Market, the question of fiscal policy harmonization is examined in detail, and a look is given at the probable impacts upon Italy's energy system. An analysis of the role of Italian institutions leads to the assertion that there exists a strict correlation between the nation's fiscal system and energy policy, and that economic problems appear to override those which are purely of a technical nature in the creation of a sound fiscal policy.
Full Text Available The judicialization of politics, or alternatively, politization of the judiciary has been much discussed over the last twenty years. Despite this, the way judges influence fiscal policy outcomes remains, to a large extent, unexplored. This paper attempts, at least partially, to fill this research gap. A judicial (constitutional review constitutes the central element of the current analysis since it is considered as a key institutional device through which Constitutional (Supreme Courts intervene in politics, including public finance. Specifically, this paper seeks to investigate empirically whether there is any systematic pattern according to which judges executing judicial review shape fiscal outcomes. The conceptual framework is based on the strategic interaction model and the assumption that the Constitutional Courts reflect public opinion (i.e. the Court as a majoritarian institution. Some preliminary results for a panel of 24 EU countries in the period 1995–2005 suggest that a strong judicial review correlates with a smaller size of government, measured as government income to GDP.
Full Text Available One of the problems yet to be solved in a satisfactorily manner in Romania is the decentralisation of the public administration. In general, by decentralisation we understand the separation of the central decision from the local (or regional decision based on the principle of subsidiarity. In our opinion, The National Agency for Fiscal Administration should function, in a decentralised manner, meaning outside of the Ministry of Public Finances. In support of this statement we will present two modules or arguments: a wewill first debate on the matter of public administration decentralisation; b second, we will debate in favour ofthe institutional separation of ANAF from the Ministry of Public Finances. Objectives: Implementation of concrete desire for decentralization of public administration; Identification of conceptual distinctions, structural and functional development of tax policy and administration of fiscal policy. Prior work: Assessment of net tax burden; Phillips curve assessment for Romania; Automatic fiscal stabilizers; Sustainability of fiscal policy. Approach: Logical analysis of the concepts involved in the study; Highlighting the distinctions of semantic and pragmatic nature of the concepts involved in the study. Results: decisive arguments concerning the desirability of the structural separation of the fiscal policy from the fiscal administration. Implications: providing arguments for a separation of fiscal policy decision to tax administration; a collection efficiency of budgetary obligations. Potential beneficiaries : The Ministry of Finance; the National Agency for Fiscal Administration; the Government of Romania; the Ministry ofInternal Affairs and Administration. Value: Contributions from conceptual nature: semantic separation of fiscal policy from tax administration; from methodological nature: demonstrating scientific research force of un application logic analysis method; from empirical nature: demonstrating the need
Full Text Available The paper presents evolution of the European Union fiscal system creation process as well as outlines problems in functioning thereof that have arisen during recent years and the main reforming (modification trends. The analysis is primarily focused on creation of the fiscal union within the EU. In this regard, the idea of two different groups of countries moving to the common goal at different paces is becoming ever increasingly much-talked-about in the EU. The first group comprises donor countries that adhere to all treaties and fiscal discipline, while demonstrating respective positive macroeconomic indicators. The second group implies countries of Euro-periphery, where the above processes take place along with significant complications or do not occur at all. In these countries Eurosceptic positions are also quite strong, which often leads to taking measures contrary to the jointly adopted decisions. Currently, there is no clear understanding within the EU as to which way out of the crisis should be taken. However, profound understanding of the crisis causes and active work on preparation and implementation of measures to overcome the negative effects of this crisis suggest availability of sufficiently favorable prospects for further development of the EU fiscal system (including formal creation of the Fiscal Union. Based on the conducted analysis conclusions have been made as to potential vectors of action aimed at improving EU fiscal system, while specific recommendations on actions to be taken by Ukraine have been developed (particularly, as regards budget forecasting and planning with the purpose of harmonizing Ukrainian financial institutions and mechanisms with the EU fiscal system.
Full Text Available The global crisis interacted heavily with fiscal policy in the run-up to the crisis, during the crisis and now in the recovery phase. Contrary to the general consensus, the paper argues that in the run-up to the crisis, fiscal policy in the advanced economies and China substantially contributed to the propagation of the global imbalances, while at the same time it reduced the fiscal space that was available to the advanced countries when the crisis occurred. On the policy response during the crisis, the paper suggests that the discretionary relaxation was a mixed blessing at best: appropriate to some extent in countries that entered the crisis with solid fiscal and current account positions, but much less, if at all, in other countries, particularly those that faced problems of public debt sustainability. Even letting the automatic stabilizers operate fully was not an option for countries in a weak fiscal position, particularly in light of the substantial downward revisions in the potential GDP level and growth rates. Looking ahead, the large deterioration in the public debt ratios resulting from the crisis will slow down output growth in the advanced economies, while also requiring painful fiscal adjustment. Emerging market economies, in general, did better in the crisis than the advanced economies, but in most of the post-transition European economies, the effects of the crisis were amplified by the pronounced external imbalances at the outset of the crisis. A majority of European post-transition countries will, therefore, also face substantial fiscal challenges in the period ahead.
Rowe, M.S.; Cohen, A.; Greenberg, D.; Seubert, L.; Kuper, J.B.H.
This report highlights Brookhaven National Laboratory`s activities for fiscal year 1991. Topics from the four research divisions: Computing and Communications, Instrumentation, Reactors, and Safety and Environmental Protection are presented. The research programs at Brookhaven are diverse, as is reflected by the nine different scientific departments: Accelerator Development, Alternating Gradient Synchrotron, Applied Science, Biology, Chemistry, Medical, National Synchrotron Light Source, Nuclear Energy, and Physics. Administrative and managerial information about Brookhaven are also disclosed. (GHH)
Rowe, M.S.; Cohen, A.; Greenberg, D.; Seubert, L.; Kuper, J.B.H.
This report highlights Brookhaven National Laboratory's activities for fiscal year 1991. Topics from the four research divisions: Computing and Communications, Instrumentation, Reactors, and Safety and Environmental Protection are presented. The research programs at Brookhaven are diverse, as is reflected by the nine different scientific departments: Accelerator Development, Alternating Gradient Synchrotron, Applied Science, Biology, Chemistry, Medical, National Synchrotron Light Source, Nuclear Energy, and Physics. Administrative and managerial information about Brookhaven are also disclosed. (GHH)
This report highlights Brookhaven National Laboratory's activities for fiscal year 1991. Topics from the four research divisions: Computing and Communications, Instrumentation, Reactors, and Safety and Environmental Protection are presented. The research programs at Brookhaven are diverse, as is reflected by the nine different scientific departments: Accelerator Development, Alternating Gradient Synchrotron, Applied Science, Biology, Chemistry, Medical, National Synchrotron Light Source, Nuclear Energy, and Physics. Administrative and managerial information about Brookhaven are also disclosed
García-Cicco, Javier; Kawamura, Enrique
This paper evaluates from a welfare perspective three policy alternatives for dealing with Dutch disease problems originating from cyclical movements in commodity prices: fiscal rules for government expenditures, capital controls, and taxes on domestic lending. A DSGE model of a small open economy is developed, with a sectoral decomposition that features three distinctive characteristics: financial frictions, a learning-by-doing externality in the industrial sector, and a fraction of househol...
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The latest technologies are used not only in business, considered the most dynamic field of activity, but also in Governmental strategies of interaction with the civil society and the business environment. The governmental functional and technological requirements created new concepts and approaches of electronic business (G2G, G2B, and G2C. In Romania, the Ministry of Communications and Information Technology was the trend setter. It developed a large number of proofs of concept and pilot projects covering a wide area of services that needed to evolve electronically. Together with the Ministry of Public Finance, it defined the requirements and specifications for DECWEB, the programme that allows companies to submit their fiscal statements via Internet.
DECWEB system is a keystone programme for the Ministry of Public Finance on its way towards moving administration and services for society to information age. Highly awarded, the first DECWEB initiative was a successful proof of concept and it needed to be upgraded to a new professional version with extended functionalities, higher flexibility and advanced security mechanisms. This paper describes the DECWEB project and how technology and professional services enhanced Governmental activities, why the project was such a success and how it will evolve.
Full Text Available The latest technologies are used not only in business, considered the most dynamic field of activity, but also in Governmental strategies of interaction with the civil society and the business environment. The governmental functional and technological requirements created new concepts and approaches of electronic business (G2G, G2B, and G2C. In Romania, the Ministry of Communications and Information Technology was the trend setter. It developed a large number of proofs of concept and pilot projects covering a wide area of services that needed to evolve electronically. Together with the Ministry of Public Finance, it defined the requirements and specifications for DECWEB, the programme that allows companies to submit their fiscal statements via Internet. DECWEB system is a keystone programme for the Ministry of Public Finance on its way towards moving administration and services for society to information age. Highly awarded, the first DECWEB initiative was a successful proof of concept and it needed to be upgraded to a new professional version with extended functionalities, higher flexibility and advanced security mechanisms. This paper describes the DECWEB project and how technology and professional services enhanced Governmental activities, why the project was such a success and how it will evolve.
Osvaldo Larrañaga; Jorge Marshall
This paper studies the effect of external shocks on fiscal policy in the developing economies. Following a survey of recent experiences regarding fiscal responses to external shocks the paper offers a basic analytical framework to analyze the issue. The c
Ambriško, Róbert; Babecký, J.; Ryšánek, J.; Valenta, V.
Roč. 44, January (2015), s. 350-357. ISSN 0264-9993 Institutional support: PRVOUK-P23 Keywords : Bayesian estimation * fiscal multipliers * fiscal policy Subject RIV: AH - Economics Impact factor: 0.827, year: 2014
Busato, Francesco; Chiarini, Bruno; Rey, Guido M.
This paper studies equilibrium effects of fiscal policy disturbances within a dynamic general equilibrium model where tax evasion and underground activities are explicitly incorporated. There are three mainresults. (i) The underground sector mitigates the distortionary impact of fiscal policies, ...
Bureau of Land Management, Department of the Interior — This table contains the total number of new leases, by state, issued by the BLM during each fiscal year. Leases issued over the course of a fiscal year may or may...
Ferreiro Jesús; Gómez Carmen; Serrano Felipe
The paper analyses the mistakes made in the management of the fiscal policy in Spain before the crisis. The authors argue that the low size of the public expenditures, the adoption of a procyclical expansionary fiscal policy the years before the crisis, and the lack of a correct coordination between the Spanish fiscal policy and the ECB’s monetary policy, are key elements to understand the depth and length of the economic crisis and the current high fiscal imbalances in Spain.
Mauricio Villafuerte; Rolando Ossowski; Theo Thomas; Paulo A. Medas
Oil-producing countries have benefited from rising oil prices in recent years. The increase in oil exports and oil revenues has had major implications for these countries. These developments have revealed how governments manage their fiscal policies in light of changing oil-market conditions and the role of special fiscal institutions (SFIs). In this Occasional Paper, IMF experts examine the fiscal response of oil-producing countries to the recent oil boom and the role of SFIs in fiscal manag...
The lack of fiscal discipline is one of the most pressing issues in the framework of various economic systems today. The consequences of the global economic crisis have shown all the weaknesses of measures and mechanisms in terms of decision-making in fiscal policy. This problem can be seen now in almost every country. The problem of inadequate implementation of fiscal policy and the maintenance of fiscal discipline is reflected in the fact that their conse...
Bhatt, Antra; Scaramozzino, Pasquale
This paper examines the relationship between federal transfers and fiscal deficits in India. The system of federal transfers has been criticized on the grounds that it distorts the incentives for states to promote fiscal discipline. We analyze the relationship between transfers, state domestic product, and fiscal deficit for a panel of states during the period 1990–2010. The paper finds a positive long-run relationship and bi-directional causality between primary/gross fiscal deficits and non...
The aim of this study is defining and finding fiscal politics in the function of the development of our economy in this transition phase as well as identifying the fiscal measures to overpass the existing difficulties within future development framework of the country. The paper contains very important data regarding the level of economic charges with taxes, comparison of fiscal charge of some important economies of Europe and world with fiscal charges of our economy. General conclusion from ...
Hussin Abdullah; Muszafarshah Mohd Mustafa; Jauhari Dahalan
Fiscal sustainability has become a prominent issue in developing countries, and fiscal sustainability assessments have become an increasingly demanded component of macroeconomic analysis. Unfortunately, there is no single basic source of information on fiscal sustainability. Country economists who are new to fiscal sustainability analysis could rely on sample work by other economists and could delve into scattered journal articles for the theoretical background. This paper focuses on a partic...
Full Text Available It can be observed, that the member states of the European Union were guided to implement some reforms in the domain of fiscal politics, the aim of which would constitute in fighting and eliminating the damaging fiscal competition, of the differences regarding to indirect fiscality, etc. Without this political fiscal instrument coordinated by the members of the European Union, the free traffic of capitals could be transformed into a determinant factor of the cross-border fraud.
R. Beetsma; Bovenberg, A.L.
We show that, with benevolent policymakers and fiscal leadership, monetary unification reduces inflation, taxes and public spending. These disciplining effects of a monetary union, which rise with the number of fiscal players in the union, are likely to raise welfare. Joining an optimally designed monetary union is particularly attractive if fiscal authorities do not care about inflation. Fiscal coordination offsets the disciplining effects of monetary unification. Hence, subsidiarity in fisc...
Aaron Tornell; Andres Velasco
In recent years the conventional wisdom has held that fixed rates provide more fiscal discipline than do flexible rates. In this paper we show that this wisdom need not hold in a standard model in which fiscal policy is endogenously determined by a maximizing fiscal authority. The claim that fixed rates induce more discipline stresses that sustained adoption of lax fiscal policies must eventually lead to an exhaustion of reserves and thus to a politically costly collapse of the peg. Hence, un...
Rr. Sita Dewi Kusumaningrum
Abstract: Link of Fiscal Decentralization to Poverty Reduction: Indonesian Context. It is identified from the literature studies that there are links between fiscal decentralization and poverty reduction. However, the links occurs in different ways among countries and local governments. This is a preliminary study which aims at observing the potential link pattern of fiscal decentralization to poverty reduction in Indonesian provinces before and in the period of fiscal decentralization implem...
Laurence S. Seidman; Kenneth A. Lewis
This study distinguishes between temporary fiscal stimulus to combat a recession and two other debt-raising policies: financial bailouts and spending on Medicare, Medicaid, and Social Security. Two striking conclusions emerge from our simulations of the impact of a temporary fiscal stimulus on the economy. First, the fiscal stimulus effectively mitigates the recession. Second, debt as a percentage of GDP is only slightly greater with the fiscal stimulus than it would be without the stimulus.
Højbjerg Jacobsen, Rasmus; Nielsen, Søren Bo; Sørensen, Anders
This article argues that the "fiscal trilemma"-the tension between sufficient revenue and long-run fiscal sustainability on one side; medium- to long-run growth opportunities on the other; and progressivity and avoidance of inequality on the third side-is very much present in Denmark. We provide an...... overview of main features of the Danish tax system; the state of fiscal balances in the short and longer run; growth and productivity developments; and the extent of inequality in the Danish society. Thereafter, we go into details with reforms and changes in the tax system over the last twenty-five years...... and diagnose main problem areas. We argue that the tax reform carried in Parliament on September 13, 2012, does not pass a "trilemma test"; that is, it is in conflict with at least one of the three key considerations. Finally, we put forth reform elements that should improve the system...
The budget estimates for the NRC for fiscal year 1990 provide for obligations of $475,000,000, to be funded in total by two new appropriations---one is NRC's Salaries and Expenses appropriation for $472,100,000 and the other is NRC's Office of the Inspector General appropriation of $2,900,000. Of the funds appropriated to the NRC's Salaries and Expenses, $23,195,000 shall be derived from the Nuclear Waste Fund. The sum appropriated to the NRC's Salaries and Expenses shall be reduced by the amount of revenues received during fiscal year 1990 from licensing fees, inspection services, other services and collections, and from the Nuclear Waste Fund, excluding those moneys received for the cooperative nuclear safety research program, services rendered to foreign governments and international organizations, and the material and information access authorization programs, so as to result in a final fiscal year 1990 appropriation estimated at not more than $292,155,000
Ana Grdović Gnip
Full Text Available This paper investigates fiscal multipliers in Croatia in the period 1996Q1-2011Q4. For this purpose, a Blanchard Perotti three variable baseline SVAR is employed as a no regime-switch model, along with a four variable baseline STVAR as a regime-switch model. Results show that during recessions fiscal multipliers in Croatia tend to be much larger and move in line with Keynesian assumptions, i.e. a positive government spending shock increases output, private consumption and private investment, while oppositely a positive tax shock worsens the same macroeconomic variables. Moreover, during recession times government spending for purchases of goods and services seems to be the most effective fiscal instrument for boosting economic activity.
Rafiq, Sohrab; Zeufack, Albert
This paper explores the stabilisation properties of fiscal policy in Malaysia using a model incorporating nonlinearities into the dynamic relationship between fiscal policy and real economic activity over the growth cycle. The paper also investigates how output multipliers for government purchases may alter for different components of government spending. The authors find that fiscal polic...
... 42 Public Health 4 2010-10-01 2010-10-01 false Contracts with fiscal agents. 434.10 Section 434.10 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES... following options, if the fiscal agent or the fiscal agent's subcontractor has a proprietary right...
... 42 Public Health 4 2010-10-01 2010-10-01 false Costs under fiscal agent contracts. 434.76 Section... (CONTINUED) MEDICAL ASSISTANCE PROGRAMS CONTRACTS Federal Financial Participation § 434.76 Costs under fiscal agent contracts. Under each contract with a fiscal agent— (a) The amount paid to the provider of...
Full Text Available This paper tries to evaluate the situation of the fiscal revenues in Romania in the context of economic and financial crisis, because the fiscal revenues are the major source of financing the public expenditure. The evolution of the level of fiscal revenu
This annual report of the Alternative Fuel Transportation Program, which ensures compliance with DOE regulations covering state government and alternative fuel provider fleets pursuant to the Energy Policy Act of 1992 (EPAct), as amended, provides fleet compliance results for manufacturing year 2014 / fiscal year 2015.
Isabel Rial; Leonardo Vicente
Este documento analiza la historia de 30 años de vulnerabilidad fiscal (VF) en Uruguay desde una perspectiva global. Luego de discutir el marco conceptual propuesto, basado en Hemming y Petrie (2000), se construye una serie de indicadores que intentan captar las distintas fuentes de vulnerabilidad: la posición fiscal inicial, exposición al riesgo de corto plazo derivado del entorno macro-financiero, riesgos inherentes a la sostenibilidad de la política fiscal en el mediano y largo plazo y deb...
It is often claimed that the introduction of the EU rules-based fiscal framework of the Maastricht Treaty and the Stability and Growth Pact was responsible for a decline in public investment shares in EU countries. Proposals have also been made in recent times in favour of a revision of the EU fiscal framework in such a way to grant special treatment to public capital expenditures (e.g., by amending it with a â€˜golden rule'). This paper analyses empirically the relation between the introduct...
Full Text Available Accounting should provide a representation of the economic reality of an economic entity. But what is the economic reality and how we might quantify? By choosing different policies, "economic reality" has different faces. Can we say that one of these faces is wrong, false? We think not. This paper is a part of the research from the field regarding the relationship between accounting and taxation, field that I approached in several papers. We conducted our approach starting from the evidence that in Romania still exist a dependence of accounting from fiscality. This is maintained from specialists in accounting who prefer to choose accounting policies in accordance with the fiscal rules.
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele
Allowing habits to be formed at the level of individual goods - deep habits - can radically alter the fiscal policy transmission mechanism as the counter-cyclicality of mark-ups this implies can result in government spending crowding-in rather than crowding-out private consumption in the short run. We explore the robustness of this mechanism to the existence of price discrimination in the supply of goods to the public and private sectors. We then describe optimal monetary and fiscal policy in...
Afonso, António; Jalles, João Tovar
We use SURE estimation methods to assess the link between prices, bond yields and the fiscal behavior. A first equation determines the country-specific cost of government financing via the long-term government bond yield, as a function of budget balance positions. A second equation links the price level to the cost of government financing. Our results for 15 EU countries in the period 1980Q1-2013Q4, show that: improvements in the fiscal stance lead to persistent falls in sovereign yields; hig...
Daniele Franco (editor)
The volume collects the essays presented at the 12th Workshop on Public Finance organised by Banca d'Italia in Perugia on 25-27 March 2010. The workshop focused on the implications for fiscal policy analysis of the 2008-09 recession, the most severe at global level since the Great Depression. Session 1 examined the lessons of the crisis for the role of automatic stabilisers and discretionary fiscal policy. Session 2 investigated the effects of policy actions on the economy. Section 3 consider...
Full Text Available As it encountered a fiscal event (budget liquidity crisis in 2009, Romania should have proceeded to one of the most ambitious fiscal correction in the last 30 years in EU. Nevertheless, the absence of vision regarding the increase in quality of the fiscal adjustment is obvious. The fiscal correction made until now has rather been a quantitative one, falling within certain strictly numerical targets. In this paper, we present a series of signals arguing for the necessity to increase the fiscal quality. Moreover, we propose a few immunization mechanisms of the Romanian economy against the contagion of the current uncertainty in the Euro area or against the future crises.
Joseph W. Gruber; Steven B. Kamin
We examine the impact of fiscal positions, both the level of debt and the fiscal balance, on long-term government bond yields in the OECD. In order to control for the endogenity of fiscal positions to the business cycle we utilize forward projections of fiscal positions from the OECD's Economic Outlook. In a panel regression over the period from 1988 to 2007, we find a robust and significant effect of fiscal performance on long-term bond yields. Our estimates imply that the marginal effect of...
Gunter Coenen; Roland Straub; Mathias Trabandt
How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of the European Central Bank’s New Area-Wide Model with a rich specification of the fiscal sector. A detailed modeling of the fiscal sector and the incorporation of as many as eight fiscal time series ap...