CONSTITUTIONAL ECONOMICS, FISCAL POLICY RULES, ANDTHECASE OF TURKEY

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Osman Nuri ARAS

2011-07-01

Full Text Available Discretionary fiscal policies have arisen because of dominant Keynesianeconomic policies from 1930’s to 1970’s. Public expenditures intensively andexcessively increased in order to ensure macroeconomic stability during thisperiod. Many countries faced the emergence of macroeconomic problems such asaffectively using public resources, budget deficitand inflation. As a result,Keynesian economic policies and the stagnation experienced in following highinflation years have faced economies with stagflation process in the 1970’s.However, Keynesian approach did not solve the problem. Therefore, neweconomic approaches developed for solving the problem. One of the neweconomic approaches was Constitutional Economic Theory. The theory includeseconomic policy rules including fiscal rules as well as monetary rules.Fiscal rules have been one of the main stabilization tools in obtaining budget andpublic finance balance. Many countries have implemented specific fiscal policyrules to struggle with economic instabilities, budget deficits and public financialimbalances.A specific form of fiscal policy rule has been started to implement in Turkey since1999. Several fiscal policy rules have been adoptedin Turkey’s public financialmanagement system as part of the economic program which was conducted withthe collaboration of IMF since 1999. These rules are called as implicit fiscalpolicy rules. These fiscal rules have become a draft legal text in 2010 as “FiscalRule Draft Law”. Although the fiscal rule was planned to start the application period as of 2011, it is delayed to fiscal year 2012 because of some economicreasons

45 CFR 302.14 - Fiscal policies and accountability.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 2 2010-10-01 2010-10-01 false Fiscal policies and accountability. 302.14 Section... HUMAN SERVICES STATE PLAN REQUIREMENTS § 302.14 Fiscal policies and accountability. The State plan shall provide that the IV-D agency, in discharging its fiscal accountability, will maintain an accounting system...

Impact of Monetary Policy and Fiscal Policy on Indonesian Stock Market

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Rossanto Dwi HANDOYO

2015-05-01

Full Text Available This paper attempts to investigate the effect of fiscal and monetary policy on Indonesian Stock price as well as main sectors stock price such as agricultural, mining, manufacture, and financial sector indexes. We consider the world oil price as a foreign variable that will influence domestic economy as in regular small open economy model. In this paper, we employ the Monte Carlo algorithm to Near-SVAR models (If some of the VAR equations have regressors not included in the others. We find that there is a positive stock price response to monetary policy shock both aggregated and sectoral stock price. In term of interaction between fiscal policy shock and stock market, we find that all sectors respond negative relationship. From this empirical finding, fiscal policy crowd out private sector activity in market, thus, its effect will be impotent in economy. We also provide the evidence that not only both policies are able to influence the stock price individually, but also the interaction between monetary and fiscal policy is important in explaining stock market performance.

Equilibrium Implications of Fiscal Policy with Tax Evasion

DEFF Research Database (Denmark)

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......, while lesseningthe drop (and the rise) of aggregate production after restrictive (expansionary) tax shocks. (ii) Taxevasion and underground economy can rationalize expansionary response to contractionary fiscal policies;(iii) A dynamic general equilibrium with tax evasion gives a rational justification...

the fiscality, tool of an energy policy

International Nuclear Information System (INIS)

2001-12-01

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.)

Fiscal policy, inequality, and the poor in the developing world

OpenAIRE

Lustig, Nora

2016-01-01

Using comparable fiscal incidence analysis, this paper examines the impact of fiscal policy on inequality and poverty in 25 countries for around 2010. Success in fiscal redistribution is driven primarily by redistributive effort (share of social spending to GDP in each country) and the extent to which transfers/subsidies are targeted at the poor and direct taxes targeted at the rich. While fiscal policy always reduces inequality, this is not the case with poverty. Fiscal policy increases pove...

Does the Credible Fiscal Policy Support the Prices Stabilization?

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Kuncoro Haryo

2015-06-01

Full Text Available This paper aims at analyzing the co-movement between fiscal policy and monetary policy rules in the context of price stabilization. More specifically, we observe the potential impact of fiscal policy credibility on the price stabilization in the inflation targeting framework. Motivated by the fact that empirical studies concerning this aspect are still limited, we take the case of Indonesia over the period 2001-2013. Based on the quarterly data analysis, we found that the impact of credibility typically depends on characteristics of fiscal rules commitment. On one hand, the credibility of debt rule reduces the inflation rate. In contrast, the incredible deficit rule policy does not have any impact on the inflation rate and therefore does not support to inflation targeting. Given those results, we conclude that credibility matters in stabilizing price levels. Accordingly, those findings suggest tightening coordination between monetary and fiscal policy to maintain fiscal sustainability in accordance with price stabilization policy

Is the Fiscal Policy of the Czech Republic Pro-cyclical?

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Martin Rolák

2015-01-01

Full Text Available The main goal of this paper is to analyse whether the fiscal policy of the Czech Republic is anti-cyclical. This analysis is carried out through decomposing the government’s balance into its cyclical and structural part. The first differences of the structural part are then put in relation to the output gap to determine whether the fiscal policy is pro- or anti-cyclical. Moreover, the correlation of government expenditures and revenues with the business cycle is also subject of our analysis. We also examine whether the fiscal rules which the Czech Republic would have to adhere to once it enters the euro area limit fiscal policy as a stabilizing mechanism.The paper concludes that the fiscal policy in the Czech Republic was for the most part rather of a random character than anti-cyclical during the examined period 1998–2013. This conclusion has two implications. Firstly, there is still room for improvement in fully and consistently utilizing fiscal policy to stabilise the Czech economy throughout economic cycles. Secondly, fiscal rules would not limit the Czech government to practice anti-cyclical fiscal policy if they have been implemented since 1998.

Five essays on fiscal policy, intergenerational welfare and petroleum wealth

Energy Technology Data Exchange (ETDEWEB)

Thoegersen, Oe

1994-12-01

Motivated by current macro economic problems facing the Norwegian economy, this thesis deals with fiscal policy and the management of petroleum wealth in a small open resource economy. The thesis highlights the fact that considerable parts of the petroleum revenues are collected by the government and studies in particular the interaction between fiscal policy, uncertain petroleum revenues and welfare between generations. Essay 1 is a paper on the calculation of the Norwegian petroleum wealth and surveys economic effects of the development of the petroleum sector and the spending of the petroleum revenues. Essay 2 deals with the effects of uncertain government petroleum revenues on fiscal policy, wealth accumulation and inter generational welfare. In Essay 3 a discussion is given of the effects of oil price risk on international risk sharing. Petroleum importing and exporting countries are considered within OECD-Europe. A possible wealth consumption policy is found to have serious and long-lasting negative effects on the welfare of coming generations, as described in Essay 4. Finally, Essay 5 considers a dynamic dependent economy model extended to incorporate finite horizons of the households and structural adjustment costs in production. 121 refs., 19 figs., 10 tabs.

The Impact of Fiscal Policies on the Socioeconomic Determinants of Health.

Science.gov (United States)

Mosquera, Isabel; González-Rábago, Yolanda; Bacigalupe, Amaia; Suhrcke, Marc

2017-04-01

There has been considerable recent debate around the alleged impact of discretionary fiscal policies - especially austerity policies - on health and health inequalities. Assuming that most of the impact will have to run via the effect of fiscal policies on socioeconomic determinants of health (SDH), it is of interest to gain a further understanding of the relationship between fiscal policies and SDH. Therefore, the aim of this article is to review the recent evidence on the impact of discretionary fiscal policies on key SDH, i.e. income, poverty, education, and employment, in high income OECD countries. We find that there are no simple answers as to how fiscal policy affects those determinants of health. The effects of contractionary and expansionary fiscal policies on the analyzed SDH vary considerably across countries and will largely depend on the pre-crisis situation. Contractionary fiscal policies seem to have increased poverty, while their impact on income inequality will be influenced by the composition of the implemented measures. More empirical research trying to directly link fiscal policies to health outcomes, while taking into account of some of the mechanisms encountered here, would be worthwhile.

Fiscal ethics, policies, and theories

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Andrés Blanco

2016-08-01

Full Text Available The connections between ethics, policies and economic theories regarding fiscal matters need a more thorough analysis than the one carried out so far. On one hand, even though there are some ethical proposals on taxation, in general such proposals have not been grounded on explanatory theories of the economy. On the other hand, schools of thought about economy usually fail to ethically justify their political proposals. However, such distinctions cannot be sustained rationally: any ethical proposal concerning fiscal matters involves an explanation of economy, and conversely any proposal related to fiscal policies does not only involve a theory but also an ethical understanding. This article will review such connections, and general conclusions will be applied to two specific cases: first, Rawls’s proposal concerning taxation will be reviewed, having previously studied its descriptive assumptions, and then the lack of an ethical connection between the post Keynesian theory on the monetary circuit and its fiscal proposal will be examined. Finally, a possible “taxation compliance ethic” of tax-payers will be likewise analysed.

Fiscal policy in the European Union – present and perspectives

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Eugenia Ramona Mara

2012-04-01

Full Text Available This article analyzes the main trends of fiscal policy in the European Union, following the economic crisis impact and fiscal policy measures that were applied in this economic context. The study is focused in a few key areas: the evolution of fiscal policy captured by indicators measuring tax burden, public sector size analysis by quantifying public expenditure share in GDP and the evolution of budget deficits. Finally, the study watched correlations between fiscal policy and macroeconomic developments, identifying trends and anticipating possible solutions of fiscal policy to achieve the required coordinates of fiscal governance in the European Union. For realizing this study we use annual data from Eurostat Database for 2000-2010 for EU countries. The major findings of the study are the negative impact of the size of public sector on economic growth for EU and also for Romania and the increase of the tax revenue if the economic growth rates increase.

THE ESSENCE OF FISCAL MANAGEMENT

OpenAIRE

Carmen Comaniciu

2008-01-01

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...

42 CFR 433.32 - Fiscal policies and accountability.

Science.gov (United States)

2010-10-01

... 42 Public Health 4 2010-10-01 2010-10-01 false Fiscal policies and accountability. 433.32 Section 433.32 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES... Administration Provisions § 433.32 Fiscal policies and accountability. A State plan must provide that the...

42 CFR 457.226 - Fiscal policies and accountability.

Science.gov (United States)

2010-10-01

... 42 Public Health 4 2010-10-01 2010-10-01 false Fiscal policies and accountability. 457.226 Section 457.226 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN... Claims; Reduction of Federal Medical Payments § 457.226 Fiscal policies and accountability. A State plan...

Some Stylized Facts on Non-Systematic Fiscal Policy in the Euro Area

OpenAIRE

Marcellino, Massimiliano

2002-01-01

We derive a set of stylized facts on the effects of non-systematic fiscal policy in the four largest countries of the Euro area, and discuss their implications for the fiscal policy coordination debate, for the effectiveness of fiscal shocks in stabilizing the economies, and for the interaction of fiscal and monetary policy. We find relevant differences across countries in the effects of non-systematic fiscal policy, and substantial uncertainty about the size of these effects, which casts dou...

Correlation between Government and Economic Growth –Fiscal Policy during the Transition in Albania

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MSc. Xhenet Syka

2013-12-01

Full Text Available In this paper we tried to analyze some aspects of fiscal policy in our country, without pretending to give our own sample. Fiscal policy is the use of government expenditures and taxes which affect economic activity. Determination of fiscal policy in a given year takes into account the time virtually the past (current socio-economic status and the implications for the future (fiscal sustainability. In general the cases dealt the role fiscal policy plays toward economic growth. The analysis many focused both in the theoretical treatment as well as the role that fiscal policy has played in our country, going even further in some suggestions for the future. The most important issue was addressed in the long-term fiscal policy view, fiscal sustainability. In the final everything is addressed to the role of fiscal policy on social issues. The role that fiscal policy should play in economic and social development has long been a controversial issue and is still different among economists. While a restrictive fiscal policy means increasing taxes and cut government spending. Fiscal policy may be expansionary or restrictive. An expansionary fiscal policy means a reduction of direct and indirect taxes and increased government expenditures. Choose between two types of fiscal policy is not an easy decision, both in terms of the current state of the economy, as well as political decisions.

Todays energy fiscal policy in France and in Europe. Energy fiscal policy: the projects

International Nuclear Information System (INIS)

Hanne, H.; David, L.

1999-01-01

The observatory of Energy from the French general direction of energy and raw materials (DGEMP) of the ministry of economy, finance and industry, has carried out a comparative study of the specific fiscal system relative to the energy products (electric power, natural gas, petroleum products, automotive fuels) in France and in the European Union. The first part of this paper presents a summary of this study. The second part of this paper concerns the use of the fiscal policy as a tool for the reduction of CO 2 and greenhouse gases emissions in order to respect the contractual agreements of the Kyoto conference. A taxation of the energy consumption of companies is considered in order to penalize the polluting companies, and to encourage the development of techniques and measures for the abatement of pollution. A rapid statement of the fiscal policies of other European countries in this domain is presented as comparison. Details concerning the application of energy taxes to French companies are discussed: existing taxes, targeting, establishment, rate, special cases. (J.S.)

ECO – FISCAL POLICY IN ROMANIA: MITH OR REALITY

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Vuta Mariana

2012-12-01

Full Text Available Fiscal ecology has become in recent years a very interesting subject in Romania and in the recent European context specialists are filling their agendas with points about the environmental policy and the environmental fiscal policy are top priorities. But is there the Romanian stat able to use environmental fiscal instruments in order to regulate economical agents behavior or is the state just using them as fiscal instruments with no environmental purpose? In a world that is constantly moving and is facing different problems, states are trying to find new ways to create budgetary resources in a crisis situation. What is Romania’s position? Environmental Romanian fiscal policy has to be though in the general economic context, being included in the general social and economical problems. Thus, the fiscal policy should aim at integrating into costs consumption and production externalities but his causes several effects hard to dimension. The Romanian fiscal system needs hard coercion measures and a total rethinking of the imposing system in order to become efficient. Therefore, only after 2000 we can state that Romania had real environmental taxes but how are often modified both as way of determination and imposing base, things that have generated lack of trust and even panic among the economic agents. In this context, the paper aims to underline the environmental fiscal policy characteristics applied in the European Union states and especially Romania, in order to surprise the role of the environmental taxes by comparison with other direct taxes, underlining at the same time the national fiscal policy modifications. Analyzed data has been coming from different sources. Thus, for international comparisons the European Union site has been used, the Eurostat, the Romanian Finance Ministry site. The research is mainly based upon a synthesis of the reached area in the special literature. The study continues a fundamental research using

Fiscal Policy and Growth in Developing Asia

OpenAIRE

Abdon, Arnelyn May; Estrada, Gemma Esther; Lee, Minsoo; Park, Donghyun

2014-01-01

In this paper we empirically explore the relationship between fiscal policy and economic growth in developing Asia. The region's overall level of taxes and government spending are substantially lower than those prevailing in advanced economies. Nevertheless, there are conceptual grounds why fiscal policy, including the composition of taxes and government spending, can have a significant effect on growth, as our empirical analysis shows. In line with economic theory, property taxes have a more...

The Credibility of Fiscal Rules Policy and Business Cycle Volatility

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Kuncoro Haryo

2016-06-01

Full Text Available The aim of this paper is two-fold; first, it studies the impact of the credibility of fiscal rule policy on the stability of output growth; second, it compares the effectiveness of fiscal rule policy to discretionary and automatic stabilizer fiscal policies to address the fluctuation of output growth. Employing quarterly data over the period 2001-2013 in the case of Indonesia, we obtain that the credible debt rule leads to a decrease in the volatility of output growth while the non-credible deficit rule does not have any effect. Both unsystematic and systematic components of discretionary fiscal policy have a stabilizing function. Interestingly, the automatic stabilization tends to induce the volatility of output growth. Given those results, we infer that government spending is not a good automatic stabilizer. It seems that the lower ratio of government expenditure to GDP along with improving credibility of deficit rule policy has a smoother effect on the economy. Therefore, they implicitly support expenditure cuts when implementing fiscal adjustment with the purpose of reaching fiscal sustainability in the short-run and a stable economic growth in the long-run.

Fiscal policy lags and income adjustment processes

International Nuclear Information System (INIS)

De Cesare, Luigi; Sportelli, Mario

2012-01-01

Highlights: ► There are delays either in the government expenditure or in the tax system. ► Both delays affect fiscal policy outcomes. ► The system of differential equations with two delays may be chaotic. ► Fiscal policy outcomes might be inconsistent with their stabilization purposes. - Abstract: The interest in the impact of fiscal policy lags on economic stability increased in the last decade. Several studies have been made on delays either in the government expenditure or in the tax system, where lags exist between the accrual and the payment of taxes. Nevertheless there is in the literature no model where time delays in government expenditures and in tax revenues are considered together as it happens in the real world. In this paper we remedied this defect and proposed a macro-dynamic model where two delays appear: the first pertains to the public expenditure, the second, to the tax revenue. The resulting system of delayed differential equations is studied qualitatively and numerically. The analysis suggests that only particular combinations of the two delays make the system stable. Prevalently the system is unstable and chaotic motions may arise. This implies that the economy may need appropriate structural changes in the public sector to improve fiscal policy outcomes in such a way they may really be consistent with their stabilization purposes.

Implications of Electronic Commerce for Fiscal Policy

Science.gov (United States)

Goolsbee, Austan

In this chapter, I will consider both sides of the relationship between electronic commerce and fiscal policy. For the impact of electronic commerce on fiscal policy, I will pay particular attention to the potential sales-tax revenue losses. The data suggest that the potential losses are actually modest over the next several years. I will also consider the reverse relationship - how fiscal policy affects Internet commerce. Here the evidence suggests that taxes have a sizable effect. I point out, though, that this only supports special treatment if there is some positive externality. Without one, the tax system will lead to excessive online buying to avoid taxes. I will then deal the neglected issue of taxes and Internet access, which can create large deadweight costs both because demand may be price-sensitive and because taxes can slow the spread of new technologies. Finally, I offer some discussion of the international context of taxes and the Internet and the international temptations to raise rates on E-commerce.

The Influence of Monetary Policy and Fiscal Policy on the Rural Residents' Consumptionâ «

OpenAIRE

Liu, Xinzhi; Li, Lu; Liu, Yusong

2014-01-01

This paper conducts an empirical analysis of influence of fiscal expenditure supporting agriculture monetary supply on rural residents’s consumption by adopting a vector auto-regression model, based on the data from 1978 to 2011. The study indicated that: in the short term, fiscal policy is the Granger reason of rural residents’ consumption, monetary policy is not the Granger reason of rural residents’ consumption; in the long term, the comprehensive function of fiscal policy and moneta...

The Growth and Stabilization Properties of Fiscal Policy in Malaysia

OpenAIRE

Sohrab Rafiq

2013-01-01

This paper examines the size of the fiscal multiplier values generated in Malaysia. The results show that a government spending shock leads to broad positive economic effects. Although, the effectiveness of fiscal policy alters across macroeconomic states. The estimates show that since the Asian financial crisis the medium- and long-run effect of fiscal policy spending has declined. Some of this is down to greater credit availability and less investment spending.

Correlation between Government and Economic Growth –Fiscal Policy during the Transition in Albania

OpenAIRE

MSc. Xhenet Syka; Dr.Sc. Ilir Kaduku

2013-01-01

In this paper we tried to analyze some aspects of fiscal policy in our country, without pretending to give our own sample. Fiscal policy is the use of government expenditures and taxes which affect economic activity. Determination of fiscal policy in a given year takes into account the time virtually the past (current socio-economic status) and the implications for the future (fiscal sustainability). In general the cases dealt the role fiscal policy plays toward economic growth. The analy...

Testing the role of fiscal policy in the environmental degradation: the case of Turkey.

Science.gov (United States)

Katircioglu, Salih; Katircioglu, Setareh

2018-02-01

This study introduces a new research topic that investigates the relationship between fiscal development and carbon emissions in Turkey through testing Environmental Kuznets Curve (EKC) hypothesis. Annual data covering the period, 1960-2013, has been used and in addition to gross domestic product and energy consumption, fiscal policy variables have been regressed on the level of carbon emissions in Turkey. Results reveal that fiscal policies and carbon emissions are in long-term equilibrium relationship in Turkey; carbon dioxide emission level converges towards long-term paths as contributed by fiscal policy. The effects of fiscal aggregates on the level of carbon dioxide emissions are negatively significant revealing that growth in fiscal aggregates leads to declines on the levels of carbon emissions. This proves that as far as environmental effects are concerned, fiscal policies regarding energy sector is successful in Turkey. Thus, the major finding of this study confirmed the validity of the fiscal policy-induced EKC hypothesis in the case of Turkey.

Monetary and Fiscal Policies for a Finite Planet

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Adam Scanlan

2013-06-01

Full Text Available Current macroeconomic policy promotes continuous economic growth. Unemployment, poverty and debt are associated with insufficient growth. Economic activity depends upon the transformation of natural materials, ultimately returning to the environment as waste. Current levels of economic throughput exceed the planet’s carrying capacity. As a result of poorly constructed economic institutions, society faces the unacceptable choice between ecological catastrophe and human misery. A transition to a steady-state economy is required, characterized by a rate of throughput compatible with planetary boundaries. This paper contributes to the development of a steady-state economy by addressing US monetary and fiscal policies. A steady-state monetary policy would support counter-cyclical, debt-free vertical money creation through the public sector, in ways that contribute to sustainable well-being. The implication for a steady-state fiscal policy is that any lending or spending requires a careful balance of recovery of money, not as a means of revenue, but as an economic imperative to meet monetary policy goals. A steady-state fiscal policy would prioritize targeted public goods investments, taxation of ecological “bads” and economic rent and implementation of progressive tax structures. Institutional innovations are considered, including common asset trusts, to regulate throughput, and a public monetary trust, to strictly regulate money supply.

Fiscal and monetary policies in complex evolving economies

NARCIS (Netherlands)

Dosi, G.; Fagiolo, G.; Napoletano, M.; Roventini, A.; Treibich, T.G.

2014-01-01

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

Empiric Study about the Mix Fiscal Policy – Economic Development

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Alexandru Sergiu Ocnean

2006-11-01

Full Text Available Economic development is one of the primary objectives of any government. Fiscal policy represents one of the most effective tools that government authorities could use in order to influence the economy. Having this in mind, this paper focuses on the connection between economic development and fiscal policy and proposes an empirical study based on a sample of 21 European countries. Using a simple pool data model, we tried to distinguish the relations between the evolution of GDP per capita, as a proxy for economic development, and the evolution of three fiscal policy variables, namely the tax burden, the public expenditure to GDP ratio and the budget deficit to GDP ratio.

Empiric Study about the Mix Fiscal Policy – Economic Development

Directory of Open Access Journals (Sweden)

Alexandru Sergiu Ocnean

2006-09-01

Full Text Available Economic development is one of the primary objectives of any government. Fiscal policy represents one of the most effective tools that government authorities could use in order to influence the economy. Having this in mind, this paper focuses on the connection between economic development and fiscal policy and proposes an empirical study based on a sample of 21 European countries. Using a simple pool data model, we tried to distinguish the relations between the evolution of GDP per capita, as a proxy for economic development, and the evolution of three fiscal policy variables, namely the tax burden, the public expenditure to GDP ratio and the budget deficit to GDP ratio.

Fiscal policy and its implications for monetary and financial stability

OpenAIRE

Bank for International Settlements

2011-01-01

The BIS 10th Annual Conference took place in Lucerne, Switzerland on 23-24 June 2011. The event brought together senior representatives of central banks and academic institutions, who exchanged views on the conference theme of "Fiscal policy and its implications for monetary and financial stability". This volume contains the opening address of Stephen Cecchetti (Economic Adviser, BIS), a keynote address from Martin Feldstein, and the contributions of the policy panel on "Fiscal policy sustain...

Operational Aspects of Fiscal Policy in Oil-Producing Countries

OpenAIRE

Steven A Barnett; Rolando Ossowski

2002-01-01

Oil-producing countries face challenges arising from the fact that oil revenue is exhaustible, volatile, and uncertain, and largely originates from abroad. Reflecting these challenges, the paper proposes some important general principles for the formulation and assessment of fiscal policy in these countries. The main findings can be summarized in some key guidelines: the non-oil balance should feature prominently in the formulation of fiscal policy; it should generally be adjusted gradually; ...

MACROECONOMICS EFFECT OF FISCAL POLICY IN TRANSITION ECONOMIES: THE CASE REPUBLIC OF MACEDONIA

OpenAIRE

Besnik Fetai; Selajdin Abduli

2014-01-01

The objective of this paper is to investigate the effect of fiscal policy in small open transition economy. This paper employs, Granger- Causality test, Impulse Response Function and Forecast Error Decomposition, in order to assess the impact of fiscal policy on real GDP and prices. In this finding, all econometrics result do not show a conventional Keynesian effect of fiscal policy on real economic activity due to the counteracting effect of the monetary policy reaction. This causes a crowdi...

Monetary-Fiscal-Trade Policy and Economic Growth in Pakistan: Time Series Empirical Investigation

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Syed Tehseen Jawaid

2011-01-01

Full Text Available This study empirically examines the effect of monetary, fiscal and trade policy on economic growth in Pakistan using annual time series data from 1981 to 2009. Money supply, government expenditure and trade openness are used as proxies of monetary, fiscal and trade policy respectively. Cointegration and error correction model indicate the existence of positive significant long run and short run relationship of monetary and fiscal policy with economic growth. Result also indicates that monetary policy is more effective than fiscal policy in Pakistan. In contrast, trade policy has insignificant effect on economic growth both in the short run and in the long run. In light of the findings, it is suggested that the policy makers should focus more on monetary policy in order to ensure economic growth in the country. It is also recommended that further research should be conducted to find out such components of exports and imports which lead to the ineffectiveness of trade policy to enhance economic growth in Pakistan.

Have Postwar Fiscal Stimulus Policies Met the “Timely, Targeted, and Temporary” Principle?

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Jason E. Taylor

2017-06-01

Full Text Available President Barack Obama noted that fiscal stimulus polices should follow three T’s—timely, targeted, and temporary. This paper examines the government’s fiscal response to eleven postwar recessions in light of the three T’s. We find that the record is mixed at best. On average it took 10.9 months before a recession’s start and the first major countercyclical fiscal policy action. Additionally, in half of the eight recessions in which fiscal policy was attempted, the level of real per capita government spending was nearly three times its trend level four years after the recession was over—i.e. the stimulus was not temporary. Finally, with respect to targeted, while some countercyclical policies have been designed to help sectors that were particularly harmed during a recession, we find many cases whereby recessions provided politicians an avenue in which to implement policies that were part of their long-run reform agenda rather than being carefully targeted countercyclical fiscal policy.

Fiscal Policy and the Implementation of the Walsh Contract for Central Bankers

OpenAIRE

Haizhou Huang; A. Jorge Padilla

2002-01-01

We develop a simple macroeconomic model where the time inconsistency of optimal monetary policy is due to tax distortions. If fiscal policy is exogenously fixed at its optimal level, a Walsh contract (Walsh, 1995) offered to an independent central bank implements the optimal monetary policy. When fiscal policy is determined endogenously, however, this contract is subject to strategic manipulation by the government, which results in a suboptimal policy mix. Implementing the optimal policy mix ...

The Impact of Fiscal Policy on Poverty in Ethiopia: A Computable ...

African Journals Online (AJOL)

Ethiopia has implemented various fiscal policy reforms in the past decade. Most of these reforms center on indirect taxes and pro-poor expenditure patterns. This study investigates the economy-wide impacts of these fiscal policy changes on poverty. To this effect, the study used a static computable general equilibrium ...

SOCIAL PRIORITIES OF FISCAL POLICY IN POST-CRISIS PERIOD

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I. Lyutyy

2014-01-01

Full Text Available The article carried out a comprehensive study of the social priorities of fiscal policy in Ukraine. Efficiency of fiscal instruments in the system of state regulation of social processes in society. Defined the role of the budgetary impact on the social development of society.

Maximising available resources: Equality and human rights proofing Irish fiscal policy

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Murphy Mary P.

2017-08-01

Full Text Available The paper examines various rationales for applying equality and human rights proofing mechanisms to fiscal policy. The principle of using available resources to the maximum to progressively realise human rights, and not to erode the revenue capacity of developing nations to do likewise, is at the heart of emerging human rights norms. To date, Irish budgetary processes and major policy statements such as the Commission on Taxation or the draft outline National Plan on Business and Human Rights Strategy have not engaged with the principles of maximising available resources or extraterritoriality. Proofing fiscal policy is also relevant from the perspective of fiscal welfare where taxation instruments, traditionally used as a revenue-gathering mechanism, are increasingly used as distributional mechanisms to achieve policy outcomes in pensions, health, housing and employment, with important equality and distributive dimensions, particularly from gender, age and socioeconomic perspectives. A number of practical institutional mechanisms and evaluative questions can guide equality and human rights proofing of fiscal policy, but commitments to maximise resources to realise rights also need to be promoted through a public discourse which sees taxation as potential investment in society rather than a burden or cost on the economy.

Oil prices, fiscal policy, and economic growth in oil-exporting countries

Science.gov (United States)

El-Anshasy, Amany A.

This dissertation argues that in oil-exporting countries fiscal policy could play an important role in transmitting the oil shocks to the economy and that the indirect effects of the changes in oil prices via the fiscal channel could be quite significant. The study comprises three distinct, yet related, essays. In the first essay, I try to study the fiscal policy response to the changes in oil prices and to their growing volatility. In a dynamic general equilibrium framework, a fiscal policy reaction function is derived and is empirically tested for a panel of 15 oil-exporters covering the period 1970--2000. After the link between oil price shocks and fiscal policy is established, the second essay tries to investigate the impact of the highly volatile oil prices on economic growth for the same sample, controlling for the fiscal channel. In both essays the study employs recent dynamic panel-data estimation techniques: System GMM. This approach has the potential advantages of minimizing the bias resulting from estimating dynamic panel models, exploiting the time series properties of the data, controlling for the unobserved country-specific effects, and correcting for any simultaneity bias. In the third essay, I focus on the case of Venezuela for the period 1950--2001. The recent developments in the cointegrating vector autoregression, CVAR technique is applied to provide a suitable framework for analyzing the short-run dynamics and the long-run relationships among oil prices, government revenues, government consumption, investment, and output.

Fiscal Policy Problems Under Conditions Of Financial Liberalization

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Valentina Urazayeva

2014-01-01

Full Text Available The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the countries which participate in global capital movement. The author especially highlights the fact that international financial liberalization often leads to economic crises and what is even more important to their rapid spread between countries due to their growing financial interdependence. The author distinguishes two groups of fiscal policy problems in conditions of international financial liberalization. The first group includes problems arising due to quick spread of the crises due to eliminating restrictions on crossborder capital flows. These are reduction in taxes and at the same time increase in budget spending, which often happens unexpectedly and substantially impedes fiscal policy. To illustrate these points the author refers to the statistics on Spain, the USA and the OECD as a whole. Moreover countries face another range of problems regardless of the business cycle phase. In the short term it is the necessity of large scale structural economic reforms to achieve the required level of financial liberalization, which often is a heavy burden on the state budget. In the long term the attention is paid to the problem of tax competition between countries, which affects the instruments of fiscal policy. The author notes that the negative consequences of global financial liberalization are relevant not only for recipient countries but for donor countries as well and emphasizes such a burning issue as "capital flight".

FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION

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Valentina Urazayeva

2014-01-01

Full Text Available The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the countries which participate in global capital movement. The author especially highlights the fact that international financial liberalization often leads to economic crises and what is even more important to their rapid spread between countries due to their growing financial interdependence. The author distinguishes two groups of fiscal policy problems in conditions of international financial liberalization. The first group includes problems arising due to quick spread of the crises due to eliminating restrictions on crossborder capital flows. These are reduction in taxes and at the same time increase in budget spending, which often happens unexpectedly and substantially impedes fiscal policy. To illustrate these points the author refers to the statistics on Spain, the USA and the OECD as a whole. Moreover countries face another range of problems regardless of the business cycle phase. In the short term it is the necessity of large scale structural economic reforms to achieve the required level of financial liberalization, which often is a heavy burden on the state budget. In the long term the attention is paid to the problem of tax competition between countries, which affects the instruments of fiscal policy. The author notes that the negative consequences of global financial liberalization are relevant not only for recipient countries but for donor countries as well and emphasizes such a burning issue as "capital flight".

Temporary oil production, current account deterioration and the role of monetary and fiscal policy

International Nuclear Information System (INIS)

Harvie, C.

1992-01-01

This paper extends earlier work on the macroeconomic adjustment processes arising for an economy experiencing a temporary period of oil production. Emphasis is placed on developments in the current account, as reflected in foreign asset stock movements, after oil production ceases, as well as on the role that monetary, fiscal or fiscal/monetary policy can play in influencing current-account developments during this same period. The results presented suggest that, to improve the performance of the current account, irrespective of the wage adjustment mechanism operative, after oil production ceases, the major thrust of macroeconomic policy should operate through fiscal rather than monetary policy. However developments in non-oil output would be influenced by the wage adjustment mechanism. With wage indexation, a tight fiscal policy after oil production ceases leads to a higher level of non-oil output than in the no policy response case, or one where monetary policy alone is used. With no wage indexation, the use of monetary and/or fiscal policy leads to lower levels of non-oil output. The use of fiscal policy also has the added benefit of contributing to a lower consumer price level, again irrespective of the operative wage adjustment mechanism. If the emphasis of policy operates through monetary policy, irrespective of the wage adjustment mechanism, the current-account problem will be exacerbated since foreign assets stocks will be lower. In addition, non-oil output and consumer prices will be lower. (Author)

Fiscal policy and the global financial crisis

DEFF Research Database (Denmark)

Andersen, Torben M.

 The financial crisis raises demands for fiscal policy interventions. While a fall in aggregate demand is an important consequence of the crisis, it also reflects more underlying structural problems and changes. Hence, appropriate policy designs have to take account of the nature of the crisis......-run objectives are discussed. Past experience shows that deep recessions become persistent due to marginalization of unemployed, and therefore labour market policies have to be considered as an integral part of policy packages. Finally the question of international policy coordination is addressed....

Joint determinants of fiscal policy, income inequality and economic growth

OpenAIRE

Leonel Muinelo-Gallo; Oriol Roca-Sagalés

2012-01-01

This paper analyses the relationship between income inequality and economic growth through fiscal policy. To this end, we present and estimate two systems of structural equiation with error components through which gross income inequality determines different fiscal policy outcomes, which subsequently affects the evolution of economic growth and net income inequality. The empirical results, obtained using an unbalanced panel data of 21 high-income OCDE countries during the period 1972-2006, s...

The impact of fiscal policy on government bond spreads in emerging markets

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Ante Žigman

2011-12-01

Full Text Available Spreads on government bonds are a collective expression of differences in the level of development, risk, expected returns and other essential characteristics of states or regions the bond yields of which we wish to compare. At issue here is a collective expression of factors that work on the bond supply and demand side. These are for example the political environment (or political risks, expected return, economic risks, expected inflation, expected change in the exchange rate, solvency, way in which the bonds of a given state fi t into the portfolios of the major investors and so on. The paper identifies the influence of fiscal and non-fiscal factors on movements in spreads on government bonds in emerging markets. The possibility of isolating fiscal from non-fiscal influences on spreads and the identification of the nature of fiscal impacts can be of great importance for the conduct of fiscal policy. The results obtained can be used for an optimisation of fiscal policy so as to avoid negative impacts on yields (i.e. a growth in yields, that is, a growth in the costs of government borrowing. This paper enlarges the line of research by querying whether the structure of deficit financing (domestic or foreign has an impact on bond yields in emerging markets, and how this impact is reflected on the other determinants of fiscal policy.

Instrumental Effects of Fiscal Policy for Pakistan Economy

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Ghulam Rasool Madni

2013-12-01

Full Text Available Fiscal policy has much controversial debate regarding its effectiveness on economic growth. Taxation and government expenditure are two main instruments of fiscal policy. This paper is aimed to analyze the effect of different categories of government expenditure on economic growth of Pakistan. Based on impact on economic growth, government expenditures are classified into productive (having positive or neutral effect on economic growth and unproductive expenditures (having negative or insignificant impact on economic growth. The data time span for this study is 1979-2012. After classification of expenditures, the impact of fiscal instruments is analyzed by utilizing the ARDL approach of Co integration which is a better estimation technique for small sample size. The results reveal that unproductive government expenditure have negative impact while productive government expenditure has insignificant impact on the economic growth. It is found that private investment positively and significantly affect the economic growth. On the other side, direct and indirect taxes have also insignificant impact on economic growth of Pakistan

Mechanism of Fiscal and Taxation Policies in the Geothermal Industry in China

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Yong Jiang

2016-09-01

Full Text Available Geothermal energy is one of the cleanest sources of energy which is gaining importance as an alternative to hydrocarbons. Geothermal energy reserves in China are enormous and it has a huge potential for exploitation and utilization. However, the development of the geothermal industry in China lags far behind other renewable energy sources because of the lack of fiscal and taxation policy support. In this paper, we adopt the system dynamics method and use the causal loop diagram to explore the development mechanism of fiscal and taxation policies in the geothermal industry. The effect of the fiscal and taxation policy on the development of the geothermal industry is analyzed. In order to promote sustainable development of the geothermal industry in China, the government should pay more attention to subsidies for the geothermal industry in the life-cycle stage of the geothermal industry. Furthermore, a plan is necessary to provide a reasonable system of fiscal and taxation policies.

Model Proposition for the Fiscal Policies Analysis Applied in Economic Field

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Larisa Preda

2007-05-01

Full Text Available This paper presents a study about fiscal policy applied in economic development. Correlations between macroeconomics and fiscal indicators signify the first steep in our analysis. Next step is a new model proposal for the fiscal and budgetary choices. This model is applied on the date of the Romanian case.

The Interaction of Monetary and Fiscal Policy in the Countries of the Visegrad Group

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Jan Janků

2014-01-01

Full Text Available Coordination of or at least absence of conflict between monetary and fiscal policies are key to the successful implementation of economic policy. The article aims to use reaction functions to assess whether the monetary and fiscal policies in the countries of the Visegrad Group are in coordination or in conflict and which variables influence their decisions. The central bank is the representative of monetary policy, which has interest rates as its instrument, and the government as the representative of the fiscal policy which has change revenue or spending as a share of GDP as instrument. To obtain the results, multivariate regression analysis is used. The research period is based on quarterly observations from first quarter of 2000 to the fourth quarter of 2012. Stabilizing role of monetary policy and in some countries also partially stabilizing role of fiscal policy has been found. Another result was that in the case of the Czech Republic, Slovakia and Poland, monetary policy appears to play the dominant role, whereas fiscal policy plays dominant role in Hungary. In the case of Slovakia, some different results may be due to Slovakia’s participation in ERM II, which led to the monetary policy, in addition to maintaining price stability, also aiming to maintain a fixed exchange rate and the subsequent entry of Slovakia into the Eurozone and the de facto loss of autonomous monetary policy.

Integration of Monetary and Fiscal Policy of the Countries of the Visegrad Group

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Kappel Stanislav

2014-09-01

Full Text Available The aim of this paper is to evaluate mutual interaction of monetary and fiscal policies in the countries of the Visegrad group, i.e. in the Czech Republic, Slovakia, Poland and Hungary. The relationship of monetary and fiscal policy - their coordination, cooperation or mutual antagonism - are basic determinants of successful implementation for economic policy of the state. Fiscal and monetary policies usually have different aims, and some conflict situations may arise in practical economic and political decision- making. Each policy has to make its decision with regard to the other one. Methodical approaches of this contribution are based on the game theory, which deals with the analysis of a wide range of decision situations with more participants (players and it is primarily focused on the conflict situations. This game-theoretical approach is responsible for creating the theoretical model which is then dealt with in the empirical analysis. We find a distinctly stabilizing role of monetary policy and relatively problematic stabilizing role of fiscal policy in the analyzed countries. The dominant role of monetary policy is statistically confirmed in the case of the Czech Republic and Hungary.

FISCAL POLICY OF THE REPUBLIC OF MOLDOVA: ACHIEVEMENTS OF THE FISCAL CONTROL AND ENTITY BEHAVIOR

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Olimpiu GHERMAN

2015-12-01

Full Text Available It is an actual theme, determined by achievements of tax control in Moldova and its impact on the behaviour of the entity as important elements of fiscal policy. There are examined different methods for differentiating the problem, supplemented by deduction, induction, synthesis, analysis of defining phenomena of fiscal policy and its elements. The methodology used in this study is based on assessments of the theory, studies and interpretations of specialized literature and analyzes the practical activities specific for taxation at national, European and international levels, depending on which some opinions, conclusions and proposals were founded and formulated, to minimize the impact of tax evasion and fraud.

Orientation of the Fiscal Policy in Tunisia: Structural VAR Analysis

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Wissem Khanfir

2017-06-01

Full Text Available The objective of this paper is to indicate the orientation of fiscal policy in Tunisia, using the structural budget balance, during the period 1972-2014. For this purpose, we estimate a structural VAR model consisting of the fiscal deficit to current GDP ratio and the volume of economic activity represented by the real GDP. We estimate bivariate structural VAR in order to decompose fiscal deficit fluctuations into different disturbances.

INVESTIGATION OF FISCAL AND BUDGETARY POLICIES BASED ON ECONOMIC THEORIES

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EMILIA CAMPEANU

2011-04-01

Full Text Available Empirical analysis of fiscal and budgetary policies cannot be achieved without first knowing how they are viewed in the economic theories. This approach is important to indicate the position and implications of fiscal and budgetary policy tools in the economic theory considering their major differences. Therefore, the paper aims is to investigate the fiscal and budgetary policies based on economic theories such as neoclassical, Keynesian and neo-Keynesian theory in order to indicate their divergent points. Once known these approaches at the economic theory level is easier to establish the appropriate measures taking into consideration the framing of a country economy in a certain pattern. This work was supported from the European Social Fund through Sectoral Operational Programme Human Resources Development 2007-2013, project number POSDRU/89/1.5/S/59184 „Performance and excellence in postdoctoral research in Romanian economics science domain” (contract no. 0501/01.11.2010.

The interaction of fiscal and monetary policy in a monetary union : Balancing credibility and flexibility

NARCIS (Netherlands)

Beetsma, R.M.W.J.; Bovenberg, A.L.

1995-01-01

This paper explores how decentralized, national fiscal policies interact with a common monetary policy in a monetary union. We show that fiscal policy plays a more important ro le in stabilizing country-specific shocks than with national monetary policies. Whereas monetary u nification with an

The effects of fiscal policy on CO_2 emissions: Evidence from the U.S.A

International Nuclear Information System (INIS)

Halkos, George E.; Paizanos, Epameinondas A.

2016-01-01

This paper examines the effects of fiscal policy on CO_2 emissions using Vector Autoregressions on U.S. quarterly data from 1973 to 2013. In particular, we analyze the short- and mid-term interactions between fiscal policy and emissions by using sign restrictions to identify the policy shocks. We construct the impulse responses to linear combinations of fiscal shocks, corresponding to the scenarios of deficit-financed spending and deficit-financed tax-cuts. To consider possible variations of the effect of fiscal policy according to the sources of pollution, we distinguish between production- and consumption- generated CO_2 emissions. The results point out that the implementation of expansionary fiscal spending provides an alleviating effect on emissions from both sources of the pollutant, whereas deficit-financed tax-cuts are associated with an increase on consumption-generated CO_2 emissions. The exact pattern of the effects depends on the source of emissions, the scenario of fiscal policy that is implemented and the functional class of government expenditure being increased. - Highlights: • We investigate the effects of fiscal policy on CO_2 emissions using VAR methods. • Spending expansions reduce production- and consumption- generated CO_2 emissions. • This alleviating effect is greater when increasing certain expenditure categories. • Deficit-financed tax-cuts increase consumption-generated CO_2 emissions. • Unique factors in U.S. may limit applicability of findings to other jurisdictions.

Monetary and fiscal policy under bounded rationality and heterogeneous expectations

NARCIS (Netherlands)

Lustenhouwer, J.E.

2017-01-01

The goal of this thesis is to use plausible and intuitive models of bounded rationality to give new insights in monetary and fiscal policy. Particular focus is put on the zero lower bound on the nominal interest rate, forward guidance, and fiscal consolidations. The thesis considers different forms

Fiscal policy and CO2 emissions of new passenger cars in the EU

NARCIS (Netherlands)

Gerlagh, Reyer; Van Den Bijgaart, Inge; Nijland, Hans; Michielsen, Thomas

To what extent have national fiscal policies contributed to the decarbonisation of newly sold passenger cars? We construct a simple model that generates predictions regarding the effect of fiscal policies on average CO2 emissions of new cars, and then test the model empirically. Our empirical

Interaction between fiscal and monetary policy in a dynamic nonlinear model.

Science.gov (United States)

Bertella, Mario A; Rego, Henio A; Neris, Celso; Silva, Jonathas N; Podobnik, Boris; Stanley, H Eugene

2015-01-01

The objective of this study is to verify the dynamics between fiscal policy, measured by public debt, and monetary policy, measured by a reaction function of a central bank. Changes in monetary policies due to deviations from their targets always generate fiscal impacts. We examine two policy reaction functions: the first related to inflation targets and the second related to economic growth targets. We find that the condition for stable equilibrium is more restrictive in the first case than in the second. We then apply our simulation model to Brazil and United Kingdom and find that the equilibrium is unstable in the Brazilian case but stable in the UK case.

Considerations Regarding the Mix of Anticrisis Fiscal Policies in Romania

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Ioan TALPOŞ

2011-01-01

Full Text Available The last centuries, it has been noticed that the economic activity does not unfold linearly, that the expansion periods are followed by a contraction of the economic activity, that the peak moments cannot be maintained endlessly and that, after recession, a relaunch of the economic activity may occur. The political and economical cycles, emphasized by the last decades, made people talk more about the countercyclical policies and about the behaviour of the politicians seen in strong connection with the behaviour of the voting population. To reduce the effects of the current crisis, the state uses fiscal incentives, this representing a combination of public expenses and a reduction of the taxes for the companies and the households which aims at the revival of the economic life, the increase of employment and the recovery of the business environment. The countercyclical policies are known and applied all over the world, each responsible government choosing those instruments of budget and fiscal policy which best match the concrete possibilities of economy and correspond with its political doctrines. Thus seen the mix of fiscal policies is firstly a political choice, but with a strong impact on the economy of a country.

National Low-Level Waste Management Program final summary report of key activities and accomplishments for fiscal year 1996

International Nuclear Information System (INIS)

Garcia, R.S.

1996-12-01

To assist the Department of Energy (DOE) in fulfilling its responsibilities under the Low-Level Radioactive Waste Policy Amendments Act of 1985, the National Low-Level Waste Management Program (NLLWMP) outlines the key activities tat the NLLWMP will accomplish in the following fiscal year. Additional activities are added during the fiscal year as necessary to accomplish programmatic goals. This report summarizes the activities and accomplishments of the NLLWMP during Fiscal Year 1996

National Low-Level Waste Management Program final summary report of key activities and accomplishments for fiscal year 1995

International Nuclear Information System (INIS)

Forman, S.

1995-12-01

To assist the Department of Energy (DOE) in fulfilling its responsibilities under the Low-Level Radioactive Waste Policy Amendments Act of 1985, the National Low-Level Waste Management Program (NLLWMP) outlines the key activities that the NLLWMP will accomplish in the following fiscal year. Additional activities are added during the fiscal year as necessary to accomplish programmatic goals. This report summarizes the activities and accomplishments of the NLLWMP during fiscal year 1995

Interaction between Fiscal and Monetary Policy in a Dynamic Nonlinear Model

Science.gov (United States)

Bertella, Mario A.; Rego, Henio A.; Neris, Celso; Silva, Jonathas N.; Podobnik, Boris; Stanley, H. Eugene

2015-01-01

The objective of this study is to verify the dynamics between fiscal policy, measured by public debt, and monetary policy, measured by a reaction function of a central bank. Changes in monetary policies due to deviations from their targets always generate fiscal impacts. We examine two policy reaction functions: the first related to inflation targets and the second related to economic growth targets. We find that the condition for stable equilibrium is more restrictive in the first case than in the second. We then apply our simulation model to Brazil and United Kingdom and find that the equilibrium is unstable in the Brazilian case but stable in the UK case. PMID:25799581

How Fiscal Policy Affects Non-Oil Economic Performance in Azerbaijan?

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Khatai Aliyev

2016-09-01

Full Text Available The role of fiscal policy in promoting economic growth has been subject to many studies since its suggestion by Keynes who stated expansionary/contractionary impact of public expenditures/taxes. In this context, effectiveness of fiscal policy use to develop non-oil sector in resource rich economies should be studied. This paper investigates short- and long-run effects of budget expenditures and tax related budget revenues (direct transfers from oil fund excluded over non-oil GDP while controlling for oil price volatility and oil production in case of Azerbaijan. Autoregressive Distributed Lag Bounds Testing (ARDLBT Approach to cointegration is employed for data covering 2000Q1-2015Q2. Estimation results theoretically consistent and statistically significant long-run effects of both budget expenditures and tax-related budget revenues. However, in the short-run, the effects are contrary to the theoretical expectations. Findings are useful for Azerbaijan fiscal policy makers especially in the current complicated nature of economic processes in the economy due to oil related challenges.

The Impact of the Great Recession on Monetary and Fiscal Policy in Developed Market Economies

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Šehović Damir

2015-03-01

Full Text Available Background: With the occurrence of the crisis in 2007, which caused the largest economic contraction since the Great Depression in the thirties, it has become evident that the previous understanding of strategies, effects and roles of monetary and fiscal policy should be redefined. Objectives: The aim of this paper is to illustrate a possible expected change in monetary and fiscal policy in developed market economies that could occur as a consequence of the Great Recession. Methods/Approach: The paper provides a comparative analysis of various primary economic variables related to the developed OECD countries, as well as the empirical testing of the selected theoretical assumptions. Results: The changes in monetary policy refer to the question of raising target inflation, considering a possible use of aggregate price level targeting and paying attention to the role of central banks in suppressing the formation of an asset bubble. The success of fiscal policy in attaining stabilization depends on the size of possible fiscal measures and creation of automatic stabilizers. Conclusions: For the most part, monetary and fiscal policies will still stay unchanged, although some segments of these policies need to be improved.

Monetary policy and macroeconomic management: A simulation ...

African Journals Online (AJOL)

The dynamic nexus between money supply, fiscal deficit, inflation, output and exchange rate management has generated much debate in economic literature in Nigeria in recent times. To contribute to this debate, this paper uses 3SLS estimation technique as well as carried out policy simulation experiment to investigate ...

Alternative policies for solid waste management

OpenAIRE

Percoco Marco

2004-01-01

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.

Fiscal Policy and Economic Growth in Nigeria

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Sylvia Uchenna Agu

2015-11-01

Full Text Available This article aims at determining the impact of various components of fiscal policy on the Nigerian economy. We simply used descriptive statistics to show contribution of government fiscal policy to economic growth, and to ascertain and explain growth rates, and an ordinary least square (OLS in a multiple form to ascertain the relationship between economic growth and government expenditure components after ensuring data stationarity. Findings revealed that total government expenditures have tended to increase with government revenue, with expenditures peaking faster than revenue. Investment expenditures were much lower than recurrent expenditures evidencing the poor growth in the country’s economy. Hence, there is some evidence of positive correlation between government expenditure on economic services and economic growth. Therefore, in public spending, it is important to note that the effectiveness of the private sector depends on the stability and predictability of the public incentive framework, which promotes or crowds out private investment.

India's Proposed Universal Health Coverage Policy: Evidence for Age Structure Transition Effect and Fiscal Sustainability.

Science.gov (United States)

Narayana, Muttur Ranganathan

2016-12-01

India's High Level Expert Group on Universal Health Coverage in 2011 recommended a universal, public-funded and national health coverage policy. As a plausible forward-looking macroeconomic reform in the health sector, this policy proposal on universal health coverage (UHC) needs to be evaluated for age structure transition effect and fiscal sustainability to strengthen its current design and future implementation. Macroeconomic analyses of the long-term implications of age structure transition and fiscal sustainability on India's proposed UHC policy. A new measure of age-specific UHC is developed by combining the age profile of public and private health consumption expenditure by using the National Transfer Accounts methodology. Different projections of age-specific public health expenditure are calculated over the period 2005-2100 to account for the age structure transition effect. The projections include changes in: (1) levels of the expenditure as gross domestic product grows, (2) levels and shape of the expenditure as gross domestic product grows and expenditure converges to that of developed countries (or convergence scenario) based on the Lee-Carter model of forecasting mortality rates, and (3) levels of the expenditure as India moves toward a UHC policy. Fiscal sustainability under each health expenditure projection is determined by using the measures of generational imbalance and sustainability gap in the Generational Accounting methodology. Public health expenditure is marked by age specificities and the elderly population is costlier to support for their healthcare needs in the future. Given the discount and productivity growth rates, the proposed UHC is not fiscally sustainable under India's current fiscal policies except for the convergence scenario. However, if the income elasticity of public expenditure on social welfare and health expenditure is less than one, fiscal sustainability of the UHC policy is attainable in all scenarios of projected public

Do political variables affect fiscal policy adjustment decisions? New empirical evidence

NARCIS (Netherlands)

Mierau, Jochen O.; Jong-A-Pin, Richard; de Haan, Jakob

2007-01-01

We test eight hypotheses on political factors influencing the likelihood that a fiscal policy adjustment occurs. We employ a panel discrete choice model for 20 OECD countries for the period 1970-2003. Two different definitions of fiscal adjustments are used to capture the differences between rapid

Nudging for Prevention in Occupational Health and Safety in South Africa Using Fiscal Policies.

Science.gov (United States)

de Jager, Pieter; Rees, David; Kisting, Sophia; Kgalamono, Spo; Ndaba, Mpume; Stacey, Nicolas; Tugendhaft, Aviva; Hofman, Karen

2017-08-01

Currently, in some countries occupational health and safety policy and practice have a bias toward secondary prevention and workers' compensation rather than primary prevention. Particularly, in emerging economies, research has not adequately contributed to effective interventions and improvements in workers' health. This article, using South Africa as a case study, describes a methodology for identifying candidate fiscal policy interventions and describes the policy interventions selected for occupational health and safety. It is argued that fiscal policies are well placed to deal with complex intersectoral health problems and to focus efforts on primary prevention. A major challenge is the lack of empirical evidence to support the effectiveness of fiscal policies in improving workers' health. A second challenge is the underprioritization of occupational health and safety partly due to the relatively small burden of disease attributed to occupational exposures. Both challenges can and should be overcome by (i) conducting policy-relevant research to fill the empirical gaps and (ii) reconceptualizing, both for policy and research purposes, the role of work as a determinant of population health. Fiscal policies to prevent exposure to hazards at work have face validity and are thus appealing, not as a replacement for other efforts to improve health, but as part of a comprehensive effort toward prevention.

Using Scenarios to Assess Policy Mixes for Resource Efficiency and Eco-Innovation in Different Fiscal Policy Frameworks

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Laurent Bontoux

2016-03-01

Full Text Available There is no longer any doubt that the European Union needs to manage a transition towards a sustainable economy and society. The complexity of such an enterprise is creating major challenges that require a future oriented systemic approach, looking at the EU economy and society as a whole, and going beyond current agendas and policies. The purpose of the JRC foresight study “2035: Paths towards a sustainable EU economy” was to explore how this could be possible. Resource efficiency was at the core of the reflection. This created a context where the fiscal framework was perceived by the experts involved as essential in driving (or hindering the evolution towards a more sustainable future. Societal values (individualistic or collaborative were selected as the other axis around which to construct four scenarios. A large number of other drivers of change were taken into account to construct scenarios of a sufficient depth and detail to generate a systemic understanding. The scenarios were used in an original way to help experts identify which policy mixes would be best adapted to push each scenario towards a more sustainable future, while respecting its own logic and constraints. For each scenario, 6 policy domains considered the most relevant were selected among more than 50. Research and innovation, new business models and education were considered important for all four scenarios. The other domains were natural resources management, regulation, ethics, employment, transparency, governance, social protection, and systems integration. The study illustrates how powerful a policy framework which is fiscally supportive of environmental sustainability can be in supporting resource efficiency and that this can be achieved in very different ways depending on the prevailing social values. It also shows how a combination of actions in other policy areas can be used to drive sustainability further. In sum, this work illustrates how the creative use of

FISCAL POLICY - AN INSTRUMENT FOR ACHIEVING ECONOMIC AND SOCIAL BALANCE

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Alina Georgiana HOLT

2009-12-01

Full Text Available The fiscal policy construction developped at national level is focused on the maintenance of the macroeconomic stability process in order to achieve the nominal and real convergence criteria concerning the membership of the Romanian economy to the European Union integrated monetary space. The orientation of the fiscal national policy is subdue to some major constraints regarding her capacity of ensuring the external sustenance, of developping the non-inflation process, of forming and consolidating the financing resources necessary to the accomplishment of the post-adhesion engagements assumed by Romania as a member state of the European Union.

Analysis of monetary and fiscal policy mix

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2010-12-01

Full Text Available Economies are constantly hit by various shocks-that effect aggregate demand and aggregate supply and have the potential to generate recession or expansion, respective a high level of unemployment and high inflation rate. Governments use fiscal and monetary policies to try to stabilioze the economy.

Do Municipal Mergers Improve Fiscal Outcomes?

DEFF Research Database (Denmark)

Hansen, Sune Welling; Houlberg, Kurt; Holm Pedersen, Lene

2014-01-01

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 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...... 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...

Income taxes, public fiscal policy and economic growth

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Tomasz Wołowiec

2014-12-01

Full Text Available The main goal of this article is to find the relationship between public fiscal policy and economic growth. The article consist of a few parts. The first is an introduction, which creates the background for the analysis in the following sections. It shows the main point of view on public fiscal policy especially in the case of personal income tax and creates a framework for the analysis of the relationship between taxation and economic growth. The second part focuses on the relations between central government decisions on taxation and its influence on savings, investments and economic growth. In this part we will find selected analyses of the impact of taxes on economic growth based on the examples of OECD countries. Finally, the last part of the work is a study on fiscal level and tax system structures and economic growth. In this part the authors checks two points of view on taxation. The first is that a low level tax burden is conducive to economic growth, and the second emphasizes negative consequences of decreasing budget tax revenues. The article shows both theoretical and empirical points of view on taxation and influence of government taxation decisions on the economy.

The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment

OpenAIRE

Martin Feldstein

2002-01-01

Although there is now widespread agreement in the economics profession that discretionary counter-cyclical'fiscal policy has not contributed to economic stability and may have actually been destabilizing at particular times in the past, there is one important condition when discretionary fiscal policy can play a constructive role: in a sustained downturn when aggregate demand and interest rates are low and when prices are falling or may soon be falling. This short note begins by summarizing t...

Fiscal policy and TFP in the OECD: Measuring direct and indirect effects

OpenAIRE

Everaert, Gerdie; Heylen, Freddy; Schoonackers, Ruben

2014-01-01

This paper analyzes the direct and indirect effects of fiscal policy on total factor productivity (TFP) in a panel of OECD countries over the period 1970-2012. Our contribution is twofold. First, when estimating the impact of fiscal policy on TFP from a production function approach, we identify the worldwide available level of technology by exploiting the observed strong cross-sectional dependence between countries instead of using ad hoc proxies for technology. Second, next to direct effects...

The world's oldest fiscal watchdog: CPB's analyses foster consensus on economic policy

NARCIS (Netherlands)

Bos, F.; Teulings, C.N.

2012-01-01

The sovereign debt problems in European countries have increased the interest in fiscal watchdogs. This paper discusses the world’s oldest fiscal watchdog, CPB Netherlands Bureau for Economic Policy Analysis (CPB). CPB was founded directly after World War II. It has built a reputation of

Expanding Fiscal Policies for Global and National Tobacco Control ...

International Development Research Centre (IDRC) Digital Library (Canada)

This project aims to accelerate the adoption of effective fiscal policies for public ... control and/or innovative financing mechanisms in low- and middle-income ... from the health sciences, medicine, chemistry and engineering departments.

Tax and Fiscal Policies for Promotion of Industrial EnergyEfficiency: A Survey of International Experience

Energy Technology Data Exchange (ETDEWEB)

Price, Lynn; Galitsky, Christina; Sinton, Jonathan; Worrell,Ernst; Graus, Wina

2005-09-15

The Energy Foundation's China Sustainable Energy Program (CSEP) has undertaken a major project investigating fiscal and tax policy options for stimulating energy efficiency and renewable energy development in China. This report, which is part of the sectoral sub-project studies on energy efficiency in industry, surveys international experience with tax and fiscal policies directed toward increasing investments in energy efficiency in the industrial sector. The report begins with an overview of tax and fiscal policies, including descriptions and evaluations of programs that use energy or energy-related carbon dioxide (CO2) taxes, pollution levies, public benefit charges, grants or subsidies, subsidized audits, loans, tax relief for specific technologies, and tax relief as part of an energy or greenhouse gas (GHG) emission tax or agreement scheme. Following the discussion of these individual policies, the report reviews experience with integrated programs found in two countries as well as with GHG emissions trading programs. The report concludes with a discussion of the best practices related to international experience with tax and fiscal policies to encourage investment in energy efficiency in industry.

Trade spillovers of fiscal policy in the european union: A panel analysis

NARCIS (Netherlands)

Beetsma, R.; Giuliodori, M.; Klaassen, F.

2005-01-01

We explore the international spillovers from fiscal policy shocks via trade in Europe. A fiscal expansion stimulates domestic activity, which leads to more foreign exports and, hence, higher foreign output. To quantify this, we combine a panel VAR model in government spending, net taxes and GDP with

Trade spillovers of fiscal policy in the European Union: a panel analysis

NARCIS (Netherlands)

Beetsma, R.; Giuliodori, M.; Klaassen, F.

2005-01-01

We explore the international spillovers from fiscal policy shocks via trade in Europe. A fiscal expansion stimulates domestic activity, which leads to more foreign exports and, hence, higher foreign output. To quantify this, we combine a panel VAR model in government spending, net taxes and GDP with

Monetary and fiscal policy aspects of indirect tax changes in a monetary union

OpenAIRE

von Thadden, Leopold; Lipińska, Anna

2009-01-01

In recent years a number of European countries have shifted their tax structure more strongly towards indirect taxes, motivated, inter alia, by the intention to foster competitiveness. Against this background, this paper develops a tractable two-country model of a monetary union, characterised by national fiscal and supranational monetary policy, with price-setting firms and endogenously determined terms of trade. The paper discusses a number of monetary and fiscal policy questions which emer...

Monetary and Fiscal Policy Interactions in the Czech Republic

Directory of Open Access Journals (Sweden)

Pavel Rezabek

2018-06-01

Full Text Available The paper provides empirical analysis of interactions between monetary and fiscal policy in the Czech Republic and document changes in policy conduct across the time. To this end, we build and estimate a six-variable Bayesian VAR and propose some refinements to the modelling framework. These improvements make it possible to better capture the main features of the economic system populated by both macroeconomic policy authorities. The results point to the lack of complementarity between policy actions adopted by the authorities and suggest that there is still enough room for enhancing the effectiveness of economic policies.

Fiscal and monetary policies in the South Pacific Island countries: an evaluation.

Science.gov (United States)

Jayaraman, T K

2000-06-01

This paper evaluates the fiscal and monetary policies of South Pacific Island Countries (SPICs) in terms of its efficacy on economic growth. To this effect, the backgrounds on the existing fiscal and monetary policies are discussed with emphasis on their inefficiencies and limitations. In addition, the findings of an empirical study conducted in the countries of Fiji, Tonga, Vanatau, and Samoa regarding the efficacy of the policies are presented. The results, which were subjected to various tests of statistical significance, indicate that both policies were ineffective in all four SPICs. However, monetary policy had a positive impact on growth in Fiji, Tonga, and Vanatau. In view of such, several policy implications are cited, including 1) that delays and inefficiencies involved in the execution of public projects should be minimized; 2) quality and components of public expenditures is of critical significance; and 3) financial sectors should be improved.

The Relative Effectiveness of Monetary and Fiscal Policies in ...

African Journals Online (AJOL)

The Relative Effectiveness of Monetary and Fiscal Policies in Economic ... the St. Louis model of the Federal Reserve Bank of USA by Anderson and Jordan 1978. ... the extent of the quantitative impact and relative significance of the variables ...

Fiscal Challenge: An Experiential Exercise in Policy Making

Science.gov (United States)

Aguilar, Mike; Soques, Daniel

2015-01-01

In this article, the authors introduce a pedagogical innovation that is designed to enhance students' understanding of fiscal policy in general, and the national debt and deficit in particular. The innovation leverages the educational advantages offered through a competitive environment by pitting teams of students against one another with the…

Exploring Fiscal Policy at Zero Interest Rates in Intermediate Macroeconomics

Science.gov (United States)

Ramamurthy, Srikanth; Sedgley, Norman

2013-01-01

Since the financial meltdown of 2007, advanced macroeconomic theory has delved more deeply into the question of the appropriate fiscal policy when the nominal interest rate is close to or at zero percent. Such analysis is typically conducted with the aid of New Keynesian Dynamic Stochastic General Equilibrium models. The policy implications are,…

FISCAL AUSTERITY POLICY IMPACT ON WELFARE

Directory of Open Access Journals (Sweden)

Romina Pržiklas Družeta

2017-04-01

Full Text Available The ongoing global financial and economic crisis has caused a dramatic fall in growth, increased deficit, higher unemployment rates and strong price fluctuations. To achieve a balanced budget and reduce the national debt, the most of the national government have sacrificed the employment - one of the main indicators that reflect societies’ well-being and implemented fiscal austerity policy. The aim of this paper is to contribute to the literature on this topic and assess the short analysis of fiscal consolidation. Despite the ongoing debate and numerous studies no consensus about whether and when austerity is likely to be beneficial has been achieved. Further, there are still open issues to understand the impact of austerity on poverty and welfare because of the difficulty of defining poverty and welfare also. The main conclusion is that the emphasis should be placed on correctly defining austerity methodology in a broader economic and social context.

U.S. spent nuclear fuel management: Political, fiscal, and technical feasibility

International Nuclear Information System (INIS)

Singer, Clifford

2013-01-01

Successful U.S. spent nuclear fuel management policy must satisfy political, fiscal, and technical constraints. Technical requirements have been thoroughly investigated in the United States and Nordic countries for volcanic tuff, salt, and granite. Fiscal planning requires an inflation-adjusted revenue stream and predictable real interest rate earnings on fund balances. A prompt solution satisfying political constraints requires compromise between the overlapping but distinct goals of seven different sets of interests at the federal level. Absent such compromise, there will be delay until sufficient support for one of three strategies evolves: (1) force the Yucca Mountain repository on Nevada, (2) open a centralized storage facility without coupling to repository licensing, or (3) follow a “consent-based” process for repository licensing. Formulations of each of these strategies to overcome impediments to their success are described. - Highlights: • U.S. spent nuclear fuel policy has been at an impasse. • No compromise on Yucca Mountain is at hand. • Yucca only, new repository, or no repository are options. • Success with each is more likely with sounder financing

Trade spill-overs of fiscal policy in the European Union: a panel analysis

NARCIS (Netherlands)

Beetsma, R.; Giuliodori, M.; Klaassen, F.

2006-01-01

We explore the international spill-overs from fiscal policy shocks via trade in Europe. A fiscal expansion stimulates domestic activity, which leads to more foreign exports and, hence, higher foreign output. To quantify this, we combine a panel VAR model in government spending, net taxes and GDP

The use of fiscal instruments in European environmental policy: review essay

Energy Technology Data Exchange (ETDEWEB)

Deketelaere, K. [University of Leuven, Leuven (Belgium). Inst. for Environmental and Energy Law

1999-08-01

Once a government has defined its environmental goals, it can execute them by means of different policy instruments. The following environmental policy instruments can be distinguished: (1) instruments of social regulation, such as transfer of information (environmental education, environmental labels, environmental impact reports, etc.), self-regulation (environmental policy agreements, self-control), and environmental care systems; (2) instruments of financial aid, such as subsidies, soft loans, and fiscal incentives (investment deduction, tax reduction and tax exemption); (3) instruments of planning such as macro-planning and micro-planning, binding planning and non-binding planning, sectoral planning and non-sectoral planning; (4) instruments of direct regulation, such as permits, prohibitions and restrictions, and different sorts of requirements (quality-demands, product-demands, emission-demands, design demands, construction demands and production demands); (5) instruments of market regulation, such as liability rules, marketable emission rights, deposit and refund system, enforcement incentives and environmental levies. In this contribution, each of these environmental policy instruments is analyzed in general. After that, the instruments which have already been used in European environmental policy are examined. Finally, attention paid to the use of fiscal instruments in European environmental policy. 80 refs.

Fiscal Policy and Economic Development in Nigeria (1960 - 2011 ...

African Journals Online (AJOL)

This study investigated the impact of fiscal policy measures on economic development in Nigeria. The Augmented Dickey-Fuller and Phillips-perron unit root test were first conducted. The cointe gration test was then performedusing Johansen Maximum Likelihood procedure. The granger causality test, the impulse response ...

Downsizing of a provincial department of health--causes and implications for fiscal policy.

Science.gov (United States)

Blecher, Mark

2002-06-01

To analyse the financial basis for downsizing of a provincial health department and suggest implications for fiscal policy. Analysis of relevant departmental, provincial and national financing and expenditure trends from 1995/96 to 2002/03. Western Cape (WC) Department of Health (DOH). Downsizing involving 9,282 health workers (27.9%) and closure of 3,601 hospital beds (24.4%) over 5 years. Total aggregate provincial transfers (all provinces) remained fairly constant in real terms. The WC's share decreased from 11.8% in 1996/97 to 9.8% in 2002/03. This was offset by the DOH's share of the WC budget increasing from 25.6% to 29.6%, mainly because of an increase in national health conditional grants. The net effect of financing changes was that the DOH's allocation in real terms was similar in 2002/03 and 1995/96, which suggests that financing changes are not the major cause of downsizing. Expenditure analysis revealed a 39.7% real rise in the average cost of health personnel. Substantial interprovincial inequities remain. The major cause of downsizing was wage growth, particularly following the 1996 wage agreement. Disjointed fiscal and wage policy has affected health services. Simultaneous application of policies of fiscal constraint, redistribution and substantial real wage growth has resulted in substantial downsizing with limited inroads into inequities. Inequities will continue to call for further redistribution, reduction in conditional grants and downsizing, much of which could have been avoided if fiscal and wage policy choices had been optimal.

Stock Market Reactions to Fiscal Policy Shocks: Empirical Evidence ...

African Journals Online (AJOL)

This study sets out to investigate the effect of fiscal policy on stock market performance in Nigeria. Specifically, the study examines if shocks in government expenditure and government debt affects stock market performance. The period of the study is from 1981-2012. Following the VAR estimates, the variance ...

Stock Market Reactions To Fiscal Policy Shocks: Empirical Evidence ...

African Journals Online (AJOL)

This study sets out to investigate the effect of fiscal policy on stock market performance in Nigeria. Specifically, the study examines if shocks in government expenditure and government debt affects stock market performance. The period of the study is from 1981-2012. Following the VAR estimates, the variance ...

FISCALITY – RELEVANT FACTOR INFLUENCING THE BUSINESS ENVIRONMENT

Directory of Open Access Journals (Sweden)

Ionel MĂNDESCU

2013-06-01

Full Text Available Main tool for macroeconomic management - fiscal policy consists in establishing the levels of taxation and spending in order to influence macroeconomic performance. Fiscal policy, promoted by the government authorities of any contemporary state, is directed usually to achieving microeconomic and macroeconomic goals deriving from the roles the state must fulfill in the economy, respectively the allocative role, distributive, regulatory and the stabilizer role. Governmental authorities, through the production and supply of public goods that are financed at the expense of taxes or duties, or on the public debt, affect both individuals’ utility functions and production functions of economic agents in the private sector. At the macroeconomic level, fiscal policy decisions of governmental authorities relating to either public spending or taxation can be directed towards the stimulation of development. Fiscality is a business cost in investment, where the decisions are taken by representatives of the business environment.

Macroeconomic effects of fiscal policy in the European Union, with particular reference to transition countries

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Rilind Kabashi

2017-03-01

Full Text Available This study empirically investigates the short- to medium-term effects of fiscal policy on output and other macroeconomic variables in European Union countries between 1995 and 2012, with particular reference to transition countries. It applies Panel Vector Auto Regression with recursive identification of government spending shocks as the most appropriate method for the aim of the study and the sample used. The main results indicate that expansionary spending shocks have a positive, but a relatively low effect on output, with the fiscal multiplier around one in the year of the shock and the following year, and lower thereinafter. There are indications that this result is driven by the recent crisis, as multipliers are considerably lower in the pre-crisis period. Effects of fiscal policy are strongly dependent on country structural characteristics. Fiscal multipliers are higher in new European Union member states, in countries with low public debt and low trade openness. Further, spending shocks are followed by rising debt levels in old member states, which could be related well to the recent European debt crisis. Finally, the analysis of the transmission mechanism of fiscal policy yields results that are consistent with both extended Real Business Cycle models and extended New Keynesian models.

Shaping the Fiscal Policy Framework

DEFF Research Database (Denmark)

Bergman, Ulf Michael; Hutchison, Michael M.; Hougaard Jensen, Svend E.

the international experiences with large-scale fiscal consolidations, including evidence on the expansionary fiscal contraction hypothesis with particular focus on the Danish experience in the early 1980s. Second, given the widespread perception that supranational fiscal rules have failed in Europe, we study...

The Use of Fiscal Policy at the National Level

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Miron DUMITRESCU

2014-06-01

Full Text Available The purpose of this article is to present the evolution of the index of efficiency of direct and indirect taxes recorded in Romania in 2011 as well as to compare the effectiveness of fiscal policy situation of our country to the countries of Central and Eastern Europe.

Restoring international competitiveness in Croatia: The role of fiscal and monetary policy

Directory of Open Access Journals (Sweden)

Ćorić Tomislav

2013-01-01

Full Text Available Croatia has joined the European Union as a country with several substantial structural problems, of which the most important is weak competitiveness. Although competitiveness can be viewed from the ‘institutional’ perspective, which includes World Development Indicators (WDI and Doing Business reports, in this paper the authors focus on the more standard view of competitiveness based on unit labour costs (ULC and real effective exchange rate (REER. As a small, open and highly dollarized/euroised economy that has to coordinate its economic policy with the EU policy framework, Croatia has limited space for increasing international competitiveness using monetary policy measures aimed at (nominal devaluation of the national currency. Therefore economic policy stakeholders should focus on decreasing unit labour costs and real effective exchange rate mainly through the process of internal devaluation, which is based on adequate fiscal policy measures. In this paper the authors analyse the role of monetary and fiscal policy in the deteriorating real effective exchange rate and unit labour costs since 2000, and their current capabilities and restrictions in restoring international competitiveness. The Structural VAR model (SVAR is used to estimate the effects of foreign (banking capital, credit growth, and current public expenditure on REER and ULC. The preliminary hypothesis of the paper is that monetary policy should continue to support bank lending activities and the role of fiscal policy is to achieve an internal devaluation, which will increase the competitiveness of the Croatian economy. Restoring international competitiveness is necessary due to its impact on net exports and consequently the economic recovery of the national economy, which has faced recession conditions for five years in a row. Also, restoring competitiveness is one of the most important preconditions for the success of a small country joining the single European market.

Central bank instruments, fiscal policy regimes, and the requirements for equilibrium determinacy

NARCIS (Netherlands)

Schabert, A.

2006-01-01

This paper examines the role of the monetary instrument choice for local equilibrium determinacy under sticky prices and different fiscal policy regimes. Corresponding to Benhabib et al.'s results for interest rate feedback rules [Benhabib, J., Schmitt-Grohé, S., Uribe, M., 2001. Monetary policy and

Savannah River Site`s Site Specific Plan. Environmental restoration and waste management, fiscal year 1992

Energy Technology Data Exchange (ETDEWEB)

1991-08-01

This Site Specific Plan (SSP) has been prepared by the Savannah River Site (SRS) in order to show the Environmental Restoration and Waste Management activities that were identified during the preparation of the Department of Energy-Headquarters (DOE-HQ) Environmental Restoration and Waste Management Five-Year Plan (FYP) for FY 1992--1996. The SSP has been prepared in accordance with guidance received from DOE-HQ. DOE-SR is accountable to DOE-HQ for the implementation of this plan. The purpose of the SSP is to develop a baseline for policy, budget, and schedules for the DOE Environmental Restoration and Waste Management activities. The plan explains accomplishments since the Fiscal Year (FY) 1990 plan, demonstrates how present and future activities are prioritized, identifies currently funded activities and activities that are planned to be funded in the upcoming fiscal year, and describes future activities that SRS is considering.

Fiscal deficits, financial fragility, and the effectiveness of government policies

NARCIS (Netherlands)

Kirchner, M.; van Wijnbergen, S.

2012-01-01

Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice and

Why Europe has become environmentally cleaner: Decomposing the roles of fiscal, trade and environmental policies

OpenAIRE

López, Ramón; Palacios, Amparo

2011-01-01

This paper systematically examines the role of fiscal policy, trade and energy taxes on environmental quality in Europe using disaggregated data for 12 European countries over the 1995-2008 period. It uses a methodology that obtains estimates mostly free of time-varying omitted variable biases. Controlling for the scale effect, our estimations show that fiscal policies and energy taxes are effective in reducing the concentration of certain pollutants through different mechanisms. We also find...

Book review: Alexandru Avram - Fiscal policies and economic growth during crisis

Directory of Open Access Journals (Sweden)

Aurelia Dumitru

2015-10-01

Full Text Available The Assistant Professor at West University of Timisoara Alexandru Avram is publishing at Sitech Publishing House, Craiova, a remarkable book, "The mix of fiscal and monetary policies – the impact upon the economic growth". The scientific research had previously been made for achieving the title in Doctor in Economic Sciences. The theme of the book is the identification of the measures of economic growth after the economic crisis at the end of 2007 and the impact of some fiscal and monetary measures and also the introduction of the taxing quotation, the decreasing of the interest of monetary policy, the increasing of VAT quotation from 19% to 24% upon some macroeconomic components. The book represents a valuable synthesis and a guide for those who are interested in the subject.

Fiscal sustainability and oil wealth: Managing oil and gas volatility in Azerbaijan

NARCIS (Netherlands)

Budina, N.; van Wijnbergen, S.

2008-01-01

Assessing fiscal sustainability - i.e. considering whether or not a country can maintain its current fiscal policies without running into solvency problems and possible default - requires projections on a government's future revenue stream, expenditures and contingent liabilities within a

How Do Local Governments Decide on Public Policy in Fiscal Federalism?

DEFF Research Database (Denmark)

Köthenbürger, Marko

2008-01-01

Previous literature widely assumes that taxes are optimized in local public finance while expenditures adjust residually. This paper endogenizes the choice of the optimization variable. In particular, it analyzes how federal policy toward local governments influences the way local governments...... decide on public policy. Unlike the presumption, the paper shows that local governments may choose to optimize over expenditures. The result most notably prevails when federal policy subsidizes local fiscal effort. The results offer a new perspective of the efficiency implications of federal policy...

The State Fiscal Policy: Determinants and Optimization of Financial Flows

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Sitash Tetiana D.

2017-03-01

Full Text Available The article outlines the determinants of the state fiscal policy at the present stage of global transformations. Using the principles of financial science it is determined that regulation of financial flows within the fiscal sphere, namely centralization and redistribution of the GDP, which results in the regulation of the financial capacity of economic agents, is of importance. It is emphasized that the urgent measure for improving the tax model is re-considering the provision of fiscal incentives, which are used to stimulate the accumulation of capital, investment activity, innovation, increase of the competitiveness of national products, expansion of exports, increase of the level of the population employment. The necessity of applying the instruments of fiscal regulation of financial flows, which should take place on the basis of institutional economics emphasizing the analysis of institutional changes, the evolution of institutions and their impact on the behavior of participants of economic relations. At the same time it is determined that the maximum effect of fiscal regulation of financial flows is ensured when application of fiscal instruments is aimed not only at achieving the target values of parameters of financial flows but at overcoming institutional deformations as well. It is determined that the optimal movement of financial flows enables creating favorable conditions for development and maintenance of financial balance in the society and achievement of the necessary level of competitiveness of the national economy.

The specificity of functions and principles of fiscal management

OpenAIRE

Comaniciu, Carmen

2007-01-01

The multiple changes which take place in the public sector due to the economical social and political processes and phenomenon impose the development and the perfecting of public management in order to assure efficiency and efficacy. Although in the specialty literature, the concept of fiscal management or management of fiscal activity is not very well defined, we will try to define this concept, to identify the fundamental and specific objectives, to specify the content of specific functions...

Use of Data for Fiscal Management of State Part C Systems

Science.gov (United States)

Greer, Maureen; Kilpatrick, Jamie; McCullough, Katy; Reid, Kellen

2015-01-01

"Use of Data for Fiscal Management of State Part C Systems" is designed to increase the knowledge and skills of lead agency staff regarding the use of data for appropriate fiscal management of Part C. This document addresses budget development and management. This document has three sections: (1) Budget Development and Management; (2)…

The fiscality, tool of an energy policy; La fiscalite, instrument d'une politique de l'energie

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-12-15

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.)

Fiscal policy surveillance in the enlarged European Union: Procedural checks or simple arithmetic?

NARCIS (Netherlands)

Groenendijk, Nico; Batten, Jonathan A.; Kearney, Colm

2006-01-01

In its recommendation on the 2004 update of the Broad Economic Policy Guidelines (BEPGs), the European Commission (2004) issued country-specific recommendations for fiscal policy in the Central and Eastern European (CEE) countries that have recently joined the European Union (EU) (henceforth the

The influence of fiscal rules on healthcare policy in the United States and the Netherlands.

Science.gov (United States)

Schakel, H Christiaan; Jeurissen, Patrick; Glied, Sherry

2017-10-01

Governments use fiscal rules to put a framework and limits on how budgetary challenges are addressed, but the rules themselves are still an understudied area among health policy scholars. For a long time, healthcare held a somewhat separate status because of the reliance on entitlements and dedicated revenue streams. However, the combined forces of advocates for integral decision-making, central budget control and the increasing costs might shift healthcare towards budgetary frameworks that currently apply to other spending categories. In this paper, we study fiscal rules that the US and the Netherlands have adopted since 2010 and their impact on healthcare policy. Our analysis shows that fiscal rules can have an impact on the rationing of healthcare. In the studied timeframe, the rules seem to have more impact on budget outcomes than on the budget process itself. In addition, the convergence of fiscal and program policy objectives seems to be better accomplished in a budgetary system that applies enforceable budget ceilings. Budgeting for health entitlements requires a comprehensive and tailor-made approach and the composition of traditional rules might not fully answer to the complexities of healthcare policy. This paper aims to contribute to that debate and the way we think about healthcare budgeting. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

The Global Financial Crisis: Countercyclical Fiscal Policy Issues and Challenges in Malaysia, Indonesia, the Philippines, and Singapore

OpenAIRE

Doraisami, Anita

2011-01-01

Several countries have employed countercyclical fiscal policy to ameliorate the impact of the global financial crisis. This study identifies some of the issues and policy implications associated with this policy response in developing countries. Included are case studies of four developing countries in the Asian region—Malaysia, Indonesia, the Philippines, and Singapore. The findings point to a rich diversity in both the size and composition of fiscal stimulus and the challenges which ar...

In the absence of fiscal union, the Eurozone needs a more flexible monetary policy: A comment

Directory of Open Access Journals (Sweden)

Andrea Terzi

2016-09-01

Full Text Available The article is a comment on Alessandrini and Fratianni (2015 (A&F, on how can the euro area cope with inter-regional differences in the absence of fiscal union. A&F develop a model to support their proposals, against which twomain remarks are raised here. First, diverging current account imbalances shaped the eurozone countries’ vulnerability, but were not a cause of the euroarea 2010-2012 liquidity crisis. Second, A&F’s quantity-theoretic view of monetary policy implementation is inapplicable to a floating currency like the euro, or to the Target2 payment system. A&F’s proposal of adding a current account constraint to the existing fiscal constraint for EA countries could have a positive impact if a country running a large current account balance and having fiscal room, as defined by the EU rules, were pressed to engage in expansionary fiscal policy. The problem with such a double constraint, however, is that the stronger the impact on the other EA countries, the sooner fiscal room would be exhausted. This criticism however does not imply that in the absence of fiscal union there is no stable solution; a coordinated pro-quota fiscal expansion would provide such stable solution. JEL: E42, E52, E58

The Impact of Fiscal Policy on Poverty in Ethiopia: A Computable ...

African Journals Online (AJOL)

Daniel

study investigates the economy-wide impacts of these fiscal policy changes on poverty. ... of the World Bank and the International Monetary Fund in the 1990s and ..... factors of production (labor, land, livestock and capital), 7 institutions (an.

CONSIDERATIONS ON FISCAL POLICY AS A TOOL OF ECONOMIC RECOVERY

Directory of Open Access Journals (Sweden)

Stoichin Elena Mădălina

2012-03-01

Full Text Available One of the most important components of social and economic life is the public finances, with direct implications on the formation and distribution of gross domestic product. State, in order to establish their own funds to set up the concept according to which, any natural or legal person carrying out an income or owns a dime in the category of those taxable in the State due to tax or duty. Starting from these considerations, the paper analyses, on the one side, the influencing factors and effects of increasing fiscal pressure, and, on the other side, the role of fiscal policy in the economic relaunch.

Interactions between Monetary and Fiscal Policy via Open Market Operations

NARCIS (Netherlands)

Schabert, A.

2004-01-01

We examine interactions of monetary and fiscal policy in a sticky price model where public debt is non-neutral, as it provides transaction services. This property is brought about by a legal restriction on open market operations by which only government bonds are eligible. Debt creation eases access

Monetary and Fiscal Policy Interaction and the Relationship between the Central Bank and the Government. (The Case of Republic of Moldova

Directory of Open Access Journals (Sweden)

Corina Chironachi

2015-08-01

Full Text Available In this paper the author is analyzing the impact of fiscal and monetary policies on the dynamics of the exchange rate, inflation and other macroeconomic variables. The author investigates the forms of strategic interaction between the Government and the Central Bank in designing and implementing these policies. As a result, the author concludes the necessity of institutions cooperation in the development and implementation of monetary and fiscal policy measures, but also concluded that the responsible institutions must remain independent in achieving an efficient monetary and fiscal policy of the Republic of Moldova.

Fiscal councils as a mechanism for establishing fiscal discipline

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Anđelković Mileva

2014-01-01

Full Text Available Under the impact of the global economic crisis, the contemporary budget systems have been subject to extensive reforms. There is a growing number of scholars advocating the establishment of fully independent fiscal institutions which would be in charge of administering a sustainable fiscal policy. The bodies available in hitherto practice are fiscal councils, parliament committees on budgetary control or fiscal 'watchdogs'. The institutionalization of fiscal councils should provide for improving the quality of the public debate on fiscal policy and make the governments more fiscally accountable. The existing fiscal councils generally have an advisory role and they are expected to contribute to strengthening the role of national parliaments in scrutinizing the national budget. In fact, the establishment of fiscal councils ensues only after introducing the fiscal rules which serve as statutory limitations on the activities of the executive branch in the budget-related matters. The current economic crisis has substantially hindered the efficient application of these fiscal restrictions. Some states see the solution in establishing independent fiscal institutions which would control the compliance with these rules. As one of the participants in the budgetary process, fiscal councils are in a position to provide better information to the voters on the current state of affairs in public finances and (thus increase the political costs of the government's fiscal unaccountability. In practice, there are several models for the organization of fiscal councils which primarily focus on ex ante or ex post review and assessment concerning whether the relevant institutions have observed the fiscal rules and accomplished the fiscal goals. Considering that their role is to eliminate the asymmetry of information in relations between the legislative and executive breach of government, fiscal councils should contribute to reinforcing the legitimacy of the budgetary

The fiscal framework and urban infrastructure finance in China

OpenAIRE

Ming Su; Quanhou Zhao

2006-01-01

China has experienced more than 25 years of extraordinary economic growth. Underlying this growth has been a decentralized fiscal system, in which provinces and large cities are given the freedom to make infrastructure investments to stimulate local development, and are allowed to retain a large part of the fiscal revenues that are generated from economic activity. Although successful as a growth strategy, this policy created two problems for national fiscal management. First, it significantl...

The fiscal crisis in the health sector: Patterns of cutback management across Europe.

Science.gov (United States)

Ongaro, Edoardo; Ferré, Francesca; Fattore, Giovanni

2015-07-01

The article investigates trends in health sector cutback management strategies occurred during the ongoing financial and fiscal crisis across Europe. A European-wide survey to top public healthcare managers was conducted in ten different countries to understand their perception about public sector policy reactions to the financial and economic crisis; answers from 760 respondents from the healthcare sector (30.7% response rate) were analyzed. A multinomial logistic regression was used to assess the characteristics of respondents, countries' institutional healthcare models and the trend in public health resources availability during the crisis associated to the decision to introduce unselective cuts, targeted cuts or efficiency savings measures. Differentiated responses to the fiscal crisis that buffeted public finances were reported both across and within countries. Organizational position of respondents is significant in explaining the perceived cutback management approach introduced, where decentralized positions detect a higher use of linear cuts compared to their colleagues working in central level organizations. Compared to Bismark-like systems Beveridge-like ones favour the introduction of targeted cuts. Postponing the implementation of new programmes and containing expenses through instruments like pay freezes are some of the most popular responses adopted, while outright staff layoffs or reduction of frontline services have been more selectively employed. To cope with the effects of the fiscal crisis healthcare systems are undergoing important changes, possibly also affecting the scope of universal coverage. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

State Outlook: Fiscal and Public Policy Issues Affecting Postsecondary Education

Science.gov (United States)

American Association of State Colleges and Universities, 2010

2010-01-01

This publication provides a compilation of the issues affecting postsecondary education in America. The contents of this issue include: (1) Overview of Economic and Fiscal Policy Dynamics; (2) July 2010 Economic Snapshot; (3) State Economic Conditions and Budget Outlook; (4) State Budget Pressures; (5) State Budget Realignment Strategies; (6)…

Montagem da Agenda e Formulação da Política Pública: Austeridade Fiscal no Brasil / Public Policy Agenda Setting: Fiscal Austerity in Brazil

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Adriano Cardoso Henrique

2018-05-01

Full Text Available Purpose – This paper analyzes the agenda setting and the formulation of the public policy that inserted in the macroeconomic context of Brazil fiscal austerity policies adopted in other countries, evaluating the negative impact of this economic measure. Methodology/approach design – we use the theoretical framework called the "public policy cycle" developed by several authors mentioned in the article. Findings - the analysis of the fiscal austerity agenda in Brazil reveals an orchestrated movement of certain economic agents, taking advantage of the moment of institutional fragility, as well as of deficiency of legal language in dealing with economic issues. Practical implications –the paper presents as possible failures in the formulation of the public agenda, especially the absence of democratic and transparent debates, may result in the adoption of outdated and misguided policies in the management of a specific sector of the State. Originality/value – the approach of the macroeconomic agenda for Law and even for the political sciences is a challenge that imposes originality in the search for interdisciplinary solutions. Resumo Propósito – O artigo analisa a montagem da agenda e a formulação da política pública que inseriu no contexto macroeconômico do Brasil políticas de austeridade fiscal adotadas em outros países, avaliando o impacto negativo de tal medida econômica. Metodologia/abordagem/design – Utiliza-se o marco teórico denominado “ciclo de políticas públicas” desenvolvida por vários autores citados no artigo. Resultados – A análise da montagem da agenda de austeridade fiscal no Brasil revela um movimento orquestrado de determinados agentes econômicos, aproveitando o momento de fragilidade institucional, bem como da deficiência da linguagem jurídica em tratar de temas econômicos. Implicações práticas – O artigo revela eventuais falhas na formulação da agenda pública, principalmente a aus

Comparative Interpretation of Classical and Keynesian Fiscal Policies (Assumptions, Principles and Primary Opinions

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Engin Oner

2015-06-01

Full Text Available Adam Smith being its founder, in the Classical School, which gives prominence to supply and adopts an approach of unbiased finance, the economy is always in a state of full employment equilibrium. In this system of thought, the main philosophy of which is budget balance, that asserts that there is flexibility between prices and wages and regards public debt as an extraordinary instrument, the interference of the state with the economic and social life is frowned upon. In line with the views of the classical thought, the classical fiscal policy is based on three basic assumptions. These are the "Consumer State Assumption", the assumption accepting that "Public Expenditures are Always Ineffectual" and the assumption concerning the "Impartiality of the Taxes and Expenditure Policies Implemented by the State". On the other hand, the Keynesian School founded by John Maynard Keynes, gives prominence to demand, adopts the approach of functional finance, and asserts that cases of underemployment equilibrium and over-employment equilibrium exist in the economy as well as the full employment equilibrium, that problems cannot be solved through the invisible hand, that prices and wages are strict, the interference of the state is essential and at this point fiscal policies have to be utilized effectively.Keynesian fiscal policy depends on three primary assumptions. These are the assumption of "Filter State", the assumption that "public expenditures are sometimes effective and sometimes ineffective or neutral" and the assumption that "the tax, debt and expenditure policies of the state can never be impartial". 

European Fiscal Policy of Tax Havens

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Gabriela Mironov

2009-10-01

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.

75 FR 30687 - Organization; Eligibility and Scope of Financing; Funding and Fiscal Affairs, Loan Policies and...

Science.gov (United States)

2010-06-02

...; Eligibility and Scope of Financing; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding... INFORMATION CONTACT: Elna Luopa, Senior Corporate Analyst, Office of Regulatory Policy, Farm Credit...

75 FR 68533 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Capital...

Science.gov (United States)

2010-11-08

... FARM CREDIT ADMINISTRATION 12 CFR Part 615 RIN 3052-AC25 Funding and Fiscal Affairs, Loan Policies... K. Van Meter, Deputy Director, Office of Regulatory Policy, Farm Credit Administration, 1501 Farm... Director, Office of Regulatory Policy, Farm Credit Administration, McLean, VA 22102- 5090, (703) 883-4232...

Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight

Science.gov (United States)

2009-05-27

Representatives Subject: Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight From fiscal...year 2005 through fiscal year 2008, the military services received about $295 million in monetary and nonmonetary gifts from individuals and...organizations wishing to donate gifts to the Department of Defense (DOD).1 Section 2601(a) of Title 10, U.S. Code is a long-standing authority under which

GETTING CLOSER TO EU STANDARDS - GEORGIA FISCAL GOVERNANCE ADJUSTMENT AND ITS IMPLICATIONS

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David OBOLADZE

2016-11-01

Full Text Available This study focuses on fiscal governance from the perspective of developing the public finance management of Georgia. The paper investigates the fiscal governance framework in European Union countries and examines the impact of fiscal rules and budget procedures in EU countries. Well-designed fiscal frameworks are generally associated with better budgetary outcomes in terms of deficit and debt control. Following a thorough investigation of the current stance of fiscal governance in Georgia, the paper analyses the main medium and long term perspectives for Georgia to approximate with EU fiscal governance. The main objective of this paper is to provide policy guidelines needed for the appropriate and necessary reforms to ensure comprehensive, coherent and consistent fiscal governance framework for Georgia, which will improve the performance of public finance management and national economy of Georgia.

Fiscal policy to improve diets and prevent noncommunicable diseases: from recommendations to action.

Science.gov (United States)

Thow, Anne Marie; Downs, Shauna M; Mayes, Christopher; Trevena, Helen; Waqanivalu, Temo; Cawley, John

2018-03-01

The World Health Organization has recommended that Member States consider taxing energy-dense beverages and foods and/or subsidizing nutrient-rich foods to improve diets and prevent noncommunicable diseases. Numerous countries have either implemented taxes on energy-dense beverages and foods or are considering the implementation of such taxes. However, several major challenges to the implementation of fiscal policies to improve diets and prevent noncommunicable diseases remain. Some of these challenges relate to the cross-sectoral nature of the relevant interventions. For example, as health and economic policy-makers have different administrative concerns, performance indicators and priorities, they often consider different forms of evidence in their decision-making. In this paper, we describe the evidence base for diet-related interventions based on fiscal policies and consider the key questions that need to be asked by both health and economic policy-makers. From the health sector's perspective, there is most evidence for the impact of taxes and subsidies on diets, with less evidence on their impacts on body weight or health. We highlight the importance of scope, the role of industry, the use of revenue and regressive taxes in informing policy decisions.

Evaluating the Mechanism of Oil Price Shocks and Fiscal Policy Responses in the Malaysian Economy

International Nuclear Information System (INIS)

Bekhet, Hussain A; Yusoff, Nora Yusma Mohamed

2013-01-01

The paper aims to explore the symmetric impact of oil price shock on economy, to understand its mechanism channel and how fiscal policy response towards it. The Generalized Impulse Response Function and Variance Decomposition under the VAR methodology were employed. The empirical findings suggest that symmetric oil price shock has a positive and direct impact on oil revenue and government expenditure. However, the real GDP is vulnerable in a short-term but not in the long term period. These results would confirm that fiscal policy is the main mechanism channel that mitigates the adverse effects oil price shocks to the economy.

Evaluating the Mechanism of Oil Price Shocks and Fiscal Policy Responses in the Malaysian Economy

Science.gov (United States)

Bekhet, Hussain A.; Yusoff, Nora Yusma Mohamed

2013-06-01

The paper aims to explore the symmetric impact of oil price shock on economy, to understand its mechanism channel and how fiscal policy response towards it. The Generalized Impulse Response Function and Variance Decomposition under the VAR methodology were employed. The empirical findings suggest that symmetric oil price shock has a positive and direct impact on oil revenue and government expenditure. However, the real GDP is vulnerable in a short-term but not in the long term period. These results would confirm that fiscal policy is the main mechanism channel that mitigates the adverse effects oil price shocks to the economy.

Fiscal Policy as an Engine of Economic Growth in Nigeria | Zhattau ...

African Journals Online (AJOL)

Economic growth is a powerful engine for generating long-term standard of living. There are many strategies through which a country may attain self-reliance. Fiscal policy has been identified as a means of generating growth. Taxation, major source of government revenue as well government expenditure are important ...

Fiscal Sustainability: Does EU Membership Change Policy Behavior? Empirical Evidence from Central and Eastern Europe

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Bettina Bökemeier

2017-12-01

Full Text Available This paper studies fiscal policy behavior with regard to sustainability for the group of the eight eastern new member states which joined the European Union in 2004. Using the approach of Bohn (1995, 998 the fiscal reaction function is estimated for the years 1996 until 2013. Further, separating the response in periods before and after accession studies potential changes in fiscal sustainability. The results of the panel regressions reveal a positive statistically significant reaction coefficient, indicating sustainable behavior. Moreover, once the responses are split in 2004 the reaction coefficient is somewhat larger in size ahead of the accession. Accounting for the crisis reveals that these years challenge fiscal sustainability.

Nonverbal contention and contempt in U.K. parliamentary oversight hearings on fiscal and monetary policy.

Science.gov (United States)

Schonhardt-Bailey, Cheryl

2017-01-01

In parliamentary committee oversight hearings on fiscal policy, monetary policy, and financial stability, where verbal deliberation is the focus, nonverbal communication may be crucial in the acceptance or rejection of arguments proffered by policymakers. Systematic qualitative coding of these hearings in the 2010-15 U.K. Parliament finds the following: (1) facial expressions, particularly in the form of anger and contempt, are more prevalent in fiscal policy hearings, where backbench parliamentarians hold frontbench parliamentarians to account, than in monetary policy or financial stability hearings, where the witnesses being held to account are unelected policy experts; (2) comparing committees across chambers, hearings in the House of Lords committee yield more reassuring facial expressions relative to hearings in the House of Commons committee, suggesting a more relaxed and less adversarial context in the former; and (3) central bank witnesses appearing before both the Lords and Commons committees tend toward expressions of appeasement, suggesting a willingness to defer to Parliament.

Economic evaluation on tight sandstone gas development projects in China and recommendation on fiscal and taxation support policies

OpenAIRE

Zhen Yang; Lingfeng Kong; Min Du; Chenhui Zhao

2016-01-01

China is rich in tight sandstone gas resources (“tight gas” for short). For example, the Sulige Gasfield in the Ordos Basin and the Upper Triassic Xujiahe Fm gas reservoir in the Sichuan Basin are typical tight gas reservoirs. In the past decade, tight gas reserve and production both have increased rapidly in China, but tight gas reservoirs are always managed as conventional gas reservoirs without effective fiscal, taxation and policy supports. The potential of sustainable tight gas productio...

Taxation, Fiscal Deficit and Inflation in Pakistan

OpenAIRE

Ghulam Rasool Madni

2014-01-01

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...

Strategic interaction between fiscal and monetary policies in an export-oriented economy

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Merzlyakov Sergey

2012-01-01

Full Text Available Solving the problem of stabilizing the economy is directly tied to the necessity of keeping the main macroeconomic variables stable. However, macroeconomic stability is not in the general case a purely fiscal or a purely monetary problem. How the central bank and the government interact is of principle importance. We investigate the impact of macroeconomic policies on the dynamics of the exchange rate, inflation, output and stabilization fund and consider different forms of strategic interaction between the government and the central bank. In this paper we build a stylized model of an export-oriented economy. We use numerical examples for our analysis and practical conclusions. The effective interaction of fiscal and monetary policies is possible under a cooperative Stackelberg game interaction with the government as leader. It is shown that the independence of the central bank does not play a crucial role.

The Art and Craft of Budgeting: Fiscal Policy in the Eurozone

NARCIS (Netherlands)

F.K.M. van Nispen tot Pannerden (Frans)

2007-01-01

textabstractIn the past twenty-five years we have seen a growing body of literature on the determinants of fiscal policy as measured by analyzing cross-national data on budgetary deficits and public debts. The discussion is largely shaped by Jürgen von Hagen’s work on the impact of both political

Economic evaluation on tight sandstone gas development projects in China and recommendation on fiscal and taxation support policies

Directory of Open Access Journals (Sweden)

Zhen Yang

2016-11-01

Full Text Available China is rich in tight sandstone gas resources (“tight gas” for short. For example, the Sulige Gasfield in the Ordos Basin and the Upper Triassic Xujiahe Fm gas reservoir in the Sichuan Basin are typical tight gas reservoirs. In the past decade, tight gas reserve and production both have increased rapidly in China, but tight gas reservoirs are always managed as conventional gas reservoirs without effective fiscal, taxation and policy supports. The potential of sustainable tight gas production increase is obviously restricted. The tight gas development projects represented by the Sulige Gasfield have failed to make profit for a long period, and especially tight gas production has presented a slight decline since 2015. In this paper, a new economic evaluation method was proposed for tight gas development projects. The new method was designed to verify the key parameters (e.g. production decline rate and single-well economic service life depending on tight gas development and production characteristics, and perform the depreciation by using the production method. Furthermore, the possibility that the operation cost may rise due to pressure-boosting production and intermittent opening of gas wells is considered. The method was used for the tight gas development project of Sulige Gasfield, showing that its profit level is much lower than the enterprise's cost level of capital. In order to support a sustainable development of tight gas industry in China, it is recommended that relevant authorities issue value-added tax (VAT refund policy as soon as possible. It is necessary to restore the non-resident gas gate price of the provinces where tight gas is produced to the fair and reasonable level in addition to the fiscal subsidy of CNY0.24/m3, or offer the fiscal subsidy of CNY0.32/m3 directly based on the on-going gate price. With these support policies, tax income is expected to rise directly, fiscal expenditure will not increase, and gas

Fiscal Policy in Urban Education. A Volume in Research in Education Fiscal Policy and Practice.

Science.gov (United States)

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…

The impact of fiscal policy on economic growth in Namibia

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E Kaakunga

2014-07-01

Full Text Available The purpose of this study was to shed light on the impact of fiscal policy on growth.  Governments undertake expenditures to pursue a variety of goals, only one of which may be an increase in per capita income.  Using the framework of endogenous growth models which seeks to explain sustained long term growth, we showed how a change in the mix of public spending in favour of productive activities could lead to a steady state growth rate.  The explanatory variables, which affect growth positively, include capital expenditure, tax revenue and the terms of trade.  The share of private consumption in GDP, fiscal deficit, the share of total public debt in GDP and current expenditure relates negatively to the growth rate of output.

APPLYING FISCAL IMPULSE IN ROMANIA IN PERIOD 2002-2013: DECREASING FISCAL PRESSURE VERSUS RISING TRANSFER PAYMENTS

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Antoniu PREDESCU

2014-12-01

Full Text Available The first goal of a market economy is to obtain and preserve, in long term, economic growth; for this goal, there are a number of tools – macroeconomic policies, there is: fiscal policy, monetary policy, budgetary policy, etc. – at disposal of policy makers, so as to make such a project come true. This is not so easy, however: all these tools must be carefully calibrated and carefully used. One of the most important policy is fiscal policy (which can be defined, in brief, as the sum of all measures, procedures, tools and policies a government uses so as to modify, to its liking, macroeconomic outcomes; an important tool, also, is monetary policy – which tinkers, so to speak, with money, in all its forms and shapes. This paper, however, it is not limited to simply assess, theoretically, best uses for fiscal policy; it aims to analyze, meaningfully, the effectiveness of fiscal policy in Romania, between years 2002 and 2013, in order, not only to state what did go wrong with it in that interval, but to establish best ways in which, in Romania, fiscal policy – and monetary policy – can be put to best use, inclusively in order to do what is to be done for achieving long-lasting economic growth in the future.

Analysis of Fiscal Rules in the European Monetary Union

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Šehović Damir

2015-01-01

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”.

Tax incentives in fiscal federalism

DEFF Research Database (Denmark)

Kelders, Christian; Köthenbürger, Marko

2010-01-01

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...

Macroeconomic Effects of Fiscal Policy in Ecuador 1993-2009

OpenAIRE

Carrillo, Paul A.

2010-01-01

Fiscal policy is particularly relevant in dollarized economies. For the case of Ecuador, we analyze the effects of taxes and public spending on the overall performance of the economy for the period 1993-2009. To do this, we use a structural autoregressive vector model (SVAR) incorporating the stylized facts of Ecuador estimated on Gachet et al. (2010). The main results are: i) the taxes have only temporary effects on the ecuadorian economy, ii) the increase in indirect taxes affect negatively...

Long Term Effects of Fiscal Policy on the Size and the Distribution of the Pie in the UK

OpenAIRE

Xavier Ramos; Oriol Roca-Sagales

2007-01-01

This paper provides a joint analysis of the output and distributional long term effects of various fiscal policies in the UK, using a Vector Autoregression approach. Our findings suggest that the output effects of fiscal policies are consistent with the Keynesian paradigm for both direct and indirect taxes but not for public spending. The estimated long term impact on GDP of increasing all type of expenditure and taxes analysed is negative and especially strong in the case of current expendit...

Effects of Fiscal Policy and Monetary Policy on the Stock Market in Poland

OpenAIRE

Yu Hsing

2013-01-01

The focus of this paper is to examine potential impacts of fiscal and monetary policies on stock market performance in Poland. Applying the GARCH model and based on a sample during 1999.Q2 to 2012.Q4, this paper finds that Poland’s stock market index is not affected by the ratio of government deficits or debt to GDP and is negatively influenced by the money market rate. The stock index and the ratio of M3 to GDP show a quadratic relationship with a critical value of 46.03%, suggesting that th...

The Fiscal Stimuli for the Implementing Ukraine’s Energy Policy and Reforming Higher Education

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Synyutka Nataliya G.

2017-07-01

Full Text Available The article attempts to revise the issue of the State regulation of the macroeconomic processes associated with the economic, energy, fiscal, and educational reforms that are being carried out in Ukraine. In order to implement the State energy policy, fiscal approaches have been emphasized. The use of the fiscal stimulus of «carbon tax» can be seen as an effective measure for implementation of the existing State energy strategy. A review of introduction of such a tax in the developed countries confirms the expediency of applying fiscal mechanism in order to encourage investment in energy-efficient technologies. Prospects for introduction of this tax in Ukraine were considered. To this end, actual CO2 emissions have been generalized and prediction calculations for the energy sector have been accomplished. The calculated estimates of possible tax revenues have been provided. For further studies on the outlined topic, there is an impelling need to detalize the financial statistics of the ecologic tax revenues in terms of sources.

Expansionary fiscal contractions

DEFF Research Database (Denmark)

Bergman, Ulf Michael; Hutchison, Michael

2010-01-01

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...... 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....

Athenian fiscal expansionary policy and peace versus war strategy

OpenAIRE

Economou, Emmanouel/Marios/Lazaros; Kyriazis, Nicholas

2015-01-01

In the present essay, we develop at first a model of choice by actors to show how a society can take decisions on specific issues according to how flexible or rigid it is in new ideas and trends. Then, by utilizing game theory we explain how the Athenian society abandoned war in favour of a peace grand strategy during the second half of the 4th century BCE. To achieve this, two visionary Athenian policymakers Eubulus and Lycurgus introduced fiscal expansionary policy programs which proved ben...

Fiscal Policy, Government Polarization, and the Economic Literacy of Voters

OpenAIRE

Murtinu, Samuele; Piccirilli, Giulio; Sacchi, Agnese

2016-01-01

We model a two-parties electoral game in an environment where voters are imperfectly informed on the administrative ability of each party. In equilibrium, parties try to manipulate voters’ beliefs and implement fiscal policies that are looser than the social optimum. The size of this deviation from optimality increases with the incentive of parties to manipulate, the voters’ information disadvantage, and the interaction between these two elements. We test our theoretical predictions on a samp...

Long Term Eff ects of Fiscal Policy on the Size and the Distribution of the Pie in the UK

OpenAIRE

RAMOS, Xavier; ROCA-SAGALES, Oriol

2007-01-01

This paper provides a joint analysis of the output and distributional long term effects of various fiscal policies in the UK, using a Vector Autoregression approach. Our findings suggest that the output effects of fiscal policies are consistent with the Keynesian paradigm for both direct and indirect taxes but not for public spending. The estimated long term impact on GDP of increasing all type of expenditure and taxes analysed is negative and especially strong in the case of curr...

EMPLOYEES STIMULATION POLICIES FROM ACCOUNTING AND FISCAL PERSPECTIVE

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Cristian Drăgan

2015-09-01

Full Text Available More and more frequently, the negotiation of the said wage of the employees is accompanied by the possibility to get additional bonuses by the nature of food vouchers, distributed profits, rewards granted by various circumstances, advantages in nature of other similar elements. The specialty literature defines the assembly of the elements mentioned through the concept of wage packet. At the level of the entity's management we can find, on one hand, the awareness of the fact that the proposal of some attractive wage packet represents an important factor for the increase of financial performances, but, on the other hand, it can be also noticed a reservation regarding the effective implementation determined, among others, by the fiscal implications related to these.This paper aims the approach of the mentioned aspects both in terms of the accounting treatment applied and in terms of the fiscal implications related.

The Fiscal Framework in a Currency Union

DEFF Research Database (Denmark)

Hallett, Andrew Hughes; Hougaard Jensen, Svend E.

2016-01-01

This paper draws out lessons from the euro area (EA) that are transferable to the Eastern Caribbean Currency Union (ECCU) and other Caribbean economies with fixed exchange rates. Based on observations from both the EA and the ECCU, we present a new policy framework which is capable of imposing...... fiscal discipline, with the aim of avoiding the risk of unsustainable fiscal policies reappearing and of preventing monetary policy from being undermined by undisciplined national governments. In the ECCU case, we find that fiscal deficits are more a result of financial and trade imbalances than fiscal...

Atomic energy policy in fiscal year 1985

International Nuclear Information System (INIS)

Sakurada, Michio

1985-01-01

The international demand and supply of petroleum advance in relaxed condition at present, but tend to get stringent in long term. Nuclear power is the most promising substitute energy for petroleum, and in Japan, 28 nuclear power plants with 20.56 million kW output are in operation, generating 20.4% of the total generated power in 1983. According to the perspective of long term power supply, the installed capacity of nuclear power plants will reach 62 million kW and 27% of the total installed capacity by 2000. It is important to positively deal with the industrialization of nuclear fuel cycle, the upgrading of nuclear power generation, the development of the reactors of new types and so on, preparing for the age that nuclear power generation will become the center of power supply. The atomic energy policy of the Ministry of International Trade and Industry in fiscal year 1985 is reflected to the budget, financial investment and funding and other measures based on the above viewpoint. The outline of the budget and financial investment and funding for fiscal year 1985 is explained. The points are the promotion of industrialization of nuclear fuel cycle, the promotion of nuclear power generation and the promotion of understanding and cooperation of nation on the location of electric power sources. (Kako, I.)

COMPARATIVE STUDY ON ACCOUNTING AND FISCAL AMORTIZATION

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MARIANA GURAU

2012-05-01

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.

FISCAL POLICY'S INFLUENCE ON ECONOMIC GROWTH IN THE EUROPEAN UNION

OpenAIRE

MIHAIU Diana Marieta; OPREANA Alin

2012-01-01

In this paper we study the impact of the fiscal policy on the economic growth for European Union, for the period 2000-2009. This subject represents a very debated problem in the economic literature. Our findings shows that, from the analysis of correlation between economic growth rate and total rate of taxation, there is generally an inverse relationship, meaning that an increase in the tax rate adversely affects economic growth. Continuing the analysis of the correlation between economic gro...

Fiscal and tax policy support for energy efficiency retrofit for existing residential buildings in China's northern heating region

International Nuclear Information System (INIS)

Li Dongyan

2009-01-01

Energy efficiency retrofit for existing residential buildings (EERERB) in China's northern heating region is an important component of the national energy strategy. The main content and related subject in EERERB performance is the basis of understanding and developing targeted policies. So, this paper designed the content system of EERERB. And then, provided a cost-benefit analysis on related subjects, assessed the government's function in EERERB, and come to the conclusion that the Chinese government should increase fiscal fund investment and implement more fiscal and tax incentive policies. Moreover, in view of China's current policy, which lacks long-term mechanism and flexibility, this paper proposed specific policy recommendations, including clarifying the government's corresponding responsibilities at all levels and increasing the intensity of the central government's transfer payments. It further proposed targeted financial and tax policies for supporting and encouraging heating enterprises and owners, as well as policies to cultivate energy-saving service markets and to support the ESCO.

THEORETICAL CONSIDERATIONS REGARDING THE AUTOMATIC FISCAL STABILIZERS OPERATING MECHANISM

Directory of Open Access Journals (Sweden)

Gondor Mihaela

2012-07-01

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

Unemployment and house price crises: lessons for fiscal policy from the Dutch recession

NARCIS (Netherlands)

Teulings, C.N.

2014-01-01

Since the beginning of the financial crisis in 2008, the Dutch economy lost 6% of gdp relative to Germany, even though the Netherlands (unlike the GIPSI countries) did not face serious problems to finance its sovereign debt. This bad performance is explained by the interaction of fiscal policy and

Fiscal Discipline in India

Directory of Open Access Journals (Sweden)

Sanhita SUCHARITA

2011-07-01

Full Text Available The present study broadly attempts to analyze the role of Fiscal Responsibility and Budget Management Act in restoring fiscal balance in India. It analyses the need for fiscal rules and constraints in India. The study aims at finding out the major factor behind rising fiscal imbalance in India and to examine whether there is an electoral motive towards high fiscal deficit to GDP ratio or not. It also analyzes the effectiveness of various measures undertaken at the central and state level to inculcate fiscal discipline in the fiscal management. The study also makes an attempt to do a critical in depth reviews of the Fiscal Responsibility and Budget Management Act and make an attempt at examining effectiveness and suitability of FRBM Act through a quantitative analysis. It also makes an attempt to suggest improvements in the fiscal monitoring mechanism in India. We employ Ordinary Least Square (OLS method to examine the impact of Fiscal Responsibility and Budget Management Act on fiscal deficit in India using the data for the period 1980-81 to 2008-09. The regression results indicates that FRBM Act does not have a significant effect on the Gross Fiscal Deficit (GFD to GDP ratio where as GDP (at factor cost growth rate has a significant negative effect on the GFD to GDP ratio.

Are Independent Fiscal Institutions Really Independent?

Directory of Open Access Journals (Sweden)

Slawomir Franek

2015-08-01

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.

Office of Civilian Radioactive Waste Management fiscal year 1996 annual report to Congress

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-05-01

In Fiscal Year 1996 a revised program strategy was developed that reflects Administration policy and responds to sharply reduced funding and congressional guidance while maintaining progress toward long-term objectives. The program is on track, working toward an early, comprehensive assessment of the viability of the Yucca Mountain site; more closely determining what will be required to incorporate defense waste into the waste management system; pursuing a market-driven strategy for waste acceptance, storage, and transportation; and preserving the core capability to respond to an interim storage contingency. Overall, the elements of an integrated system for managing the Nation`s spent fuel and high-level radioactive waste are emerging, more soundly conceived, and more modestly designed, as the OCRWM works toward the physical reality of waste shipments to Federal facilities.

Office of Civilian Radioactive Waste Management fiscal year 1996 annual report to Congress

International Nuclear Information System (INIS)

1997-05-01

In Fiscal Year 1996 a revised program strategy was developed that reflects Administration policy and responds to sharply reduced funding and congressional guidance while maintaining progress toward long-term objectives. The program is on track, working toward an early, comprehensive assessment of the viability of the Yucca Mountain site; more closely determining what will be required to incorporate defense waste into the waste management system; pursuing a market-driven strategy for waste acceptance, storage, and transportation; and preserving the core capability to respond to an interim storage contingency. Overall, the elements of an integrated system for managing the Nation's spent fuel and high-level radioactive waste are emerging, more soundly conceived, and more modestly designed, as the OCRWM works toward the physical reality of waste shipments to Federal facilities

Report: Fiscal Year 2010 Federal Information Security Management Act Report

Science.gov (United States)

Report #11-P-0017, November 16, 2010. Attached is the Office of Inspector General’s (OIG’s) Fiscal Year 2010 Federal Information Security Management Act (FISMA) Reporting Template, as prescribed by the Office of Management and Budget (OMB).

Fiscal and Financial Stability in Romania - An Overview

Directory of Open Access Journals (Sweden)

Florin OPREA

2013-10-01

Full Text Available The recent financial crisis has seriously shaken economies around the world, and raised serious doubts about the long-term viability of the public policies to remedy market imperfections. The effect has been pronounced for Romania, a newly transitioned country with a fragile market economy due to political, economic and social consequents. This paper examines the correlation between fiscal policy and financial stability in Romania in the period from 1990 to 2011. Specifically, we analyze the country’s main monetary and fiscal policy decisions and their associations with macro-economic variables, highlighting the requirements for a sustainable macro-economic policy and whether such requirements have been met in Romania. Based on the results, we further outline recommendations to improve Romania’s public policy initiatives, considering the specific correlations between monetary and fiscal policies. The results for the period under study indicate that fiscal and monetary policies promoted in Romania have not been consistently harmonized, at times lacking necessary mutual support, or even generating conflicting outcomes favorable to the manifestation of fiscal and financial instability.

Effectiveness of Macroeconomic Policies in the Context of Closed and Open Economies

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N. Kubendran

2016-07-01

Full Text Available Monetary policy and fiscal policy are the two important macroeconomic policies which are used to achieve certain major macroeconomic goals like economic growth, unemployment reduction, counteract inflation and overall economic development of the nation. The effect of macroeconomic variables may differ in terms of degree, duration, different economic systems and under different exchange rate regimes. This study analyses the effectiveness of monetary policy and fiscal policy on the economy in terms of economic integration and different exchange rate regimes. Regression analysis in this study found that the fiscal policy is more effective in a closed economy and monetary policy is more effective in an open economy. Also the study finds that the fiscal policy is more effective under managed float exchange rate regime and monetary policy is more effective under perfectly flexible exchange rate. So this study also validated Mundell- Fleming model.

THE SUSTAINABILITY OF THE FISCAL-BUDGETARY POLICY IN THE CONTEXT OF TAXATION SYSTEM REDUCTION

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Cristian MOCAN

2015-08-01

Full Text Available The estimation of the budgetary impact determined by the Government’s proposition of modifying Law no. 571/2003 regarding the Fiscal code, respectively the diminution of the central levies and taxes (VAT, profit tax, income tax, microenterprises’ income tax, excises, etc., represents a mandatory condition provided by the legislation in the field, having as primary role the observance of the fiscal budgetary policy’s objectives on medium-term and long-term assumed by Romania through the Treaty regarding the stability, coordination and governance in the European Union. The tax sustainability on medium-term and long-term supposes that the Government promotes a cautious fiscal-budgetary policy and an efficient administration of the appeared risks that wouldn’t imply adjustments of the expenses, incomes or a budgetary deficit with adverse economic and social effects.This work intends to analyze the financial impact on Romania’s budget following the proposition of the Government to reduce the central levies and taxes, the opportunity of adopting a high fiscal relaxation while observing the medium-term and long-term budgetary objectives and the consolidation of the existing macroeconomic balances. The data used in the proposed scientific work takes into consideration the estimated VAT and GDP for 2015-2017 in Romania. The set of used data was available in the database of ANAF and the data provided in the Fiscal budgetary strategy 2015-2017.The results of the study highlight the importance of the correct dimensioning of the effects of the first round and those of the second round represented by the fiscal relaxation measures in the revision project of law no. 571/2003 regarding the Fiscal code in the context of using fiscal multipliers and the elasticity of the budgetary aggregates.

CAPITALIZATION OF FISCAL AND ACCOUNTING INTERFERENCES FOR FISCAL OPTIMIZATION

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Dănuţ CHILAREZ

2014-06-01

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.

OPTIMIZAREA SISTEMULUI FISCAL – PREMISA CREĂRII UNEI ECONOMII DE PIAŢĂ FUNCŢIONALĂ ÎN REPUBLICA MOLDOVA

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Petru GRICIUC

2015-12-01

Full Text Available Cadrul analitic pe care autorul îl dezvoltă în acest articol sugerează trei dimensiuni cu ajutorul cărora poate fi eva-luat impactul politicii fiscale asupra funcţionalităţii economiei naţionale. Aceste dimensiuni sunt: sustenabilitatea fis-cală; structura fiscală; stabilizarea fiscală. Eforturile pe care Republica Moldova trebuie să le depună pentru a asigura sustenabilitatea fiscală, o structură fiscală eficientă şi îmbunătăţi stabilitatea macroeconomică ţin de: cadrul fiscal (cadrul legislativ şi instituţional, politica fiscală şi managementul fiscal.FISCAL SYSTEM OPTIMIZATION – PREMISE FOR CREATING A FUNCTIONAL MARKET ECONOMY IN THE REPUBLIC OF MOLDOVAThe analytical framework that the author develops in this article suggests three dimensions by which it is possible to assess the impact of fiscal policy impact on the functionality of the national economy. The dimensions are the fiscal sustainability, the tax structure, and fiscal stabilization. The efforts that Moldova should make to ensure a fiscal sustainability, an efficient tax structure and improved macroeconomic stability are related to the fiscal framework (legislative and institutional, fiscal policy and fiscal management.

TAX COMPONENT OF FISCAL POLICY OF INCREASE COMPETITIVENESS OF NATIONAL ECONOMICS

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A. Danilov

2013-08-01

Full Text Available The article is devoted to the problems of using fiscal levers to regulate the national economy competitiveness. What kind of tax levers should be used in order to increase the competitiveness of the national economy is justified. Taxes are the main source of fiscal revenue of the country, which depends on the inherent principles of optimizing the tax system, determined Ukraine's withdrawal from the crisis and raising the country's competitiveness. It is proposed differentiation in income tax rates, depending on whether the company is engaged in innovation and investment activity or not. Changing the rate of value added tax in a downward will reduce the revenue of the country. For enterprises that are not exporting products to decrease the amount of working capital for a certain period Fiscal policy that promotes the removal of the country's financial and economic crisis and the increasing competitiveness of the state, should be challenging. In order to implement incentive effects of taxes set forth in the tax code, we propose a linear programming model of the budget (revenue and expenditure . Building the economic and mathematical optimization model with possible actions challenging the tax factors of individual taxes and the possibilities of using the proceeds of certain taxes on certain items of expenditure budget.

The Study Of Fiscal Sustainability For The Case Of Overindebted European Countries

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Andreea STOIAN

2012-12-01

Full Text Available This study aims in analysing the fiscal sustainability for the case of European countries most affected by the economic downturn and sovereign debt: Portugal, Ireland, Italy, Greece and Spain. For that purpose, we apply fiscal reaction function which indicates the speed and the size of government response to shocks on public debt. We use annual data ranged on 1995-2013. The results show that only for the cases of Italy and Portugal governments managed to fulfil the conditions for a sustainable fiscal policy. For these countries, the response is positive and immediate. On contrary, for Ireland we detect a negative reaction in the sense of a decreasing primary surplus to the increase of public debt by 1 p.p.. For the cases of Greece and Spain, the results are not statistically significant and we cannot conclude whether fiscal policy is sustainable or not. But we can emphasize a positive reaction to the increase of public debt cost in the case of Spain.

Fiscal aspects of European monetary integration

DEFF Research Database (Denmark)

Hallett, Andrew Hughes; Hutchison, Michael; Hougaard Jensen, Svend E.

of fiscal policy in EMU. The contributors are experienced analysts in the field. Topics covered include the need for and consequences of fiscal co-ordination, constraints on national deficits and debt levels (the Stability Pact), and the role of fiscal federalism and insurance. The importance of co......-ordinating fiscal and monetary policies is also considered in depth. As long as these strategic and institutional aspects remain imperfectly understood, EMU will not be able to function to its full advantage and may suffer periods of instability or weakness. Contains 11 papers and three review essays, which analyze...

Taxation, Fiscal Deficit and Inflation in Pakistan

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Ghulam Rasool Madni

2014-09-01

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.

STUDY ON THE INCIDENCE OF NATIONAL FISCAL POLICIES ON THE GROWTH OF ECONOMY IN POLAND, CZECH REPUBLIC AND HUNGARY

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COSTACHE BIANCA

2017-10-01

Full Text Available The paper is mainly focused on a key subject of economic literature, respectively the way in which the fiscal policy impact economic growth of countries; therefore, these effects have been illustrated by taking into consideration the real economic context, within which they act as indicators of fiscal policy (direct and indirect taxes, as well as other sectors of economy (public debt, capital investments. The study contains the analysis and evaluation of the instruments’ effects of fiscal policy on the real growth rate within the 3 selected countries: Poland, Czech Republic and Hungary. I conducted the analysis through the regression model, more precisely through the least squares method, which reflects the effects of those six selected indicators: public debt, capital investments, direct taxes, indirect taxes, social benefits and revenues from the capitalization of public goods on real growth rate of the gross domestic product. The assumption for starting the research was the fact that fiscal policy’s instruments act different according to the nature of the indicator. Following the recording of the results which showed a negative effect drove by indicators like social benefits, capital investments, revenues from capitalization of public goods, indirect taxes, the hypothesis was confirmed. Also, the model proved to be statistically valid and that it has a liniar correlation between the variables after application of the econometric tests.

Impact assessment of Public Relations in the Fiscal Control Management of the National Agency for Fiscal Administration

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D.Haranguş

2013-12-01

Full Text Available The present study examines the role of public relations as a socio-economic tool of persuasion and educating taxpayers of their civic responsibility to honor fair tax obligations. We propose solutions for improving and restructuring the fiscal control management by diversifying and expanding the range of the instrument constant communication/ public relations and increasing their efficiency in the National Agency for Fiscal Administration, diversifying forms of public communication. The proposed work aims to fill a niche in tax audit work of taxpayers to be felt in practice equitable collection of taxes.

Asymmetric information, entrepreneurial activity, and the scope of fiscal policy in an open regional economy

NARCIS (Netherlands)

Batabyal, A.A.; Nijkamp, P.

2010-01-01

The authors analyze two hitherto little studied but salient questions concerning the trinity of asymmetric information, entrepreneurial activity, and the scope of fiscal policy in an open regional economy. First, the authors use a two-period model to analyze the contractual relationship between

77 FR 75362 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations

Science.gov (United States)

2012-12-20

... FARM CREDIT ADMINISTRATION 12 CFR Part 615 Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations CFR Correction 0 In Title 12 of the Code of Federal Regulations, Parts 600 to 899, revised as of January 1, 2012, on page 209, Subpart S, consisting of Sec. 615.5570, is...

CONSIDERATIONS REGARDING MONETARY AND FISCAL EXIT STRATEGIES FROM THE CRISIS

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MARIA VASILESCU

2010-03-01

Full Text Available The recent financial crisis and all unusual monetary and fiscal policy reactions have stressed the importance to be given to understand macroeconomic consequences of policy interventions and their interactions. This profound crisis has led to both nonstandard policy actions of various authorities around the globe, but it has also revealed limitations of traditional modeling tools to guide policymakers’ actions until nowadays. The delicate state of governments’ accounts in many countries is a consequence of the strong fiscal policy reactions, giving rise to risks of a potential fiscal crisis. Issues regarding monetary and fiscal policy decisions interactions are, therefore, the key element for successful exit strategies from the crisis.

In-Depth Study Of European Union Fiscal Approximation

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Andreea Roxana TOMI

2011-05-01

Full Text Available The current study presents a viewpoint on the EU fiscal policy contents, advocating the need for an in-depth understanding and acceleration of the 27 national fiscal system components and the creation of the EU Tax System that would enable the Single Market operation and the enforcement of the four fundamental liberties within the European Union. In the author’s opinion, the extant common fiscal policy elements are only marginal, while the actions aimed at an in-depth understanding of a broad fiscal policy are essential to the extent they point at both direct and indirect taxation aspects whose approximation is a priority.

Is real depreciation and expansionary fiscal policy effective? The case of Serbia

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Yu Hsing

2017-12-01

Full Text Available Applying the IS-MP-IA model to study the impacts of exchange rate movements, expansionary fiscal policy and other relevant variables in Serbia, we find that real appreciation of the dinar, a higher government deficit-to-GDP ratio, a lower real lending rate in the euro area, a lower lagged real oil price, a higher Germany’s real GDP and a lower expected inflation rate would promote economic growth.

The Fiscal and Macroeconomic Impacts of Reforming Energy Subsidy Policy in Malaysia

OpenAIRE

Nora Yusma Bte Mohamed Yusoff; Hussain Ali Bekhet

2017-01-01

The rationalization of a gradual subsidies reforms plan has been set out by the Malaysian government to achieve the high-income nation target. This paper attempts to analyze the impacts of energy subsidy reform policy on fiscal deficit and macroeconomics variables in Malaysia. The Computable General Equilibrium (CGE) Model is employed. Three simulations based on different groups of scenarios have been developed. Importantly, the overall results indicate that removal of fuel subsidy has signif...

Radioactive waste management in a fuel reprocessing facility in fiscal 1982

International Nuclear Information System (INIS)

1984-01-01

In the fuel reprocessing facility of the Power Reactor and Nuclear Fuel Development Corporation, radioactive gaseous and liquid waste are released not exceeding the respective permissible levels. Radioactive concentrated solutions are stored at the site. Radioactive solid waste are stored appropriately at the site. In fiscal 1982, the released quantities of radioactive gaseous and liquid waste were both below the permissible levels. The results of radioactive waste management in the fuel reprocessing facility in fiscal 1982 are given in the tables: the released quantities of radioactive gaseous and liquid waste, the produced quantities of radioactive solid waste, and the stored quantities of radioactive concentrated solutions and of radioactive solid waste as of the end of fiscal 1982. (Mori, K.)

Fiscal multipliers over the growth cycle : evidence from Malaysia

OpenAIRE

Rafiq, Sohrab; Zeufack, Albert

2012-01-01

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...

[Tobacco consumption, mortality and fiscal policy in Mexico].

Science.gov (United States)

Guerrero-López, Carlos Manuel; Muños-Hernández, José Alberto; Sáenz de Miera-Juárez, Belén; Reynales-Shigematsu, Luz Myriam

2013-01-01

To analyze tobacco consumption in the last 12 years, its impact on chronic diseases mortality and the potential benefits of fiscal policy in Mexico. Through the analysis of national health surveys (ENSA, ENSANUT), records of mortality and economic surveys between 2000 and 2012, smoking prevalence, chronic diseases mortality and consumption were estimated. In 2012, 9.2% and 19% of Mexican youths and adults were current smokers. Between 2000 and 2012, smoking prevalence did not change. However, the average consumption among adolescents and adults declined whilst the special tobacco tax has being increased. Mortality attributable to tobacco consumption for four diseases was estimated in 60 000 in 2010. Tobacco consumption remains the leading cause of preventable death. Increasing taxes on tobacco products could deter the tobacco epidemic and consequently chronic diseases mortality in Mexico.

The Causes of Fiscal Transparency

DEFF Research Database (Denmark)

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...... influence the level of transparency. More equal political competition and power sharing are associated with both greater levels of fiscal transparency and increases in fiscal transparency during the sample period. Political polarization and past fiscal conditions, in particular state government debt...... and budget imbalance, also appear to affect the level of transparency...

Fiscal, Monetary Policies and Institutions’ Role (Political, Social and Economic in Pakistan

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Tariq HUSSAIN

2012-06-01

Full Text Available The purpose of this study is to test the fundamental relationship between fiscal, monetary policies and institutions in Pakistan from 1976 to 2008. These policies are roadmap in the progress of a country. No doubt both these policies are useful tools in the hands of the government to increase the per capita GDP of the country. Such policies depict the performance level of institutions of a country. Better institutions leads to higher level of growth. Institutions perform significant role in the progress of any country. The growth targets can be achieved through institutions. Higher the quality of institutions, higher the performance would be shown by economy. Countries can reach middle-income levels despite some corruption, but further growth requires much better institutions (Easterly, 2001, pp. 234-235, 245-248, Rodrik, 2003, pp. 16-17.Kwiatkowski et al (1992 test is used to test unit root and short run relationship is analyzed through ECM. Auto regressive distributed lags (ARDL shows that there is long run relationship among growth policies and institutions’ role in Pakistan.

Fiscal policy and private investment: latin america in a comparative perspective

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Emilio Caballero U.

2012-06-01

Full Text Available The main objective of the paper is to assess the impact of fiscal variables on private investment comparing some Latin-American economies to other advanced ones. For such purposes, the authors carry out an econometric analysis for the period 1990-2008. They make use of two dynamic panel models in which they group countries with similar characteristics and development levels. In one of them, they include Mexico, Brazil, Chile, Colombia and Uruguay; whereas in the second one the countries accounted for are the U.S., Canada, Spain, Korea, Ireland and Japan. They specify in both models an investment function using as arguments a wide range of variables, including those related with fiscal policy. From their results the authors infer that governments can, with higher spending, boost up the economy even when they finance spending with higher taxes. In Latin America, where income concentration is enormous, a proposal to boost up the economy through higher government expenditure financed with a progressive income tax, is even more justified.

Monitoring the Fiscal Health of Taiwan's Local Government: Application of the 10-Point Scale of Fiscal Distress

OpenAIRE

Yuan-Hong Ho; Chiung-Ju Huang

2014-01-01

This article presents a monitoring indicators system that predicts whether a local government in Taiwan is heading for fiscal distress and identifies a suitable fiscal policy that would allow the local government to achieve fiscal balance in the long run. This system is relevant to stockholders’ interest, simple for national audit bodies to use, and provides an early warning of fiscal distress that allows preventative action to be taken.

Fiscal and monetary policy interactions in an endogenous growth model with financial intermediaries

OpenAIRE

Espinosa, Marco A.; Yip, Chong K.

1995-01-01

We review some inflationary and growth claims surrounding fiscal and monetary policy interactions. While financial intermediation has long been acknowledged as a key mechanism in the transmission of these interactions, only recently have economists incorporated the explicit modeling of such intermediaries in their analyses. Here we model financial intermediaries explicitly. We find that the relation between growth and inflation depends crucially on the agents' degree of relative risk aversion...

Fiscal policy and rebalancing in the euro area: A critique of the German debt brake from a post-Keynesian perspective

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Hein Eckhard

2014-01-01

Full Text Available The German debt brake is often regarded as a great success story and has therefore served as a role model for the Euro area and it’s Fiscal Compact. In this paper we fundamentally criticise the debt brake. Firstly, we show that it suffers from serious shortcomings and that its success is far from certain even from a mainstream point of view. Secondly, we show that, from a Post-Keynesian perspective, the debt brake completely neglects the requirements for fiscal policies of member countries in a currency union like the Euro area. It will prevent fiscal policy from contributing to the necessary rebalancing in the Euro area. Thirdly, we show that alternative scenarios, which could avoid the deflationary pressures of the German Debt Brake on domestic demand and contribute to internally rebalancing the Euro area, are extremely unlikely as they would have to rely on unrealistic shifts in the functional income distribution and/or investment and savings behaviour in Germany.

BUDGETARY REGIONAL POLICY: THEORETICAL CONCEPTUALIZATION

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Shyshpanova Nataliia

2018-01-01

Full Text Available Introduction. Formation and implementation of the budget policy of the regions in Ukraine is directly related to the processes of decentralization of power, increase of budget powers and strengthening of financial capacity of the territories. Formation of balanced local budgets and support of an effective system of managing budget resources is a key to strengthening the economic potential of the regions and increasing the well-being of citizens. The purpose of this article is to assess the current concepts of the fiscal policy of the region in Ukraine and to determine the impact of fiscal policy on the socio-economic development of the regions. Results. In this article the essence and content of budget policy are considered, the interpretation of different scientists is presented. An author’s approach to the definition of the essence of the budget policy of the region as a set of economic and administrative measures in the budget sphere, determined by the interrelated goals and objectives of the state and local self-government, aimed at the socio-economic development of the territory. The conceptual model of the fiscal policy of the region is presented and it is determined that the strategic goal of fiscal policy at the local level should be to ensure sustainable socio-economic development of the territories. The main principles that need to be observed during the implementation of the budget policy of the region are described; functions to be performed by local level fiscal policy; and the main tools by which local authorities carry out their functions. Conclusions. It is noted that the content of the budget policy of the region should be to determine the course, tasks and directions of the state and local self-government activities in the field of the formation and use of budget funds. The budget policy of the region should respond to a combination of the following systemic challenges: 1. the restoration of economic growth, as soon as

Mechanism of Fiscal and Taxation Policies in the Geothermal Industry in China

OpenAIRE

Yong Jiang; Yalin Lei; Li Li; Jianping Ge

2016-01-01

Geothermal energy is one of the cleanest sources of energy which is gaining importance as an alternative to hydrocarbons. Geothermal energy reserves in China are enormous and it has a huge potential for exploitation and utilization. However, the development of the geothermal industry in China lags far behind other renewable energy sources because of the lack of fiscal and taxation policy support. In this paper, we adopt the system dynamics method and use the causal loop diagram to explore the...

Fiscal transparency, political parties, and debt in OECD countries

DEFF Research Database (Denmark)

Alt, James E.; Lassen, David Dreyer

2006-01-01

Many believe and argue that fiscal, or budgetary, transparency has large, positive effects on fiscal performance. However, the evidence linking transparency and fiscal policy outcomes is less compelling. To analyze the effects of fiscal transparency on public debt accumulation, we present a career...

Fiscal Policy and Welfare under Different Exchange Rate Regimes

DEFF Research Database (Denmark)

Østrup, Finn

a representativeindividual's utility, it is demonstrated that there are differences betweenexchange rate regimes with respect to the level of government spending. Thesedifferences arise first because a rise in government spending affects macroeconomicvariables differently under different exchange rate regimes......, and secondbecause the government's inclination to expand government spending is affectedby inflation which depends on the exchange rate regime. At low rates of inflation,the government is inclined to set a higher level of government spending under afixed exchange rate regime than under a floating exchange rate...... regime in whichthe monetary authority optimises preferences which include an employment targetand an inflation target. As government spending affects the representativeindividual's utility, the choice of exchange rate regime has an impact on welfare.Keywords: exchange rate regimes; fiscal policy...

Zero base approach to fiscal management of the laboratory.

Science.gov (United States)

Boudreau, D A; Majonos, J S

1985-08-01

Lab administrators who face the challenge of providing quality care while cutting costs need a way to periodically re-evaluate all lab functions and services. The guidelines presented here, based on the Zero Base Budget approach, formulate a management strategy for the lab that could lead to better fiscal planning.

POST-CRISIS FISCAL DILEMMAS IN ROMANIA

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IFRIM MIHAELA

2015-08-01

Full Text Available This paper represents a synthetic exposure in critical note of some aspects of fiscal policy after the economic crisis in Romania. The paper aimed to analyze several topics related to taxation that are found in current debates in Romania, in the context of the need to establish a coherent legal framework compatible with sustainable economic growth. I considered pointing the moral aspects related to taxation, analysis of the tax-expenditure tandem and criticize the prevalence of the Keynesian approach to fiscal policy in Romania. From the research method point of view, the approach is a qualitative one, in a praxeological note based on economic argumentation. This paper is not intended to provide advice on fiscal policy, but to expose the necessary ideas for understanding its implications.

Fiscal reaction under endogenous structural changes in Brazil

Directory of Open Access Journals (Sweden)

Andrei G. Simonassi

2014-01-01

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.

[Fiscal policy and tobacco control: a unique opportunity to benefit public health and the public treasury].

Science.gov (United States)

Armendares, Pedro Enrique; Reynales Shigematsu, Luz Miriam

2006-01-01

Various studies and analyses show that an increase in tobacco prices through taxation is one of the most efficient tools in the application of integral policies in the fight against tobacco. Increases in taxes contribute to cessation, to reductions in consumption and in the number of deaths among addicts and to decrease the number of people who start to smoke. However, many governments hesitate to apply high taxes to tobacco for fear of possible negative economic results including loss of jobs and a decrease in fiscal revenue as a consequence of smuggling. Both literature and empirical experience indicate that these negative consequences do not occur or have been overestimated, often due to arguments promoted by the tobacco industry itself. Increases in tobacco taxes result in greater fiscal income, even in the presence of smuggling, which can be confronted without eroding tobacco control policies. Numerous countries, including Mexico, still have a wide margin for increasing tobacco taxes, and thereby to take advantage of an exceptional opportunity that benefits both the population's health and the public treasury. To do so, governments must stand up to the powerful tobacco industry, which is aware of the efficiency of taxes to combat tobacco use and therefore resorts to intense ad campaigns, political lobbying and negotiation of voluntary agreements for "self-regulation" in order to avoid stricter legislative or fiscal measures.

Borrowing green. Economic and environmental effects of green fiscal policy in The Netherlands

International Nuclear Information System (INIS)

Scholtens, B.

2001-01-01

This paper analyzes the economic and environmental impact of a policy instrument that is related to the tax deductibility of interest returns and dividend yields from specified 'green' projects. We investigate this so-called 'Green Project Facility' (Regeling Groenprojecten) in the Netherlands during 1995-1999. We analyze the effect on tax income, economic growth, employment, as well as on the emission of a number of gases and on solid waste production. We find that the economic effects in general are positive. This policy instrument increases growth, employment, and net tax income. However, the environmental effects are quite mixed. This especially results from the fact that a lot of projects would have been undertaken anyhow. Furthermore, we find that this green fiscal policy instrument is skewed towards energy and building. It appears to neglect environmental problems with consumer households, industry, and transport. 8 refs

Do Fiscal Rules Matter?

DEFF Research Database (Denmark)

Grembi, Veronica; Nannicini, Tommaso; Troiano, Ugo

2016-01-01

, the central government imposed fiscal rules on municipal governments, and in 2001 relaxed them below 5,000 inhabitants. We exploit the before/after and discontinuous policy variation, and show that relaxing fiscal rules increases deficits and lowers taxes. The effect is larger if the mayor can be reelected......Fiscal rules are laws aimed at reducing the incentive to accumulate debt, and many countries adopt them to discipline local governments. Yet, their effectiveness is disputed because of commitment and enforcement problems. We study their impact applying a quasi-experimental design in Italy. In 1999...

Annual report of operation management in nuclear power stations, fiscal year 1985

International Nuclear Information System (INIS)

1986-09-01

Twenty years have elapsed since the first practical nuclear reactor in Japan started the operation. In the generated power in fiscal year 1985, that of nuclear power stations for the first time overtook that of thermal power stations, and now the age of nuclear power as the main and oil power as the subordinate has begun. As of the end of fiscal year 1985, there were 32 nuclear power plants in operation, having total output capacity of 24.521 million kW. In fiscal year 1985, nuclear power plants generated about 159 billion kWh, which is about 26 % of electric power supply. As to the capacity factor, 76 % was attained in fiscal year 1985, and this is ranked in the top group of LWR-operating countries in the world. It showed that the Japanese technology of nuclear power generation is at the top level in the world. However, in order to increase nuclear power generation and to accomplish the role of main electric power source hereafter, it is necessary to further increase the reliability and economical efficiency. The list of nuclear power stations in Japan, the state of operation of nuclear power stations, the state of accidents and troubles, the state of regular inspection, the management of radioactive wastes and the radiation exposure of workers in nuclear power stations, the operational management and others are reported. (Kako, I.)

European Fiscal Policy and Taxation System in Italy

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Oprișan Oana

2017-01-01

Full Text Available The budget of all countries, large or small, developed or developing, are supplied mainly from compulsory levies. Everywhere, so budget revenues is about tax, by compulsory taxes. Collection of these requirements may be: tax (tax on the exact meaning of the word or para (contributions. It can be seen that the range of fiscal instruments is very wide and, as things stand everywhere, does not seem to stop here. This is because fiscal instruments are less politically risky and more financially profitable. In this regard, the number and size of taxes, there are countries that are part of the so-called tax haven countries and living a true fiscal nightmare.

Managing (Fiscally) Resource Windfalls : Exploring Policy Options for the Democratic Republic of Congo

OpenAIRE

Pinto-Moreira, Emmanuel

2016-01-01

How should resource-dependent countries respond (fiscally) to resource price volatility? This note studies what determines revenue allocation between a "spend today" strategy and a "save now-spend tomorrow" approach in the context of the Democratic Republic of Congo. It uses a three-sector model in which public infrastructure investment has tangible benefits for private production and inve...

National Low-Level Waste Management Program final summary report of key activities and accomplishments for fiscal year 1997

International Nuclear Information System (INIS)

Rittenberg, R.B.

1998-03-01

The US Department of Energy (DOE) has responsibilities under the Low-Level Radioactive Waste Policy Amendments Act of 1985 to assist states and compacts in their siting and licensing efforts for low-level radioactive waste disposal facilities. The National Low-Level Waste Management Program (NLLWMP) is the element of the DOE that performs the key support activities under the Act. The NLLWMP's activities are driven by the needs of the states and compacts as they prepare to manage their low-level waste under the Act. Other work is added during the fiscal year as necessary to accommodate new requests brought on by status changes in states' and compacts' siting and licensing efforts. This report summarizes the activities and accomplishments of the NLLWMP during FY 1997

[Connections between fiscal federalism and the funding of the Brazilian health care policy].

Science.gov (United States)

de Lima, Luciana Dias

2007-01-01

In the Brazilian society's context of meager financial resources for health care, associated with structural features of fiscal federalism and with the current model of funding transfers for the Unified Health System's (SUS), important inequities directly impact political negotiations and the deployment of federal financing alternatives which are not directly linked to the supply and production of health care activities and services by states and municipalities. We observed that health policies, since the second half of the nineties, have developed their own mechanisms that, in the above mentioned context, tend to accommodate different interests and federative conflicts generated by structural factors and by institutional rules. However, the absence of an integrated planning program between the criteria to establish resource redistribution for financing the Unified Health System and the Brazilian Federation's fiscal sharing system, end up reinforcing certain asymmetric patterns and generating new imbalances, making the compensation of inequities difficult in public health spending at the sub-national domain.

Enhanced Debt Management: solving the eurozone crisis by linking debt management with fiscal and monetary policy

OpenAIRE

Werner, Richard A.

2014-01-01

Unconventional approaches to suit unusual circumstances have become acceptable in monetary policy, a formerly highly conservative discipline. In this paper it is argued that unconventional approaches should also be considered in sovereign debt management, in order to contribute to resolving the eurozone sovereign debt crisis. First, the Troika crisis lending to indebted sovereign borrowers in the eurozone is reviewed and compared with standard IMF post-crisis lending. The main difference and ...

Equilibrium Strategies in a Fiscal-Monetary Game : a Simulation Analysis

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Irena Woroniecka-Leciejewicz

2015-01-01

Full Text Available The results from a simulation analysis of the policy-mix have been presented, carried out in a fiscal-monetary game, in which fiscal and monetary authorities make decisions from the point of view of realizing their own respective economic objectives. In order to represent the interrelations between, on the one hand, the instruments of fiscal policy and of monetary policy, and, on the other hand - the economic effects resulting from their application, a modified logistic function was used. The method adopted enables consideration of the specificity of the effects of these instruments on the business cycle, consisting in the limited effectiveness of applying any extremely restrictive or expansive policy, and the respective impact on the economy. The simulation study was meant to show the influence exerted both by the parameters of the function and the priorities of the fiscal and monetary authorities on the Nash equilibrium state, corresponding to the choice of a particular combination of budgetary and monetary policies. (original abstract

IMPLEMENTING FISCAL OR MONETARY POLICY IN TIME OF CRISIS? RUNNING GRANGER CAUSALITY TO TEST THE PHILLIPS CURVE IN SOME EURO ZONE COUNTRIES

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Nico Gianluigi

2014-12-01

Full Text Available This paper aims to provide empirical evidence about the theoretical relationship between inflation and unemployment in 9 European countries. Based on two major goals for economic policymakers namely, to keep both inflation and unemployment low, we use the ingredients of the Phillips curve to orient fiscal and monetary policies. These policies are prerogative for the achievement of a desirable combination of unemployment and inflation. More in detail, we attempt to address two basic issues. One strand of the study examines the size and sign of the impact of unemployment rate on percentage changes in inflation. In our preferred econometric model, we have made explicit the evidence according to which one unit increase (% in unemployment reduces inflation of roughly 0.73 percent, on average. Next, we turn to the question concerning the causal link between inflation and unemployment and we derive a political framework enables to orient European policymakers in the implementation of either fiscal or monetary policy. In this context, by means of the Granger causality test, we mainly find evidence of a directional causality which runs from inflation to unemployment in 4 out of 9 European countries under analysis. This result implies that political authorities of Austria, Belgium, Germany and Italy should implement monetary policy in order to achieve pre-established targets of unemployment and inflation. In the same context, a directional causality running from unemployment to inflation has been found in France and Cyprus suggesting that a reduction in the unemployment level can be achieved through controlling fiscal policy. However, succeeding in this goal may lead to an increasing demand for goods and services which, in turn, might cause a higher inflation than expected. Finally, while there is no statistical evidence of a causal link between unemployment and inflation in Finland and Greece, a bidirectional causality has been found in Estonia. This

Radioactive wastes management in fiscal year 1983 in the fuel reprocessing plant

International Nuclear Information System (INIS)

1985-01-01

In the nuclear fuel reprocessing plant of Power Reactor and Nuclear Fuel Development Corporation, the releases of radioactive gaseous and liquid wastes are so managed not to exceed the respective objective release levels. Of the radioactive liquid wastes, the high level concentrated wastes are stored in tanks and the low level wastes are stored in tanks or asphalt solidified. For radioactive solid wastes, high level solid wastes are stored in casks, low level solid wastes and asphalt solids in drums etc. The releases of radioactive gaseous and liquid wastes in the fiscal year 1983 were below the objective release levels. The radioactive wastes management in the fuel reprocessing plant in fiscal year 1983 is given in tables, the released quantities, the stored quantities, etc. (Mori, K.)

Fiscal Deficits, Monetary Reform and Inflation Stabilization in Romania.

NARCIS (Netherlands)

van Wijnbergen, S.J.G.; Budina, N.

2001-01-01

Investigates the consistency between inflation, monetary reform and fiscal policy in Romania. Offers a framework for the assessment of the fiscal and monetary interactions of Romanian economy; Shows impact of inflation on fiscal inconsistency measure; Considers importance of consolidating public

PRINCIPLES AND PROCEDURES ON FISCAL

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Morar Ioan Dan

2011-07-01

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

Fiscal councils and economic volatility

Czech Academy of Sciences Publication Activity Database

Geršl, A.; Jašová, M.; Zápal, Jan

2014-01-01

Roč. 64, č. 3 (2014), s. 190-212 ISSN 0015-1920 Grant - others:UK(CZ) UNCE 204005/2012 Institutional support: PRVOUK-P23 Keywords : dynamic inconsistency * fiscal and monetary policy interaction * independent fiscal council Subject RIV: AH - Economic s Impact factor: 0.420, year: 2014 http://journal.fsv.cuni.cz/storage/1298_jasova.pdf

EURO AREA FISCAL STRUCTURES. A MULTIVARIATE ANALYSIS

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HURDUZEU Gheorghe

2014-07-01

Full Text Available The European framework for fiscal policies is constructed mainly on the objective of monitoring budget balances and public debt, allowing national governments to decide on the specific fiscal policy that is more suitable to their internal context and public needs. However, for Euro Area member states this autonomy is restricted by the conditions imposed through the Stability and Growth Pact. As the recent macroeconomic dynamics underlined the necesity of improving the fiscal outcomes, the fiscal framework was updated and modified by the provisions of the new European economic governance meant to avoid unsound and unsustainable fiscal policies that could affect the stability of other Euro Area member states. The Six-Pack, the Fiscal Compact and the other conditions imposed by the reform of the fiscal governance framework are meant to ensure more discipline in drafting and executing national budgets. Even so, national authorities maintain their fiscal sovereignty and the decision regarding fiscal structures remains at their disposal, as long as the drafts are approved and the outcomes are maintained in the limits imposed through the supranational fiscal framework. Regardless of the numerous differences between member states, similar trends regarding tax mixes can be noticed in time. The objectives of this paper is to analyze fiscal structures of Euro Area member states and to determine, if any, groups with similar fiscal structures, their composition and the similarities that characterize Euro Area in this respect. In order to have a clear overview of fiscal structures within Euro Area, we analyzed data for 17 member states, for year 2012, taking into consideration total general government revenue, indirect taxation, direct taxation and social contributions. As one of the aims of this paper is to determine whether in Euro Area the main contributors are corporations or individuals, we also analyzed the structure of direct taxation, dividing it into

Grounding Research in Reality: Fiscal Equity and K-12 Funding in Illinois. Policy Research: IERC 2008-3

Science.gov (United States)

Mullin, Christopher M.; Brown, Kathleen Sullivan

2008-01-01

The purpose of this study was to replicate both The Education Trust's "The Funding Gap" and D. Verstegen and L. Driscoll's "The Illinois Dilemma" studies published in 2008 utilizing the actual allocations to districts resulting from the fiscal policy mechanism (funding formula) in Illinois for the 2004-2005 school year to…

New fiscal crisis Nueva crisis fiscal

Directory of Open Access Journals (Sweden)

Giraldo Giraldo César

1996-06-01

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

31 CFR 206.3 - Billing policy and procedures.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Billing policy and procedures. 206.3 Section 206.3 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL AGENCY RECEIPTS...

THE IMPACT OF FISCAL POLICY ON ECONOMIC GROWTH IN THE COUNTRIES OF EASTERN EUROPE

OpenAIRE

BOLDEANU Florin Teodor; TACHE Ileana; ION Mădălin-Sebastian

2015-01-01

This paper deals with the effects of fiscal policy on economic growth in 10 countries of Eastern Europe. For this analysis we to use two regression models. The results of the first model provide information on the factors that influence economic growth. Thus, direct taxes, indirect taxes, total income taxes, social contributions and the economic crisis had an effect on economic growth. Of these variables, total taxable income had a positive effect and indirect taxes and social contributions h...

Fiscal policy within a common currency area – growth implications in the light of neoclassical theory

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Michał Konopczyński

2013-10-01

Full Text Available We examine the long-run impact of fiscal policy on economic growth under the conditions of an economic and monetary union (EMU. The analysis is based on the neoclassical growth model of a small (in economic terms open economy in an EMU. The core assumptions are perfect capital mobility, which results in identical interest rates across the EMU, and perfect mobility of goods, which leads to the convergence of price levels. The model is based on standard neoclassical assumptions, i.e., the output is determined by the Cobb-Douglas production function with a Harrod-neutral technical progress and constant returns to scale, capital and labor receive their marginal products, etc. We show that a unique long-run equilibrium exists and is characterized by the so-called natural rate of growth. The necessary and sufficient conditions of global asymptotic stability form a system of three non-trivial inequalities. We argue that in modern economies, these conditions are satisfied, except perhaps for very short periods of time. Furthermore, we show that the golden rules of fiscal policy have the form of an alternative optimal policy that crucially depends on the relation between the real interest rate and the natural rate of growth and on the relations between five other autonomous parameters.

The impact of fiscal and monetary policies on unemployment problem in Nigeria (managerial economic perspective

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Nick Attamah

2015-06-01

Full Text Available This paper investigates the impact of fiscal and Monetary Policies on Unemployment Problem in Nigeria and covers the periods 1980 to 2013. To achieve this, fiscal policy was captured here by government expenditures and revenues respectively while monetary policy was proxied by broad Money Supply (M2, Interest and Exchange rates respectively. The methodology adopted was econometric analysis employing OLS techniques and unit roots of the series were examined using the Augmented Dickey-Fuller after which the co-integration tests was conducted using the Engle Granger approach. Error correction models were estimated to take care of the short run dynamics. It was found that while government expenditure had a positive relationship with unemployment problem in Nigeria, the result of government revenue was negative and insignificant on unemployment problem. For monetary policy, it was found that money supply and exchange rate had positive and significant impact while interest rate has only a positive relationship on unemployment problem in Nigeria. This meets the a priori expectation. The study also revealed that increases in interest and exchange rates escalate unemployment by increasing cost of production which discourages the private sector from employing large workforce. On the other hand, national productivity measured by real GDP had a negative and significant impact on unemployment rate in Nigeria. This paper recommends that for an effective combat to unemployment problem in Nigeria, there should be a systematic diversion of strategies, thus more emphasis should be laid on aggressively pursuing entrepreneurial development and increased productivity. Again government should aggressively focus on investment, employment generation and economic growth that has mechanism to trickle does to the masses

FISCAL DECENTRALIZATION IN THE DRC: EVIDENCE OFREVENUE ASSIGNMENT

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Angelita Kithatu-Kiwekete

2017-07-01

Full Text Available The rationalefor central government to devolve resources for service provisionhas been debated in decentralization literature. Decentralization enhancesdemocracy,encouragesparticipation in local development initiativesandpromotes local political accountability.This discourse has been complemented bythe implementation of fiscal decentralization to increase the ability of sub-nationalgovernment in financing municipal service delivery. Fiscal decentralization hasoften been adopted by African statessince the onset ofthe New PublicManagement erain an effortto improvethe standard ofgovernance. The concernis that African states have taken minimal steps to adopt fiscal devolution thatpromotes revenue assignment which in turn limits sub-nationalgovernments’ability to generate own source revenues.This article examines the revenue assignment function of fiscal decentralization inthe Democratic Republic of Congo(DRCinthelight of decentralizationconcerns that have been raised by civil society, as the country charts its course todemocracy. The article is a desktop study that will consider documents andpoliciesin theDRCon thenational, provincialand locallevel as far asstaterevenue sourcesare concerned. Revenue assignment should enable DRC’sprovinces and local authoritiestogeneratesignificantrevenueindependently.However, post-conflict reconstruction and development efforts in the Great Lakesregion and in the DRC have largely isolated decentralization which wouldotherwise entrench local fiscalautonomy infinancing for local services anddevelopment. The article concludes that revenue generation for local authoritiesandtheprovinces in the DRC is still very centralised by the national government.Thearticleproposes policy recommendations that will be useful for the country toensurethatdecentralization effortsinclude fiscal devolution toenhance thefinancing for local development initiatives.

THE SAVINGS-TRADE-FISCAL GAP MODEL: APPLICATION IN SELECTED WEST AFRICAN STATES

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Efayena Oba Obukohwo

2017-07-01

Full Text Available With most African economies experiencing adverse economic misalignment in recent times, the need of enhancing the growth process cannot be overemphasized. Using a typical Savings-Trade-Fiscal Gap Model, the paper employed panel data estimation method to examine the impact of savings, trade and fiscal gap on economic growth of 15 West African countries. The paper finds a negative relationship between net trade and economic growth, while savings and government expenditure impacts positively on economic performance. The paper thus, among recommended that it is appropriate for all countries to eliminate fiscal dominance from monetary policy-making, reduce public debt and establish institutions that promote and encourage counter-cyclical fiscal policy, develop their financial systems, establish credibility in fiscal and monetary policy-making as well as encourage trade.

Annual report procurement and logistics management center Sandia National Laboratories fiscal year 2002.

Energy Technology Data Exchange (ETDEWEB)

Palmer, David L.

2003-05-01

This report summarizes the purchasing and transportation activities of the Procurement and Logistics Management Center for Fiscal Year 2002. Activities for both the New Mexico and California locations are included.

Purchasing and Materials Management Organization, Sandia National Laboratories annual report, fiscal year 1993

Energy Technology Data Exchange (ETDEWEB)

Martin, D.R.

1994-02-01

This report summarizes the purchasing and transportation activities of the Purchasing and Materials Management Organization for Fiscal Year 1993. Activities for both the New Mexico and California locations are included.

Effects of Fiscal Policy and Monetary Policy on the Stock Market in Poland

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Yu Hsing

2013-10-01

Full Text Available The focus of this paper is to examine potential impacts of fiscal and monetary policies on stock market performance in Poland. Applying the GARCH model and based on a sample during 1999.Q2 to 2012.Q4, this paper finds that Poland’s stock market index is not affected by the ratio of government deficits or debt to GDP and is negatively influenced by the money market rate. The stock index and the ratio of M3 to GDP show a quadratic relationship with a critical value of 46.03%, suggesting that they have a positive relationship if the M3/GDP ratio is less than 46.03% and a negative relationship if the M3/GDP ratio is greater than 46.03%. Furthermore, Poland’s stock index is positively associated with industrial production and stock market performance in Germany and the U.S. and negatively affected by the nominal effective exchange rate and the inflation rate.

District Fiscal Policy and Student Achievement

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Gary G. Huang

2002-09-01

Full Text Available School restructuring raises questions about the role of school districts in improving student learning. Centralization by state governments and decentralization to individual schools as proposed in systemic reform leave districts' role unsettled. Empirical research on the district role in the context of ongoing reform is inadequate. This analysis of combined data from the NAEP and the Common Core of Data (CCD was intended to address the issue. We analyzed 1990, 1992, and 1996 NAEP 8th grade mathematics national assessment data in combination with CCD data of corresponding years to examine the extent to which student achievement was related to districts' control over instructional expenditure, adjusting for relevant key factors at both district and student levels. Upon sample modification, we used hierarchical linear modeling (HLM to estimate the relationships of student achievement to two district fiscal policy indictors, current expenditure per pupil (CEPP and districts' discretionary rates for instructional expenditure (DDR. Net of relevant district factors, DDR was found unrelated to districts' average 8th grade math performance. The null effect was consistent in the analysis of the combined NAEP-CCD data for 1990, 1992, and 1996. In contrast, CEPP was found related to higher math performance in a modest yet fairly consistent way. Future research may be productive to separately study individual states and integrate the findings onto the national level.

Fiscal Liability of State Contractors

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Santiago Fajardo-Peña

2017-06-01

Full Text Available The State contract is one of the most important tools for public management. The formation, execution and liquidation of State contracts are also a potential cause of State patrimonial damages. Perhaps for this reason, many State contractors are prosecuted as if they were public spending managers. The question, however, is not as simple. The fiscal liability process has a qualified recipient: the fiscal manager. In this article, through a conceptual exposition and a case study, we identify the criterion for determining in which cases a State contractor acquires the function of controlling public funds and when he/she can be subjected to a fiscal liability.

The new energy management policy: Indonesian PSC-gross-split applied on steam flooding project

Science.gov (United States)

Irham, S.; Julyus, P.

2018-01-01

“SIPY” oil field has been producing oil using steam flooding technology since 1992 under the PSC-Cost-Recovery policy. In 2021, the contract will be finished, and a new agreement must be submitted to the Indonesian government. There are two applied fiscal policies on oil and gas management: PSC-Cost-Recovery and PSC-Gross-Split (introduced in 2017 as the new energy management plan). The contractor must choose between PSC-Cost-Recovery and PSC-Gross-split which makes more profit. The aim of this research is to determine the best oil and gas contract policy for the contractor. The methods are calculating contractor cash flow and comparing the Profitability Indexes. The results of this study are (1) Net Present Values for the PSC-Cost-Recovery and the PSC-Gross-Split are 15 MMUS and 61 MMUS, respectively; and (2) Internal Rate of Return values for the PSC-Cost-Recovery and PSC-Gross-Split are 10% and 11%, respectively. The conclusion is that the Net Present Value and Internal Rate of Return of PSC-Gross-Split are greater than those of PSC-Cost-Recovery, but in Pay Out Time of PSC-Gross-split is longer than Pay Out Time in PSC-Cost-Recovery. Thus, the new energy management policy will be more attractive than PSC-Cost-Recovery.

FISCAL POLICY AND ECONOMIC DEVELOPMENT IN THE CURRENT FINANCIAL CRISIS

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VALENTIN SAVA

2012-05-01

Full Text Available Fiscal policies in the current era are the sovereign right of states to collect and administer taxes on national territory. In this respect, the European Union, which is an association of independent states, did not created an European tax - although many politicians proposing it - and within the Union is found important differences between the tax systems of member states. Due to historical and national different traditions, the EU member states have heterogeneous tax systems and revenue sharing systems because of different conceptions of public policies relative to the role of state in social and economic respective community’s life. The financing of public spending is usually considered the main function of taxation. In the original tradition following Locke1, property protection is the main functions of the state. As a result, the tax must correspond to the services rendered, that is to say, to pay the State for the protection of the rights it provides. Here we are at the origin of the doctrine of the benefit that there should be equivalence between the utility derived by the citizens of public services they consume and the "price" they pay tax.

Potentials and structure of fiscal devaluation in Serbia

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Milošević Miloš

2015-01-01

Full Text Available Fiscal devaluation is a set of synhronized policy measures with the aim to stimulate economic growth and improve economy competitiveness by simultaneous decrease of gross labor costs and increase of tax burden on consumption. The precondition for successful fiscal devaluation is to comply with principle of fiscal neutrality. Fiscal devaluation could enhance competitiveness of the economy and contribute to improved trade balance. Implementation of fiscal devaluation might be beneficial to both, countries which belong to a currency union and countries with a high level of public debt denominated in foreign currency. Comparative analysis provided potential short and long term effects of fiscal devaluations and enabled assessment of structure of fiscal devaluation in Serbia. This article provides a framework for forthcoming debates on applicability of fiscal devaluation in Serbia and includes the potential structure of fiscal devaluation.

Fiscal policy and growth: new results for the Spanish regions, 1967-1995

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Óscar Bajo Rubio

2003-01-01

Full Text Available In this paper we present a new assessment of the effects of fiscal policy on economic growth, focusing on the role of public expenditure. Starting from a theoretical model where only those public expenditure items strictly presumed to influence the production process (i.e., public capital and transfers are incorporated into the production function, we provide an empirical application for the case of the Spanish regions during the period 1967-1995. The results confirm the positive effect on growth from both public capital and transfers, being relatively more intense that of public capital for the more productive regions, and that of transfers for the less productive ones.

EPA Sustainable Materials Management Program Strategic Plan for Fiscal Years 2017 – 2022

Science.gov (United States)

Covers fiscal years 2017 through 2022, and represents the collective thinking of EPA staff and management across the country, as well as input from many stakeholders, including states, industry, and non-governmental organizations.

New federalism and intergovernmental fiscal relationships: the implications for health policy.

Science.gov (United States)

Anton, T J

1997-06-01

This paper explores a number of popular but largely inaccurate myths about American federalism in order to clarify the fundamental structures and processes that characterize American federal governance. Examination of financial and political trends over the past several decades reveals the development of a form of functional specialization among national, state, and local governments based on pragmatic responses to policy problems rather than decisions based on clearly articulated "principles." These responses have increasingly come from states in a wide variety of policy areas, including health care, where the energetic reform activity of the past decade provides a sharp contrast to the inability of the national government to enact reform. Recent pressure to devolve more authority to the states is thus much more than an ideological fad; it reflects widespread agreement among political elites that state and local governments have become capable governing partners. Nonetheless, there are limits to devolution which guarantee that close fiscal and political ties between the nation and the states will remain in place. Devolution does not, because it cannot, mean separation.

Fiscal imbalances and exchange rate management: Greece on the track of EMU

OpenAIRE

Δημόπουλος, Γ. Δ.; Φρατζέσκος, Ε. Κ.; Καπόπουλος, Παναγιώτης

1998-01-01

Measured against PPP. the drachma effective exchange rate was overvalued by a significant amount, implying that the devaluation on March 1998 was an adjustment of the exchange rate towards the long-run price differentials. The paper also analyses the links between fiscal policy, interest rates and the real exchange rate in Greece and attempts to empirically measure the forces that push the exchange rate toward real appreciation. The results suggest that positive shocks to governme...

Advantages and Disadvantages of Fiscal Discipline in Bulgaria in Times of Crisis

Directory of Open Access Journals (Sweden)

Vasil S. Petkov

2014-03-01

Full Text Available The global economic crisis of 2008 has posed serious challenges to the Bulgarian economy and was reflected in worsened macroeconomic indicators. The subsequent sovereign debt crisis in Europe further aggravated the situation and blocked its path to recovery. In line with the overall sentiment in the European Union (the EU, Bulgaria made maintaining fiscal stability a priority that it set out to accomplish by following a policy of austerity. The country managed to achieve the desired effect relatively quickly. It became one of the best performers in terms of budget deficit and government debt as a share of GDP (which are among the lowest in the EU. These accomplishments underlie international institutions’ greater confidence in Bulgaria, which has led to an increase in its credit rating. Nevertheless, the state has not managed to reap the maximum benefits that this type of policy offers. Fiscal sustainability was accomplished at the expense of economic growth, the slow pace of which was accompanied by impoverishment of the population, high unemployment, restricted consumption, and operational difficulties faced by real-sector companies. These problems fueled doubts about the adequacy of strict budget discipline, especially in times of crisis. They provoked the author to examine in greater depth the benefits and the drawbacks that such a policy ultimately offers to Bulgaria. The results show that the strict fiscal measures have put additional pressure on the already fragile economic growth and have a high social cost as well. All this justifies the need for the government to take on a new course to achieve economic recovery by means of more active state support that would stimulate a pickup in consumption and production activity.

FISCAL EFFECTIVENESS UNDER REGIONAL ECONOMIC INTEGRATION: INDONESIAN AGRICULTURAL PERFORMANCE CASE

Directory of Open Access Journals (Sweden)

Nasrudin Nasrudin

2013-04-01

Full Text Available AbstractThis paper investigates the effectiveness of fiscal policy in boosting agricultural sector performance and seeks the most effective policy in the presence of regional economic integration. It predicts the effectiveness of fiscal policy on the agricultural sector performance in four periods; the new order regime, the economic crisis, and pre and post China Free Trade Area (CAFTA. It also predicts the impact of fiscal policy on agricultural sector performance when CAFTA is fully implemented. It finds that fiscal policy is more effective in the optimum allocation of expenditures. It also finds that the agricultural sector can grow faster when the portion of capital expenditure increases.Keywords: Fiscal effectiveness, economic integration, agricultureJEL Classification Numbers: E62, F15, Q17AbstrakMakalah ini menyelidiki efektivitas kebijakan fiskal dalam mendorong kinerja sektor pertanian dan mencari kebijakan yang paling efektif dengan adanya integrasi ekonomi regional. Makalah ini memprediksi efektivitas kebijakan fiskal dalam meningkatkan kinerja sektor pertanian dalam empat periode; rezim orde baru, krisis ekonomi, sebelum pelaksanaan China Free Trade Area (CAFTA, dan setelah pelaksanaan CAFTA. Makalah ini juga memprediksi dampak kebijakan fiskal terhadap kinerja sektor pertanian saat CAFTA sepenuhnya dilaksanakan. Hasil analisis menemukan bahwa kebijakan fiskal lebih efektif dalam alokasi optimal dari pengeluaran. Analisis juga menemukan bahwa sektor pertanian dapat tumbuh lebih cepat ketika porsi peningkatan belanja modal meningkat.Keywords: Efektivitas fiskal, integrasi ekonomi, pertanianJEL Classification Numbers: E62, F15, Q17

The Global Trends in the Alternative Energetics and Improvement of the State Policy in the Sphere of Fiscal Security: in Search for Equilibrium and Markets

Directory of Open Access Journals (Sweden)

Hnedina Kateryna V.

2017-12-01

Full Text Available Alternative energetics is an important component of the competitiveness and security of the national economy. Its rapid development over the past 10 years is caused by both the attempts of individual countries to maintain and strengthen their competitive advantage in the world markets and the efforts of international organizations (UN, IRENA, IEA to consolidate different stakeholders to achieve energy and fiscal security, protection of environment and improvement of climate conditions. The article is aimed at generalizing global trends in alternative energetics in the context of development of the State policy in the sphere of fiscal security. A brief overview of the latest trends in the alternative energetics development, most of which focus on identifying the basic sectoral trends, has been provided. However, the issues of fiscal security in the energy sector remain poorly researched, especially in terms of formation of the State policy, consolidating interests of different groups of stakeholders. It has been determined that in the developed countries a significant growth of alternative energetics is caused by the consistent State policy on creation of conditions for formation of effective branch markets and the solving of so-called energy trilemma.

Waste management fiscal year 1998 progress report

International Nuclear Information System (INIS)

1998-01-01

The Waste Management Program is pleased to issue the Fiscal Year 1998 Progress Report presenting program highlights and major accomplishments of the last year. This year-end update describes the current initiatives in waste management and the progress DOE has made toward their goals and objectives, including the results of the waste management annual performance commitments. One of the most important program efforts continues to be opening the Waste Isolation Pilot Plant (WIPP), located near Carlsbad, New Mexico, for the deep geologic disposal of transuranic waste. A major success was achieved this year by the West Valley Demonstration Project in New York, which in June completed the project's production phase of high-level waste processing ahead of schedule and under budget. Another significant accomplishment this year was the award of two privatization contracts for major waste management operations, one at Oak ridge for transuranic waste treatment, and one at Hanford for the Tank Waste Remediation System privatization project. DOE is proud of the progress that has been made, and will continue to pursue program activities that allow it to safely and expeditiously dispose of radioactive and hazardous wastes across the complex, while reducing worker, public, and environmental risks

OCRWM annual report to Congress, fiscal year 1997

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-07-01

This report presents the progress in the activities of the Office of Civilian Radioactive Waste Management. Chapters include: Yucca Mountain site characterization project; Waste acceptance, storage and transportation project; Program management; Working with external parties; and Financial management. Also included in five appendices are: financial statements; key federal laws and regulations; fiscal year 1997 Congressional testimony and meetings with regulators and oversight bodies; OCREM publications for fiscal year 1997; and selected publications from other organizations during fiscal year 1997.

OCRWM annual report to Congress, fiscal year 1997

International Nuclear Information System (INIS)

1998-07-01

This report presents the progress in the activities of the Office of Civilian Radioactive Waste Management. Chapters include: Yucca Mountain site characterization project; Waste acceptance, storage and transportation project; Program management; Working with external parties; and Financial management. Also included in five appendices are: financial statements; key federal laws and regulations; fiscal year 1997 Congressional testimony and meetings with regulators and oversight bodies; OCREM publications for fiscal year 1997; and selected publications from other organizations during fiscal year 1997

Understanding and Using Fiscal Data: A Guide for Part C State Staff

Science.gov (United States)

Greer, Maureen; Kilpatrick, Jamie; Nelson, Robin; Reid, Kellen

2014-01-01

This document provides an overview of the critical role of fiscal data in state Part C systems. This information is intended to help state Part C lead agency staff better understand strategic fiscal policy questions, the fiscal data elements needed to address those questions, and the benefits of using these data. Fiscal data provide powerful…

Fiscal Austerity Versus Growth in Croatia

Directory of Open Access Journals (Sweden)

Marinko Škare

2015-04-01

Full Text Available The role of fiscal austerity has been questioned for centuries, but a rapidly increasing deficit along with the financial crisis in 2007/2008 influenced a renewed debate on the economics of austerity. This paper analyzes the role of austerity versus the role of economic growth. It also attempts to highlight the role of the theoretical context of austerity policy and the economic history lesson learned during the transition from the Bretton Woods model to Washington’s consensus. Despite numerous studies and polarized debate, no consensus on the implementation of fiscal austerity has been achieved because this complex subject has not been the subject of a sufficient methodological exploration. Emphasis should be placed on defining the methodology of austerity and gathering statistical data to influence the implementation of social transfer policies. In addition, it is necessary not only to take a hybrid approach to fiscal and monetary policy but also to adopt economic laws and quantitative economic relationships. The benchmarking country used in this paper is Croatia. The outcome of this research can serve as the basis for future decision-making and research.

Assessing the impact of fiscal measures on the Czech economy

Czech Academy of Sciences Publication Activity Database

Ambriško, Róbert; Babecký, J.; Ryšánek, J.; Valenta, V.

2015-01-01

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: 0.997, year: 2015

Transfer pricing. Fiscal and accounting treatments

Directory of Open Access Journals (Sweden)

Carmen Elena ANTON

2015-12-01

Full Text Available This paper presents brief assertions on the issue of the transfer pricing and their fiscal and accounting treatment. The concept refers to the transactions between affiliated parties, namely aims at those transactions that are not exclusively governed by the rules of the free market, also considering other influence factors such as: the policy of the group of entities related to the minimization of the fiscal cost at the group level. The aimed goals are both fiscal and accounting and they see to the thoroughgoing study of the issues of the implications of practicing transfer pricing between the affiliated entities.

Fiscal maneuver and restructuring of the Russian economy

Directory of Open Access Journals (Sweden)

Alexey Kudrin

2017-09-01

Full Text Available The paper discusses fiscal policy parameters through 2024. The suggested way to ensure long-term fiscal stability is stabilizing both the general government revenues and expenditures as percentages of GDP at levels differing by the public debt service payments and then applying a new version of the fiscal rule. The redistribution of fiscal spending from unproductive to productive areas (primarily investment in human and physical capital is considered to boost economic growth. The possible use of additional spending on education, public health, and transport systems is presented, as is the optimization of expenditures in nonproductive areas.

Is There a Need for a New Fiscal Framework in the Euro Area?

DEFF Research Database (Denmark)

Hallett, Andrew Hughes; Hougaard Jensen, Svend E.

The rules stipulated by the Stability and Growth Pact have proved impossible to enforce. However, to avoid unsustainable fiscal policies reappearing, and to prevent monetary policy from being undermined by self-interested governments, there is still a need for a fiscal framework within the Euro...

Community Based Forest Management as a Tool for Sustainable ...

African Journals Online (AJOL)

However, aspects of maintenance of multiple functions of forests; creation of enabling environment; state economic and fiscal policies, policy to encourage forestry enterprises; effective monitoring and evaluation of forest management policy and adequate mechanisms for law enforcement have to be taken more seriously if ...

12 CFR 652.10 - Investment management and requirements.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investment management and requirements. 652.10... MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS Investment Management § 652.10 Investment management and... policies for managing your non-program investment activities. Your board must also ensure that management...

The role of the European Court of Auditors in preserving of fiscal framework within the Eurozone

Directory of Open Access Journals (Sweden)

Dimitrijević Marko B.

2016-01-01

Full Text Available The subject of analysis in this paper is the role of the European Court of Auditors in the process of establishing a sustainable fiscal framework in the countries of the European Monetary Union. In this regard, in the paper points to the reasons for the establishment of the European Court of Auditor, standards and methodology for auditing public finances that are in the function of directing and supporting financial management in the EMU. Particular focus on the research is on reviewing the type and characteristics of the audit, phases and methodology of the audit process and the Court's attitude with other communitarian organs that is a requirement of responsible, transparent and efficient management of fiscal and monetary policy in the euro area.

The Management of Publicly Funded Regional Universities during Times of Fiscal Distress

Science.gov (United States)

Rogers, Philip Gregory

2013-01-01

Strategic financial management is being redefined as a result of the ongoing fiscal challenges facing the nation's public colleges and universities. The Great Recession reached its peak in 2009 and the era of "business as usual" for public higher education quickly faded. A "new normal" has emerged that is causing leaders to…

The effect of fiscal policy on oil revenue fund: The case of Kazakhstan

Directory of Open Access Journals (Sweden)

Dina Azhgaliyeva

2014-07-01

Full Text Available Setting an optimal fiscal policy in oil-producing countries is challenging, due to the exhaustibility of oil resources and unpredictability of oil prices. Recently it has become popular among oil-producing countries to establish oil revenue funds, which are believed to stabilize the economy and provide inter-generational redistribution of oil wealth. The effectiveness of oil revenue funds and their design have received considerable attention from researchers and policymakers recently. Using empirical model, it is found that an oil revenue fund in Kazakhstan stabilized the government expenditure, but did not stabilize real effective exchange rates.

An empirical analysis of the green paradox in China: From the perspective of fiscal decentralization

International Nuclear Information System (INIS)

Zhang, Kun; Zhang, Zong-Yong; Liang, Qiao-Mei

2017-01-01

While it is generally recognized that the introduction of environmental policy can effectively control carbon emissions, the green paradox hypothesis puts forth a new warning about the validity of this policy's implementation. This study uses panel data on 29 Chinese provinces from 1995 to 2012 to investigate the impact of fiscal decentralization on the functional mechanisms of environmental policy while controlling for the spatial correlations of carbon emission. The empirical results indicate that environmental policy alone can achieve the objective of reducing carbon emissions. However, the Chinese style fiscal decentralization makes the environmental policy significantly promote carbon emissions, leading to a green paradox. Moreover, we find that the impact of fiscal decentralization on environmental policy varies greatly among different geographical regions and the direct-controlled municipalities. In addition, our study confirms the spatial correlations in China's carbon emissions by using a spatial integration term. Finally, we recommend that emission reduction efforts should be incorporated into the local government's performance evaluation system to improve the institutional environment. Further, differentiated environmental policies and measures should be considered for different provinces to maximize the emission reduction potential. - Highlights: • We consider the spatial correlations of carbon emissions in neighboring provinces. • The impacts of environmental regulation on carbon emissions are examined. • Fiscal decentralization is not beneficial to environmental policy implementation. • The effects of fiscal decentralization vary greatly among different regions.

BASES OF PUBLIC POLICY FORMATION DIRECTED AT ENSURING BUDGET SECURITY

Directory of Open Access Journals (Sweden)

S. Onishchenko

2015-03-01

Full Text Available In the article the priorities and public policies that can improve the safety level of the budget of Ukraine have been grounded. Attention on the problems of imbalance and deficiency trends accumulation of public debt has been focused. The detailed analysis of the budget deficit of the European community to further research the main problems of fiscal security has been carried out. The formation of the concept of budget policy should include long-term and medium-term priorities of the state priorities areas have been concluded. Budget policy on public debt must deal with interrelated issues of debt bondage and effective use of public credit, promote economic growth with respect safe level and structure of public debt have been emphasized by author. Debt policy as part of fiscal policy under certain conditions can be a powerful tool to intensify investment and innovation processes in society, promote economic and social development. The reorientation of fiscal policy to address current problems through debt and use it as the basis of investment and innovation development provides an effective public debt management is designed to reduce state budget expenditures on its servicing and repayment, optimizing the scope and structure of debt according to economic growth. The role of debt policy in modern terms increases is clearly subordinate to and consistent with long-term goals and priorities of fiscal policy. There is an urgent development and implementation of effective mechanisms for investing borrowed resources, increasing the efficiency of public investment, including the improvement of organizational, financial, legal and controls. Strategically budget security guarantees only competitive economy, which can be constructed only by recovery and accelerated development of promising sectors of the national economy in the presence of a balanced budget policy. Now there is a tendency to implement only measures to stabilize the political and socio

On the relationship between fiscal plans in the European Union: An empirical analysis based on real-time data

NARCIS (Netherlands)

Giuliodori, M.; Beetsma, R.M.W.J.

2007-01-01

We investigate the interdependence of fiscal policies, and in particular deficits, in the European Union using an empirical analysis based on real-time fiscal data. There are many potential reasons why fiscal policies could be interdependent, such as direct externalities due to cross-border public

On the relationship between fiscal plans in the European Union: an empirical analysis based on real-time data

NARCIS (Netherlands)

Giuliodori, M.; Beetsma, R.

2008-01-01

We investigate the interdependence of fiscal policies, and in particular deficits, in the European Union using an empirical analysis based on real-time fiscal data. There are many potential reasons why fiscal policies could be interdependent, such as direct externalities due to cross-border public

Managing sustainability in management education policy

DEFF Research Database (Denmark)

Lystbæk, Christian Tang

Sustainability with regards to environmental issues has until recently been seen as irrelevant to business and management practice and, consequently, has been largely missing from business and management education. But the last decades has seen increasingrecognition of environmental problems...... such as climate change and resource depletion. The main policy instruments used to promote sustainability have been regulation, market-based instruments and voluntary agreements, but in recent years, policies have started tofocus on education. Many different actors, such as business schools, businesses...... and governments, interact in shaping management education. These actors derive their conception of sustainability from a range of meanings, practices, and norms. Drawing on Connolly´s analytical framework regarding “essentially contested concepts” (1994), this paper interrogates management education policy...

Bio-fuels: European Communities fiscal initiatives

International Nuclear Information System (INIS)

Autrand, A.

1992-01-01

This paper first reviews the influence that European Communities fiscal policies have had in the past on the development of more environmentally compatible fuels such as unleaded gasoline. It then discusses which directions fiscal policy makers should take in order to create appropriate financial incentives encouraging the production and use of biomass derived fuels - methanol, ethanol and pure and transesterified vegetable oils. An assessment is made of the efficacy of a recent European Communities proposal which calls for the application of excise tax reductions on bio-fuels. Attention is given to the net effects due to reduced sulfur and carbon dioxide emissions characterizing bio-fuels and the increased use of fertilizers necessary to produce biomass fuels

New Fiscal Rules for the Czech Republic: Analysis of the Proposal

Czech Academy of Sciences Publication Activity Database

Baxa, Jaromír; Paulus, M.

2016-01-01

Roč. 2016, č. 1 (2016) Institutional support: RVO:67985556 Keywords : fiscal rules * fiscal policy * real-time data Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2016/E/baxa-0465222.pdf

Fiscality and environment; Fiscalite et environnement

Energy Technology Data Exchange (ETDEWEB)

Voynet, D [Ministere de l' Amenagement du Territoire et de l' Environnement, 75 - Paris (France); Strass-Kahn, D [Ministere de l' Economie, des Finances et de l' Industrie, 75 - Paris (France); Guerin, A J [President de l' environnement, 69 (France); and others

1998-04-01

In the context of government policies to prevent the climatic changes, taxation offers many advantages in terms of efficiency and equity. This document presents fourteen speeches of scientists and economists on the fiscality subject in the environmental policy and takes stock of regulations in force and their advantages. (A.L.B.)

A Study of Intergovernmental Fiscal Transfers in India and Pakistan ...

International Development Research Centre (IDRC) Digital Library (Canada)

In both India and Pakistan, recent policy changes in the fiscal transfer system (the ... test a series of hypotheses to assess the impact of such changes on fiscal behavior at ... IDRC invests in research and knowledge to empower women in India.

Report: Fiscal Year 2011 Federal Information Security Management Act Report Status of EPA’s Computer Security Program

Science.gov (United States)

Report #12-P-0062, November 9, 2011. Attached is the Office of Inspector General’s (OIG’s) Fiscal Year 2011 Federal Information Security Management Act (FISMA) Reporting Template, as prescribed by the Office of Management and Budget (OMB).

FISCAL SOVEREIGNTY IN ROMANIA – EUROPEAN UNION MEMBER STATE

OpenAIRE

Lidia Daniela I. Roman

2008-01-01

The Romania`s adhesion to the European Union involves multiple transformations with a direct impact upon many fields, such as law`s field, especially economic, fiscal laws. Taxation system should be both efficient and equitableone of the important problem is sovereignty of state became member of one regional organization, his fiscal sovereignty, state’s atributes in this field. Who can decide fiscal policy, direct taxes or taxes upon consumption? Is it attended by this adhesion to the soverei...

Changes in the fiscal stance and the composition of public spending

Czech Academy of Sciences Publication Activity Database

Stančík, Juraj; Välilä, T.

2012-01-01

Roč. 43, č. 1 (2012), s. 199-217 ISSN 0377-7332 Institutional research plan: CEZ:AV0Z70850503 Keywords : fiscal policy * public expenditure * fiscal stance Subject RIV: AH - Economics Impact factor: 0.614, year: 2012

European Sovereign Bond-Backed Securities – a Proposal to Mitigate Risks Arisen from the Lack of an Euro Area Common Fiscal Policy

Directory of Open Access Journals (Sweden)

Munteanu Bogdan

2017-01-01

Full Text Available “European Sovereign Bond-Backed Securities” explores the complexities of having a fiscal unionfor Euro Area. All measures taken for fiscal integration are elements that need cohesion in order tobreak the vicious circle of unsustainable public debt affecting the balance sheets of banks anddeepening the need for rescue, which signals a further deterioration in asset valuation and marketsshrinking, worsening further the economic conditions. The need for a synthetic bond obtained bysecuritization of Euro Area governments’ debts emerges as viable proposal to break this public debt– private debt circle. Furthermore, it explores the “impossible trinity” (Mundell-Flemming and thetranslation into the Euro Area. The conclusions point to the need for institutionalized and officialapproach of introducing such derivative products like European Sovereign Bond-Backed Securitiesin the quest for safe assets, aiming to break the circle of debt (effect by substituting the absence of acommon fiscal policy (cause.

搭配型财政政策的宏观经济效应研究——基于中国月度数据的经验分析%On the Macroeconomic Effect of Composite Fiscal Policy --based on the Empirical Analysis of Monthly Data in China

Institute of Scientific and Technical Information of China (English)

程恋军; 仲维清

2012-01-01

In order to compare the effect of different fiscal policy on macroeconomic control, in this paper, we analyze the shock effect of 8 types of composite fiscal policy on main macroeconomic variables by using related monthly data from the perspective of fiscal policy research. It shows that as for the level of stimulating the output, the effect of both deficit financed tax cut fiscal policy and two-expansionary fiscal policy is the same, if the government want to adopt the balanced budget spending policy, the reverse direction balanced budget spending policy should be applied. Secondly, in comparison with the deficit financed tax cut fiscal policy, the two-expansionary fiscal policy has the most obvious effect on consumption; thirdly, the deficit financed tax cut fiscal policy and the two-expansionary fiscal policy play the same role in stimulating the investment, and the deficit spending fiscal policy will easily cause investment fluctuation fourthly, the balanced budget spend- ing policy can lead a rise in price level, while other fiscal policy will stabilize the price level.%为了比较不同的财政政策组合对宏观经济调控的效果，本文将政策搭配的思想放在财政政策研究的框架下，利用有关月度数据，模拟了8种财政政策组合对主要宏观经济变量的冲击效应。研究发现：从刺激产出的角度而言，赤字化减税政策和双松的财政政策工具的效果一样，如要运用平衡型预算的政策工具组合，应该采用逆向平衡型；双松的财政政策工具搭配对消费的挤入效应最大，赤字化减税政策对私人消费的挤入效应则很微弱；而对于投资来说，赤字化减税政策和双松的财政政策工具搭配的效果俱佳，而赤字化支出政策容易造成投资波动；正向平衡型预算政策工具会造成价格水平上升，而其他工具组合则会平抑物价。

Fiscal Policy Impact on the State of Circulating Capital in the Corporate Sector

Directory of Open Access Journals (Sweden)

Paranchuk Stepan V.

2014-02-01

Full Text Available The goal of the article lies in identification of impact of the fiscal policy on the state of circulating capital in the corporate sector in Ukraine and in other countries. The article underlines conceptual approaches to improvement of the state tax policy with consideration of a necessity of formation of own financial resources for formation of circulating capital by subjects of the corporate sector. It justifies scientific and practical measures on reduction of the tax load on the production capital, that is, on that part of the fixed and circulating capital, which regularly and directly participates in creation of the added value. It offers a list of tax privileges for subjects of the corporate sector that direct profit into accumulation of the own capital base, including in the part of increase of the circulating capital. Realisation of the proposed recommendations should facilitate fast accumulation of financial resources for further formation of the circulating capital in the corporate sector, since this is an indispensable condition of high efficiency of corporate finance and economic activity in general.

Developing radioactive waste management policy

International Nuclear Information System (INIS)

Gichana, Z.

2012-04-01

A policy for radioactive waste management with defined goals and requirements is needed as a basis for the preparation of legislation, review or revision of related legislation and to define roles and responsibilities for ensuring the safe management of radioactive waste. A well defined policy and associated strategies are useful in promoting consistency of emphasis and direction within all of the sectors involved in radioactive waste management. The absence of policy and strategy can lead to confusion or lack of coordination and direction. A policy and/or strategy may sometimes be needed to prevent inaction on a particular waste management issue or to resolve an impasse. (author)

Unsustainable Public Debt in a European Fiscal Union?

Directory of Open Access Journals (Sweden)

Gábor Kutasi

2017-03-01

Full Text Available Some EU members faced years of crisis in the first half of the 2010s with an excessive initial public debt, but several others had broad room for fiscal timulus. However, the prolonged duration of the European economic depression expended public budgets, while exhausting stimulus policies and sovereign solvency. Meanwhile, one of the ways out of depression is a proposed centralization of the EU through fiscal union. Are the eurozone countries readyto participate in a risk pool in public finances? The study seeks to answer this question. The article presents the hypothesis that the sustainability of public finances deteriorated during the global and euro crisis in the majority of the eurozone member countries and in the EU, and this phenomenon is discouragingthe core countries from seeking the fiscal union. The analysis uses the Blanchard indicators of fiscal sustainability and the sovereign risk rating of the EURO-18 and EU-28 countries. The analysis presents as results a theoretical summary of fiscal sustainability, the development of fiscal sustainability in the EU member states, indicators of convergence or divergence of fiscal sustainability in the Community, and conclusions based on the indicators of the likelihood of a fiscal union.

Fiscal options for America's best hospitals.

Science.gov (United States)

Weil, T P; Pearl, G M

2001-06-01

A review of America's "best" teaching hospitals shows a huge disparity in their fiscal positions. Among the 15 hospitals studied, roughly half experience some fiscal distress. However, a somewhat similar fiscal analysis of the nation's largest investor-owned hospital chains, HMOs, and physician practice management corporations shows an even more serious weakness in operating margins and debt-equity ratios. Aside from raising possible ethical, quality, and cost issues, this financial analysis suggests that conversion from nonprofit to for-profit ownership of America's top teaching hospitals might not guarantee an improvement in their long-term fiscal outlook.

Fiscal greening. An outline of fiscal options to relieve the environment

International Nuclear Information System (INIS)

2001-07-01

Dutch environmental taxes belong to the most environment-friendly taxes in Europe. In the last 15 year a large number of measures is implemented to stimulate positive behavioral changes and to finance environmental policy. The contribution of those so-called green taxes is 14% of the total tax income with positive effects on energy consumption, water use and waste disposal.l. In order to maintain the lead in this respect, the working group Greening of the fiscal system II recommends several new measures. Also, the working group studied energy taxes for large consumers, taxes for parking, and how the presentation of regulating effects of the greening measures can be improved. In total, the working group studied circa 80 fiscal options to deburden the environment

Considerations on the Fiscal Consequences of Accounting Result

Directory of Open Access Journals (Sweden)

Petec ( Călinescu Daniela

2016-01-01

In terms of information provided by the accounting result, those are intended for a wide rangeof users among which shareholders, investors, financial creditors, the general public, whileinformation given by the fiscal result are mainly intended for the government and fiscalmanagement institutions. Both accounting result and fiscal result are determined based onrevenues and expenses recorded in the accounts, while respecting accounting policies andprinciples and tax laws.

Nuevas perspectivas en historiografía fiscal New perspectives in fiscal historiography,

Directory of Open Access Journals (Sweden)

Rodríguez Salazar Oscar

1996-06-01

Full Text Available Los estudios sobre temas fiscales colombianos han respondido, en parte, a la necesidad de entender la política económica en esta área. Este artículo revisa la historiografía fiscal colombiana sobre el siglo XX, la cual se ha ocupado de los aspectos jurídicos, de las disposiciones contempladas en las reformas tributarias y del impacto macroeconómico de la polítca fiscal; además, siguiendo la escuela de Annales y a la teoría de la regulación, explora otras opciones metodológicas para investigar el sistema impositivo. Para ilustra la nueva metodología, comenta el papel que jugaron los gremios en el desmonte de la doble tributación y la forma en que evolucionó la administración tributaria.Studies about Colombian fiscal themes have responded, in part, to theneed to understand economic policy in this area. This article reviewsColombian fiscal historiography over the twentieth century, which hasbeen concerned with juridical aspects of the arrangements contemplatedin the tax reforms and the macroeconomic impact of fiscalpolicy, in addition, following the Annales school and regulation theory, it explores other methodological options for investigating the tax system. To illustrate the new methodology, it comments on therole played by business associations in the dismantling of the double tax and the way that the tax administration evolved.

An appraisal of policies and institutional frameworks impacting on smallholder agricultural water management in Zimbabwe

Science.gov (United States)

Nyagumbo, I.; Rurinda, J.

Policies and institutional frameworks associated with and / or impacting on agricultural water management (AWM) in smallholder farming systems in Zimbabwe were analyzed through literature reviews, feedback from stakeholder workshops, key informant interviews and evaluation of policy impacts on implemented case study projects/programmes. The study showed that Zimbabwe has gone a long way towards developing a water management policy addressing both equity and access, through the Water and ZINWA of 1998. However, lack of incentives for improving efficient management and utilization of water resources once water has reached the farm gate was apparent, apart from punitive economic instruments levied on usage of increased volumes of water. For example, the new water reforms of 1998 penalized water savers through loss of any unused water in their permits to other users. In addition, the ability of smallholder farmers to access water for irrigation or other purposes was influenced by macro and micro-economic policies such as Economic Structural and Adjustment Programme (ESAP), Zimbabwe Programme for Economic and Social Transformation (ZIMPREST), prevailing monetary and fiscal policies, as well as the Land and Agrarian Reform policies. For instance, the implementation of ESAP from 1991 to 95 resulted in a decline in government support to management of communal irrigation schemes, and as a result only gravity-fed schemes survived. Also AWM projects/programmes that were in progress were prematurely terminated. While considerable emphasis was placed on rehabilitation of irrigation infrastructure since the fast track land reform in 1998, the policies remained rather silent on strategies for water management in rainfed systems. The piecemeal nature and fragmentation of policies and institutional frameworks scattered across government ministries and sectors were complex and created difficulties for smallholder farmers to access water resources. Poor policy implementation

Policy Recommendations for Developing Foreign-invested Enterprise in China

Institute of Scientific and Technical Information of China (English)

原磊

2008-01-01

China has undergone the three major stages in its development of foreign-invested enterprise: exploratory development, accelerated development and innovative development. This harnessing of foreign investment has resulted in tremendous success for China, including making up for the funds shortage for economic construction, promoting corporate technological progress and management expertise, easing employment pressure, increasing fiscal revenue and boosting trade. At the same time, there have been problems, including questions of economic security, environment and energy issues, unequal competition and problems with the management of foreign-invested enterprises. To promote the development of foreign-invested enterprises in both a healthy and rapid fashion, China should look toward "maintaining policy continuity, promoting the forward-looking nature of policy, strengthening policy guidance and highlighting policy innovativeness."

Energy, fiscal balances and national sharing : research report

International Nuclear Information System (INIS)

Mansell, R.; Anderson, J.; Schlenker, R.; Calgary Univ., AB

2005-01-01

In recent years, the large fiscal surpluses of the Alberta government have attracted considerable attention. The economies of this major oil and gas producing region in Canada have expanded due to rising energy demand and high prices. The province accounts for nearly 75 per cent of Canada's oil and gas production, while its energy sector accounts for more than 50 per cent of the Alberta economy. Non-renewable resource revenue for the provincial government has increased along with gains in output and employment. There are some concerns that the strength in Alberta's fiscal position and in the economy may undermine Canada's fiscal equalization regime. Proposed solutions include federal policies that transfer more of Alberta's wealth to other regions. Alberta is concerned that a national fiscal, energy or environmental policy that transfers huge amounts of income out of the province would result in bankruptcies and a legacy of mistrust. There is also growing awareness in the province that it will be difficult to maintain a strong economy and that revenues will decline as reserves of conventional oil and gas are depleted. Presently, it is more challenging to develop unconventional energy supplies due to labour, environmental, technology and infrastructure constraints. This paper examined the record of fiscal redistribution across regions in Canada along with the future of Alberta's resource revenues in an effort to pursue informed discussion on these issues. The authors indicated that the province is already the largest net contributor to federal fiscal balances and redistribution to other regions. Alberta's net contributions are greater than what one would expect given accepted measures of fairness and the same standards applied to other regions. It was suggested that asking Albertans to make even larger net fiscal contributions to the benefit of other regions is not consistent with any standard of fairness. 12 refs., 3 tabs., 4 figs

Energy efficiency policies and measures

Energy Technology Data Exchange (ETDEWEB)

NONE

2002-07-01

This document makes a review of the energy efficiency and demand side management (DSM) policies and measures in European Union countries and Norway in 1999: institutional changes, measures and programmes, budget, taxation, existence of a national DSM programme, national budgets for DSM programmes, electricity pricing: energy/environment tax, national efficiency standards and regulation for new electrical appliances, implementation of Commission directives, efficiency requirements, labelling, fiscal and economic incentives. (J.S.)

COORDINATES OF THE FISCAL POLICY IN THE MEMBER STATES OF EU

Directory of Open Access Journals (Sweden)

DOBROTĂ GABRIELA

2013-12-01

Full Text Available Regardless of the mode how is regarded the fiscal policy – a fundamental tool in the procurement of public funds, element determinant of economic growth, a means of influence of the consumption, saving or investments, it remains an important component of the general policy of the state, which can exert influences and also at the level of other states. Tax systems used by Member States of the European Union may become similar or different as a result of centralized or decentralized decisions, ie by mimicking successful practices in taxation or adapt to emerging standards. Each member state shall establish the coordinates of its own tax system, which creates the premises for tax competition. Important is the fact that it must be fair and transparent, otherwise being registered negative effects both in terms of the tax base and in that of revenues. Tax competition in the European Union is normal, observing that tax reforms are common especially after the entry of the new Member States. In this paper we performed analysis it refers to tax competition manifested in direct taxes, tax side testing of the European Union member states. Should be noted that tax competition manifestation occurs in the field of indirect taxes (which we will study done in future research, trying to look for the answer to "competition or tax harmonization in the EU".

Hanford Cultural Resources Laboratory annual report for Fiscal Year 1991

Energy Technology Data Exchange (ETDEWEB)

Chatters, J.C.; Gard, H.A.

1992-08-01

The Hanford Cultural Resources Laboratory (HCRL) was established by the US Department of Energy, Richland Field Office (RL) in 1987 as part of Pacific Northwest Laboratory. The HCRL provides support for managing the archaeological, historical, and cultural resources of the Hanford Site, Washington, in a manner consistent with the National Historic Preservation Act of 1966 (NHPA), the Archaeological Resources Protection Act of 1979 and the American Indian Religious Freedom Act of 1978. HCRL responsibilities have been set forth in the Hanford Cultural Resources Management Plan (HCRMP) as a prioritized list of tasks to be undertaken to keep the RL in compliance with federal statutes, regulations and guidelines. For fiscal year 1991 these tasks were to (1) ensure compliance with NHPA Section 106, (2) monitor the condition of known archaeological sites, (3) evaluate cultural resources for potential nomination to the National Register of Historic Places, (4) educate the public about cultural resources, (5) conduct a sample archaeological survey of Hanford lands, and (6) gather ethnohistorical data from Indian elders. Research conducted as a spinoff from these tasks is also reported. The archaeological site monitoring program is designed to determine whether the RL`s cultural resource management and protection policies are effective; results are used in planning for cultural resource site management and protection. Forty-one sites were monitored during this fiscal year.

Hanford Cultural Resources Laboratory annual report for Fiscal Year 1991

Energy Technology Data Exchange (ETDEWEB)

Chatters, J.C.; Gard, H.A.

1992-08-01

The Hanford Cultural Resources Laboratory (HCRL) was established by the US Department of Energy, Richland Field Office (RL) in 1987 as part of Pacific Northwest Laboratory. The HCRL provides support for managing the archaeological, historical, and cultural resources of the Hanford Site, Washington, in a manner consistent with the National Historic Preservation Act of 1966 (NHPA), the Archaeological Resources Protection Act of 1979 and the American Indian Religious Freedom Act of 1978. HCRL responsibilities have been set forth in the Hanford Cultural Resources Management Plan (HCRMP) as a prioritized list of tasks to be undertaken to keep the RL in compliance with federal statutes, regulations and guidelines. For fiscal year 1991 these tasks were to (1) ensure compliance with NHPA Section 106, (2) monitor the condition of known archaeological sites, (3) evaluate cultural resources for potential nomination to the National Register of Historic Places, (4) educate the public about cultural resources, (5) conduct a sample archaeological survey of Hanford lands, and (6) gather ethnohistorical data from Indian elders. Research conducted as a spinoff from these tasks is also reported. The archaeological site monitoring program is designed to determine whether the RL's cultural resource management and protection policies are effective; results are used in planning for cultural resource site management and protection. Forty-one sites were monitored during this fiscal year.

Annual report: Purchasing and Materials Management Organization, Sandia National Laboratories, fiscal year 1992

Energy Technology Data Exchange (ETDEWEB)

Zaeh, R.A.

1993-04-01

This report summarizes the purchasing and transportation activities of the Purchasing and Materials Management Organization for Fiscal Year 1992. Activities for both the New Mexico and California locations are included. Topics covered in this report include highlights for fiscal year 1992, personnel, procurements (small business procurements, disadvantaged business procurements, woman-owned business procurements, New Mexico commercial business procurements, Bay area commercial business procurements), commitments by states and foreign countries, and transportation activities. Also listed are the twenty-five commercial contractors receiving the largest dollar commitments, commercial contractors receiving commitments of $1,000 or more, integrated contractor and federal agency commitments of $1,000 or more from Sandia National Laboratories/New Mexico and California, and transportation commitments of $1,000 or more from Sandia National Laboratories/New Mexico and California.

77 FR 28614 - Fiscal Year (FY) 2012 Funding Opportunity

Science.gov (United States)

2012-05-15

... Services Administration (SAMHSA) intends to award approximately $130,000 (total costs) for up to one year... training. The purpose of the supplemental funding is to provide logistical and fiscal management support...: Develop a plan to provide logistical and fiscal management support for project-related activities in Iraq...

THE INFLUENCE OF THE INTEGRATION IN THE EUROPEAN UNION ON THE ROMANIAN FISCAL LEGISLATION

OpenAIRE

Mircea Muntean; Doina Pacurari

2008-01-01

Fiscal policy constitutes – within the state's economic policy – a system by means of which the taxes and duties owed to the country's consolidated budget are established and collected. Taking into account the role fiscal policy has been playing since Romania's admission in the European Union, one of the goals ceaselessly looked for is its adapting to the international community's acquis through the implementation of the European directives in our context. The EU directives make reference to ...

Changes in the fiscal stance and the composition of public spending

Czech Academy of Sciences Publication Activity Database

Stančík, Juraj; Välilä, T.

-, č. 394 (2009), s. 1-22 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : fiscal policy * public expenditure * fiscal stance Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp394.pdf

Long-Range Planning: Finding Fiscal Certainty in a Time of Uncertainty

Science.gov (United States)

Malinowski, Matthew J.

2012-01-01

To navigate today's fiscal challenges successfully, school districts must constantly examine the long-term fiscal implications of policy, programmatic, and human resource decisions on their organization. They must look at the effect of such items as bargaining agreements, contracted services, placement costs, transportation costs, benefits,…

Fool the Markets? Creative Accounting, Fiscal Transparency and Sovereign Risk Premia

OpenAIRE

Kerstin Bernoth; Guntram B. Wolff

2006-01-01

We investigate the effects of official fiscal data and creative accounting signals on interest rate spreads between bond yields in the European Union. Our model predicts that risk premia contained in government bond spreads should increase in both, the official fiscal position and the expected "creative" part of fiscal policy. The relative importance of these two signals depends on the transparency of the country. Greater transparency reduces risk premia. The empirical results confirm the hyp...

Testing Fiscal Dominance Hypothesis in a Structural VAR Specification for Pakistan

Directory of Open Access Journals (Sweden)

Shaheen Rozina

2018-03-01

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

Fiscal Year 2016 Revegetation Assessment

Energy Technology Data Exchange (ETDEWEB)

Nordstrom, Jenifer B. [Idaho National Lab. (INL), Idaho Falls, ID (United States)

2016-11-01

This report summarizes the Fiscal Year (FY) 2016 Revegetation Assessment by Battelle Energy Alliance, LLC. This assessment was conducted to document revegetation efforts at Idaho National Laboratory to verify restoration of disturbed vegetation and soil at various locations occurs as required. This report provides the following information for projects at Idaho National Laboratory completed during FY 2016 that were identified during the National Environmental Policy Act review process as having the potential to disturb soils or vegetation: 1) A summary of all projects identified as having the potential to require revegetation efforts 2) A summary of site disturbance and restoration efforts of each project. For FY 2016, one project required revegetation and sagebrush restoration. For other projects, implementation of best management practices minimized impacts to vegetation and revegetation efforts were not required.

CONSIDERATIONS REGARDING TO THE LAW OF FISCAL-BUDGETARY RESPONSIBILITY

Directory of Open Access Journals (Sweden)

Cirmaciu Diana

2010-07-01

Full Text Available A law of fiscal-budgetary responsibility which is firmly based and structured can outline the general parameters which can constitute the basis of creation of some decisions in sustainable fiscal politics through stipulating fiscal principles, rules concerning with budgetary incomes, public debts, deficits, expenses and risk management.

Buried Waste Integrated Demonstration fiscal Year 1994 close-out report

International Nuclear Information System (INIS)

Owen, K.J.

1995-07-01

The Buried Waste integrated Demonstration (BWID) supports the applied research, development, demonstration, and evaluation of a multitude of advanced technologies. These technologies are being integrated to form a comprehensive remediation system for the effective and efficient remediation of buried waste. These efforts are identified and coordinated in support of the US Department of Energy Environmental Restoration and Waste Management needs and objectives. BWID works with universities and private industry to develop these technologies, which are being transferred to the private sector for use nationally and internationally. A public participation policy has been established to provide stakeholders with timely and accurate information and meaningful opportunities for involvement in the technology development and demonstration process. To accomplish this mission of identifying technological solutions for remediation deficiencies, the Department of Energy Office of Technology Development initiated BMD at the Idaho National Engineering Laboratory. This report summarizes the activities of the BWID program during Fiscal Year 1994. In Fiscal Year 1995, these activities are transitioning into the Landfill Stabilization Focus Area

Fiscal Policy and Local Government Administration in Nigeria

African Journals Online (AJOL)

Toshiba

system of financial regulations put in place to curtail the degree of corruption at ..... state governors feel the impact of fiscal centralism. ... Treasurer to the Local Government and the Head of Internal Audit. ... and issuing of false certificate of job completion by an accounting .... Lagos: Federal Ministry of Information. p.19; 118.

PUBLIC POLICY AND TAXATION

Directory of Open Access Journals (Sweden)

IOSIF MOLDOVAN

2014-10-01

Full Text Available The state administration process and hence also the economy coordination effort requires the promotion of robust, consistent and transparent public policy, which must be accepted by all stakeholders of economic development. Public policy is a set of measures taken by the authorities legally constituted as public power. Under normal conditions these policy aims at improving living conditions of citizens by developing grounded strategies which are applied by measures implemented to stimulate economic development in all its complexity by harmonizing the efforts of the institutional and non-institutional bodies responsible for ensuring the overall public interest. In Romania, public policies, especially fiscal ones on which we dwell, not reached in many cases the expected effects primarily because of their superficial grounding, lack of transparency, unpredictability, poor communication and secondly as an effect of ineffective management of public financial resources.

12 CFR 615.5181 - Bank interest rate risk management program.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Bank interest rate risk management program. 615... FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Risk Assessment and Management § 615.5181 Bank interest rate risk management program. (a) The board of directors of each Farm Credit Bank...

Comparison of Fiscal and Regulatory Policies to Prevent Non ...

International Development Research Centre (IDRC) Digital Library (Canada)

India is facing a rising burden of cardiovascular disease and obesity-related diabetes ... As a result, fiscal and regulatory strategies such as food taxes have been ... International Water Resources Association, in close collaboration with IDRC, ...

"How to" of fiscal sustainability in oil-rich countries: the case of Azerbaijan

NARCIS (Netherlands)

Bandiera, L.; Budina, N.; van Wijnbergen, S.

2008-01-01

Assessing fiscal sustainability - i.e. considering whether or not a country can maintain its current fiscal policies without running into solvency problems and possible default - requires projections on a government’s future revenue stream, expenditures and contingent liabilities within a

76 FR 375 - Notice of Availability: Notice of Funding Availability (NOFA) for Fiscal Year 2010; Historically...

Science.gov (United States)

2011-01-04

...: Notice of Funding Availability (NOFA) for Fiscal Year 2010; Historically Black Colleges and Universities... Fiscal Year 2010. This NOFA is governed by the information and instructions found in HUD's Fiscal Year 2010 Notice of Funding Availability (NOFA) Policy Requirements and General Section that HUD issued on...

Causes of Fiscal Illusion: Lack of Information or Lack of Attention?

DEFF Research Database (Denmark)

Bækgaard, Martin; Serritzlew, Søren; Blom-Hansen, Jens

2016-01-01

the implications of fiscal illusions, whereas the question why fiscal illusions occur at all has received less attention. According to the standard argument, individuals base their opinion of policy proposals on a valuation of benefits and costs. We formalize the standard argument and show that it is a special......According to fiscal illusion theory, voters misperceive fiscal parameters because of incomplete information. The costs of public services are underestimated, implying that if voters had full information, their support for public services would drop. The literature has focused on testing...... case of the attention model of fiscal illusion. In this model, opinion depends on the saliency of attributes of the proposal. We show that the attention model can better explain fiscal illusion by deriving competing hypotheses, which are tested in a survey experiment. We conclude that the mechanism...

Management of science policy, sociology of science policy and economics of science policy

CERN Document Server

Ruivo, Beatriz

2017-01-01

'Management of science policy, sociology of science policy and economics of science policy' is a theoretical essay on the scientific foundation of science policy (formulation, implementation, instruments and procedures). It can be also used as a textbook.

IMPACT OF THE FISCAL POLICIES ON THE STANDARD OF LIVING OF THE EMPLOYEES

Directory of Open Access Journals (Sweden)

PhD Elena PĂDUREAN

2013-03-01

Full Text Available The paper is a translation of the article published in issue no. 35 (2007 of Financial Studies. The concept of “quality of life” includes its most important component, the “standard of living”. Ensuring a decent standard of living depends on the level of society development quantified in the GDP and in the manner of its allocation. The impact of fiscality on the standard of living can be best perceived on the occupied population, which is taxed, the employees representing the most relevant category. This is supported by the figures on the proportion of employees within the total occupied population (over 50% in 2003 amounting to 56.04%. The analysis of the income from wages in 1990 – 2005 yielded the following conclusions: - In 1992-1994, the real gross average income decreased, while in 1994- 1996 it increased. This had no influence on the proportion of wages tax collection, which increased continuously, which increased the fiscal pressure on the work; - In 1996-2000, the real gross average income decreased dramatically due to the peak inflation of that period, which eroded all earnings; - In 2000-2004, the increase resumed, both of the real gross average income, and of the fiscal pressure on it; - The lowest fiscal pressure felt by the employees was in 1998 and 1999. This evolution shows that a fiscal relaxation was attempted in 1998 and 1999, but it was not supported by the available resources, which caused a boom of the fiscal pressure during the subsequent period.

The formation of management culture of local fiscal service administrative staff (based on customs house data

Directory of Open Access Journals (Sweden)

N. A. Lipovskaya

2015-12-01

Full Text Available The paper deals with management culture of administrative staff working at the local bodies of the State Fiscal Service of Ukraine, whose performance is considered to depend on the level of management culture. It is shown that economic activity, which is a cultural and historic phenomenon, determines the role of Customs House services and contributes to the originality of the management culture itself. Customs personnel is viewed in terms of social and cultural domains.

Integrating policy-based management and SLA performance monitoring

Science.gov (United States)

Liu, Tzong-Jye; Lin, Chin-Yi; Chang, Shu-Hsin; Yen, Meng-Tzu

2001-10-01

Policy-based management system provides the configuration capability for the system administrators to focus on the requirements of customers. The service level agreement performance monitoring mechanism helps system administrators to verify the correctness of policies. However, it is difficult for a device to process the policies directly because the policies are the management concept. This paper proposes a mechanism to decompose a policy into rules that can be efficiently processed by a device. Thus, the device may process the rule and collect the performance statistics information efficiently; and the policy-based management system may collect these performance statistics information and report the service-level agreement performance monitoring information to the system administrator. The proposed policy-based management system achieves both the policy configuration and service-level agreement performance monitoring requirements. A policy consists of a condition part and an action part. The condition part is a Boolean expression of a source host IP group, a destination host IP group, etc. The action part is the parameters of services. We say that an address group is compact if it only consists of a range of IP address that can be denoted by a pair of IP address and corresponding IP mask. If the condition part of a policy only consists of the compact address group, we say that the policy is a rule. Since a device can efficiently process a compact address and a system administrator prefers to define a range of IP address, the policy-based management system has to translate policy into rules and supplements the gaps between policy and rules. The proposed policy-based management system builds the relationships between VPN and policies, policy and rules. Since the system administrator wants to monitor the system performance information of VPNs and policies, the proposed policy-based management system downloads the relationships among VPNs, policies and rules to the

Monitoring of fiscal revenue authorities in the field of customs legislation clarification and customs risk minimization

OpenAIRE

Fedir Tkachyk; Kateryna Krysovata

2015-01-01

The article shows the role of customs consulting in the activities of fiscal authorities and highlights the modern specifics of customs risks management. The monitoring of explanatory work on realization of customs and tax policy for the implementation of preventive initiatives to minimize the customs risks and documentary inspection was conducted. The strategic development priorities of consultancy activities of customs bodies in terms of minimizing customs offenses were proposed.

AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Iulia Andreea Bucur

2014-12-01

Full Text Available This paper aims to explore, based on theoretical and empirical research in the field and on data available on Eurostat and European Commission, in the context of financial significant imbalances and thus of the financial stress in the EU countries and especially in the Euro area, the main developments in the fiscal consolidation process given the fiscal effort of each country towards fiscal union. Since the financial crisis started in 2008, many EU Member States demonstrates an obvious macroeconomic imbalance which requires increased responsibility regarding fiscal developments. The impact of the crisis and the causes of sovereign debt high levels trends varied between EU countries as well as the budget deficit levels. Thus, the main priority for EU members must be the continuation of differentiated fiscal consolidation, given the specificities of each economy, favoring growth. The medium-term fiscal policy needs to focus on consolidating public finances along with restoring long-term sustainability.

Impact of Fiscal Variables on Economic Development of Pakistan

Directory of Open Access Journals (Sweden)

Zaheer Khan KAKAR

2011-12-01

Full Text Available The objective of this paper is to determine the impact of the fiscal variables on economic growth in Pakistan using time series data for the period 1980-2009. Cointegration and error correction techniques are used for this analysis and Granger causality test is used to determine the direction of causality. This study will provide help in determining the importance of fiscal policy for the development of Pakistan.

THE INFLUENCE OF THE INTEGRATION IN THE EUROPEAN UNION ON THE ROMANIAN FISCAL LEGISLATION

Directory of Open Access Journals (Sweden)

Mircea Muntean

2008-12-01

Full Text Available Fiscal policy constitutes – within the state's economic policy – a system by means of which the taxes and duties owed to the country's consolidated budget are established and collected. Taking into account the role fiscal policy has been playing since Romania's admission in the European Union, one of the goals ceaselessly looked for is its adapting to the international community's acquis through the implementation of the European directives in our context. The EU directives make reference to direct taxes: dividend tax, interest income tax, assets transfer, shares exchange, income taxation for the non-residents, and so on, along with the indirect taxes: value-added tax, excise duties, etc. The paper approaches the main provisions within the contents of the European directives as well as the means of their implementation in the Romanian fiscal legislation regarding various types of taxes. The implementation of the European directives has been simultaneous with the establishing of measures concerning fiscal fraud prevention, frauds liable to have a negative impact on the state's consolidated budget.

Comparison of Fiscal and Regulatory Policies to Prevent Non ...

International Development Research Centre (IDRC) Digital Library (Canada)

India is facing a rising burden of cardiovascular disease and obesity-related diabetes due to ... As a result, fiscal and regulatory strategies such as food taxes have been ... L'Association internationale de ressources en eau (IWRA), en étroite ...

75 FR 22689 - Fiscal Service

Science.gov (United States)

2010-04-29

... the U.S. Department of the Treasury, Financial Management Service, Financial Accounting and Services..., 2010. Sandra Paylor-Sanders, Acting Director, Financial Accounting and Services Division. [FR Doc. 2010... Bonding Company AGENCY: Financial Management Service, Fiscal Service, Department of the Treasury. ACTION...

Policy-Based Management Natural Language Parser

Science.gov (United States)

James, Mark

2009-01-01

The Policy-Based Management Natural Language Parser (PBEM) is a rules-based approach to enterprise management that can be used to automate certain management tasks. This parser simplifies the management of a given endeavor by establishing policies to deal with situations that are likely to occur. Policies are operating rules that can be referred to as a means of maintaining order, security, consistency, or other ways of successfully furthering a goal or mission. PBEM provides a way of managing configuration of network elements, applications, and processes via a set of high-level rules or business policies rather than managing individual elements, thus switching the control to a higher level. This software allows unique management rules (or commands) to be specified and applied to a cross-section of the Global Information Grid (GIG). This software embodies a parser that is capable of recognizing and understanding conversational English. Because all possible dialect variants cannot be anticipated, a unique capability was developed that parses passed on conversation intent rather than the exact way the words are used. This software can increase productivity by enabling a user to converse with the system in conversational English to define network policies. PBEM can be used in both manned and unmanned science-gathering programs. Because policy statements can be domain-independent, this software can be applied equally to a wide variety of applications.

Did Fiscal Stimulus Lift Developing Asia Out of the Global Crisis? An Empirical Investigation

Directory of Open Access Journals (Sweden)

Seok-Kyun Hur

2018-03-01

Full Text Available The substantial slowdown of economic growth since the global financial crisis of 2008-2009 is rekindling debate on whether developing Asia should use fiscal expansion to boost aggregate demand. A key factor in the debate is the effectiveness of countercyclical fiscal policy in the region. The global crisis, as well as the fiscal stimulus packages implemented by developing Asian countries at that time, give some clues to this important issue. The region weathered the global crisis well and experienced a robust V-shaped recovery. According to conventional wisdom, the fiscal stimulus packages put in place by Asian governments played a key role in the region’s recovery. The central objective of this paper is to empirically test this wisdom by using cross-country panel data. Our main finding is that the stimulus has had a limited but positive impact on developing Asia’s output during the global crisis. This lends some support to the notion that countercyclical fiscal policy can help the region cope with severe external shocks. The broader, more fundamental implication for regional policymakers is that the region’s long-standing commitment to fiscal discipline can yield significant benefits beyond macroeconomic stability. An important consequence of this commitment - relatively healthy fiscal balance sheets - enabled the region’s governments to quickly and decisively embark upon fiscal stimulus programs.

12 CFR 615.5180 - Interest rate risk management by banks-general.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Interest rate risk management by banks-general... FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Risk Assessment and Management § 615.5180 Interest rate risk management by banks—general. The board of directors of each Farm Credit Bank...

Quality assurance management policies and requirements

International Nuclear Information System (INIS)

1985-10-01

The purpose of this document is to: set forth overall, integrated quality assurance management policies and requirements for the entire Civilian Radioactive Waste Management Program; define management responsibilities for assuring quality; and provide a general framework for the development of more detailed quality assurance management policies and requirements by program, project, and contractor organizations

12 CFR 563.161 - Management and financial policies.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Management and financial policies. 563.161... ASSOCIATIONS-OPERATIONS Financial Management Policies § 563.161 Management and financial policies. (a)(1) For... corporation must be well managed and operate safely and soundly. Each also must pursue financial policies that...

Exploring the Contribution of Fiscal Transfers to Protected Area Policy

Directory of Open Access Journals (Sweden)

Maud Borie

2014-03-01

Full Text Available Biodiversity payments have become an increasingly proposed tool to promote conservation measures. An unexplored issue concerns the potential role of fiscal transfers between the state and infra-national authorities potentially as direct financial incentives for biodiversity conservation. We explore how protected areas can be taken into account in a redistributive fiscal transfer system between the state and local authorities, i.e., municipalities. Different simulations were made in the Mediterranean region of southern France, a major biodiversity hotspot subject to increasing threats. We examined two methods for fiscal transfer: first, a "per hectare" method, based on the surface of the protected area within the boundaries of the municipality and second a "population equivalent" method, in which we convert the surface of protected areas into relative numbers of inhabitants. Our results show that consideration of the population of the municipality in addition to its protected areas' surface can provide a strong incentive to encourage municipalities to designate protected areas. However, this will require increased public funding to buffer financial losses incurred by large municipalities that have a low proportion of their territory within protected areas. We discuss the social feasibility of this tool for green infrastructure implementation and future protected area designation.

La política fiscal en el modelo de sustitución de importaciones Fiscal policy in the import substitution model

Directory of Open Access Journals (Sweden)

Giraldo Giraldo César

1996-12-01

Full Text Available El modelo de sustitución de importaciones, el manejo de las finanzas públicas, que buscaba redistribuir el ingreso y fomentar la producción nacional, contribuyó al proceso de industrialización y modernización de América Latina. Las funciones fiscales se alejaron de su orientación inicial porque cambiaron las condiciones económicas que dieron origen al modelo, y porque los controles impuestos para racionalizar el manejo de las divisas y fomentar la producción se convirtieron en privilegios que promovían una economía rentista que desestimuló una inversión productiva, generó una alta concentración del ingreso y limitó la expansión del mercado interno.In the import substitution model the management of public finance, which attempts to redistribute in comeand promote national production, contributed to the process of industrialization and modernization in latin America. The fiscal functions moved away from their initial orientation because the economic conditions from which the model originated had changed and because the controls put in force to rationalize the handling of foreign currency and promote productionturned into privileges which promoted a rentier economy, which discouraged productive investment, generated a high concentration of income, and limited the expansion of the internal market.

Planning to cheat: EU fiscal policy in real time

NARCIS (Netherlands)

Beetsma, R.; Giuliodori, M.; Wierts, P.

2009-01-01

Using real-time data from Europe's Stability and Convergence Programs, we explore how fiscal plans and their implementation in the EU are determined. We find that (1) implemented budgetary adjustment falls systematically short of planned adjustment and this shortfall increases with the projection

77 FR 32178 - Fiscal Service

Science.gov (United States)

2012-05-31

... of the Treasury, Financial Management Service, Financial Accounting and Services Division, Surety... Carrico, Director, Financial Accounting and Services Division. [FR Doc. 2012-13044 Filed 5-30-12; 8:45 am...: Alterra Reinsurance USA, Inc. AGENCY: Financial Management Service, Fiscal Service, Department of the...

FEATURES OF INFLUENCE OF MACROECONOMIC MEASURES OF TRANSFORMATION ON THE STATE DEBT POLICY

Directory of Open Access Journals (Sweden)

Roman Rudyk

2015-11-01

Full Text Available The objective is to study the relationship between the debt policy and vector of macroeconomic measures which is reflected in the transformation of structure of budget deficiency payments. Also, the article defines and characterizes three main phases of the government debt policy: pre-stabilization, stabilization and post-stabilization. The author analyzes main aspects of the relationship between dept policy and monetary one. Methodology. The study is based on the works of domestic and foreign scientists engaged in research of the given problem. Theoretical concepts are supported by statistical data of key macroeconomic indicators of Ukraine’s economy. Results of the survey showed that the relationship between the debt policy and measures of macro-regulation during the transformation has the stable and permanent nature, and the use of certain instruments of government debt management is exclusively possible for a definite direction of macro policy on the one hand, and they are the elements in the system of measures for its implementation on the other hand. In the pre-stabilization phase of transformation the debt policy synthesizes the expansive solutions of monetary and fiscal authorities, and a direct link between them mediate the expansion of demand in the public sector and the preservation of soft budget constraints for micro-units; in the stabilization phase the relationship between fiscal, monetary and debt policy becomes more indirect, but are direct in that part of the borrowing purposes, subordinated to the creation of macro-stabilization mechanism of transformation; in the poststabilization period the role of indirect interconnection between the debt measures and fiscal and monetary decisions increases, but the lack of a deep micro-restructuring and deep systemic and structural reforms cause the deterioration in the macro-economic state of the system, due to which the vector of government borrowing again gravitates toward the field

75 FR 59282 - Notice of Availability: Notice of Funding Availability (NOFA) for Fiscal Year (FY) 2010 Continuum...

Science.gov (United States)

2010-09-27

... and the HUD's Fiscal Year 2010 Notice of Funding Availability (NOFA) Policy Requirements and General...: Notice of Funding Availability (NOFA) for Fiscal Year (FY) 2010 Continuum of Care (CoC) Homeless... (Pub. L. 111-117, approved December 16, 2009). Carried over or recaptured funds from previous fiscal...

Nuclear energy policy for fiscal 1986

International Nuclear Information System (INIS)

Aoki, Masahiro

1986-01-01

In Japan with little energy resources, about 80 % of the total energy consumption is imported ; of which the petroleum is about 60 %. Nuclear power generation has advantages of the supply security and the high economy. It is the nucleus of petroleum substitute. The role of nuclear power should further increase in the future. Under this situation, the realization of nuclear fuel cycle, the advancement of LWR power plants and the development of advanced type reactors must be pursued positively. In tables are given the nuclear-power-relation budget estimates for fiscal 1986 in general account and in special accounts power source siting and diversification and also the treasury investments and loans, itemized in the respective subjects. (Mori, K.)

DO PUBLIC AND PRIVATE DEBT LEVELS AFFECT THE SIZE OF FISCAL MULTIPLIERS?

Directory of Open Access Journals (Sweden)

Chairul Adi

2017-09-01

Full Text Available This paper investigates the effectiveness of fiscal policies – as measured by the impact and cumulative multipliers – and how they interact with public and private debt. Harnessing the moderated panel regression approach, based on the yearly data set of several economies during the period from 1996 to 2012, the analysis is focused on the impact of spending-and-revenue-based fiscal policies on economic growth and how these fiscal instruments interact with public and private indebtedness. The result of spending stimuli advocates the basic Keynesian theory. An increase in public expenditures contemporaneously generates a positive multiplier, of around 0.29 – 0.44 and around 0.45 – 0.58 during two years. Decomposing the expenditures into their elements, this paper documents a stronger impact from public investment than that from government purchases. On the other hand, the revenue stimuli seem to follow the Ricardian Equivalence Hypothesis (REH, arguing that current tax cuts are inconsequential. The impact and cumulative multipliers for this fiscal instrument have mixed results, ranging from -0.21 to 0.05 and -0.26 to 0.06, respectively. Moreover, no robust evidence is found to support the argument that government debt moderates the effectiveness of fiscal policies. The size of the multipliers for both spending and revenue policies remain constant with the level of public debt. On the other hand, private debt appears to show a statistically significant moderating effect on spending stimuli. Its impact on spending multipliers, however, is economically insignificant. The moderation effect of private debt on the revenue stimuli does not seem to exist. Finally, this paper documents that both public and private debt exhibit a negative and statistically significant estimation for economic output.

Science to Support DOE Site Cleanup: The Pacific Northwest National Laboratory Environmental Management Science Program Awards - Fiscal Year 2000 Mid-Year Progress Report

International Nuclear Information System (INIS)

CD Carlson; SQ Bennett

2000-01-01

Pacific Northwest National Laboratory was awarded ten Environmental Management Science Program (EMSP) research grants in fiscal year 1996, six in fiscal year 1997, eight in fiscal year 1998, and seven in fiscal year 1999. All of the fiscal year 1996 award projects have been completed and will publish final reports, so their annual updates will not be included in this document. This section summarizes how each of the currently funded grants addresses significant US Department of Energy (DOE) cleanup issues, including those at the Hanford Site. The technical progress made to date in each of these research projects is addressed in more detail in the individual progress reports contained in this document. This research performed at PNNL is focused primarily in four areas: Tank Waste Remediation; Decontamination and Decommissioning; Spent Nuclear Fuel and Nuclear Materials; and Soil and Groundwater Cleanup

Science to Support DOE Site Cleanup: The Pacific Northwest National Laboratory Environmental Management Science Program Awards - Fiscal Year 2000 Mid-Year Progress Report

Energy Technology Data Exchange (ETDEWEB)

Carlson, Clark D.; Bennett, Sheila Q.

2000-07-25

Pacific Northwest National Laboratory was awarded ten Environmental Management Science Program (EMSP) research grants in fiscal year 1996, six in fiscal year 1997, eight in fiscal year 1998 and seven in fiscal year 1999.(a) All of the fiscal year 1996 awards have been completed and the Principal Investigators are writing final reports, so their summaries will not be included in this document. This section summarizes how each of the currently funded grants addresses significant U.S. Department of Energy (DOE) cleanup issues, including those at the Hanford Site. The technical progress made to date in each of these research projects is addressed in more detail in the individual progress reports contained in this document. This research performed at PNNL is focused primarily in four areas: Tank Waste Remediation, Decontamination and Decommissioning, Spent Nuclear Fuel and Nuclear Materials, and Soil and Groundwater Cleanup.

Science to Support DOE Site Cleanup: The Pacific Northwest National Laboratory Environmental Management Science Program Awards - Fiscal Year 2000 Mid-Year Progress Report

Energy Technology Data Exchange (ETDEWEB)

CD Carlson; SQ Bennett

2000-07-25

Pacific Northwest National Laboratory was awarded ten Environmental Management Science Program (EMSP) research grants in fiscal year 1996, six in fiscal year 1997, eight in fiscal year 1998, and seven in fiscal year 1999. All of the fiscal year 1996 award projects have been completed and will publish final reports, so their annual updates will not be included in this document. This section summarizes how each of the currently funded grants addresses significant US Department of Energy (DOE) cleanup issues, including those at the Hanford Site. The technical progress made to date in each of these research projects is addressed in more detail in the individual progress reports contained in this document. This research performed at PNNL is focused primarily in four areas: Tank Waste Remediation; Decontamination and Decommissioning; Spent Nuclear Fuel and Nuclear Materials; and Soil and Groundwater Cleanup.

Primary Healthcare Spending: Striving for Equity under Fiscal ...

International Development Research Centre (IDRC) Digital Library (Canada)

2010-04-01

Apr 1, 2010 ... Book cover Primary Healthcare Spending: Striving for Equity under Fiscal Federalism ... Primary Healthcare Spending is an important reference for ... field of health policy and health economics, agencies involved in providing ...

La dinámica de la sustentabilidad fiscal en los municipios urbanos de la Provincia de Mendoza

Directory of Open Access Journals (Sweden)

Raúl Molina

2016-11-01

Full Text Available La finalidad del trabajo es revisar el comportamiento fiscal comparado de los departamentos urbanos que forman parte del “Gran Mendoza” (Capital, Guaymallén, Godoy Cruz y Las Heras, así como analizar distintos indicadores de sustentabilidad fiscal y su aplicación a la situación actual y futura de los mismos. A partir del análisis de la deuda pública consolidada y su relación con los resultados financieros de los respectivos municipios, se analizan las perspectivas de solvencia de cada uno de ellos, para determinar, en su caso, los esfuerzos fiscales necesarios para retomar la senda de la sustentabilidad. Sin duda, la efectividad de la política presupuestaria y tributaria, y el nivel del gasto público, repercuten claramente en los resultados de la gestión, pero hay también otros aspectos, como la selección de formas alternativas para financiar el gasto público y el manejo del endeudamiento, que impactan en los resultados financieros de los municipios. Clasificación JEL: H7.Palabras clave: Finanzas Públicas Intergubernamentales; Estados sub-nacionales; Solvencia fiscal; Sustentabilidad; Déficits. The dynamics of fiscal sustainability in the urban municipalities of the Province of MendozaAbstractThe purpose of this paper is to review the fiscal performance compared to urban municipalities of “Gran Mendoza” (Capital, Guaymallén, Godoy Cruz and Las Heras and to analyze different indicators of fiscal sustainability and its application to the current and future situation of them. From the analysis of the consolidated public debt and its relationship to the financial performance of the respective municipalities, the prospects solvency of each of them are analyzed to determine the necessary fiscal efforts to resume the path of sustainability. Certainly the effectiveness of budgetaryl and tax policy, and the level of public spending clearly affect the results of management, but there are also other aspects such as the selection

A Scalable Policy and SNMP Based Network Management Framework

Institute of Scientific and Technical Information of China (English)

LIU Su-ping; DING Yong-sheng

2009-01-01

Traditional SNMP-based network management can not deal with the task of managing large-scaled distributed network,while policy-based management is one of the effective solutions in network and distributed systems management. However,cross-vendor hardware compatibility is one of the limitations in policy-based management. Devices existing in current network mostly support SNMP rather than Common Open Policy Service (COPS) protocol. By analyzing traditional network management and policy-based network management, a scalable network management framework is proposed. It is combined with Internet Engineering Task Force (IETF) framework for policybased management and SNMP-based network management. By interpreting and translating policy decision to SNMP message,policy can be executed in traditional SNMP-based device.

Institutions improving fiscal performance: Evidence from Swedish municipalities

DEFF Research Database (Denmark)

Dietrichson, Jens; Ellegård, Lina Maria

2014-01-01

Conflicts of interest within hierarchic government organizations regarding the importance of fiscal discipline create the need for institutions that curb the bargaining power of units in charge of implementing policy and align their incentives to the interests of the whole organization. We examine...... this general public sector problem by collecting unique data on budget institutions and conflicts of interest within the Swedish municipalities. Our estimations suggest that institutions pertaining to both the planning stage and the implementation stage of the budget process are important for fiscal...

Accountability report - fiscal year 1997

International Nuclear Information System (INIS)

1998-01-01

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

Teoria do federalismo fiscal: notas sobre as contribuições de Oates, Musgrave, Shah e Ter-Minassian

Directory of Open Access Journals (Sweden)

Mauro Santos Silva

2005-01-01

Full Text Available This text presents and comments on the classic proposals of Oates and Musgrave, relative to the effort of conforming the profile of the federative system and the possibilities of optimizing the tax policy, to the recent contributions presented by Shah and Ter-Minassian, focused on the improvement of the fiscal federative relations in the context of a guided economic policy concentrated primarily on reaching the objectives related to stabilization. The objective of this article is to present and comment on the theoretical contributions of Oates, Musgrave, Shah and Ter-Minassian, referring to the core themes of the federative issue: autonomy, fiscal functions, taxing authorities, fiscal transfers and the relevance of the coordinating action conducted by the federal government. The text demonstrates the complexity involved in the theoretical treatment and the related issues on federative policies, and shows the need for continuous improvement of the institutions that preside over fiscal relations in the federative context, based on the coordinating action led by the federal government.

l'impatto della politica fiscale e dell'inflazione sul risparmio nazionale: il caso italiano.(The impact of fiscal policy and inflation on national saving: the Italian case

Directory of Open Access Journals (Sweden)

F. MODIGLIANI

2013-12-01

Full Text Available Oltre al reddito ci sono altri due influenze principali sul risparmio nazionale : la politica fiscale e l'inflazione . Gli autori costruiscono un modello dell'economia italiana per analizzare l'impatto di queste due variabili correlate. Si è concluso che i disavanzi pubblici del passato hanno prodotto una riduzione proporzionale del risparmio nazionale . A partire dai primi anni 1960 risparmi nazionali sono diminuiti di quasi 9 punti percentuali , di cui 3,6 punti percentuali possono essere contabilizzati da un aumento del 4 per cento nel deficit del governo . I risultati per quanto riguarda l'impatto dell'inflazione non sono definiti , e non è possibile stabilirli .Apart from income there are two other main influences on national savings: fiscal policy and inflation. The authors construct a model of the Italian economy to analyse the impact of these two related variables. It is concluded that past government deficits have produced a proportional reduction in national saving. Since the early 1960s national savings have declined by nearly 9 percentage points, of which 3.6 percentage points can be accounted for by a 4 per cent increase in the government's deficit. The results regarding the impact of inflation are not definite, and no conclusion is drawn.JEL: E21, E31, E62,

Signalling fiscal stress in the euro area - a country-specific early warning system

OpenAIRE

Hernández de Cos, Pablo; Koester, Gerrit B.; Moral-Benito, Enrique; Nickel, Christiane

2014-01-01

The sovereign debt crisis in the euro area has increased the interest in early warning indicators, with the aim to indicate the build?up of fiscal stress early on and to facilitate crisis prevention by a timely counteraction of fiscal and macroeconomic policies. This paper presents possible improvements to enhance existing early warning indicators for fiscal stress, especially for the euro area. We show that a country?specific approach could strongly increase the signalling power of early war...

Annual report of operation management in nuclear power stations, fiscal year 1985. Showa 60 nendo genshiryoku hatsudensho unten kanri nenpo

Energy Technology Data Exchange (ETDEWEB)

1986-01-01

Twenty years have elapsed since the first practical nuclear reactor in Japan started the operation. In the generated power in fiscal year 1985, that of nuclear power stations for the first time overtook that of thermal power stations, and now the age of nuclear power as the main and oil power as the subordinate has begun. As of the end of fiscal year 1985, there were 32 nuclear power plants in operation, having total output capacity of 24.521 million kW. In fiscal year 1985, nuclear power plants generated about 159 billion kWh, which is about 2 % of electric power supply. As to the capacity factor, 76% was attained in fiscal year 1985, and this is ranked in the top group of LWR-operating countries in the world. It showed that the Japanese technology of nuclear power generation is at the top level in the world. However, in order to increase nuclear power generation and to accomplish the role of main electric power source hereafter, it is necessary to further increase the reliability and economical efficiency. The list of nuclear power stations in Japan, the state of operation of nuclear power stations, the state of accidents and troubles, the state of regular inspection, the management of radioactive wastes and the radiation exposure of workers in nuclear power stations, the operational management and others are reported.

Accountability report - fiscal year 1997

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-04-01

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.

THE INFLUENCE OF ACCOUNTING SYSTEM AND FISCAL POLICY ON REGIONAL DEVELOPMENT

Directory of Open Access Journals (Sweden)

Oana Bogdan

2014-10-01

Full Text Available Regional development is a concept that aims at stimulating and diversifying economic activities, stimulating private sector investment and it contributes to reducing unemployment and improving living standards. To achieve these goals accounting and tax policies are necessary to allow private operators to realize taxable income, to create jobs for people and to pay taxes and contributions due to the State budget. The State must reinvest a part of the resources collected to the community in order to improve infrastructure, education and health, thus contributing to regional development. Changes in tax law and accounting adopted in Romania during 2009-2014 are regarded as tax breaks for companies created to ensure economic growth, dynamic and sustainable through efficient use of regional and local potential. In this paper we analyze the influence of the accounting and fiscal system on the regional development given that these measures do not always achieve their objectives established companies having benefit from the application of various tax measures. The paper will present the main changes of the tax and accounting systems and their impact on the regional development in Romania and the consequences resulting in implementing these measures.

Fiscal Federalism

DEFF Research Database (Denmark)

Feng, Xingyuan; Ljungwall, Christer; Guo, Sujian

2013-01-01

China's central–local relations have been marked by perpetual changes amidst economic restructuring. Fiscal decentralization on the expenditure side has been paralleled by centralization on the revenue side, accompanied by political centralization. Hence, our understanding of China's fiscal...... relations is not without controversy. This paper aims to make a theoretical contribution to the ongoing debate on ‘fiscal federalism’ by addressing crucial questions regarding China's central–local fiscal relations: first, to what extent do Chinese central–local fiscal relations conform to fiscal federalism...

An empirical analysis of fiscal federalism implementation and of cost accounting in Italian public administrations

Directory of Open Access Journals (Sweden)

Pina Puntillo

2012-09-01

Full Text Available The concept of cost has been introduced in Italian Administration since the early nineties. There is a copious legislation referring directly or indirectly, to the need, as well as to the utility of measuring the costs of public administration, in deference, to a renewed interpretation of the constitutional principle of Good Performance in pursuance of Article. 97 of the Italian Constitution. The most recent and probably the most significant intervention at institutional level, is the implementation of fiscal federalism as provided by Law. 42, 2009. The core features of fiscal federalism are the transition from historical expenditure to standard costs as a criterion for determining financial needs of public bodies, together with the attempt to establish more meaningful accountability mechanisms, both to policy makers and to public management. The measurement of standard costs represents one of the pillars of fiscal federalism and it will be pursued using the mechanism of "best practice". Full implementation of fiscal federalism, therefore, requires the verification of the operating costs of all public administrations. According to statutory law, regions are also required to provide verification of operating costs, for the successful pursuing of fiscal federalism. The present research is going to assess the level of diffusion of cost accounting in Italian regional public administrations. The methodology used for this paper includes the analysis of regional law as well as interviews to the officials of accounting and auditing offices

An analysis of sovereign risk in South Africa with the focus on fiscal ...

African Journals Online (AJOL)

They re-affirm the importance of fiscal policy decision making and fiscal balance, taking all factors into account such as long-and shortterm interest rates. Current spending and the public sector borrowing requirement have a statistically positive effect on spreads depending on whether they were pre- or post-crisis. The latter ...

Fiscal Interactions and the Costs of Controlling Pollution from Electricity

OpenAIRE

Parry, Ian

2004-01-01

This paper quantifies the costs of controlling SO2, carbon, and NOx emissions from power generation, accounting for interactions between environmental policies and the broader fiscal system. We distinguish a dirty technology (coal) that satisfies baseload demand and a clean technology (gas) that is used during peak periods, and we distinguish sectors with and without regulated prices. Estimated emissions control costs are substantially lower than in previous models of fiscal interactions that...

Exchange Risk Management Policy

CERN Document Server

2005-01-01

At the Finance Committee of March 2005, following a comment by the CERN Audit Committee, the Chairman invited the Management to prepare a document on exchange risk management policy. The Finance Committee is invited to take note of this document.

The state of radioactive waste management and of personnel radiation exposure in nuclear power generating facilities in fiscal 1983

International Nuclear Information System (INIS)

1985-01-01

(1) The state of radioactive waste management in nuclear power generating facilities: In the nuclear power stations, the released quantities of radioactive gaseous and liquid wastes are all below the control objective levels. For the respective nuclear power stations, the released quantities of radioactive gaseous and liquid wastes in fiscal 1983 and the objective levels are given in table. And, the quantities of solid wastes taken into storage and the cumulative amounts are given. For reference, the results each year since fiscal 1974 are shown. (2) The state of personnel radiation exposure in nuclear power generating facilities: In the nuclear power stations, the personnel radiation exposures are all below the permissible levels. The dose distribution etc. in the respective nuclear power stations are given in table. For reference, the results each year since fiscal 1974 are shown. (Mori, K.)

Radioactive waste management policy

International Nuclear Information System (INIS)

Morrison, R.W.

1983-06-01

The speaker discusses the development of government policy regarding radioactive waste disposal in Canada, indicates overall policy objectives, and surveys the actual situation with respect to radioactive wastes in Canada. He also looks at the public perceptions of the waste management situation and how they relate to the views of governmental decision makers

Policies and strategies for radioactive waste management

International Nuclear Information System (INIS)

2009-01-01

A policy for spent fuel and radioactive waste management should include a set of goals or requirements to ensure the safe and efficient management of spent fuel and radioactive waste in the country. Policy is mainly established by the national government and may become codified in the national legislative system. The spent fuel and radioactive waste management strategy sets out the means for achieving the goals and requirements set out in the national policy. It is normally established by the relevant waste owner or nuclear facility operator, or by government (institutional waste). Thus, the national policy may be elaborated in several different strategy components. To ensure the safe, technically optimal and cost effective management of radioactive waste, countries are advised to formulate appropriate policies and strategies. A typical policy should include the following elements: defined safety and security objectives, arrangements for providing resources for spent fuel and radioactive waste management, identification of the main approaches for the management of the national spent fuel and radioactive waste categories, policy on export/import of radioactive waste, and provisions for public information and participation. In addition, the policy should define national roles and responsibilities for spent fuel and radioactive waste management. In order to formulate a meaningful policy, it is necessary to have sufficient information on the national situation, for example, on the existing national legal framework, institutional structures, relevant international obligations, other relevant national policies and strategies, indicative waste and spent fuel inventories, the availability of resources, the situation in other countries and the preferences of the major interested parties. The strategy reflects and elaborates the goals and requirements set out in the policy statement. For its formulation, detailed information is needed on the current situation in the country

Once on the Lips, Forever on the Hips: A Benefit-Cost Analysis of Fiscal Stimulus in OECD Countries

OpenAIRE

Bev Dahlby

2009-01-01

The author evaluates the fiscal stimulus policies of 20 OECD countries within a simple benefit-cost framework. Among his findings: in Canada, to be justifiable on a benefit-cost basis, a fiscal stimulus project that improves consumptive public services must provide at least 73 cents in benefits for every dollar of fiscal stimulus.

75 FR 64710 - Availability of the Fiscal Year 2009 Department of Defense Services Contracts Inventory

Science.gov (United States)

2010-10-20

... DEPARTMENT OF DEFENSE Office of the Secretary Availability of the Fiscal Year 2009 Department of... National Defense Authorization Act for Fiscal Year 2008 (NDAA 08) section 807, the Office of the Director, Defense Procurement and Acquisition Policy, Office of Program Acquisition and Strategic Sourcing (DPAP...

The situation of radioactive waste management in the fuel reprocessing facility (for fiscal 1979)

International Nuclear Information System (INIS)

1981-01-01

In the fuel reprocessing facility of Power Reactor and Nuclear Fuel Development Corporation (PNC), the release of radioactive gaseous and liquid wastes was so controlled as not to exceed the set standards. Of the radioactive liquid wastes, concentrated wastes and sludge are stored in tanks. Radioactive solid wastes are suitably stored in containers. The situation of radioactive waste management in the fuel reprocessing facility in fiscal 1979 (from April, 1979, to March, 1980) is presented on the basis of the radiation control report made by PNC. The release of radioactive gaseous and liquid wastes was below the set standards. The following data are given in tables: the released quantity of radioactive gaseous and liquid wastes, the cumulative stored amount of radioactive liquid wastes, the produced quantity and cumulative stored amount of radioactive solid wastes; (for reference) the released quantity of radioactive gaseous and liquid wastes in fiscal 1977, 1978 and 1979. (J.P.N.)

A case for the introduction of numerical fiscal rules in the Serbian Constitution

Directory of Open Access Journals (Sweden)

Begović Boris

2017-01-01

Full Text Available The recommendation of numerical fiscal rules in Serbia, presented in this paper, is based on the inherent bias of fiscal policy towards expenditure, and consequently continuous fiscal deficit and excessive sovereign debt. It is recommended that simple and straightforward numeric fiscal rules should be introduced into the Serbian Constitution. There should be two cumulative numerical fiscal rules, the first regarding the ceiling on sovereign debt and the second regarding the ceiling on net new borrowing. Neither of the rules may be violated. The ceiling on the debt level should be prescribed by the Constitution. The ceiling on new net borrowing should depend on the distance of the sovereign debt from the debt ceiling. An illustrative example is provided, with a debt ceiling of 60%. However, the Fiscal Council should specify a specific sovereign debt ceiling as part of the proposed constitutional amendment.

INSTITUTIONS, POLICIES AND EFFICIENCY IN ECONOMIES

OpenAIRE

Pavel Stoynov

2007-01-01

There are cases where the governments may not always serve the public interest. The implication seems to be that governments can help out but only if properly constrained. The impact of these ideas on monetary policy led to creation of Central banks. As far as fiscal policymaking is concerned, the evolution has been slower. It would seem that we are now ready to move to the next step, replacing rules with adequate incentives backed by institutions - fiscal policy committees.

Oak Ridge National Laboratory Waste Management Plan, fiscal year 1994

International Nuclear Information System (INIS)

Turner, J.W.

1993-12-01

US Department of Energy (DOE) Order 5820.2A was promulgated in final form on September 26, 1988. The order requires heads of field organizations to prepare and to submit updates on the waste management plans for all operations under their purview according to the format in Chap. 6, open-quotes Waste Management Plan Outline.close quotes These plans are to be submitted by the DOE Oak Ridge Operations Office (DOE-ORO) in December of each year and distributed to the DP-12, ES ampersand H-1, and other appropriate DOE Headquarters (DOE-HQ) organizations for review and comment. This document was prepared in response to this requirement for fiscal year (FY) 1994. The Oak Ridge National Laboratory (ORNL) waste management mission is reduction, collection, storage, treatment, and disposal of DOE wastes, generated primarily in pursuit of ORNL missions, in order to protect human health and safety and the environment. In carrying out this mission, waste management staff in the Waste Management and Remedial Action Division (WMRAD) will (1) guide ORNL in optimizing waste reduction and waste management capabilities and (2) conduct waste management operations in a compliant, publicly acceptable, technically sound, and cost-efficient manner. Waste management requirements for DOE radioactive wastes are detailed in DOE Order 5820.2A, and the ORNL Waste Management Program encompasses all elements of this order. The requirements of this DOE order and other appropriate DOE orders, along with applicable Tennessee Department of Environment and Conservation and US Environmental Protection Agency (EPA) rules and regulations, provide the principal source of regulatory guidance for waste management operations at ORNL. The objective of this document is compilation and consolidation of information on how the ORNL Waste Management Program is conducted, which waste management facilities are being used to manage wastes, what activities are planned for FY 1994, and how all of the activities are

75 FR 33324 - Notice of Availability: Notice of Funding Availability (NOFA) for Fiscal Year (FY) 2009...

Science.gov (United States)

2010-06-11

... requirements established by HUD's Fiscal Year 2009 Notice of Funding Availability (NOFA) Policy Requirements... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5419-N-01] Notice of Availability: Notice of Funding Availability (NOFA) for Fiscal Year (FY) 2009; Brownfields Economic Development...

Policy, Profession and Public Management

DEFF Research Database (Denmark)

Kann-Christensen, Nanna; Balling, Gitte

Policy, Profession and Public Management: Conflict or Coherence? By Gitte Balling, Assistant Professor, PhD. Email gb@iva.dk Nanna Kann-Christensen, Associate Professor, PhD. Email: nkc@iva.dk Royal School of Library and Information Science Birketinget 6 DK-2300 Copenhagen S T +45 32 58 60 66...... Introduction The aim of this paper is to contribute to the establishment of a theoretically based understanding of the role that cultural policy plays in the way literature promotion is practiced in Danish public libraries. More specifically we aim at refining a model that integrates different issues which...... interconnected concerns that relates to literature promotion. Besides cultural policy we regard the logics of New Public Management (NPM) and professional logics in the field of public libraries. Cultural policy along with the identification of underlying logics present among politicians, government officials...

Towards establishing a scale for assessing the attractiveness of petroleum fiscal regimes – Evidence from Malaysia

International Nuclear Information System (INIS)

Abdul Manaf, Nor Aziah; Mas'ud, Abdulsalam; Ishak, Zuaini; Saad, Natrah; Russell, Alex

2016-01-01

This paper identifies a gap in the current literature relating to the attractiveness of petroleum fiscal regimes and suggests that establishing a measurement scale based on relevant factors drawn from the extant literature and on the perceptions of experts would complement the economic models currently in use and could become an industry standard. It will undoubtedly influence the petroleum fiscal policies and practices of petroleum producing countries. The methodology used involved a review of literature to identify factors that enhance the attractiveness of petroleum fiscal regimes; deploying experts to validate the appropriateness of the identified factors; conducting exploratory factor analysis and evaluating the internal consistency reliability of the construct's dimensions; performing confirmatory analysis for convergence and discriminant validity of the dimensions; and computing model fit indices to evaluate the goodness of fit of the four-factor correlated attractiveness petroleum fiscal regime scale. The results obtained suggest that a credible and manageable scale for assessing the attractiveness of petroleum fiscal regimes can be readily constructed. This research has taken the first important pioneering step in the construction of a globally applicable scale, the mechanics of which will require extension of our research, and consequently makes a significant contribution to policymaking and literature. - Highlights: • Existing literature lacks a broad scale for assessing the attractiveness of petroleum fiscal regimes. • A scale incorporating 14 items was constructed and evaluated by experts in Malaysia. • It was then validated through exploratory and confirmatory analyses as well as model-fit indices. • A credible and comprehensive scale is now established for use by policymakers and researchers.

Science to Support DOE Site Cleanup: The Pacific Northwest National Laboratory Environmental Management Science Program Awards-Fiscal Year 1999 Mid-Year Progress Report

International Nuclear Information System (INIS)

Peurrung, L.M.

1999-05-01

Pacific Northwest National Laboratory was awarded ten Environmental Management Science Program (EMSP) research grants in fiscal year 1996, six in fiscal year 1997, and eight in fiscal year 1998. This section summarizes how each grant addresses significant U.S. Department of Energy (DOE) cleanup issues, including those at the Hanford Site. The technical progress made to date in each of these research projects is addressed in more detail in the individual progress reports contained in this document. This research is focused primarily in five areas: Tank Waste Remediation, Decontamination and Decommissioning, Spent Nuclear Fuel and Nuclear Materials, Soil and Groundwater Clean Up, and Health Effects

Science to Support DOE Site Cleanup: The Pacific Northwest National Laboratory Environmental Management Science Program Awards-Fiscal Year 1999 Mid-Year Progress Report

Energy Technology Data Exchange (ETDEWEB)

Peurrung, L.M.

1999-06-30

Pacific Northwest National Laboratory was awarded ten Environmental Management Science Program (EMSP) research grants in fiscal year 1996, six in fiscal year 1997, and eight in fiscal year 1998. This section summarizes how each grant addresses significant U.S. Department of Energy (DOE) cleanup issues, including those at the Hanford Site. The technical progress made to date in each of these research projects is addressed in more detail in the individual progress reports contained in this document. This research is focused primarily in five areas: Tank Waste Remediation, Decontamination and Decommissioning, Spent Nuclear Fuel and Nuclear Materials, Soil and Groundwater Clean Up, and Health Effects.

Policy Pathways: Energy Management Programmes for Industry

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-09-06

The IEA Policy Pathway publications provide details on how to implement specific recommendations drawn from the IEA 25 Energy Efficiency Policy Recommendations. This Policy Pathway, jointly produced by the International Energy Agency and the Institute for Industrial Productivity, develops the critical steps for policy makers implementing energy management programmes for industry. Optimising energy use in industry is essential to improve industrial competitiveness and achieve wider societal goals such as energy security, economic recovery and development, climate change mitigation and environmental protection.While there is significant potential to decrease energy consumption in this sector, opportunities to improve energy efficiency are still under-exploited. Energy management programmes have shown to be instrumental in addressing many of the barriers that inhibit wide-scale uptake of energy management in industry. The Policy Pathway builds on lessons learned from country experiences and provides actionable guidance on how to plan and design, implement, evaluate and monitor energy management programmes for industry.

Hanford Site Environmental Safety and Health Fiscal Year 2001 Budget-Risk management summary

Energy Technology Data Exchange (ETDEWEB)

REEP, I.E.

1999-05-12

The Hanford Site Environment, Safety and Health (ES&H) Budget-Risk Management Summary report is prepared to support the annual request to sites in the U.S. Department of Energy (DOE) Complex by DOE, Headquarters. The request requires sites to provide supplementary crosscutting information related to ES&H activities and the ES&H resources that support these activities. The report includes the following: (1) A summary status of fiscal year (FY) 1999 ES&H performance and ES&H execution commitments; (2)Status and plans of Hanford Site Office of Environmental Management (EM) cleanup activities; (3) Safety and health (S&H) risk management issues and compliance vulnerabilities of FY 2001 Target Case and Below Target Case funding of EM cleanup activities; (4) S&H resource planning and crosscutting information for FY 1999 to 2001; and (5) Description of indirect-funded S&H activities.

Environmental restoration and waste management five-year plan, Fiscal years 1994--1998

International Nuclear Information System (INIS)

1993-01-01

The US Department of Energy (DOE) understands that cleaning up the Nation's nuclear-related sites and facilities affects many different segments of the public, ranging from communities near DOE facilities to engineers concerned with developing new technologies to clean up the environment. In an effort to make the Environmental Restoration and Waste Management Five-Year Plan for Fiscal Years (FY) 1994--1998 more responsive to your concerns, DOE invites your comments on the plan. Volume II contains 37 Installation Summaries that provide a synopsis of past, present and future activities of each major installation, and Progress Charts

Rethinking macroeconomic policies for development

Directory of Open Access Journals (Sweden)

Deepak Nayyar

2011-09-01

Full Text Available The global economic crisis has created an opportunity to rethink macroeconomics for development. Such rethinking is both necessary and desirable. It is essential to redefine macroeconomic objectives so that the emphasis is on fostering employment creation and supporting economic growth instead of the focus on price stability alone. It is just as important to rethink macroeconomic policies which cannot simply be used for the management of inflation and the elimination of macroeconomic imbalances, since fiscal and monetary policies are powerful and versatile instruments in the pursuit of development objectives. In doing so, it is essential to the overcome the constraints embedded in orthodox economic thinking and recognize the constraints implicit in the politics of ideology and interests.

THE DETAILS OF CONSTRUCTION AND APPLICATION OF EUROPEAN COMMISSION MACROMODEL QUEST III WITH EXTENDED FISCAL BLOCK

Directory of Open Access Journals (Sweden)

I. Lukianenko

2015-10-01

Full Text Available In this paper we provide detailed derivation of dynamic stochastic general equilibrium model QUEST III that was developed under European Commission project. The principal feature of the model is the presence of both monetary and extended fiscal blocks. In particular, Central Bank sets interest rate using monetary policy rule, while fiscal sector is represented by taxes and transfers. It allows analyzing the effect of complex shocks on the key macroeconomic variables. Our results show that parallel application of monetary and fiscal instruments is an effective way to combat stagflation, i.e. drastic decrease in production and acceleration of inflation. Due to the presence of extended fiscal block, the model can fit Ukrainian economic and policy structure quick good. The next steps of the research may be calibration and estimation of QUEST III prototype on the Ukrainian data with potentially some modification and inclusion of banking and other sectors that play critical role in the local conditions. Monetary policy instruments should be extended with the level of Central Bank reserves which have large influence on macro stability. In addition, dollarization is an important peculiarity that should be addressed in the future versions of the model.

The macroeconomic effects of fiscal policy in Algeria | Kori Yahia ...

African Journals Online (AJOL)

In this paper, we analyze the impact of fiscal shocks on the Algerian economy using structural vector auto regression models (SVAR) recursive approach methodology during the period 1970- 2012. The results consistently show positive government spending shocks as having a positive effect on output around 0.10%.

National policy on radioactive waste management

International Nuclear Information System (INIS)

Jova, Luis; Metcalfa, Phil; Rowata, John; Louvata, Didier; Linsley, Gordon

2008-01-01

Every country should have some form of policy and strategy for managing its spent fuel and radioactive waste. Such policies and strategies are important; they set out the nationally agreed position and plans for managing spent fuel and radioactive waste and are visible evidence of the concern and intent of the government and the relevant national organisations to ensure that spent fuel and radioactive waste are properly taken care of in the country. There is a large diversity in the types and amounts of radioactive waste in the countries of the world and, as a result of this diversity, the strategies for implementing the policies may be different, although the main elements of policy are likely to be similar from country to country. In some countries, the national policy and strategy is well established and documented, while in others there is no explicit policy and strategy statement and, instead, it has to be inferred from the contents of the laws, regulations and guidelines. The present paper describes the work undertaken by the International Atomic Energy Agency (IAEA) related to identifying the main elements of national policies for spent fuel and radioactive waste management, recognising that policies and strategies vary considerably depending on, among other things, the nature and scale of applications of radioactive material in a country. An indication is provided of what might be contained in national policies recognizing that national policy and strategy has to be decided at the national level taking into account national priorities and circumstances. The paper is concerned with the contents of policies and strategies and does not address the development of national laws, regulations and guidelines - although these are clearly related to the contents of the national policy and strategy. (author)

Towards Adaptive Management: Examining the Strategies of Policy Entrepreneurs in Dutch Water Management

Directory of Open Access Journals (Sweden)

Stijn Brouwer

2011-12-01

Full Text Available The growing awareness of the complexities and uncertainties in water management has put into question the existing paradigms in this field. Increasingly more flexible, integrated, and adaptive policies are promoted. In this context, the understanding of how to effect policy change is becoming more important. This article analyzes policy making at the micro level, focusing on the behavior of policy entrepreneurs, which we understand here as risk-taking bureaucrats who seek to change policy and are involved throughout the policy-change process. Policy entrepreneurs have received a certain level of attention in the adaptive co-management literature and the policy sciences in past decades. Yet, the understanding of the actions they can take to facilitate policy change remains limited. This study addresses this gap in focusing on the strategies that policy entrepreneurs employ in their efforts to effect policy change. The article draws on both theoretical exploration and in-depth field research on water management in the Netherlands, which included a series of semi-structured interviews and a focus group with policy entrepreneurs. We conclude that policy entrepreneurs employ four types of strategies: (1 attention and support-seeking strategies, to demonstrate the significance of a problem and to convince a wide range of participants about their preferred policy; (2 linking strategies, to link with other parties, projects, ideas, and policy games; (3 relational management strategies, to manage the relational factor in policy-change trajectories; and finally, (4 arena strategies, to influence the time and place wherein decisions are made. Our study suggests that by employing these strategies when the "time is right," the development of policy streams and consequently their coupling can, to some extent, be influenced and steered. In other words, policy entrepreneurs can, to a degree, prepare for a window of opportunity and hence direct policy change.

Key policy choices in groundwater quality management

International Nuclear Information System (INIS)

Batie, S.S.; Diebel, P.L.

1990-01-01

The fundamental policy choice of who has the right to do what to whom is a pivotal issue of governance. Over the last few decades, the answer to that question has become more restrictive to those who own and use natural resources as inputs into production processes. Increasingly, the beneficiaries of new policy initiatives are those who desire higher protection of groundwater quality. With respect to groundwater management, policy design increasingly reflects such diverse interests as agriculturists, industrialists, homeowners, local government officials and state officials. Policy design is becoming complex, in part because of this diversity and in part because scientific uncertainty hampers informed policy design. No umbrella federal legislation exists for managing groundwater resources. EPA's role has been mainly an advisory one on groundwater issues. The difficulties and responsibilities of protecting groundwater thus remain with the states. For the near future, it is the states that will address key policy choices with respect to groundwater quality management issues

Public debt managers' behaviour interactions with macro policies

NARCIS (Netherlands)

Hoogduin, Lex; Öztürk, Bahar; Wierts, Peter

2011-01-01

We investigate the evolution of public debt management, the policy behaviour of debt managers, and the interaction of debt management with financial stability and monetary policy. The main focus is on the euro area. Empirical estimations of a debt management reaction function indicate that the share

Public debt managers' behaviour: interactions with macro policies

NARCIS (Netherlands)

Hoogduin, L.; Öztürk, B.; Wierts, P.

2010-01-01

We investigate the evolution of public debt management, the policy behaviour of debt managers, and the impact of debt management on financial stability and monetary policy.The focus is on the euro area. Empirical estimations of a debt management reaction function indicate that the share of short

75 FR 20578 - Availability of the Fiscal Year 2008 Defense Threat Reduction Agency Services Contracts Inventory

Science.gov (United States)

2010-04-20

... DEPARTMENT OF DEFENSE Office of the Secretary Availability of the Fiscal Year 2008 Defense Threat... amended by the National Defense Authorization Act for Fiscal Year 2008 (NDAA 08) section 807, the Director of DTRA and the Office of the Director, Defense Procurement and Acquisition Policy, Office of...

76 FR 66051 - Availability of the Fiscal Year 2010 United States Special Operations Command (USSOCOM) Inventory...

Science.gov (United States)

2011-10-25

... DEPARTMENT OF DEFENSE Office of the Secretary Availability of the Fiscal Year 2010 United States... Authorization Act for Fiscal Year 2008 (NDAA 08) Section 807, the Director of Procurement USSOCOM and the Office of the Director, Defense Procurement and Acquisition Policy, Office of Strategic Sourcing (DPAP/SS...

Fiscal Adjustment in IMF-Supported Adjustment Programmes: The ...

African Journals Online (AJOL)

Fiscal adjustment is an essential element of macro-economic stability and economic growth. Given that economic growth is the most powerful weapon in the fight for higher living standards, poor growth performance in African countries, has been a challenge to economists, policy makers and international development ...

State Outlook: Fiscal and State Policy Issues Affecting Postsecondary Education

Science.gov (United States)

American Association of State Colleges and Universities, 2010

2010-01-01

This publication provides a compilation of the issues affecting postsecondary education in America. The contents of this issue include: (1) Overview of Economic and Fiscal Dynamics; (2) Global and Domestic Growth Prospects; (3) Snapshot of Economic Indicators--November 2010; (4) Labor Market Conditions and Post-Recession Economic Impacts; (5)…

The Budget and Economic Outlook: Fiscal Years 2003-2012

National Research Council Canada - National Science Library

Crippen, Dan

2002-01-01

.... It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide five-year baseline projections of the federal budget...

Practicing natural resource management with a policy orientation

Science.gov (United States)

Clark, Tim W.

1992-07-01

All natural resource managers want to contribute to successful conservation programs. Having and applying an explicit policy orientation is indispensable. The policy sciences are described and a case is made that, if natural resource managers utilize this set of conceptual and applied tools in their natural resource work, their effectiveness could be enhanced. The policy sciences offer a contextual, problem-oriented, and multimethod approach to meeting complex problems. Two kinds of knowledge are needed to solve problems—substantive knowledge about the resource and process knowledge about the decision and policy processes used to derive courses of management action. The interplay of science, analysis, and politics are examined. The wildlife management community is used to illustrate many points, including the important role implementation plays in the overall policy process.

Energy fiscality

International Nuclear Information System (INIS)

2001-07-01

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.)

Water-resources activities, North Dakota District, fiscal year 1990

Science.gov (United States)

Martin, Cathy R.

1991-01-01

The mission of the U.S. Geological Survey, Water Resources Division, is to provide the hydrologic information and understanding needed for the optimum utilization and management of the Nation's water resources for the overall benefit of the people of the United States. This report describes waterresources activities of the Water Resources Division in North Dakota in fiscal year 1990. Information on each project includes objectives, approach, progress in fiscal year 1990, plans for fiscal year 1991, completed and planned report products, and the name of the project chief.

Situation of the radioactive waste management and the employee radiation exposure in commercial power generation reactor facilities in fiscal 1980

International Nuclear Information System (INIS)

1981-01-01

(1) Situation of the radioactive waste management in commercial power generating reactor facilities: The owners of power generation reactor facilities are obligated not to exceed the target dose around the sites by law in the radioactive waste management. The release of radioactive gaseous and liquid wastes and the storage of radioactive solid wastes in respective reactor facilities in fiscal 1980 are presented in tables (for the former, the data since 1971 are also given). The release control values were satisfied in all the facilities. (2) Situation of employe radiation exposure in commercial power generating reactor facilities: The owners of power generation reactor facilities are obligated not to exceed the permissible exposure doses by law. The Employe exposure doses in respective reactor facilities in fiscal 1980 are given in tables. All exposure doses were below the permissible levels. (J.P.N.)

Global Green New Deal. Policy Brief

International Nuclear Information System (INIS)

2009-03-01

The 'Global Green New Deal' (GGND) presented here has three broad objectives. It should make a major contribution to reviving the world economy, saving and creating jobs, and protecting vulnerable groups. It should promote sustainable and inclusive growth and the achievement of the MDGs, especially ending extreme poverty by 2015. Also, it must reduce carbon dependency and ecosystem degradation. These are key risks along a path to a sustainable world economy. Our consultations and our commissioned research, summarized here in this Policy Brief, make a strong case for the active 'greening' of proposed fiscal stimulus packages. However, this must also be backed by necessary changes in international and domestic policy architectures, as the current framework is biased in favour of resurrecting an unsustainable 'brown economy'. Our proposals are therefore grouped under three categories - targeted stimulus spending in 2009-10, changes in domestic policies, and changes in international policy architecture. Furthermore, we recognize that many less developed countries do not have the resources of their own and will have to rely on foreign aid and support, both financial and non-financial. We propose that the fiscal stimulus (to be applied over 2009 and 2010) should prioritize energy efficient buildings and investments in sustainable transport and renewable energy. Developing countries should prioritize investment in agricultural productivity measures, freshwater management, and sanitation, as these have demonstrable and exceptional social returns. Domestic policy reforms are recommended to substantially reduce perverse subsidies (eg: fossil fuels) and instead to create positive incentives and appropriate taxes which will encourage a greener economy. Domestic reforms should also address some common issues in land use and urban policy. Integrated management of freshwater would also require some domestic policy changes, and this should be prioritized by developing countries

29 CFR 403.1 - Fiscal year for reports required by this part.

Science.gov (United States)

2010-07-01

... 29 Labor 2 2010-07-01 2010-07-01 false Fiscal year for reports required by this part. 403.1 Section 403.1 Labor Regulations Relating to Labor OFFICE OF LABOR-MANAGEMENT STANDARDS, DEPARTMENT OF LABOR LABOR-MANAGEMENT STANDARDS LABOR ORGANIZATION ANNUAL FINANCIAL REPORTS § 403.1 Fiscal year for reports required by this part. (a) As used in this...

Measuring the importance of oil-related revenues in total fiscal income for Mexico

Energy Technology Data Exchange (ETDEWEB)

Reyes-Loya, Manuel Lorenzo; Blanco, Lorenzo [Facultad de Economia, Universidad Autonoma de Nuevo Leon, Loma Redonda 1515 Pte., Col. Loma Larga, C.P. 64710, Monterrey, Nuevo Leon (Mexico)

2008-09-15

Revenues from oil exports are an important part of government budgets in Mexico. A time-series analysis is conducted using monthly data from 1990 to 2005 examining three different specifications to determine how international oil price fluctuations and government income generated from oil exports influence fiscal policy in Mexico. The behavior of government spending and taxation is consistent with the spend-tax hypothesis. The results show that there is an inverse relationship between oil-related revenues and tax revenue from non-oil sources. Fiscal policy reform is urgently needed in order to improve tax collection as oil reserves in Mexico become more and more depleted. (author)

Measuring the importance of oil-related revenues in total fiscal income for Mexico

International Nuclear Information System (INIS)

Reyes-Loya, Manuel Lorenzo; Blanco, Lorenzo

2008-01-01

Revenues from oil exports are an important part of government budgets in Mexico. A time-series analysis is conducted using monthly data from 1990 to 2005 examining three different specifications to determine how international oil price fluctuations and government income generated from oil exports influence fiscal policy in Mexico. The behavior of government spending and taxation is consistent with the spend-tax hypothesis. The results show that there is an inverse relationship between oil-related revenues and tax revenue from non-oil sources. Fiscal policy reform is urgently needed in order to improve tax collection as oil reserves in Mexico become more and more depleted. (author)

The Budget and Economic Outlook: Fiscal Years 2001-2010

National Research Council Canada - National Science Library

2000-01-01

.... It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit periodic reports to the Committees on the Budget with respect to fiscal policy and to provide five-year baseline projections of the federal budget...

Fiscal developments and financial stress: a threshold VAR analysis

Czech Academy of Sciences Publication Activity Database

Afonso, A.; Baxa, Jaromír; Slavík, M.

2011-01-01

Roč. 2011, č. 1319 (2011), s. 1-60 ISSN 1725-2806 Institutional research plan: CEZ:AV0Z10750506 Keywords : fiscal policy * financial markets * threshold VAR Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2011/E/baxa-0364091.pdf

Oil and gas fiscal regimes of the western Canadian provinces

International Nuclear Information System (INIS)

1991-11-01

This report compares the fiscal regimes in British Columbia, Alberta, Saskatchewan and Manitoba. During 1985-1988, federal and provincial governments have made numerous fiscal changes, many in response to the drop in world oil prices. The new fiscal policies generally have reflected governments' willingness to forego revenues in an effort to aid the oil and gas industry, with certain exemptions. Since 1988, changes have reflected trends of consolidation and less government willingness to forego revenues. A federal large corporations capital tax has been introduced, the natural gas exploration holiday in Alberta expired, new oil royalties were introduced, and changes were made in fiscal regimes to accomodate horizontal drilling in Saskatchewan and Manitoba. In this document, the existing corporate tax regime is described. A comparison of fiscal regimes must recognize the differing scale and nature of oil and gas operations among the 4 provinces, with Alberta accounting for 80-90% of Canada's oil and gas productions, while British Columbia, Saskatchewan and Manitoba are much smaller producers. The document describes Crown royalties and incentives and freehold taxes for each type of fuel (crude oil, natural gas, natural gas byproducts, nonconventional oil). 8 figs

"In the Wake of the Crisis : Leading Economists Reassess Economic Policy" Edited by Olivier Blanchard, David Romer, Michael Spence, and Joseph Stiglitz

OpenAIRE

Murat Ungor

2013-01-01

To understand the issues raised by the recent global crisis, IMF organized a conference on March 7-8, 2011, around six themes: monetary policy, fiscal policy, financial intermediation and regulation, capital account management, growth strategies, and the international monetary system. The conference proceedings are published in a book, In the Wake of the Crisis: Leading Economists Reassess Economic Policy. This review presents a summary of the book and provides its implications for research a...

The state of radioactive waste management and personnel radiation exposure in commercial nuclear power plants in fiscal 1981

International Nuclear Information System (INIS)

1982-01-01

Radioactive waste management: The owners of commercial nuclear power plants are obligated to control the release of gaseous and liquid radioactive wastes below the objective release levels, and to store solid wastes in containers on the site. As for the former, the released (radioactive) quantity in fiscal 1981 (from April, 1981, to March, 1982,) together with the objective levels are given for respective nuclear power stations; and as for the latter, the stored quantity and also the cumulative quantity up to the year are given. Radiation exposure: The owners of commercial nuclear power plants are obligated to control the personnel exposure below the permissible level. The personnel exposure dose in fiscal 1981 is given for respective nuclear power station. (Mori, K.)

Fleet Compliance Annual Report: Model Year 2015, Fiscal Year 2016

Energy Technology Data Exchange (ETDEWEB)

None

2016-12-01

The U.S. Department of Energy (DOE) regulates covered state government and alternative fuel provider fleets, pursuant to the Energy Policy Act of 1992 (EPAct), as amended. This report details compliance for model year 2015, fiscal year 2016.

International Petroleum Fiscal Regimes: Trends in Tax-Royalty Worldwide and in Romania

Directory of Open Access Journals (Sweden)

MARIANA PAPATULICĂ

2014-05-01

Full Text Available “Resource nationalism” is a cyclical phenomenon whereby governments assert varying degrees of control over natural resources located within their territories, in an attempt to maximise revenue generation from their national resources. Resource nationalism often depends on the price of hydrocarbons and the ability of national governments to extract them. International oil companies are attractive partners for the development of concessions as they have advanced extractive technology, superior project management skills, flexible logistical chains and access to capital from global financial markets. However, these advantages will erode as National Oil Companies (NOCs improve their expertise over the mid- to long-term and new forms of resource nationalism may restrict their room for manoeuvre.The recent trends in most of oil producing countries’ policies are focusing on highly increasing the fiscal levies imposed to resources exploited under the concession agreements and also on imposing minimum labor taxes. At the end of 2014, The Romanian Government will have to reappraise the fiscal systems for the companies operating in the national oil and gas upstream sector, because the 10-year "freezing" of royalties on oil and gas, at a very low level compared with other producing countries will come to an end. This article tries to present the trends in the international petroleum fiscal regimes worldwide, to make a comparative analysis between Romania and other countries from this point of view and finally to make some recommendations as regards the main guidelines that the negociators could follow in order to obtain better conditions for the new fiscal regime and implicitly a better turning into account of our natural resources to the benefit of the consumers.

Environmental fiscal reforms

Directory of Open Access Journals (Sweden)

Ashish Chaturvedi

2014-09-01

Full Text Available The paper presents concepts and instruments of environmental fiscal reforms (EFR and their application in the Indian context. EFR can lead to environmental improvement more efficiently and cost effectively than traditional regulation. There is substantial experience of successful EFR implementation in the European Union. India has also adopted some EFR measures such as deregulation of petrol prices, coal cess, and subsidy for setting up common effluent treatment plants. The challenges of implementing EFR measures in India are also discussed, including inadequate analysis, policy framework and institutional capacity, as well as conflict with poverty reduction and building political support.

Environmental Management Science Program awards. Fiscal year 1997 annual progress report

Energy Technology Data Exchange (ETDEWEB)

Simmons, A. [ed.; Benner, W.H.; DePaolo, D.J.; Faybishenko, B.; Majer, E.L.; Pallavicini, M.; Russo, R.E.; Shultz, P.G.; Wan, J.

1997-10-01

Lawrence Berkeley National Laboratory was awarded eight Environmental Management Science Program (EMSP) research grants in Fiscal Year 1996. This report summarizes the progress of each grant in addressing significant DOE site cleanup issues after completion of the first year of research. The technical progress made to date in each of the research projects is described in greater detail in individual progress reports. The focus of the research projects covers a diversity of areas relevant to site cleanup, including bioremediation, health effects, characterization, and mixed waste. Some of the projects cut across a number of focus areas. Three of the projects are directed toward characterization and monitoring at the Idaho National Engineering and Environmental Laboratory, as a test case for application to other sites.

Environmental Management Science Program awards. Fiscal year 1997 annual progress report

International Nuclear Information System (INIS)

Simmons, A.; Benner, W.H.; DePaolo, D.J.; Faybishenko, B.; Majer, E.L.; Pallavicini, M.; Russo, R.E.; Shultz, P.G.; Wan, J.

1997-10-01

Lawrence Berkeley National Laboratory was awarded eight Environmental Management Science Program (EMSP) research grants in Fiscal Year 1996. This report summarizes the progress of each grant in addressing significant DOE site cleanup issues after completion of the first year of research. The technical progress made to date in each of the research projects is described in greater detail in individual progress reports. The focus of the research projects covers a diversity of areas relevant to site cleanup, including bioremediation, health effects, characterization, and mixed waste. Some of the projects cut across a number of focus areas. Three of the projects are directed toward characterization and monitoring at the Idaho National Engineering and Environmental Laboratory, as a test case for application to other sites

THE STRUCTURAL DEFICIT – A NEW MEASURE FOR FISCAL DISCIPLINE IN THE EURO AREA

Directory of Open Access Journals (Sweden)

Cristina PUIU

2013-12-01

Full Text Available The aim of this paper is to assess the importance of the new limit for the government deficit in order to improve fiscal discipline in the Economic and Monetary Union in Europe. Since the introduction of the single currency there have been debates regarding the lack of fiscal integration. The monetary integration process triggered the centralization of monetary policies while the fiscal policies remained at national level. Although the member states of the euro area were subject to restrictions imposed by the Stability and Growth Pact in order to provide an assurance against asymmetric shocks, the recent financial crisis revealed high levels of public deficits. Thus, the measures were not enough to establish an environment of fiscal discipline in the currency area and the currency area proved to be suboptimal. Therefore, new limits were imposed through the Treaty of Stability, Coordination and Governance in the Economic and Monetary Union. This study will provide a clear understanding of the concept of structural deficit, measures used to quantify it and the shortcomings of this indicator. Furthermore, it will show that, despite the limits of the indicator, it represents an improvement in achieving stability in the euro area.

The Budget and Economic Outlook: Fiscal Years 2006 to 2015

National Research Council Canada - National Science Library

Holland, Jeffrey; Blom, Barry; Arnold, Robert; Trimarco, Gerard; Booth, Mark; Hays, Ellen; Russek, Frank; Brauer, David; Futrell, Ann; Smith, Jennifer

2005-01-01

.... It satisfies the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget...

Market-Driven Management: the Policy Implications

OpenAIRE

Bellini, Nicola

2008-01-01

The first policy implication of the diffusion of a Market-Driven Management approach is the same as the spreading of globalization, i.e. the obsolescence of industrial policies as traditionally designed and managed by Nation-States with the established toolbox of protectionism and subsidies, picking 'national champions', etc. The growing asymmetry between the physical jurisdiction of political bodies and the global operation space of modern corporations feeds the apparent trend toward company...

Policy on manager involvement in work re-integration: managers' experiences in a Canadian setting.

Science.gov (United States)

Maiwald, Karin; Meershoek, Agnes; de Rijk, Angelique; Nijhuis, Frans J N

2014-01-01

In Canada and other countries, sickness absence among workers is a significant concern. Local return-to-work policies developed by both management and workers' representatives are preferred to tackle the problem. This article examines how managers perceive this local bipartite agreed upon return-to-work policy, wherein a social constructivist view on the policy process is taken. In-depth interviews were held with 10 managers on their experiences with execution of this policy in a Canadian healthcare organization. Interviews were transcribed verbatim and qualitative analyses were completed to gain deep insight into the managers' perspectives. Results show that the managers viewed themselves as a linchpin between the workplace and the worker. They did not feel heard by the other stakeholders, wrestled with worker's limitations, struggled getting plans adjusted and became overextended to meet return-to-work objectives. The study shows that the managers felt unable to meet the responsibilities the policy demanded and got less involved in the return-to-work process than this policy intended. RTW policy needs to balance on the one hand, flexibility to safeguard active involvement of managers and, on the other hand, strictness regarding taking responsibility by stakeholders, particularly the health care and re-integration professionals.

A Public Finance Perspective on Climate Policy: Six Interactions That May Enhance Welfare

OpenAIRE

Siegmeier, Jan; Mattauch, Linus; Franks, Max; Klenert, David; Schultes, Anselm; Edenhofer, Ottmar

2015-01-01

Climate change economics mostly neglects sizeable interactions of carbon pricing with other fiscal policy instruments. Conversely, public finance typically overlooks the effects of future decarbonization efforts when devising instruments for the major goals of fiscal policy. We argue that such a compartmentalisation is undesirable: policy design taking into account such interdependencies may enhance welfare and change the distribution of mitigation costs within and across generations. This cl...

Inequality and Fiscal Redistribution in Middle Income Countries: Brazil, Chile, Colombia, Indonesia, Mexico, Peru and South Africa

OpenAIRE

Nora Lustig

2015-01-01

This paper examines the redistributive impact of fiscal policy for Brazil, Chile, Colombia, Indonesia, Mexico, Peru and South Africa using comparable fiscal incidence analysis with data from around 2010. The largest redistributive effect is in South Africa and the smallest in Indonesia. Success in fiscal redistribution is driven primarily by redistributive effort (share of social spending to GDP in each country) and the extent to which transfers/subsidies are targeted to the poor and direct t...

Comparative fiscal illusion: A fiscal illusion index for the European Union

OpenAIRE

Dell'Anno, Roberto; Dollery, Brian

2012-01-01

This paper provides an empirical analysis of fiscal illusion by estimating an index of fiscal illusion for 28 European countries over the period 1995–2008 employing a structural equation approach. Using MIMIC models, the paper investigates the main indicators of fiscal illusion and develops an index of fiscal illusion. It concludes that the chief deterninants for the deployment of fiscal illusion strategies are the share of self-employment on total employment, the educational level of citizen...

In the absence of fiscal union, the Eurozone needs a more flexible monetary policy

Directory of Open Access Journals (Sweden)

Pietro Alessandrini

2015-12-01

Full Text Available This paper makes three points. The first is that external imbalances between Member States are relevant for the performance of a monetary union when the latter is not backed by a strong political commitment and a solid political framework. Eurozone policymakers have ignored these inter-member imbalances and have instead concentrated on union-wide imbalances, so much so that statistical data on the former phenomenon still remain largely incomplete. There are signs that a correction is in the making, which we hope will lead to a comprehensive quantitative knowledge of intra-EMU imbalances. The second objective of the paper is to design specific policies aimed at reducing inter-member external disequilibria, for example by fixing targets on current-account imbalances symmetrically applied to both deficit and surplus countries. The contrast between the keen attention of the EZ policymakers on national fiscal imbalances and the belated and lukewarm attention given to external imbalances is striking. The third aim of the paper is to propose a more flexible monetary policy aimed at controlling the distribution of liquidity among Member States, resulting from inter-member external imbalances. Our proposal is that National Central Banks should add a risk premium cost to official interest rates on banks that accumulate “excessive” borrowings or deposits to compensate, respectively, for outflows and inflows of the monetary base due to the effect of external imbalances. JEL classification: E42, E52, E58

"Determining Gender Equity in Fiscal Federalism-- Analytical Issues and Empirical Evidence from India"

OpenAIRE

Lekha S. Chakraborty

2010-01-01

Despite the policy realm’s growing recognition of fiscal devolution in gender development, there have been relatively few attempts to translate gender commitments into fiscal commitments. This paper aims to engage in this significant debate, focusing on the plausibility of incorporating gender into financial devolution, with the Thirteenth Finance Commission of India as backdrop. Given the disturbing demographics--the monotonous decline in the juvenile sex ratio, especially in some of the pro...

Real time uncertainty in fiscal planning and debt accumulation in the euro area

OpenAIRE

Paloviita, Maritta

2012-01-01

This study explores real time uncertainty in euro area fiscal policies since the late 1990s. Using real time data from the OECD Economic Outlook publications we investigate the impact of real time uncertainty on fiscal planning and debt accumulation separately for two country groups in the euro area: countries in geographical periphery (Greece, Ireland, Italy, Portugal and Spain) and other euro area countries (Austria, Belgium, Finland, France, Germany and the Netherlands). The results indica...

The Dilemmas over Credit Policy Management in a Company

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Maria Gorczyńska

2013-11-01

Full Text Available Purpose of the article: The paper identifies the core dilemmas over the establishment of the credit policy in a company. It considers the general scope and basic stages of credit policy management and analyses each stage of credit policy in terms of decisive aspects. The main areas of concerns are discussed within the settlement of credit policy and its implementation with regard to the model of optimal credit policy. Scientific aim: The paper aims at constructing a unified model of issues rising dilemmas while setting and implementing the credit policy management. It also aims at identifying core decisive problems in each of these fields and at providing a structured questions framework. Methodology/methods: The paper is based on conceptual analysis and deduction of the literature and general review of issues related to credit policy management. It containts autors’ own view on the problems included in each stage of credit policy management. Findings: Credit policy management is a subject for numerous dilemmas. The main areas of concerns are related to: the decision about the goal of credit policy managemet with regard to its restrictiveness, the settlement of credit policy with regard to elements of credit policy, and finally the implementation with regard to the risk of bad debts occurrence. Conclusions: (limits, implications etc The establishment of credit policy in a company requires to balance contrary interests and thus involves wide variety of issues to be considered. The presented model of decisive problems might be applied in each company regardless to their size.

Public management, policy capacity, innovation and development

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Erkki Karo

2014-03-01

Full Text Available In this paper we discuss the question of what factors in development policy create specific forms of policy capacity and under what circumstances developmentoriented complementarities or mismatches between the public and private sectors emerge. We argue that specific forms of policy capacity emerge from three interlinked policy choices, each fundamentally evolutionary in nature: policy choices on understanding the nature and sources of technical change and innovation; on the ways of financing economic growth, in particular technical change; and on the nature of public management to deliver and implement both previous sets of policy choices. Thus, policy capacity is not so much a continuum of abilities (from less to more, but rather a variety of modes of making policy that originate from co-evolutionary processes in capitalist development. To illustrate, we briefly reflect upon how the East Asian developmental states of the 1960s-1980s and Eastern European transition policies since the 1990s led to almost opposite institutional systems for financing, designing and managing development strategies, and how this led, through co-evolutionary processes, to different forms of policy capacity.

Operating document on management division waste management section in Tokai works in the 2002 fiscal year. Document on present of affairs

International Nuclear Information System (INIS)

Kobayashi, Kentarou; Isozaki, Kouei; Akutu, Shigeru; Nakanishi, Masahiro; Ozone, Takashi; Terunuma, Tomomi

2003-04-01

This document is announced about task of Waste Management Division Waste Management Section in the 2002 fiscal year. Mainly, our task is that treated Low level solid waste, stored Low level solid waste and stored High level solid waste. Those wastes are generated from Tokai reprocessing plant in Tokai Works. We carried out task safely as planned. The results are as follows. (1) We incinerated that combustible Low level solid waste of 70.5 ton in Incinerate facility. Such wastes were generated from operation of Tokai reprocessing plant and cleaned up operation of Tokai bituminization facility (The fire and explosion incident of Tokai bituminization facility). (2) We stored Low level solid waste that generated the waste of 1,071 drums. It is found that Storage facilities will not fill on this condition Low level radioactive waste treatment facility is started operation. (3) We stored High level solid waste that generated the waste of 117 drums from Tokai reprocessing plant. And, it is found that there facilities will not fill on this condition generated wastes of about 100 drams by a year. (4) We started printing of the data from the 2002 fiscal year to intranet which amount of stored Low level solid waste and High level solid waste in order to educate-the amount reduction of waste generating (at those facilities). (author)

Política fiscal y control del tabaco: una oportunidad única para beneficiar a la salud pública y al erario Fiscal policy and tobacco control: a unique opportunity to benefit public health and the public treasury

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Pedro Enrique Armendares

2006-01-01

Full Text Available Diversos estudios y análisis demuestran que el aumento en el precio del tabaco a través de los impuestos es una de las herramientas más eficientes dentro de una política integral de combate al tabaquismo. Los incrementos en los impuestos contribuyen a promover la cesación, a reducir el consumo y el número de muertes entre los adictos y a disminuir el número de personas que empiezan a fumar. Sin embargo, muchos gobiernos dudan en aplicar altos impuestos al tabaco por temor a posibles daños económicos incluyendo la pérdida de empleos y la disminución en los ingresos fiscales como consecuencia del contrabando. La literatura especializada y la experiencia empírica indican que tales consecuencias negativas no se producen o han sido sobreestimadas, con frecuencia debido a los argumentos promovidos por la propia industria tabacalera. Los incrementos en los impuestos al tabaco reditúan en mayores ingresos fiscales, incluso en presencia del contrabando, el cual puede ser combatido sin erosionar las políticas de control de tabaco. La experiencia internacional indica que numerosos países, incluyendo México, aún tienen un amplio margen para aumentar los impuestos al tabaco y aprovechar una oportunidad excepcional de beneficiar tanto a la salud de la población como al erario público. Para ello es necesario enfrentar a la poderosa industria tabacalera, la cual sabe bien de la eficiencia de los impuestos para combatir el tabaquismo y por lo tanto recurre a intensas campañas de propaganda, al cabildeo político y a la negociación de acuerdos voluntarios para "autorregularse" con tal de evitar medidas legales o fiscales más estrictas.Various studies and analyses show that an increase in tobacco prices through taxation is one of the most efficient tools in the application of integral policies in the fight against tobacco. Increases in taxes contribute to cessation, to reductions in consumption and in the number of deaths among addicts and to

The economic policy options and their connection with inflation and unemployment

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Bogna Kopeć

2015-04-01

Full Text Available Economic system after 1990 had many fluctuations. This article applies to two essential phenomena in a free market economy: inflation and unemployment. This article applies to changes in the process of inflation and fluctuations in the unemployment rate under different economic policy options. Economic policies can affect the development of the inflation and unemployment. It includes interest rates and budget deficits. Methodology of model is based on a pendulum. Economic policy has been designated as a synthetic indicator of the resultant two policies - monetary and fiscal policies. With the help of the pendulum model has been established that the character had run monetary and fiscal policy, and how developed as economic policy. By the dominance of one of the policy options is understood that during cycles level inflation or the deficit fluctuated strongly to economic stabilization. One of the stages of the study was to analyze the monetary policy and assess whether there is a link between the evolution of interest rates and the evolution of the inflation rate. In a similar way, fiscal policy was analyzed. This article attempts to determine whether the conduct of economic policy was correct, and has had an impact on the economic situation.

Taxation, revenue allocation and fiscal federalism in Nigeria: Issues, challenges and policy options

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Salami Adeleke

2011-01-01

Full Text Available Taxation is one of the most important and easy sources of revenue to any government, as the government possesses inherent power to impose taxes and levies. Nigeria tax system has been weak due largely to inadequate data of the tax base and heavy reliance on oil revenue. With the volatility in oil prices and excruciating impacts of the recent global financial crisis, taxation deserves more attention now than ever before in Nigeria. One issue that is critical to domestic resource mobilization and utilization is the issue of fiscal federalism. Nigeria operates three tiers of government; Federal, State and Local Governments with separate revenue, expenditure, and assigned responsibilities each. However, all decisions including resources are controlled from the centre and the vertical revenue allocations tilt more towards the direction of federal government, contrary to the tenets of federalism the country is practicing. Both vertical and horizontal revenue in Nigeria is engulfed in controversy. The paper presents key issues, trend and challenges of taxation and fiscal federalism in Nigeria. In addition, the paper highlights a number of suggestions that would stimulate increase in tax revenue and guarantee fiscal assignment acceptable to the federal and sub-national government.