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Fiscal Multipliers In Bulgaria
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Book Synopsis Fiscal Multipliers in Bulgaria by : Mr.Dirk Muir
Download or read book Fiscal Multipliers in Bulgaria written by Mr.Dirk Muir and published by International Monetary Fund. This book was released on 2013-02-25 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: With fiscal adjustment proceeding quickly in Bulgaria and given the weak economic growth environment, there is keen interest in making the budget composition more growth friendly. This paper quantifies the short-term impact of fiscal policy on economic activity in Bulgaria using econometric and model-based approaches. While fiscal multipliers have been modest in the past, as can be expected in a small open emerging economy, the effect on output is not independent of the speed of adjustment and the specific consolidation measures used. The impact of fiscal policy on economic activity is larger in downturns than in expansions and capital spending and direct taxes are associated with the largest effects on output, while non-targeted government transfers and indirect taxes are associated with a smaller impact. The results suggest that increased capital spending financed by higher indirect tax revenue collections through base broadening has sizeable growth effects over the medium and long-term.
Book Synopsis The Economic Effects of Fiscal Consolidation with Debt Feedback by : Mr.Marcello M. Estevão
Download or read book The Economic Effects of Fiscal Consolidation with Debt Feedback written by Mr.Marcello M. Estevão and published by International Monetary Fund. This book was released on 2013-05-31 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for fiscal consolidation. To evaluate the delicate balance between stimulus and consolidation requires measuring the size of fiscal multipliers, which often depends on having quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and uses results for advanced economies, emerging market countries, and other broad groupings for which alternative estimates are available to validate the methodology. Differently from advanced and emerging market economies, fiscal consolidation in low-income countries has only a small temporary negative effect on growth while raising medium-term output. Shifting the composition of public spending toward capital expenditure further supports long-run growth.
Book Synopsis Fiscal Multipliers by : Nicoletta Batini
Download or read book Fiscal Multipliers written by Nicoletta Batini and published by International Monetary Fund. This book was released on 2014-10-02 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal multipliers are important tools for macroeconomic projections and policy design. In many countries, little is known about the size of multipliers, as data availability limits the scope for empirical research. This note provides general guidance on the definition, measurement, and use of fiscal multipliers. It reviews the literature related to their size, persistence and determinants. For countries where no reliable estimate is available, the note proposes a simple method to come up with reasonable values. Finally, the note presents options to incorporate multipliers in macroeconomic forecasts.
Book Synopsis Fiscal Multipliers in Ukraine by : Ms.Pritha Mitra
Download or read book Fiscal Multipliers in Ukraine written by Ms.Pritha Mitra and published by International Monetary Fund. This book was released on 2015-03-27 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amid renewed crisis, falling tax revenues, and rising debt, Ukraine faces serious fiscal consolidation needs. Durable fiscal adjustment can support economic confidence and rebuild buffers but what is its overall impact on growth? How effective are revenue versus spending instruments? Does current or capital spending have a larger impact? Applying a structural vector autoregressive model, this paper finds that Ukraine’s near-term revenue and spending multipliers are well below one. In the medium-term, the revenue multiplier becomes insignificant (with a wide confidence interval) and the spending multiplier strengthens. Capital and current spending have a similar effect on growth but the capital multiplier remains significant for longer. These results suggest near-term consolidation based on a combination of revenue and spending measures would have a modest impact on growth. At the same time, medium-term policies could minimize the adverse consequences of consolidation on growth by offsetting some current spending cuts with increased capital spending. Given the severe challenges facing the Ukrainian economy, it is important that policymakers apply these results in conjunction with broader considerations such as public debt sustainability, investor confidence, credibility of government policies, and public spending efficiency. Consequently, it may be necessary to rely more on current spending cuts over other types of consolidation measures even though multiplier estimates suggest a more diverse combination of measures.
Book Synopsis The Effectiveness of Fiscal Policy in Stimulating Economic Activity by : Richard Hemming
Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Book Synopsis The Macroeconomic Effects of Fiscal Consolidation in Emerging Economies: Evidence from Latin America by : Mr.Yan Carriere-Swallow
Download or read book The Macroeconomic Effects of Fiscal Consolidation in Emerging Economies: Evidence from Latin America written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2018-06-13 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the short-term effects of fiscal consolidation on economic activity in 14 countries in Latin America and the Caribbean. We examine contemporaneous policy documents to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Based on this narrative dataset, our estimates suggest that fiscal consolidation has contractionary effects on GDP, consistent with a multiplier of 0.9. We find these effects to be close to those in OECD countries based on a similarly constructed dataset (Devries and others, 2011). We also find similar estimation results for the two groups of economies for the effect of fiscal consolidation on the external current account balance, providing support for the twin deficits hypothesis.
Book Synopsis OECD Economic Surveys: Bulgaria 2021 Economic Assessment by : OECD
Download or read book OECD Economic Surveys: Bulgaria 2021 Economic Assessment written by OECD and published by OECD Publishing. This book was released on 2021-01-29 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 outbreak abruptly stopped several years of robust economic growth in Bulgaria. Public finances are sound and the government took rapid action to support firms and households. Coping with the pandemic and strengthening the recovery will require continued fiscal support, public investment and the advancement of priority reforms.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1475584172 Total Pages :82 pages Book Rating :4.4/5 (755 download)
Book Synopsis Bulgaria by : International Monetary Fund. European Dept.
Download or read book Bulgaria written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2012-12-13 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bulgaria did not have any exchange rate crisis, international bailout, bank intervention, or build-up of public debt. This attests to the strength of the policy framework and policy implementation. The fiscal adjustment achieved so far should be preserved, but improving the composition of the budget would support growth. The financial system is stable with high buffers, but the low growth environment poses challenges. Executive Directors suggest the need for some structural reforms.
Book Synopsis A Simple Method to Compute Fiscal Multipliers by : Nicoletta Batini
Download or read book A Simple Method to Compute Fiscal Multipliers written by Nicoletta Batini and published by International Monetary Fund. This book was released on 2014-06-09 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal multipliers are important tools for macroeconomic projections and policy design. In many countries, little is known about the size of multipliers, as data availability limits the scope for empirical research. For these countries, we propose a simple method—dubbed the “bucket approach”—to come up with reasonable multiplier estimates. The approach bunches countries into groups (or “buckets”) with similar multiplier values, based on their characteristics. It also takes into account the effect of some temporary factors, such as the state of the business cycle.
Book Synopsis Social Security in the Balkans – Volume 1 by :
Download or read book Social Security in the Balkans – Volume 1 written by and published by BRILL. This book was released on 2021-10-05 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a multifaceted analysis of the social security system in the Balkan states and offers a comprehensive overview and recommendations on social problems in the region.
Book Synopsis Efficiency-Adjusted Public Capital, Capital Grants, and Growth by : Ernesto Crivelli
Download or read book Efficiency-Adjusted Public Capital, Capital Grants, and Growth written by Ernesto Crivelli and published by International Monetary Fund. This book was released on 2017-07-25 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent literature has explored the relationship between efficiency-adjusted public capital and economic growth. A debate on whether capital grants, and especially EU funds actually contribute to growth has gained prominence lately. This paper empirically assesses the relationship between the quality of public investment, capital grants, and growth in a sample of 43 emerging and peripheral economies over 1991-2015. To this end, the contribution of public capital to growth is estimated using efficiency-adjusted public capital stock series, constructed reflecting the quality of public investment management institutions. In addition, the determinants of effective public investment are analyzed. The results suggest that capital grants contribute positively to effective public investment, and the latter is significant in explaining variations in economic growth. Finally, the paper illustrates the impact of raising EU funds absorption on potential growth in emerging and peripheral EU countries.
Book Synopsis Bulgaria’s EU Funds Absorption by : Iana Paliova
Download or read book Bulgaria’s EU Funds Absorption written by Iana Paliova and published by International Monetary Fund. This book was released on 2014-02-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007–13 program period. Initial weaknesses resulted in a low absorption rate, which was mitigated by increasing advance payments; applying electronic application and reporting procedures; simplifying and unifying tender processes; and strengthening the role of international financial institutions and banks in project preparation, evaluation and monitoring. The possible impact on growth and potential output is briefly discussed, while the risks of improper absorption are acknowledged. Valuable lessons have been learned, but it is recommended that additional steps be taken for the next program period 2014–20.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1475575149 Total Pages :43 pages Book Rating :4.4/5 (755 download)
Book Synopsis Regional Economic Issues, May 2017, Central, Eastern, and Southeastern Europe by : International Monetary Fund. European Dept.
Download or read book Regional Economic Issues, May 2017, Central, Eastern, and Southeastern Europe written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-05-11 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth is broadening in Central, Eastern, and Southeastern Europe. Further ahead, however, growth prospects are tested by a dwindling workforce and weak productivity. Reaching Western European income levels would thus take longer, says the IMF in its Regional Economic Issues update on the region.
Download or read book Elites on Trial written by Glenn Morgan and published by Emerald Group Publishing. This book was released on 2015-02-18 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Elites are 'on trial' firstly for their role in the past and shaping the context for the crisis, secondly in terms of how they responded to the crisis and finally in terms of what role they are playing in the aftermath. This book is concerned with what happens when elites are challenged by crisis and helps us understand 'elites on trial'.
Book Synopsis IMF Research Bulletin June 2013 by : Mr.Ayhan Kose
Download or read book IMF Research Bulletin June 2013 written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2013-06-20 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The June issue of the IMF Research Bulletin looks at the role of IMF programs and capacity building in fostering structural reforms and the economics of Arab countries undergoing political transitions. The Q&A analyzes the neutral interest rate through the experiences of several Latin American countries. The Research Bulletin also includes its regular features: a listing of IMF Working Papers and Staff Discussion Notes, information on the forthcoming IMF Economic Review and the Fourteenth Jacques Polack Annual Research Conference, and recommended readings from IMF Publications.
Book Synopsis Energy Demand Challenges in Europe by : Frances Fahy
Download or read book Energy Demand Challenges in Europe written by Frances Fahy and published by Springer. This book was released on 2019-06-07 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book examines the role of citizens in sustainable energy transitions across Europe. It explores energy problem framing, policy approaches and practical responses to the challenge of securing clean, affordable and sustainable energy for all citizens, focusing on households as the main unit of analysis. The book revolves around ten contributions that each summarise national trends, socio-material characteristics, and policy responses to contemporary energy issues affecting householders in different countries, and provides good practice examples for designing and implementing sustainable energy initiatives. Prominent concerns include reducing carbon emissions, energy poverty, sustainable consumption, governance, practices, innovations and sustainable lifestyles. The opening and closing contributions consider European level energy policy, dominant and alternative problem framings and similarities and differences between European countries in relation to reducing household energy use. Overall, the book is a valuable resource for researchers, policy-makers, practitioners and others interested in sustainable energy perspectives.
Book Synopsis Spillovers in the Nordic Countries by : MissBorislava Mircheva
Download or read book Spillovers in the Nordic Countries written by MissBorislava Mircheva and published by International Monetary Fund. This book was released on 2015-03-27 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Denmark, Finland, Norway, and Sweden form a tightly integrated region which has strong ties with the euro area as well as some exposure to Russia. Using the IMF’s Global Integrated Monetary and Fiscal model (GIMF), we examine spillovers the region could face, focusing on possible scenarios from the rest of the euro area and Russia, and the fall in global oil prices. We show that the spillovers from these scenarios differ in magnitude and impact, regardless of the high degree of integration among the four Nordic economies. These differences are driven by the fact that Denmark and Finland have no independent monetary policy, and Denmark and Norway are net energy exporters while Finland and Sweden are energy importers. We infer lessons for policy from the outcomes.
