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Fiscal Rules To Tame The Political Budget Cycle
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Book Synopsis Fiscal Rules to Tame the Political Budget Cycle by : Lorenzo Forni
Download or read book Fiscal Rules to Tame the Political Budget Cycle written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2017-01-20 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides evidence that fiscal rules can limit the political budget cycle. It focuses on the application of the Italian fiscal rule at the sub-national level over the period 2004-2006 and shows that: 1) municipalities are subject to political budget cycles in capital spending; 2) the Italian subnational fiscal rule introduced in 1999 has been enforced by the central government; 3) municipalities subject to the fiscal rule show more limited political budget cycles than municipalities not subject to the rule. In order to identify the effect, we rely on the fact that the domestic fiscal rule does not apply to municipalities below 5,000 inhabitants. We find that the political budget cycle increases real capital spending by about 35 percent on average in the years prior to municipal elections and that the sub-national fiscal rule reduces these figures by about two thirds.
Book Synopsis Policy and Politics in State Budgeting by : Kurt M. Thurmaier
Download or read book Policy and Politics in State Budgeting written by Kurt M. Thurmaier and published by Routledge. This book was released on 2014-12-18 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: States are the key to contemporary government reform efforts in the United States, but we know very little about their relative effectiveness at resource allocation and their actual capacity to absorb additional fiscal and managerial responsibilities. This path-breaking study examines state budget offices as institutional actors, with special attentio to the role of budget examiners. Drawing on empirical findings from field studies of eleven states in the American heartland, the authors demonstrate how budgeting at the state level has become more policy-oriented, requiring complex decision making by budget analysts. The incrementalist model of budgetary decision-making thus gives way to a multiple rationalities model. The authors illustrate the decision-making model with the story of two office examiners who have distinctly different orientations as they begin their work, and contrast the different decision nationalities that come into play for them at different points in a typical budget cycle. The book includes a comprehensive bibliography of historical and modern writings on state budgeting operations, activities, and decision-making; state budgeting cycles; and the state-level policy development process.
Book Synopsis Second-Generation Fiscal Rules by : Luc Eyraud
Download or read book Second-Generation Fiscal Rules written by Luc Eyraud and published by International Monetary Fund. This book was released on 2018-04-13 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Download or read book Fiscal Politics written by Vitor Gaspar and published by International Monetary Fund. This book was released on 2017-04-07 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
Book Synopsis Do Fiscal Rules Cause Fiscal Discipline Over the Electoral Cycle? by : Kodjovi M. Eklou
Download or read book Do Fiscal Rules Cause Fiscal Discipline Over the Electoral Cycle? written by Kodjovi M. Eklou and published by International Monetary Fund. This book was released on 2019-12-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the causal effect of fiscal rules on political budget cycles in a sample of 67 developing countries over the period 1985–2007. We exploit the geographical pattern in the adoption of fiscal rules to isolate an exogenous source of variation in the adoption of national fiscal rules. Based on a diffusion argument, we use the number of other countries in a given subregion that have fiscal rules in place to predict the probability of having them at the country level. We find that in election years with fiscal rules in place, public consumption is reduced by 1.6 percentage point of GDP as compared to election years without these rules. This impact is equivalent to a reduction by a third of the volatility of public consumption in our sample. Furthermore, the effectiveness of these rules depends on their type, their institutional design, whether they have been in place for a long time and finally on the degree of competitiveness of elections.
Book Synopsis Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy by : Francesca G Caselli
Download or read book Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy written by Francesca G Caselli and published by International Monetary Fund. This book was released on 2019-03-05 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may affect the adoption of domestic reforms through peer pressure and imitational effects. We find that fiscal rules correlate with lower deficits, but the positive link disappears when endogeneity is correctly addressed. However, when considering an index of fiscal rules’ design, we show that well-designed rules have a statistically significant impact on fiscal balances. We conduct several robustness tests and show that our results are not affected by weak instrument problems.
Book Synopsis Fiscal Policy in a Turbulent Era by : Enrique Alberola
Download or read book Fiscal Policy in a Turbulent Era written by Enrique Alberola and published by Edward Elgar Publishing. This book was released on 2024-02-12 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the changing practice of fiscal policy and how it is adapting to the unpredictable nature of the 21st century. Expert academic and practitioner contributors consider the resources which underpin current fiscal policy, assessing its overall effectiveness before outlining the changing priorities –ageing, inequality, climate change- and the financial tools available, and considering the future of fiscal policy in uncertain times.
Book Synopsis Advances in Longitudinal Data Methods in Applied Economic Research by : Nicholas Tsounis
Download or read book Advances in Longitudinal Data Methods in Applied Economic Research written by Nicholas Tsounis and published by Springer Nature. This book was released on 2021-03-31 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents new methods and applications in longitudinal data estimation methodology in applied economic. Featuring selected papers from the 2020 the International Conference on Applied Economics (ICOAE 2020) held virtually due to the corona virus pandemic, this book examines interdisciplinary topics such as financial economics, international economics, agricultural economics, marketing and management. Country specific case studies are also featured.
Book Synopsis Classical Economics, Keynes and Money by : John Eatwell
Download or read book Classical Economics, Keynes and Money written by John Eatwell and published by Taylor & Francis. This book was released on 2022-07-29 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classical Economics, Keynes and Money casts new light on an approach to economic theory and policy that combines the modern classical theory of prices and income distribution with a Keynesian analysis of money and finance. Structured in four parts, the work considers issues within classical economics, monetary economics, Keynesian and post-Keynesian Economics, rationality and economic methodology. These themes are all central to the work of Carlo Panico, and the chapters both reflect on and build on his key contributions to the field. This collection is of interest to advanced students and researchers in the history of economic thought, monetary theory, financial economics and heterodox economics.
Book Synopsis Excerpt: Fiscal Politics by : Vitor Gaspar
Download or read book Excerpt: Fiscal Politics written by Vitor Gaspar and published by International Monetary Fund. This book was released on 2017-03-24 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses how politics affects policies on the fiscal front. The literature on the political economy of fiscal policy dates back to the nineteenth century when the Italian and Swedish schools of public finance began to analyze how governments choose policies. During the twentieth century, the Public Choice school continued this work and focused on the political incentives and constraints in policy formulation. Elections mainly affect the stabilization and redistribution functions of the government. Proximity of elections can influence the government’s budget decisions in various ways. Ideology heavily influences fiscal policies that pertain to redistribution. Leftwing parties draw their support from workers and the middle- and low-income segments of the population. Thus, they pay particular attention to income inequality, redistribution, social benefits, and interventionist supply-side policies in the form of public provision of human and physical capital. Although the cabinet’s ideology is an important predictor of fiscal policy, it does not always play the same role, especially when the government’s credibility is at stake and they need to reassure financial markets.
Book Synopsis Finance, Growth and Inequality by : Louis-Philippe Rochon
Download or read book Finance, Growth and Inequality written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2019 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together some leading and emerging scholars who bring an alternative view on some of the most pressing issues of today. In addition to key concepts in post-Keynesian and heterodox economics, the authors also explore financialization, debt, income distribution, and policies, and the emerging threat of dualism. Policy makers and scholars alike will find the book a much need addition to the field.
Book Synopsis Brazil by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Brazil written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-09-24 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance report on Brazil highlights strengthening the framework for substantial borrowing. A significant change in the institutional framework is needed to impose hard budget constraints and promote stable and sustainable policies. The approach proposed in this report is based on demanding greater transparency and accountability by subnational governments, while also making the framework more flexible. If adopted, the framework is expected to introduce risk sharing among states, within an enhanced insolvency framework, and tighten fiscal rules. The proposed changes would also put more emphasis in market incentives. The changes in the framework will also need to be accompanied by progress in addressing fiscal pressures from rising budget rigidities (including pensions) and excessive tax incentives (the so-called tax wars). It is recommended to create an independent fiscal council that monitors fiscal performance and compliance of fiscal rules by subnational governments. One possibility is to add this mandate to the Independent Fiscal Institution, while strengthening its independence and provide enough resources.
Book Synopsis Dynamic Fiscal Policy by : Alan J. Auerbach
Download or read book Dynamic Fiscal Policy written by Alan J. Auerbach and published by . This book was released on 1988 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1484315294 Total Pages :19 pages Book Rating :4.4/5 (843 download)
Book Synopsis IMF Research Bulletin, Summer 2017 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, Summer 2017 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2017-08-11 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Summer 2017 issue of the IMF Research Bulletin highlights new research such as recent IMF Working Papers and Staff Discussion Notes. The Research Summaries are “Structural Reform Packages, Sequencing, and the Informal Economy (by Zsuzsa Munkacsi and Magnus Saxegaard) and “A Broken Social Contract, Not High Inequality Led to the Arab Spring” (by Shantayanan Devarajan and Elena Ianchovichina). The Q&A section features “Seven Questions on Fintech” (by Tommaso Mancini-Griffoli). The Bulletin also includes information on recommended titles from IMF Publications and the latest articles from the IMF Economic Review.
Book Synopsis Downsizing the Federal Government by : Chris Edwards
Download or read book Downsizing the Federal Government written by Chris Edwards and published by Cato Institute. This book was released on 2005-11-25 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: The federal government is running huge budget deficits, spending too much, and heading toward a financial crisis. Federal spending soared under President George W. Bush, and the costs of programs for the elderly are set to balloon in coming years. Hurricane Katrina has made the federal budget situation even more desperate. In Downsizing the Federal Government Cato Institute budget expert Chris Edwards provides policymakers with solutions to the growing federal budget mess. Edwards identifies more than 100 federal programs that should be terminated, transferred to the states, or privatized in order to balance the budget and save hundreds of billions of dollars. Edwards proposes a balanced reform package of cuts to entitlements, domestic programs, and excess defense spending. He argues that these cuts would not only eliminate the deficit, but also strengthen the economy, enlarge personal freedom, and leave a positive fiscal legacy for the next generation. Downsizing the Federal Government discusses the systematic causes of wasteful spending, and it overflows with examples of federal programs that are obsolete and mismanaged. The book examines the budget process and shows how policymakers act contrary to the interests of average Americans by favoring special interests.
Book Synopsis How Dictatorships Work by : Barbara Geddes
Download or read book How Dictatorships Work written by Barbara Geddes and published by Cambridge University Press. This book was released on 2018-08-23 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how dictatorships rise, survive, and fall, along with why some but not all dictators wield vast powers.
Book Synopsis Basic Methods of Policy Analysis and Planning by : Carl Patton
Download or read book Basic Methods of Policy Analysis and Planning written by Carl Patton and published by Routledge. This book was released on 2015-08-26 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated in its 3rd edition, Basic Methods of Policy Analysis and Planning presents quickly applied methods for analyzing and resolving planning and policy issues at state, regional, and urban levels. Divided into two parts, Methods which presents quick methods in nine chapters and is organized around the steps in the policy analysis process, and Cases which presents seven policy cases, ranging in degree of complexity, the text provides readers with the resources they need for effective policy planning and analysis. Quantitative and qualitative methods are systematically combined to address policy dilemmas and urban planning problems. Readers and analysts utilizing this text gain comprehensive skills and background needed to impact public policy.
