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How Small Should An Economys Fiscal Deficit Be
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Book Synopsis How Small Should an Economy's Fiscal Deficit Be? by : Paul Ely Beckerman
Download or read book How Small Should an Economy's Fiscal Deficit Be? written by Paul Ely Beckerman and published by World Bank Publications. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: A spreadsheet planning model to help determine the government deficit consistent with a specified vector of country macroeconomic objectives.
Book Synopsis How Small Should an Economy's Fiscal Deficit Be? by : Paul Beckerman
Download or read book How Small Should an Economy's Fiscal Deficit Be? written by Paul Beckerman and published by . This book was released on 2016 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: A spreadsheet planning model to help determine the government deficit consistent with a specified vector of country macroeconomic objectives. Beckerman describes a spreadsheet planning model to help determine the government deficit consistent with a policymaker's vector of principal macroeconomic objectives (including real GDP growth, inflation, exchange rate, and international reserve accumulation). The model focuses on the monetary accounts, applying balance-of-payments forecasts formulated separately but based on the same macroeconomic objectives.The model is a consistency exercise, intended as part of a broader consistency exercise for a given macroeconomy. It offers one more perspective on the question of how large a government deficit should be - a perspective that can be used in conjunction with others. For each forecast period, the model determines consistent period-end and period-average stocks for the economy's outstanding central bank assets and liabilities and government obligations. It applies forecasting assumptions about interest rates to forecast central bank profit-and-loss flows, and takes account of these in determining the overall flow of resources that would be available to finance the government deficit. An annex describes a (purely illustrative) simulation carried out during 1999 for Ecuador.This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to strengthen the tools for macroeconomic policy analysis and planning in the region's economies.
Book Synopsis Fiscal Deficits and Current Account Deficits by : Mr.Michael Kumhof
Download or read book Fiscal Deficits and Current Account Deficits written by Mr.Michael Kumhof and published by International Monetary Fund. This book was released on 2009-10-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate. Second, they cause a short run current account deterioration equal to around 50 percent of the fiscal deficit deterioration. Third, the longer run current account deterioration equals almost 75 percent for a large economy such as the United States, and almost 100 percent for a small open economy.
Book Synopsis Do Deficits Matter? by : Daniel Shaviro
Download or read book Do Deficits Matter? written by Daniel Shaviro and published by University of Chicago Press. This book was released on 1997-05 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do deficits matter? Yes and no, says Daniel Shaviro in this political and economic study. Yes, because fiscal policy affects generational distribution, national saving, and the level of government spending. And no, because the deficit is an inaccurate measure with little economic content. This book provides an invaluable guide for anyone wanting to know exactly what is at stake for Americans in this ongoing debate. "[An] excellent, comprehensive, and illuminating book. Its analysis, deftly integrating considerations of economics, law, politics, and philosophy, brings the issues of 'balanced budgets,' national saving, and intergenerational equity out of the area of religious crusades and into an arena of reason. . . . A magnificent, judicious, and balanced treatment. It should be read and studied not just by specialists in fiscal policy but by all those in the economic and political community."—Robert Eisner, Journal of Economic Literature "Shaviro's history, economics, and political analysis are right on the mark. For all readers."—Library Journal
Book Synopsis Tax Smoothing in a Financially Repressed Economy by : Mr.Paul Cashin
Download or read book Tax Smoothing in a Financially Repressed Economy written by Mr.Paul Cashin and published by International Monetary Fund. This book was released on 1998-08-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: India has a long history of running fiscal deficits. Two broad considerations motivate a government to run a deficit: tax smoothing and tax tilting. This paper tests a version of Barro’s tax-smoothing model, using Indian data for the period 1951-52 to 1996-97. The empirical results indicate that the central government of India has tax-smoothed, while the regional governments of India have not. The paper also finds evidence of tax tilting, reflected in financial repression, which has led to the accumulation of excessive public liabilities.
Book Synopsis Expansionary Austerity New International Evidence by : Mr.Daniel Leigh
Download or read book Expansionary Austerity New International Evidence written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2011-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.
Book Synopsis The Deficit Myth by : Stephanie Kelton
Download or read book The Deficit Myth written by Stephanie Kelton and published by PublicAffairs. This book was released on 2020-06-09 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
Book Synopsis The U.S. Current Account Deficit - Whose Problem is It? by : Hauke Barschel
Download or read book The U.S. Current Account Deficit - Whose Problem is It? written by Hauke Barschel and published by GRIN Verlag. This book was released on 2007-12-10 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2004 in the subject Economics - International Economic Relations, grade: 1,7 (A-), Anglia Ruskin University (Ashcroft International Business School), language: English, abstract: Since the beginning of the 1980s in almost every year the United States (US or USA) current account has shown a deficit. After a brief overview about the components of a country's current account this work provides an analysis of the US deficit's effects on the US economy. Furthermore it investigates effects on economies outside the US in order to verify whose problem it is.
Book Synopsis Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits by : Mr.Michael Kumhof
Download or read book Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits written by Mr.Michael Kumhof and published by International Monetary Fund. This book was released on 2009-11-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary accommodation and the presence of a financial accelerator mechanism. A permanent 0.5 percentage point increase in the U.S. deficit to GDP ratio raises the U.S. tax burden and world real interest rates in the long run, thereby reducing U.S. and rest of the world output by 0.3-0.6 and 0.2 percent, respectively.
Book Synopsis Debt, Deficits, and the Demise of the American Economy by : Peter J. Tanous
Download or read book Debt, Deficits, and the Demise of the American Economy written by Peter J. Tanous and published by John Wiley & Sons. This book was released on 2011-05-03 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: What investors can do to protect their investments in the next phase of the ongoing global economic collapse The United States is heading toward an unavoidable financial catastrophe that will paralyze the markets and the overall economy in ways never before seen. Some call this impending economic catastrophe a double-dip recession, others a financial Armageddon. Regardless of what it's called, it is too late to stop it. Debts, Deficits, and the Demise of the American Economy is a look at how we got here, how the crisis is unfolding, and how it will end with a stock market crash in 2012, if not sooner. Takes you through the unraveling of the collapse, starting with a wave of sovereign debt defaults in Europe Predicts a stock market decline of two to three thousand points, a run on banks resulting in a major bank crisis, and rampant inflation Provides investment strategies, including alternative investments such as timber, farm land, and oil Offers a detailed proposal to get the United States out of the crisis Debts, Deficits, and the Demise of the American Economy is a must-read, play-by-play account of the worldwide depression that is likely to unfold in the coming years.
Book Synopsis The effect of Government budget deficit on monetary aggregates and the foreign sector. The case of Ethiopia by : Tewolde Girma Hailemikael
Download or read book The effect of Government budget deficit on monetary aggregates and the foreign sector. The case of Ethiopia written by Tewolde Girma Hailemikael and published by GRIN Verlag. This book was released on 2017-03-20 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (postgraduate) from the year 2013 in the subject Business economics - Economic Policy, grade: Very good, Bahir Dar University, course: Economic Policy analysis, language: English, abstract: The main objective of the study is to examine the effect of budget deficit on monetary aggregates and the foreign sector of Ethiopia using the Vector Error Correction Model over the period 1970/71 to 2010/11. Estimation result shows the existence of a fairly significant relationship between fiscal deficit, monetary aggregates and the foreign sector in Ethiopia. Budget deficit is at the root of monetary expansion. Monetary expansion intern contributes positively to rising inflation and overvalued exchange rate. The Inflation and overvalued exchange rate intern contributes to the low performances of the foreign sector through adversely affecting export incentive. Fiscal deficit for small open economy like Ethiopia is also sign of stimulated domestic import demand, because government not only spends on goods and services produced in domestic economy. Thus, the result is in favor of the twin deficit hypothesis therefore fiscal restraint bucked by export diversification will improve the performance of the foreign sector and status of inflation.
Book Synopsis Growth, Governance, and Fiscal Policy Transmission Channels in Low-Income Countries by : Naoko C. Kojo
Download or read book Growth, Governance, and Fiscal Policy Transmission Channels in Low-Income Countries written by Naoko C. Kojo and published by International Monetary Fund. This book was released on 2003-12-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private investment is the principal transmission channel through which fiscal policy affects growth in high-income countries. In low-income countries, governance and also other considerations suggest that the primary channel is factor productivity. Empirical results reported in this paper confirm this expectation: in low-income countries, factor productivity is some four times more effective than investment as a channel for increasing growth through fiscal policy. Although the private investment response to fiscal contraction may be minor, high-deficit, low-income countries can nonetheless benefit from a reduction in unsustainable fiscal deficits because of governance-related factor productivity responses that increase growth.
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 Addressing the Long-Run Deficit by : Donald J Marples
Download or read book Addressing the Long-Run Deficit written by Donald J Marples and published by Independently Published. This book was released on 2019-05-23 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of the national debt, which is considered unsustainable under current policies, continues to be one of the central issues of domestic federal policymaking. Addressing a federal budget deficit that is unsustainable over the long run involves choices. Fundamentally, the issues require deciding what government goods, services, and transfers are worth paying taxes for. Most people would agree that the country benefits from a wide range of government services-air traffic controllers, border security, courts and corrections, and so forth-provided by the federal government. Yet federal government provision of goods and services comprises only a modest portion of the federal budget. Transfers, including interest payments, accounted for around 75% of the federal budget. Central findings of this analysis include the following: A comparatively small share of federal spending is for the direct provision of domestic government goods and services. Transfers and payments to persons and to state and local governments constitute most of federal spending, about 75% of all federal spending. Defense spending, accounting for about 15% of federal spending, has declined as a share of output over the past 35 years, but it also tends to vary depending, in part, on the presence and magnitude of international conflicts. The problem with the debt lies not in the past but in the future, as growth in spending for health and Social Security is projected to continue faster than the economy as a whole. The increase in deficits and debt, in turn, leads to a significant increase in interest payments. Because much of the pressure on future spending arises from imbalances in Social Security and Medicare Part A (Hospital Insurance) trust funds, keeping these funds and their sources of financing intact is a concern that could constrain choices. Preserving entitlements would likely require significant increases in taxes, such as raising rates, reducing tax expenditures, increasing other taxes, or introducing new revenue sources. Reductions in discretionary spending are insufficient to reduce the deficit to a sustainable level, so limiting taxes as a percentage of output or constraining the overall size of the government to current levels would likely require significant cuts in mandatory spending, including entitlement programs such as Social Security, Medicare, and Medicaid. Because the federal government provides about one-fifth of the revenue for state and local governments, cutbacks in transfers to these governments may, in part, shift the burden of providing services from the national to subnational governments rather than altering the overall size of government services.
Book Synopsis Fiscal Policy and Economic Activity During Recessions in Advanced Economies by : Richard Hemming
Download or read book Fiscal Policy and Economic Activity During Recessions in Advanced Economies written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-05 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data for advanced economies, this paper investigates whether factors identified in the theoretical and empirical literature explain the effectiveness of fiscal policy in responding to recessions. The results are informative about the fiscal response to recessions but provide only a partial explanation of the impact of fiscal policy on economic activity. Overall, it would appear that fiscal multipliers are very small.
Book Synopsis How Big (Small?) are Fiscal Multipliers? by : Ethan Ilzetzki
Download or read book How Big (Small?) are Fiscal Multipliers? written by Ethan Ilzetzki and published by International Monetary Fund. This book was released on 2011-03-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we find that (i) the output effect of an increase in government consumption is larger in industrial than in developing countries, (ii) the fisscal multiplier is relatively large in economies operating under predetermined exchange rate but zero in economies operating under flexible exchange rates; (iii) fiscal multipliers in open economies are lower than in closed economies and (iv) fiscal multipliers in high-debt countries are also zero.
Book Synopsis Contemporary Economic Problems by : Phillip Cagan
Download or read book Contemporary Economic Problems written by Phillip Cagan and published by Washington, D.C. : American Enterprise Institute. This book was released on 1987 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays provides background information on U.S. economic policy and reviews the effects of the Reagan economic program. Jacob Dreyer, Gottfried Haberler, and Kenneth Brown believe that budget deficit creates the trade deficit, as foreigners export to the U.S. to acquire dollars for the capital flow that finances U.S. debt. Phillip Cagan finds that the recent disinflation is the result of restrained economic growth amid ample productive capacity. Other contributors review the incentive improvements from the Tax Reform Act of 1986; the dramatic redistribution of fiscal responsibility to state and local government; and the emphasis on the elderly and poor. ISBN 0-8447-3621-X : $27.50.
