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Author: Norman Gemmell
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 38
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Book Description
Author: Norman Gemmell
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 38
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344658
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Author: Valerie Cerra
Publisher: Oxford University Press
ISBN: 0192846930
Category : Business & Economics
Languages : en
Pages : 901
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Book Description
This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Rising inequality and widespread poverty, social unrest and polarization, gender and ethnic disparities, declining social mobility, economic fragility, unbalanced growth due to technology and globalization, and existential danger from climate change are urgent global concerns of our day. These issues are intertwined. They therefore require a holistic framework to examine their interplay and bring the various strands together. Leading academic economists have partnered with experts from several international institutions to explain the sources and scale of these challenges. They gather a wide array of empirical evidence and country experiences to lay out practical policy solutions and to devise a comprehensive and unified plan of action for combatting these economic and social disparities. This authoritative book is accessible to policy makers, students, and the general public interested in how to craft a brighter future by building a sustainable, green, and inclusive society in the years ahead.
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 149833301X
Category : Business & Economics
Languages : en
Pages : 64
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Book Description
This paper aims to inform policymakers, and other interested parties, about the IMF’s approach to fiscal adjustment. The approach focuses on the role of sound and sustainable government finances in promoting macroeconomic stability and growth. Achieving, and maintaining, such a fiscal position often requires adjusting fiscal policy, as well as strengthening fiscal institutions. Fiscal adjustment may involve either tightening or loosening the fiscal stance, depending on individual country circumstances.
Author: Cheryl Williamson Gray
Publisher: World Bank Publications
ISBN: 0821371827
Category : Political Science
Languages : en
Pages : 358
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Book Description
Worldwide experience highlights public finance policies that promote economic growth while meeting the need for fundamental public goods. Macroeconomic stability is essential, as large budget deficits retard growth, followed by moderate levels of public spending - around one-third of GDP or less - especially when governance and public administration are weak; that in turn requires efficiency, particularly in areas such as infrastructure, health, education, and social protection; finally, lower income and payroll tax rates can spur investment and employment. The Eastern European and Central Asia countries pioneered flat income taxes without generally suffering revenue losses as a result, but they have not addressed the problem of high payroll taxes and still face many hurdles in improving the efficiency and effectiveness of public spending and revenue generation.
Author: Hiromitsu Ishi
Publisher: OUP Oxford
ISBN: 0191590118
Category : Business & Economics
Languages : en
Pages : 374
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Book Description
Making Fiscal Policy in Japan is written for those who want to understand the role and performance of fiscal policy as an integral component of macroeconomic policy, and the attendant effects on economic growth. The case explored here is post-Second World War Japan, but the approach is one of international comparison. Ishi traces and analyses the central features of postwar Japanese fiscal policy and considers the institutional framework and policy objectives which shaped the budget process. The first part of the book provides a detailed overview of the topic, with detailed institutional and empirical information. In particular, the role that government played in Japan's postwar economic growth is explored in depth, with specific focus on the four sub-periods of occupation, rapid economic growth, internationalization, and the bubble economy. Part II explains the basic framework of budgets, the budgetary process in Japan, and fundamental strategies of fiscal authority. It looks in depth at the unique aspects of the balanced budget policy for 1953-65 and then at how financial resources for budgeting were automatically generated in a growing economy. The final part analyses specific policy issues in the public sector, among them human resource development, the ageing population and the social security system, tax incentives for export promotion, the Fiscal Investment and Loan Programme, and intergovernmental grant policy. Ishi argues that the Japanese government has been generally passive in guiding the state's economic activities, using fiscal policy to support the private economy rather than directly to influence the economy through deliberate expenditure and tax policies. The approach has been one of enhancing the market rather than of government intervention.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498339980
Category : Business & Economics
Languages : en
Pages : 75
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Book Description
This paper provides deeper insights on a few themes with regard to the experience with macroeconomic management in resource-rich developing countries (RRDCs). First, some stylized facts on the performance of these economies relative to their non-resource peers are provided. Second, the experience of Fund engagement in these economies with respect to surveillance, programs, and technical assistance is assessed. Third, the experience of selected countries with good practices in the management of the natural resource wealth is presented. Fourth, the experience of IMF advice in helping RRDCs set up resource funds is discussed. Finally, the main themes and messages from the IMF staff consultation with external stakeholders (CSOs, policy makers, academics) are presented.
Author: Antonio Fatás
Publisher: Centre for Economic Policy Research
ISBN: 9781898128779
Category : Business & Economics
Languages : en
Pages : 112
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Book Description
The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.
Author: Richard Hemming
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
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.
Author: S. S. Kothari
Publisher: Oxford University Press, USA
ISBN:
Category : Language Arts & Disciplines
Languages : en
Pages : 336
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Book Description
This study analyses recent changes in India's economic policy and performance, and their implications for economic growth in the nineties, focusing on economic liberalization and the transition from a command to market economy. The author believes that the recent liberalization and rationalization in economic policies in general and fiscal policies in particular have boosted the performance of the Indian economy and further liberalization will enable it to perform significantly better as the decade proceeds. Although the major part of the discussion revolves around India, the principles and strategies discussed are largely applicable to most developing countries of South and South-East Asia. The book is divided into two parts and covers a wide canvas. Part I discusses inter alia the growth theories, models, and principal doctrines of leading growth economists like Arthur Lewis, Rostow, Schumpeter, Nurkse, and Galbraith, and provides a historical perspective covering a period of about two centuries which saw the emergence of Capitalism, Socialism, Mixed Economy, and the ideas and theories of Adam Smith, Keynes, Marx, Mill, Milton Friedman, and others. Against this backdrop it analyses the macroeconomic aspects of economic policies and problems confronting developing countries, advocates remedial measures and planning strategies to accelerate the momentum of growth, and provides a critical analysis of the existing policy framework and performance of the Indian economy per se and in the context of the international economic environment in which it operates. Part II is concerned with fiscal policies for growth in developing economies, including evaluation and suggestions for reform of theIndian tax system. Of particular interest is discussion of two canons of taxation based on empirical evidence and an original theory of the Corporate Nucleus Capital (CNC) Super-Multiplier advanced as a useful instrument of fiscal policy in Chapter 20. The penultimate chapter discusses current economic perceptions and future perspectives for the country, including the need for a synthesis between employment and growth; the final one providing an overview of the New Economic Policy enunciated in June 1991. Pleasantly and accessibly written, the work as a whole thus juxtaposes the present and projections of the future with the historical backdrop to provide a well-rounded picture, replete with rich and practical insight. It will therefore appeal not only to economists and government planners but also students and others interested in the growth prospects of India and other developing countries.
