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Author: Bruce Baker
Publisher:
ISBN:
Category : Budget
Languages : en
Pages : 46
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Book Description
This study presents intertemporal budgeting as of 1999 for all 50 U.S.states. Intertemporal state budgeting compares the present value of a state's projected receipts with the present value of its projected expenditures (exclusive of interest payments)plus the current value of its net debt (liabilities minus assets). Our projections start with the 1999 U.S.Census Bureau's State Government Finances survey of receipts, expenditures, and debt.We group these highly detailed data into a framework that is consistent with the National Income and Product Account accounts. The 1999 Census data are the latest available.To project total receipts and expenditures for years beyond 1999, we first form average 1999 receipts and expenditures by age and sex using relative age-and sex-specific receipts and expenditure profiles.We estimate these profiles the Current Population Survey and the Consumer Expenditure Survey. Next we grow these averages using an assumed growth rate in labor productivity. Finally, year-and state-specific age-sex population estimates are multiplied by projected average receipts and expenditures by age and sex in that year to form that year's total projected state-specific receipts and expenditures.We form our year-age-sex-and state-specific population projections using the 2001 Social Security Administration 's projection of the total U.S. population by age and sex in conjunction with the 1995 Census projections on state-specific age-sex population shares. Our base-case results use a 3 percent real discount rate and assume a 1.5 percent real productivity growth rate.They show a great range of state intertemporal imbalances. When measured as a share of (scaled by) the present value of projected expenditures, imbalances range from positive 48 percent in Alaska to negative 19 percent in Vermont. These and other findings proved to be very robust to changes in productivity and discount rates as well as changes in demographic assumptions. State official liabilities are not good proxies for th
Author: Bruce Baker
Publisher:
ISBN:
Category : Budget
Languages : en
Pages : 46
Get Book Here
Book Description
This study presents intertemporal budgeting as of 1999 for all 50 U.S.states. Intertemporal state budgeting compares the present value of a state's projected receipts with the present value of its projected expenditures (exclusive of interest payments)plus the current value of its net debt (liabilities minus assets). Our projections start with the 1999 U.S.Census Bureau's State Government Finances survey of receipts, expenditures, and debt.We group these highly detailed data into a framework that is consistent with the National Income and Product Account accounts. The 1999 Census data are the latest available.To project total receipts and expenditures for years beyond 1999, we first form average 1999 receipts and expenditures by age and sex using relative age-and sex-specific receipts and expenditure profiles.We estimate these profiles the Current Population Survey and the Consumer Expenditure Survey. Next we grow these averages using an assumed growth rate in labor productivity. Finally, year-and state-specific age-sex population estimates are multiplied by projected average receipts and expenditures by age and sex in that year to form that year's total projected state-specific receipts and expenditures.We form our year-age-sex-and state-specific population projections using the 2001 Social Security Administration 's projection of the total U.S. population by age and sex in conjunction with the 1995 Census projections on state-specific age-sex population shares. Our base-case results use a 3 percent real discount rate and assume a 1.5 percent real productivity growth rate.They show a great range of state intertemporal imbalances. When measured as a share of (scaled by) the present value of projected expenditures, imbalances range from positive 48 percent in Alaska to negative 19 percent in Vermont. These and other findings proved to be very robust to changes in productivity and discount rates as well as changes in demographic assumptions. State official liabilities are not good proxies for th
Author: Douglas Holtz-Eakin
Publisher:
ISBN:
Category : Expenditures, Public
Languages : en
Pages : 23
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Book Description
Do state and local governments smooth their consumption spending across years, or is their spending driven mainly by contemporaneous changes in resources? We design a test to determine which view of state and local spending is more consistent with the data. We find that state and local spending is determined primarily by current (as opposed to permanent) resources. That is, despite their apparent ability to skirt balanced budget laws, states and localities do not typically smooth their expenditures over time.
Author: Rolf Färe
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper introduces as an intertemporal variable cost indirect technology which permits technological change over time and allows for financial flexibility, i.e., intertemporal budgeting. It characterizes agencies which maximize outputs or services subject to the budget they face. We define Farrell-type output oriented technical efficiency under different financial regimes and efficiency gains from financial flexibilities. An empirical illustration based on a sample of Illinois municipalities is included.
Author: Dall W. Forsythe
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 116
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Book Description
This book is a practical introduction for students and practitioners of public administration and public-sector financial management.
Author: Yugo Koshima
Publisher: International Monetary Fund
ISBN: 1513573330
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
This paper compiles the Intertemporal Public Sector Balance Sheets for all G7 countries and examines their relationship with government borrowing costs. In 2018, all G7 countries have negative Intertemporal Net Financial Worth (INFW), falling short of their intertemporal budget constraint. A decomposition of the evolution of INFW shows that short-term fluctuations are mainly driven by fiscal policy changes, while in the long run demographic changes and health and pension obligations play a larger role. We find that on average a 10 percentage point of GDP increase in INFW reduces the (future) 10-1 year sovereign yield curve spread by 2.8 basis points. This results suggest that financial markets pay attention to governments’ future policy obligations, in addition to its current assets and liabilities.
Author: Jinping Sun
Publisher: Routledge
ISBN: 1351565117
Category : Political Science
Languages : en
Pages : 637
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Book Description
Revenue and expenditure forecasting plays an important role in public budgeting and financial management, particularly during times of financial constraint, when citizens impose greater accountability upon government to use taxpayer dollars more efficiently. Despite its significance, revenue and expenditure forecasting is often overlooked in the budget process, and there is an imbalance between practice and research in this area. Based on the collaboration of budget scholars and practitioners, Government Budget Forecasting fulfills two purposes: Enhances the understanding of revenue and expenditure estimation both theoretically and practically Stimulates dialogue and debate among practitioners and academicians to identify good forecast practices as well as areas for improvement Divided into four parts, this comprehensive reference first examines forecast practices at the federal, state, and local levels, drawing on case studies that include California, Texas, and Louisiana. It then explores consensus systems and risk assessment, considering political factors and the costs of forecast errors. The text concludes with a call to transparency and guidance from a code of ethics, and a look at forecasting practices in emerging countries.
Author: Steven Durlauf
Publisher: Springer
ISBN: 0230280854
Category : Performing Arts
Languages : en
Pages : 395
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Book Description
Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.
Author: Robert F. Durant
Publisher: Routledge
ISBN: 1351570064
Category : Political Science
Languages : en
Pages : 371
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Book Description
Dialog between practitioners and academics has increasingly become the exception rather than the rule in contemporary public administration circles. Bridging the gap between theory and practice, Debating Public Administration: Management Challenges, Choices, and Opportunities tackles some of the major management challenges, choices, and opportunities of the twenty-first century facing public managers across various subfields of public administration. Informed by contemporary pressures on public managers to reconceptualize purpose, redefine administrative rationality, recapitalize human assets, reengage resources, and revitalize democratic constitutionalism, the book offers students, practitioners, and researchers an opportunity to take stock and ponder the future of practice and research in public administration. Organized by three sets of major management challenges facing the field—Rethinking Administrative Rationality in a Democratic Republic, Recapitalizing Organizational Capacity, and Reconceptualizing Institutions for New Policy Challenges—the book takes an uncommon approach to the study of these topics. In it, leading practitioners and academics comment on condensed versions of articles appearing in the Theory to Practice feature of Public Administration Review (PAR) from 2006 through 2011. The authors and commentators focus on some of the best current research, draw lessons from that literature for practice, and identify gaps in research that need to be addressed. They expertly draw out themes, issues, problems, and prospects, providing bulleted lessons and practical takeaways. This makes the book a unique one-stop resource for cross-disciplinary, cross-sectoral, and cross-professional exchanges on contemporary challenges.
Author: United States. Congress. Joint Economic Committee
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 76
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Book Description
Author: Michael J. Brogan
Publisher: Lexington Books
ISBN: 0739168401
Category : Political Science
Languages : en
Pages : 197
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Book Description
This book, by Michael J. Brogan, examines government budgeting through the lens of public budget forecast errors. In examining this aspect of the budgetary process, Brogan helps readers understand levels of political and financial risk that policymakers are willing to accept in estimating the likelihood of accurate budget projections. This title is noteworthy in its innovative, accessible approach to examining the budget process through an analysis of forecast errors. Unlike most public budgeting books, which focus primarily on the technical aspects of budgeting or on the politics of the budget process, this book bridges the technical and political aspects of budgeting, thereby providing a more comprehensive analysis of contemporary issues and research in public budgetary matters. In light of the current financial crisis in the United States, this book is crucial for providing readers with a comprehensive review of the limits of budget projections and how political forces shape the forecasting process. Throughout the text, readers are presented with relevant state-specific mini cases. The mini cases highlight some of the difficulties in projecting future revenue and spending patterns, as well as the political conflict that can ensue. The empirical findings, mini cases, and arguments presented throughout this book are intended to empower readers, giving them the expertise needed to better understand how uncertainty in public budget forecasts affects the budget process. Ultimately, this knowledge can help citizens connect the financial management of a state with its governing patterns.
