Showing 1 - 10 of 1,063
This paper explores the determinants of deviations of ex-post budget outcomes from first-release outcomes published towards the end of the year of budget implementation. The predictive content of the first-release outcomes is important, because these figures are an input for the next budget and...
Persistent link: https://www.econbiz.de/10009643509
The budget deficit bias is modeled as the result of a domestic common pool problem and of an international externality. Along with Piguvian taxes, a number of policy measures are examined and welfare-ranked: deficit ceilings, golden rules and delegation. In general, the combination of delegation...
Persistent link: https://www.econbiz.de/10005666494
Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...
Persistent link: https://www.econbiz.de/10009364448
Generational policy is a fundamental aspect of a nation's fiscal affairs. The policy involves redistributing resources across generations and allocating to particular generations the burden of paying the government's bills. This chapter in Volume 4 of the Handbook of Public Economics shows how...
Persistent link: https://www.econbiz.de/10014024862
, together with drastic budgetary cuts aiming at curbing public debt to maintain sustainability. Finally, the paper tries to …
Persistent link: https://www.econbiz.de/10005498095
the same time, private debt levels, particularly those of financial institutions and households, are in uncharted …, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of "financial repression" (which … had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt …
Persistent link: https://www.econbiz.de/10008925708
public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression … facilitated a sharp and rapid reduction or 'liquidation' of public debt from the late 1940s to the 1970s. The restrictions or …
Persistent link: https://www.econbiz.de/10011083679
We construct multivariate, state-space mixed-frequencies models for the main components of the Spanish General Government sector made up of blocks for each one of its subsectors: Central Government, Social Security and aggregate of Regional and Local government sectors. Each block is modelled...
Persistent link: https://www.econbiz.de/10009355565
There is no single “best” indicator for analysing general government debt. This paper examines the various issues in … defining and measuring debt, and explores other data which could be useful, both within and beyond the general government debt … concept, to better track and analyse fiscal risks and sustainability issues. Measures from the broadest view of debt – gross …
Persistent link: https://www.econbiz.de/10011399482
The NZ economy has performed well over the past few years, having achieved relatively strong GDP and employment growth. However, some constraints to sustaining this momentum beyond the short term are emerging in the fields of skills, housing and urban infrastructure. Skills shortages have risen...
Persistent link: https://www.econbiz.de/10011399572