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implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account … labor supply in response to productivity shocks. Bank market integration thus contributes to a moderation of firm-level and …
Persistent link: https://www.econbiz.de/10013135057
The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...
Persistent link: https://www.econbiz.de/10013223574
This paper considers the magnitude of the U.S. fiscal imbalance, as measured by the permanent changes needed to stabilize the national debt as a share of GDP. At present, even after recent improvements in forecast deficits, this imbalance stands at 5.3 percent of GDP -- several times the...
Persistent link: https://www.econbiz.de/10013238705
This paper deals with several issues regarding the causes and implications of recent and projected U.S. federal budget deficits. It considers why deficits have remained so large in spite of deficit reduction efforts, evaluates the impact of the recent policies of the Clinton administration, and...
Persistent link: https://www.econbiz.de/10013125133
Most states (Vermont is the exception) have a constitutional or statutory limitation restricting their ability to run deficits in the state's general fund. Balanced budget limitations may be either prospective or beginning-of-the-year requirements or retrospective or end-of-the-year...
Persistent link: https://www.econbiz.de/10013247195
This paper shows that in American states balanced budget rules are effective in enforcing fiscal discipline but they have no costs in terms of increased output variability. More specifically, we show that tighter fiscal rules are associated with larger average surplus and lower cyclical...
Persistent link: https://www.econbiz.de/10013322308
This paper summarizes state balanced budget requirements, and the available empirical evidence on the effect of these rules on state fiscal policies. Existing state rules differ from many current proposals at the federal level. They are typically restricted to part of the state budget, they...
Persistent link: https://www.econbiz.de/10013313653
revenue shortfalls from canal and bank investments as a result of the depression, and an unwillingness of states to raise tax …
Persistent link: https://www.econbiz.de/10013313797
Congress first imposed an aggregate debt limit in 1939 when it delegated decisions about designing US debt instruments to the Treasury. Before World War I, Congress designed each bond and specified a maximum amount of each bond that the Treasury could issue. It usually specified purposes for...
Persistent link: https://www.econbiz.de/10013010287
This paper measures changes in electricity generation costs caused by the introduction of market mechanisms to determine output decisions in service areas that were previously using command-and-control-type operations. I use the staggered transition to markets from 1999- 2012 to evaluate the...
Persistent link: https://www.econbiz.de/10012965429