Russian budget constraints will force hard choices

2016 ◽  
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Political Elite ◽  
The Political ◽  
Budget Management ◽  
Policy Effectiveness ◽  
Content Type ◽  
Monetary Policy Effectiveness ◽  
Will Force ◽  
Regional Budgets

Subject Policy differences reflected in Russian budget debate Significance Budget management has grown into an acute problem for Russian policymakers. The immediate difficulty is how to finance this year's deficit with as little inflationary impact as possible. The problem over the next three years will be to win elite support for a tough fiscal stance. Officials have proposed tighter budgets in 2017-19 in nominal as well as real terms. Impacts The CBR will continue to complain that uncertainty on fiscal policy restricts its monetary policy effectiveness. Privatisations to plug budget gaps will be controversial among the political elite. Cuts in federal transfers to regional budgets will be contentious.

Reference Rates and Monetary Policy Effectiveness in Korea

2015 ◽  
Author(s):  
Heung Soon Jung ◽  
Dong Jin Lee ◽  
Taehyo Gwon ◽  
Se Jin Yun
Keyword(s):  
Monetary Policy ◽  
Policy Effectiveness ◽  
Monetary Policy Effectiveness

Prospects for China in 2022

2021 ◽  
Keyword(s):  
Political Elite ◽  
The Political ◽  
Content Type

Significance All the signs are that Xi will take a third term, though the secrecy of the political elite means alternatives cannot be ruled out completely.

Election delay will not solve Libya's problems

2021 ◽  
Keyword(s):  
House Of Representatives ◽  
Political Elite ◽  
The Political ◽  
Parliamentary Election ◽  
Electoral Process ◽  
Content Type ◽  
Parliamentary Elections ◽  
Armed Group ◽  
The Core

Significance This is expected to be followed by the first parliamentary election since 2014, at some point in early 2022. It now looks increasingly likely that both elections will be delayed. The electoral process lacks the elements it would need to be truly transformative, but it is prompting shifts in the political elite which will dictate developments for at least the next year. Impacts Khalifa Haftar will keep pushing for his armed group to form the core of Libya’s future army Seif al-Islam Qadhafi’s candidacy in the elections is unlikely to result in him becoming president. Aguileh Saleh looks set to stay on as House of Representatives speaker with no clear date for parliamentary elections.

The political economy of inflation

2021 ◽  
Vol 18 (3) ◽  
pp. 331-343
Author(s):  
Frances Coppola
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Money Supply ◽  
Central Banks ◽  
The Political ◽  
Economic Output ◽  
Political Choices ◽  
Redistributive Effects ◽  
Fiscal And Monetary Policy ◽  
Political Decisions

For the last 40 years, macroeconomics has been dominated by Milton Friedman’s view that inflation occurs when the supply of money rises more quickly than economic output – ‘too much money chasing too few goods’, as the saying goes. If inflation is always due to an imbalance of money supply and output, central banks alone determine the path of inflation, and fiscal policy merely has a redistributive function. This paper draws on historical and empirical evidence as well as recent theoretical literature to show that this view is mistaken. Monetary policy has redistributive effects, and fiscal policy affects the money supply. It is therefore impossible to separate them in practice. Both fiscal and monetary policy have inflationary consequences, and because their distributional effects are different, monetary policy cannot fully offset fiscal decisions. Fiscal and monetary policy are influenced by political decisions and are themselves political in nature. Since inflation reflects spending and saving patterns which are affected by political choices, it is fundamentally a political phenomenon.

Determinants of Non-Performing Assets of Commercial Banks in India

2021 ◽  
Keyword(s):  
Monetary Policy ◽  
Panel Data ◽  
Commercial Banks ◽  
Financial Stability ◽  
Policy Effectiveness ◽  
Credit Growth ◽  
Dynamic Provisioning ◽  
The Past ◽  
Economic Slowdown ◽  
Monetary Policy Effectiveness

Banks’ credit growth continues to decelerate in India due to huge non-performing assets (NPAs) overhangs in banks. Using the panel data methodology, this study empirically analyzed the determinants of NPAs of scheduled commercial banks in India during 2009-2020. Results indicated that the excessive credit growth in the past increased the surge in the current NPAS. The economic slowdown also aggravated loan delinquencies in Indian commercial banks. While higher priority sector lending created higher loan delinquencies, higher banks size and higher profitability reduced it. This study suggested that counter capital buffer, dynamic provisioning and a sound credit appraisal NPA improved the financial stability and monetary policy effectiveness. These findings are useful for policymakers, bankers and other stakeholders to make appropriate strategies to resolve the NPA issue in India.

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