The regional and personal impact of the fiscal policies of a limited franchise government: Italy immediately after unification

2020 ◽  
Vol 35 (1) ◽  
pp. 37-61
Author(s):  
Giorgio Brosio
Keyword(s):  
Social Impact ◽  
Balance Sheet ◽  
Fiscal Policies ◽  
Ruling Class ◽  
Personal Impact ◽  
The Government ◽  
Agricultural Families ◽  
Registered Voters ◽  
Regional Discrimination ◽  
The Impact

For 15 years after its inception, Italy was governed by the Historical Right coalition. The electoral franchise was very limited: registered voters were less than 2 per cent of the population and their actual numbers were further eroded by absenteeism. The achievements of the first governments were impressive, though one can disagree on the merit of the policies, as many did. Most of the policies imposed a lot of hardship: individuals had to pay high taxes; they were drafted into the army for long periods; and they were sent to fight civil and regular wars. The very limited access to the vote led the ruling class to perceive that, in the short term, its actions were insulated against the unpopularity of its policies. Therefore, it pursued the mission of aggrandising the country and creating what it believed to be a viable and modern government system. The regional allocation of budget resources became the most disputed issue as the government coalition was accused of discriminating against southern regions. The article explores these themes empirically by constructing the so-called balance sheet of federations, leading to an estimate for each region of the net impact (the fiscal residuum) of national government tax and expenditure policies. The article also provides an estimate of the impact of tax and expenditure policies on poor agricultural families located in different areas. Both statistical exercises provide an original, though limited, contribution to the literature on the economic and social impact of the unification process in Italy. The analyses reveal that no redistribution was made, and regional discrimination did not emerge.

scholarly journals The Impact of the ECB’s Quantitative Easing Policy on Capital Flows in the Cesee Region

2018 ◽  
Vol 7 (2) ◽  
pp. 25-48 ◽  
Author(s):  
Anita Angelovska-Bezhoska ◽  
Ana Mitreska ◽  
Sultanija Bojcheva-Terzijan
Keyword(s):  
Capital Flows ◽  
Balance Sheet ◽  
Capital Inflows ◽  
Eastern Region ◽  
Quantitative Easing ◽  
Fiscal Policies ◽  
Trade And Financial Linkages ◽  
The Government ◽  
Almost All ◽  
The Impact

Abstract This paper attempts to empirically assess the impact of the ECB’s quantitative easing policy on capital flows in the countries of the Central and South Eastern region. Given the tight trade and financial linkages of the region with the euro area, one should expect that the buoyant liquidity provided by the ECB might affect the size of the capital inflows. We test this hypothesis by employing panel estimation on a sample of 14 countries CESEE countries for the 2003-2015 period. Contrary to the expected outcome, the results reveal either negative or insignificant impact of the change in the ECB balance sheet on the different types of capital inflows. The results suggest that the magnitude of the crisis, to which the ECB responded to was immense, hence precluding any significant impact of the monetary easing on capital flows in the region. The inclusion of a dummy in the model, to control for the 2008 crisis confirms the findings from the first specification and also does not change the finding on the ECB quantitative easing impact on the capital flows. The impact of the crisis dummy on capital flows is negative and it holds for almost all types of capital inflows, except for the government debt flows, which is consistent with the countercyclical fiscal policies and rising public debt after the crisis.

scholarly journals ANALISIS YURIDIS TERHADAP KEBIJAKAN PEMERINTAH MENGENAI PENANGANAN PANDEMI VIRUS CORONA DISEASE 2019 (COVID-19) DI INDONESIA

2021 ◽  
Vol 6 (2) ◽  
pp. 46-58
Author(s):  
Anwar Hidayat ◽  
Budiman
Keyword(s):  
Research Method ◽  
Large Scale ◽  
Social Impact ◽  
Virus Disease ◽  
Legal Research ◽  
Conceptual Approach ◽  
Corona Virus ◽  
The Republic ◽  
The Government ◽  
The Impact

Perkembangan pandemi Covid-19 saat ini sangat mengkhawatirkan dimana terjadinya suatupeningkatan kasus corona khusus di Indonesia. Penelitian ini bertujuan untuk mengetahuidan menganalisis kebijakan yang diambil pemerintah dalam penanganan pandemi Covid-19serta langkah-langkah yang diambil pemerintah untuk menganggulangi dampak-dampak, terutama dampak dari segi ekonomi dan sosial akibat pandemi Covid-19. Metode penelitianhukum yang digunakan yakni metode penelitian hukum normatif. Adapun pendekatan yangdigunakan dalam penelitian ini adalah pendekatan perundang-undangan dan pendekatankonseptual. Penelitian ini berlandaskan pengaturan perundang-undangan yang mengaturmengenai penanganan dan penganggulangan pandemi Covid-19 serta analisis atas konseppenetapan peraturan perundang-undangan tersebut. Hasil dari penelitian ini adalah dalamrangka penanganan Covid-19, berawal dari pemerintah tmengeluarkan kebijakan tentangPembatasan Sosial Berskala Besar yang merujuk pada Undang-Undang Nomor 6 Tahun2018 tentang Kekarantinaan Kesehatan. Peraturan pelaksanaannya yaitu PeraturanPemerintah Nomor 21 Tahun 2020 tentang Pembatasan Sosial Berskala Besar, sertaKeputusan Presiden tentang Kedaruratan Kesehatan sampai dengan saat ini pemerintah telahmengeluarkan kebijakan PPKM yang dimana dilakukan secara berkala. Untukmenganggulangi dampak Covid-19 dari segi ekonomi dan sosial pemerintah mengambilbeberapa kebijakan-kebijakan, yang diantaranya adalah: Peraturan Menteri KeuanganRepublik Indonesia Nomor 23/Pmk.03/2020 tentang Insentif Pajak Untuk WajibPajakTerdampak Wabah Virus Corona; Peraturan Otoritas Jasa Keuangan Republik Indonesia Kata Kunci : Kebijakan, Penanganan, Covid-19 The current development of the Covid-19 pandemic is very worrying where there is anincrease in special corona cases in Indonesia. This study aims to identify and analyze thepolicies taken by the government in handling the Covid-19 pandemic and the steps taken bythe government to mitigate the impacts, especially the economic and social impacts of theCovid-19 pandemic. The legal research method used is the normative legal research method. The approach used in this research is a statutory approach and a conceptual approach. Thisresearch is based on the legislation governing the handling and handling of the Covid-19pandemic as well as an analysis of the concept of establishing these laws and regulations. The results of this study are in the context of handling Covid-19, starting with thegovernment issuing a policy on Large-Scale Social Restrictions which refers to Law Number6 of 2018 concerning Health Quarantine. The implementing regulations are GovernmentRegulation Number 21 of 2020 concerning Large-Scale Social Restrictions, as well as thePresidential Decree on Health Emergencies. Until now, the government has issued a PPKMpolicy which is carried out regularly. To address the economic and social impact of Covid- 19, the government has taken several policies, including: Regulation of the Minister ofFinance of the Republic of Indonesia Number 23/Pmk.03/2020 concerning Tax Incentives forTaxpayers Af ected by the Corona Virus Outbreak; Regulation of the Financial ServicesAuthority of the Republic of Indonesia Number 11 /Pojk.03/2020 concerning NationalEconomic Stimulus as a Countercyclical Policy for the Impact of the Spread of Corona VirusDisease2019; and Instruction of the President of the Republic of Indonesia Number 4 of2020 concerning Refocussing of Activities, Reallocation of Budgets, and Procurement ofGoods and Services in the Context of Accelerating Handling of Corona Virus Disease 2019(Covid-19). Keyword : Policy, Handling, Covid-19

scholarly journals Anxious and Angry: Emotional and Political Motives for Approving of and Complying with Hygiene Measures related to the COVID-19 Pandemic

2020 ◽  
Author(s):  
David Abadi ◽  
Irene Arnaldo ◽  
Agneta Fischer
Keyword(s):  
Online Survey ◽  
Social Impact ◽  
Infection Age ◽  
Political Beliefs ◽  
Political Implications ◽  
Hygiene Measures ◽  
The Government ◽  
The Individual ◽  
The Uk ◽  
The Impact

The current COVID-19 pandemic elicits a vast amount of collective anxiety, which may also have broader societal and political implications. In the current study, we investigate the individual and social impact of this anxiety. We conducted an online survey in four different countries (Germany, the Netherlands, Spain and the UK; N=2031), examining whether anxiety about the Coronavirus leads to more approval of and compliance with hygiene measures deployed in those countries, and what role political beliefs play at this. We found significant differences between the four countries, with Spain marking highest anxiety as well as approval of and compliance with hygiene measures. Furthermore, three linear regressions showed that one’s anxiety is not only predicted by proximity to sources of infection (age, country, oneself or friends being infected), but also by political views (populist attitudes, anger at the government). Importantly, people who are anxious are also angry, at transgressors of hygiene rules or at their government. Thus, anger does not reduce one’s fear, but fear leads to more anger, especially in countries with the highest infection rates. Anxiety also leads to more approval of and compliance with hygiene measures, but again anger and political beliefs play a role in this relation. Whereas behavioral compliance is more predicted by fear and anger at others who transgress the rules, approval of the measures is better predicted by anxiety about the impact of Coronavirus and anger at the government.

scholarly journals Managing Tax Dispute Due to IFRS-16 on the Retrofits Implementation in Indonesia

2018 ◽  
Vol 7 (3.21) ◽  
pp. 200
Author(s):  
Ismiriai Nasip ◽  
Eka Sudarmaji
Keyword(s):  
Energy Efficiency ◽  
Comparative Study ◽  
Cash Flow ◽  
Questionnaire Survey ◽  
Balance Sheet ◽  
Service Level ◽  
Business Owner ◽  
The Government ◽  
The Cost ◽  
The Impact

The IFRS-16 will shortly be implemented worldwide, where the operating lease is effectively removed, and all operational leases are qualified as debt. The operational lease is a major source and is important for off-balance sheet financing in Indonesia. Therefore, the implementation of IFRS-16 will probably hurt Indonesian business. The contract and/or service level agreements on the retrofits for the energy efficiency product can relieve the business owner from cash flow and new debts. This study established a framework for a critical comparative study; compare and assess the possibility of the retrofit financial practices under the current taxes regime, and the possibility upon IFRS-16 implementation to better understand the favorable measures for retrofit practitioners and future customers to handle the disputes. Triangulate the findings of comparative study and questionnaire survey to develop recommendation for the future researchers, practitioners and the government. The result indicates that the benefits of the retrofits financing implementation beat the cost and complexity posed by the enactment of new IFRS standards. Thus, the impact of the IFRS-16 and taxation are being considered as a part of business constraints that should be addressed together and able to manage the disputes over misperception on retrofits aspects with taxes officers.  

scholarly journals The Impact of Business Scale of “Shadow Banking” on Credit Risk of Commercial Banks --Take Ten Domestic Listed Commercial Banks as Examples

2017 ◽  
Vol 9 (5) ◽  
pp. 94 ◽  
Author(s):  
Sijia Wen ◽  
Jishan Ma ◽  
Yawen Pan ◽  
Yuan Qi ◽  
Ruizhi Xiong
Keyword(s):  
Credit Risk ◽  
Commercial Banks ◽  
Balance Sheet ◽  
Commercial Banking ◽  
Shadow Banking ◽  
Financial Products ◽  
Banking Business ◽  
The Government ◽  
Definition Of ◽  
The Impact

In this article, according to search for the definition of shadow banking, we can make sure the business kinds of “shadow banking”, discuss the influence of business in “shadow banking” on credit risk of commercial banks, and study the elements which may increase the credit risk of commercial banks by using the semi-annual panel data during 2011-2016 of 10 listed banks. Then we can come to some primary conclusions: The credit risk of commercial banks is related to the shadow banking business. All the survival scale increment of financial products increasing, the size of entrusted loans increasing in increment, and the increasing in the size of guarantee commitments will increase the credit risk of commercial banks. There is no obvious relationship between trust loan business and bank credit risk. Our study is of great significance for the government to supervise the off-balance-sheet business of commercial banks. At the same time, it also fills the vacancy of domestic commercial banking “shadow banking” business empirical research.

scholarly journals An evaluation of permanent crops: Evidence from the “Plant the Future” project, Georgia

2021 ◽  
Vol 6 (1) ◽  
pp. 212-222
Author(s):  
Lasha Zivzivadze ◽  
Tengiz Taktakishvili ◽  
Ekaterine Zviadadze ◽  
Giorgi Machavariani
Keyword(s):  
Agricultural Policy ◽  
Social Impact ◽  
Evaluation Criteria ◽  
High Demand ◽  
Policy Makers ◽  
The Future ◽  
The Government ◽  
The Impact ◽  
Future Project

Abstract Promoting investments in permanent crops is often considered by the government as a powerful measure to support long-term growth in agriculture. The same attitude is prevalent among agricultural policy makers in Georgia and hence, country’s government and the Ministry of Environmental Protection and Agriculture of Georgia initiate and coordinate projects facilitating new investments in permanent crops. The article deals with an evaluation of an impact of “Plant the Future” project in Georgia that provides funds for the potential beneficiaries for planting permanent crops. The structure and scope of the project are discussed in the article, and the relevant data regarding the area planted, financial impact, and beneficiaries for the period from 2015 to 2019 are analysed and the impact projection is made for the period of 2020–2043. Research showed that the target indicators of the project were fully achieved. In addition, there were a high demand from farmers to participate in this project and as a result, the budget spent in 2017–2019 exceeded the planned budget. The project appears to be beneficial in terms of net present values that are positive for all discussed discount rates, meaning that the benefits of the project are greater than costs. The return on investment of the project is around 10%, which is greater than the basic discount rate (8%). Social impact also seems to be high with 1,350 beneficiaries. According to the projection, from 2015 to 2024, around 3,000 beneficiaries will benefit from this project. In the methodology, five evaluation criteria are used, namely, relevance, effectiveness, efficiency, impact, and sustainability. Based on the evaluation, specific recommendations are given.

Funding Covid-19 Economic Stimulus Through Islamic Social Finance

2021 ◽  
pp. 126-138
Author(s):  
Syed Marwan ◽  
Nor Razinah Mohd Zain ◽  
Engku Rabiah Adawiah Engku Ali ◽  
Mohamed Aslam Haneef
Keyword(s):  
Social Impact ◽  
Special Focus ◽  
Performance Indexes ◽  
The People ◽  
Potential Development ◽  
Innovative Solutions ◽  
Economic Stimulus ◽  
The Government ◽  
To Come ◽  
The Impact

The COVID-19 pandemic is an unprecedented humanitarian challenge which requires innovative solutions. One apparent challenge among governments is to come up with appropriate funds to finance economic stimulus packages. Such stimulus packages are necessary for the protection and wellbeing of the people and to ensure that the economic operations remain intact. By looking into Islamic economics, various solutions can be explored as offered through Islamic social finance instruments such as zakat, waqf, and sadaqah, as well as its innovative solutions specifically available from the capital market sectors. This chapter explores the potential development of an impact-waqf SRI sukuk for funding economic stimulus packages, with special focus to Malaysia. This chapter proposes a solution in achieving such purpose by referring to the Impact-Waqf SRI sukuk, either based on temporary or permanent cash waqf structure. Returns of investments to investors ultimately depend on the social impact and key performance indexes (KPIs) as achieved from the economic stimulus packages. It is found that the impact-waqf SRI sukuk can be issued either by the government or government-linked company (GLC) and economic stimulus packages can be offered to institutional as well as retail sectors. An option can be given to the investors to waive-off their claims on the capital and returns. Consequently, the government can offer tax rebates or coupons which are equivalent to the value of the waived-off investment.

scholarly journals The impact of government policies on Nigeria economic growth (case of fiscal, monetary and trade policies)

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Olufemi Samuel Adegboyo ◽  
Sunday Anderu Keji ◽  
Oluwadamilola Tosin Fasina
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Raw Material ◽  
Trade Policies ◽  
Fiscal Policies ◽  
Long Run ◽  
Short Run ◽  
The Government ◽  
The Impact ◽  
Bound Test

AbstractThis study examines the impact of fiscal, monetary and trade policies on Nigerian economic growth from 1985 to 2020. This study adopts endogenous growth model (AK model) as its theoretical framework. The unit root test results reveal that there is mixed level of stationarity in the variables. The bound test result shows that the variables cointegrate. The ARDL long-run result shows that fiscal policies stimulate economic growth, while on the contrary, trade policies deter Nigerian economic growth. The short-run result shows that the fiscal policies has an inconsistent impact on Nigerian economic growth and thus differs from the long-run result; while government spending continues to drive economic growth in Nigeria, government revenues have no effect on the growth of the economy. The result of the impact of monetary policies shows that interest rate impels growth of the economy while money supply deters growth of Nigeria’s economy; lastly, the trade policies maintain her negative influence on the economy in both the long run and short run. Sequel to the findings, the study recommends the following: Policymakers should place more emphasis on using fiscal policy which was found to be stimulating the country's growth rate. Whenever it is expedient to use monetary policy to stimulate economic growth, policy makers should make use of interest rates as it stimulates the growth of the economy in the short run. The government should review her trade policies to reduce import by encouraging consumption of local products and motivate exporters of goods (raw material) to refine the products before exporting such.

scholarly journals Transformation of Villas to Mosques Social Impact of Islamization On The Government Center of Java In The Late 20th Century

2021 ◽  
Vol 2 (1) ◽  
pp. 1-15
Author(s):  
Muh Saerozi
Keyword(s):  
20Th Century ◽  
Social Impact ◽  
Central Government ◽  
Social Research ◽  
Causality Analysis ◽  
Late 20Th Century ◽  
Central Java ◽  
The Government ◽  
The Impact ◽  
Government Center

Islamization of Java becomes an actual topic of religious social research because the phenomena not only relate to religious discourse but also other aspects. This research focuses on the Islamization of the government center of Salatiga Central Java. The aims of this study are: to find the academic answer to why Islamization occurred in the government center of Salatiga in Central Java, to find out the Islamization process underway, to describe the dominant factors affecting Islamization, and to describe the impact of Islamization on religious life around the central government. The benefit of this research is to contribute the theories of Islamization of Government center of Java in the late of 20th century. This study is a descriptive research and causality analysis.  The events were limited to those of 1985 to 2018. The data were sourced from the archives, inscription, news, interviews, and literature. The results of the study found that the Islamization of the Salatiga government center was carried out because the infrastructure was still European patterned. The actualization of Muslim religiosity was not well supported by this infrastructure. The symbol of Islamization is the transformation of the villa on the west of the city square into a mosque. The Islamization was successful because of the symbiotic factors between political parties, rulers, scholars, Islamic universities, and religious organizations. There was no significant impact yet on the improvement of spiritual and social lives around the government center. This study enriches theories about the symbiotic relations of religions, politics, and social changes in Java in the late 20th century.

scholarly journals Guillermo E. Perry, Luis Servén, and Rodrigo Suescún (eds.). Fiscal Policy, Stabilisation, and Growth: Prudence or Abstinence? Washington, D.C: The World Bank. 2008. Paperback. 329 Pages. Price not Given.

2010 ◽  
Vol 49 (1) ◽  
pp. 78-80
Author(s):  
Mahmood Khalid
Keyword(s):  
Political Economy ◽  
Fiscal Policy ◽  
Latin American ◽  
Theoretical Models ◽  
Cash Flows ◽  
Current Debate ◽  
Fiscal Policies ◽  
Wide Range ◽  
The Government ◽  
The Impact

‘Fiscal Policy, Stablisation, and Growth’ edited by Guillermo Perry, is an excellent volume covering the typical but current debate on “Does Fiscal Policy Matters”. The book highlights the procyclical and anti-investment biases embedded in fiscal policies, explores their causes and macroeconomic consequences. The text provides empirical substance to the theoretical models and offers policy and recommendations, to help overcome the procyclicality and anti-investment biases of fiscal policies adopted thereof. With wide range of technical and empirical discussions, political economy aspects of the budgets have also been examined. Though the focus of the book is Latin American and the Caribbean countries, the debate is so holistic that it can be used for policy recommendations else where as well. The book is organised in two parts; the first part, spread over four chapters, covers the procyclicality of Fiscal policy while the Part II, comprised of five chapters, elucidates the impact of fiscal policy on economic growth. The discourse takes into account the fiscal policy solvency condition and its imbedded biases towards certain policy options. Chapter 1 provides an excellent overview of what is discussed in the volume. The book argues that excessive focus of fiscal agents on short term indicators of fiscal health, namely the government debt or cash flows, may detract attention from tracking the intertemporal solvency. Such detraction will affect the macroeconomic stability and long-term growth, argues the book. Perverse incentives, that have political economy context, are at the root of flawed policies such as procyclical policies, contends the book.

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