Fiscal Rules and the Behavior of Public Investment in Latin America and the Caribbean: Towards Growth-Friendly Fiscal Policy?: The case of Argentina

2021 ◽  
Author(s):  
Daniel Artana ◽  
Cynthia Moskovits ◽  
Jorge Puig ◽  
Ivana Templado
Keyword(s):  
Capital Expenditure ◽  
Previous Analysis ◽  
Public Investment ◽  
National Level ◽  
Political Support ◽  
Fiscal Rules ◽  
Negative Effects ◽  
The Caribbean ◽  
Economic Boom ◽  
High Level

This paper analyzes the implementation of Fiscal Rules (FR) in Argentina. Several clear attempts to establish a FR at the national level are identified. The analysis suggests that the environment matters. The only FR that was binding in the period was approved in 2004 during an economic boom, with the country under a program with the IMF and with high political support. During the world financial crisis the expenditure ceilings were relaxed, however, and current primary expenditures soared. Simulations show that a countercyclical fund could have been implemented even after reducing highly distorting taxes at the federal and provincial levels, and at the same time securing a high level of capital expenditure as a share of GDP, had Argentina complied with the 2004 FR. Moreover, an econometric exploration of the link between flexible FRs and public investment finds that a flexible FR helps to mitigate the negative effects of fiscal consolidations on provincial public investment. Based on the previous analysis, guidelines for a proposal for a FR in Argentina are provided.

scholarly journals Public Investment and Fiscal Crisis in Brazil: Finding Culprits and Solutions

2021 ◽  
Author(s):  
Marco Bonomo ◽  
Claudio R. Frischtak ◽  
Paulo Ribeiro
Keyword(s):  
Narrative Analysis ◽  
Public Investment ◽  
National Level ◽  
Fiscal Crisis ◽  
Fiscal Rules ◽  
Steady Increase ◽  
Empirical Estimation ◽  
Fiscal Management ◽  
Fiscal Conditions ◽  
Effective Instrument

We investigate the relation between existing fiscal rules and investments in the context of a fiscal crisis in Brazil. We analyze existing fiscal rules at national and subnational levels, their enforcement, and proposed alternatives. Using narrative analysis, case studies, interviews, empirical estimation, and model simulations, we conclude that public investment is not closely related to fiscal rules in Brazil but is mainly determined by fiscal conditions both at national and subnational (state) levels. It is the steady increase of personnel expenditures in real terms that underlies the fiscal deterioration of the last decade, despite the existence of fiscal rules devised to prevent it. We argue that a constitutional rule limiting subnationals personnel expenditures to 50 percent of net revenues, triggering adjustment measures when reaching 47.5 percent, would be an effective instrument for subnational fiscal management, opening fiscal space for increasing investments. At the national level, despite the existence of several fiscal rules, the only effective fiscal anchor is the primary expenditure ceiling introduced in 2016, which has successfully curbed expenditures, including those of the judiciary and legislature.

scholarly journals Republic of Estonia

2019 ◽  
Vol 19 (152) ◽  
pp. 1
Author(s):  
Keyword(s):  
Capital Stock ◽  
Capital Expenditure ◽  
Public Investment ◽  
Public Capital ◽  
Medium Term ◽  
Advanced Country ◽  
General Government ◽  
Efficiency And Effectiveness ◽  
High Level ◽  
The Eu

Public investment is a priority spending area, and Estonia is seeking to strengthen the efficiency and effectiveness of its capital expenditure from an already high level. Estonia’s general government capital expenditure has been higher than that of its neighboring comparators,1 EU countries or the average advanced country, at usually well above 5 percent of GDP. It is planned to continue at that level in the medium-term despite an expected decline of external grants from the EU. Thus, the level of public capital stock has been increasing as well as closing a gap to the comparator countries.

Fiscal Rules and the Behavior of Public Investment in Costa Rica and Panama: Towards Growth-Friendly Fiscal Policy?

2021 ◽  
Author(s):  
Eliécer Arce ◽  
Edgar A. Robles
Keyword(s):  
Costa Rica ◽  
Financial Management ◽  
Capital Expenditure ◽  
Public Investment ◽  
Fiscal Rules ◽  
Public Financial Management ◽  
Rule Compliance ◽  
Pile Up ◽  
Fiscal Rule

This paper aims to provide evidence on the effects of fiscal rules on public investment, fiscal results and growth in Costa Rica and Panama. First, we find that the budget formulation process and the political economy behind the adoption and compliance of fiscal rules explain that Panama has a bias to create and sequentially pile up rules, while Costa Rica has a tendency not to comply with them. Second, a retrospective analysis of the 2018 fiscal rules in both nations finds asymmetric effects on the fiscal results. In Panama it is difficult to separate the effect of fiscal rule designs on public investment; and, in Costa Rica, the application of the fiscal rule will decrease public investment, if the debt to GDP ratio exceeds 60 percent and current expenditure crowds out capital expenditure. Two lessons emerge. First, an effective fiscal rule compliance requires time consistent institutions, solid monitoring, enforcement schemes and improving the quality of public financial management systems. Second, it is necessary to review the design of fiscal rules in both countries to ensure they are investment and growth friendly.

EUROPEAN FISCAL RULES AS A LIABILITY IN THE TRANSATLANTIC TRADE CONFLICT: LESSONS FROM NiGEM SIMULATIONS

2020 ◽  
Vol 254 ◽  
pp. R54-R66 ◽  
Author(s):  
Sebastian Dullien ◽  
Sabine Stephan ◽  
Thomas Theobald
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Fiscal Policy ◽  
Fiscal Rules ◽  
The European Union ◽  
Negative Effects ◽  
Transatlantic Trade ◽  
The Us ◽  
Trump Administration

Under the Trump administration, a transatlantic trade conflict has been escalating step by step. First, it was about tariffs on steel and aluminium, then about retaliation for the French digital tax, which is suspended until the end of the year. Most recently, the US administration threatened the European Union with tariffs on cars and car parts because of Canadian seafood being subject to lower import duties. As simulations with NiGEM show, a further escalation of the transatlantic trade conflict has the potential to slow down economic growth significantly in the countries involved. This is a considerable risk given the fact that the countries have to cope with the enormous negative effects of the pandemic shock. Furthermore, the damage caused by the trade conflict depends on the extent to which the affected countries use fiscal policy to stabilise their economies.

scholarly journals A Review of Mormon Studies in China

Religions ◽  
2021 ◽  
Vol 12 (6) ◽  
pp. 375
Author(s):  
Hongmeng Cheng
Keyword(s):  
Presidential Election ◽  
National Level ◽  
Chinese Government ◽  
Journal Articles ◽  
Internal Factors ◽  
History Of ◽  
Us Presidential Election ◽  
Chinese Scholars ◽  
Mitt Romney ◽  
High Level

Mormon studies in China began in the early 1990s and can be divided into three phases between the years of 2004 and 2017. The first Master’s and Doctoral theses on Mormonism were both published in 2004, and journal articles have also been increasing in frequency since then. The year of 2012 saw a peak, partly because Mormon Mitt Romney won the Republican nomination for the 2012 US presidential election. In 2017, a national-level project, Mormonism and its Bearings on Current Sino-US Relations, funded by the Chinese government, was launched. However, Mormon studies in China is thus far still in its infancy, with few institutions and a small number of scholars. Academic works are limited in number, and high-level achievements are very few. Among the published works, the study of the external factors of Mormonism is far more prevalent than research on its internal factors. Historical, sociological, and political approaches far exceed those of philosophy, theology, and history of thoughts. To Mormon studies, Chinese scholars can and should be making unique contributions, but the potential remains to be tapped.

Social capital and national innovation system: a cross-country analysis

2014 ◽  
Vol 21 (4) ◽  
pp. 453-475 ◽  
Author(s):  
Sepehr Ghazinoory ◽  
Ali Bitaab ◽  
Ardeshir Lohrasbi
Keyword(s):  
Social Capital ◽  
National Level ◽  
Innovation System ◽  
Negative Effects ◽  
Content Type ◽  
Research Findings ◽  
Different Dimensions ◽  
The Impact ◽  
Positive Effect

Purpose – In the last two decades, researchers have paid much attention to the role of cultural values on economic and social development. In particular, the crucial role of different aspects of culture on the development of innovation has been stressed in the literature. Consequently, it is vital to understand how social capital, as a core cultural value, affects the innovation process and the innovative performance at the national level. However, to date, the impact of different dimensions of social capital and innovation has not been properly portrayed or explained. Thus, the purpose of this paper is to investigate the influence of four different dimensions of social capital (institutional and interpersonal, associational life and norms) on two of the main functions of national innovation system (NIS) (entrepreneurship and knowledge creation) based on over 50,000 observations in 34 countries. Design/methodology/approach – In this regard, national-level data from the World Values Survey database was employed to quantify social capital. Entrepreneurship is, in turn, assumed to consist of three sub-indexes and 14 indicators based on the Global Entrepreneurship Index. Knowledge creation is also measured through US Patent Office applications. Also, exploratory factor analysis and structural equation modeling approach were used to build the measurement model and investigate the impact that each factor of social capital had on entrepreneurship and knowledge application, respectively. Measurement and structural models were built and their reliability and validity were tested using various fit indices. Research findings suggest the strong positive effect of institutional trust and networking on entrepreneurship. Also, interpersonal trust and networks were shown to have high influence on knowledge development at the national level. Norms appear to have naïve to medium negative effects on both functions. Findings – Research findings suggest the strong positive effect of institutional trust and networking on entrepreneurship. Also, interpersonal trust and networks were shown to have high influence on knowledge development at the national level. Norms appear to have naïve to medium negative effects on both functions. Originality/value – However, to date, the impact of different dimensions of social capital and innovation has not been properly portrayed or explained.

scholarly journals The molecular diversity of different isolates of Beauveria bassiana (Bals.) Vuill. as assessed using intermicrosatellites (ISSRs)

2007 ◽  
Vol 12 (2) ◽  
Author(s):  
M. Estrada ◽  
Manuel Camacho ◽  
César Benito
Keyword(s):  
Beauveria Bassiana ◽  
The Other ◽  
Caribbean Region ◽  
Pcr Markers ◽  
Issr Primer ◽  
Geographic Origins ◽  
The Caribbean ◽  
Beauveria Bassiana Isolates ◽  
High Level ◽  
Issr Pcr

AbstractInter-microsatellite PCR (ISSR-PCR) markers were used to identify and to examine the genetic diversity of eleven Beauveria bassiana isolates with different geographic origins. The variability and the phylogenetic relationships between the eleven strains were analyzed using 172 ISSR-PCR markers. A high level of polymorphism (near 80%) was found using these molecular markers. Seven different isolates showed exclusive bands, and ISSR primer 873 was able to distinguish between all the strains. The dendrogram obtained with these markers is robust and in agreement with the geographical origins of the strains. All the isolates from the Caribbean region were grouped together in a cluster, while the other isolates grouped in the other cluster. The similarity exhibited between the two clusters was less than 50%. This value of homology shows the high genetic variability detected between the isolates from the Caribbean region and the other isolates. ISSR-PCR markers provide a quick, reliable and highly informative system for DNA fingerprinting, and allowed the identification of the different B. bassiana isolates studied.

scholarly journals Burnout, resilience, and perception of mindfulness programmes among GP trainees: a mixed-methods study

BJGP Open ◽  
2020 ◽  
Vol 4 (3) ◽  
pp. bjgpopen20X101058
Author(s):  
Petra Hanson ◽  
Amy Clarke ◽  
Manuel Villarreal ◽  
Majid Khan ◽  
Jeremy Dale
Keyword(s):  
Mixed Methods ◽  
Focus Groups ◽  
Help Seeking ◽  
High Stress ◽  
Mixed Methods Study ◽  
Mindfulness Practice ◽  
Negative Effects ◽  
High Prevalence ◽  
High Level ◽  
And Coping

BackgroundTrainee GPs are at risk of developing burnout as a result of high stress levels. Improving resilience may prevent the negative effects of stress on wellbeing, morale, and patient care, thereby supporting recruitment to general practice.AimTo explore experiences of stress and burnout among GP trainees, and their level of interest in undertaking a mindfulness programme.Design & settingA qualitative study was performed with a cohort of GP trainees in Coventry and Warwickshire.MethodThis mixed-methods study utilised a survey with validated measures to investigate the prevalence of burnout, state of wellbeing, and resilience in GP trainees. Focus groups were also used to explore experiences of stress and burnout, and perceptions of mindfulness practice.ResultsIn total, 47 (response rate 39%) trainees completed the survey and 14 participated in focus groups. There was a high prevalence of disengagement (n = 36; 80%) and emotional exhaustion (n = 35; 77%), with 29 (64%) scoring above the cut-off value for both. While 16 (34%) reported already practising mindfulness, 39 (83%) described interest in engaging in mindfulness practice. The focus groups identified a range of issues relating to how trainees recognise stress and burnout, their help-seeking and coping strategies, the perceived barriers to practising self-care, and motivations for participating in mindfulness training.ConclusionThis study confirms the degree of stress and burnout that GP trainees experience, and their desire for greater wellbeing and resilience support. It identified a high level of interest in attending a mindfulness programme, but also barriers to engagement. Results of this research shaped the Mindful Practice Curriculum programme, which was later provided to this cohort of trainees.

scholarly journals Sports-Teachers’ Coaching Style, Behavior, Competency and Student-Athletes Performance in Sports

KINESTETIK ◽  
2021 ◽  
Vol 5 (1) ◽  
pp. 9-16
Author(s):  
Rayvin Domingo Pestano
Keyword(s):  
Student Athletes ◽  
National Level ◽  
Competition Strategy ◽  
Guided Discovery ◽  
Coaching Styles ◽  
Coaching Behavior ◽  
Character Building ◽  
Main Instrument ◽  
High Level ◽  
Coaching Style

Student-athletes’ performance in sports can be influenced by a lot of factors. The coaching style, behavior, and competency of coaches are critical to the development of athletic talent. Thus, this research examined the relationship that existed between coaching style, behavior, competency of coaches, and student-athletes’ performance in sports. Furthermore, predictors of student-athletes’ performance were also explored. Using descriptive correlational research design, quantitative data were gathered using a questionnaire as the main instrument. The study enlisted a total of 59 purposively selected sport-teachers assigned to coach student-athletes. Results of the study revealed that command style, reciprocal style, problem-solving style, and guided discovery style were the coaching styles highly practiced by the respondents. Coaching behavior such as physical training and planning, technical skill, mental preparation, competition strategy, personal rapport, and negative personal rapport was the coaching behavior that is highly applied by the respondents. Coaching competence like motivation, game strategy, character building, and technique were found to be very high. On the other hand, student-athletes performance in sports in the division level was found to be satisfactory, while it is unsatisfactory in regional and national level. Guided discovery coaching style, competition strategy competency, and motivation competency were found to have a moderate significant relationship with student-athletes performance. Competition strategy competency was found to be a predictor of student-athletes performance. Therefore, it is highly recommended that coaches must consistently sustain their high level of competence in this area.

scholarly journals Do FDI and Public Investment Crowd in/out Domestic Private Investment in the SADC Region

2021 ◽  
Vol 19 (1) ◽  
pp. 3-25
Author(s):  
Eslon Ngeendepi ◽  
Andrew Phiri
Keyword(s):  
Capital Expenditure ◽  
Public Investment ◽  
Trade Openness ◽  
Government Expenditure ◽  
Private Investment ◽  
Policy Implications ◽  
Domestic Investment ◽  
Government Investment ◽  
Long Run ◽  
Short Run

Our study examines the crowding-in/out effect of foreign direct investment and government expenditure on private domestic investment for 15 members of the Southern African Development Community (SADC) for the period 1991–2019. The study employed the panel Pool Mean Group (PMG)/ARDL technique in estimating the short-run and long-run cointegration relationships between FDI, government capital expenditure and domestic private investment and adds three more variables for control purposes (interest rate, GDP growth rate and trade openness). For the full sample, FDI crowds-in domestic investment whilst government crowds-out domestic investment. However, in performing a sensitivity analysis, in which the sample was segregated into low and high income economies, both FDI and government investment crowd-in domestic investment whilst government expenditure crowds-out domestic investment in lower income SADC countries with no effect of FDI on domestic investment. Policy implications are discussed.

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