scholarly journals Public Finance Sustainability in Romania - Challenges and Vulnerabilities

2018 ◽  
Author(s):  
Ionel Bostan ◽  
Camen Toderascu ◽  
Anca Florentina Gavriluta
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Scenario Analysis ◽  
Unit Root ◽  
Financial System ◽  
Formal Proof ◽  
Policy Makers ◽  
Alternative Hypotheses ◽  
Empirical Tests ◽  
The Way

Given the contradiction between the current demands for sustainability and the way the financial system works, this paper explores in a retrospective and a prospective view the Romanian Public Finance Sustainability, highlighting the major challenges and vulnerabilities. For the retrospective part, we concentrate mainly on empirical tests on Romanian government solvency between the period 1986- 2016, by applying unit root and co-integration tests. To gain a better, general understanding of the behavior of policy-makers, in the second part we use a scenario analysis of budgetary adjustment in the short and medium run under alternative hypotheses. The results provide a formal proof that policy makers decisions face critical and complex questions and the way in which they manage fiscal stimuli have a direct implication on the sustainability of the country and on the lax implementation of fiscal policy.

scholarly journals Challenges and Vulnerabilities on Public Finance Sustainability. A Romanian Case Study

2018 ◽  
Vol 11 (3) ◽  
pp. 55 ◽  
Author(s):  
Ionel Bostan ◽  
Carmen Toderașcu ◽  
Anca Gavriluţă (Vatamanu)
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Scenario Analysis ◽  
Financial System ◽  
Formal Proof ◽  
Policy Makers ◽  
Alternative Hypotheses ◽  
Empirical Tests ◽  
The Way

Given the contradiction between the current demands for sustainability and the way that the financial system works, this paper explored in a retrospective and a prospective view, Romanian Public Finance Sustainability, highlighting the major challenges and vulnerabilities. Relating to the retrospective part, we concentrated mainly on empirical tests on Romanian government solvency between the period 1990–2020, by applying un it root and co-integration tests. To gain a better, general understanding of the behavior of policy-makers, in the second part we used a scenario analysis of budgetary adjustment in the short and medium run under alternative hypotheses. The results provided formal proof that policy makers decisions face critical and complex questions, and the way in which they manage fiscal stimuli has a direct implication on the sustainability of the country and on the lax implementation of fiscal policy.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

Dirk J. Wolfson. Public Finance and development Strategy. Baltimore: The Johns Hopkins University Press. 1979. Pp. xiv+264.

1982 ◽  
Vol 21 (3) ◽  
pp. 255-257
Author(s):  
Zafar Mahmood
Keyword(s):  
Public Finance ◽  
Economic Policy ◽  
Public Administration ◽  
Development Strategy ◽  
Executive Branch ◽  
Policy Makers ◽  
Use Of Resources ◽  
Johns Hopkins University ◽  
The World ◽  
Economic Council

The world in its politico-economic aspects is run by policy-makers who have an academic background in law or public administration or other related social disciplines including economics. Only rarely would a majority of the policy-makers be trained in economics. In the making of economic policy, the basic choices before the policy-makers are political and they transcend the narrow concerns of economists regarding optimal use of resources. These considerations in no way downgrade the relevance of economic analysis in economic policy-making and for the training of policy-maker in economics. Policy-makers need economic council to understand fully the implications of alternative policy options. In this book, Wolfson attempts to educate policy-makers in the areas of public finance and development strategy. The analysis avoids technicalities and is kept to a simple level to make it understandable to civil servants, law-makers and members of the executive branch whom Wolfson refers to as policy-makers. Simplicity of analysis is not the only distinguishing mark of this book. Most other books on public finance are usually addressed to traditional public finance issues relating to both the revenue and expenditure sides of the budget and neglect an overall mix of issues dealing with the interaction of fiscal policy with economic development. Wolfson in this book explicitly deals with these issues.

Corruption and Political Order

2018 ◽  
Author(s):  
Hazel Gray
Keyword(s):  
Public Finance ◽  
Local Level ◽  
Economic Transformation ◽  
Political Order ◽  
Capital Flight ◽  
The Political ◽  
Political Actors ◽  
The Impact ◽  
Political Settlement ◽  
The Way

This chapter contrasts the way that the political settlement in both countries shaped the pattern of redistribution, reform, and corruption within public finance and the implications that this had for economic transformation. Differences in the impact of corruption on economic transformation can be explained by the way that their political settlements generated distinct patterns of competition and collaboration between economic and political actors. In Vietnam corrupt activities led to investments that were frequently not productive; however, the greater financial discipline imposed by lower-level organizations led to a higher degree of investment overall in Vietnam that supported a more rapid economic transformation under liberalization than in Tanzania. Individuals or small factional networks within the VCP at the local level were, therefore, probably less able to engage in forms of corruption that simply led to capital flight as happened in Tanzania, where local level organizations were significantly weaker.

scholarly journals The Fragmentation of Global Governance Architectures: A Framework for Analysis

2009 ◽  
Vol 9 (4) ◽  
pp. 14-40 ◽  
Author(s):  
Frank Biermann ◽  
Philipp Pattberg ◽  
Harro van Asselt ◽  
Fariborz Zelli
Keyword(s):  
Global Governance ◽  
Empirical Studies ◽  
World Politics ◽  
Private Institutions ◽  
Public And Private ◽  
Policy Makers ◽  
Advantages And Disadvantages ◽  
Governance Challenges ◽  
Alternative Hypotheses ◽  
Governance Architecture

Most research on global governance has focused either on theoretical accounts of the overall phenomenon or on empirical studies of distinct institutions that serve to solve particular governance challenges. In this article we analyze instead “governance architectures,” defined as the overarching system of public and private institutions, principles, norms, regulations, decision-making procedures and organizations that are valid or active in a given issue area of world politics. We focus on one aspect that is turning into a major source of concern for scholars and policy-makers alike: the “fragmentation” of governance architectures in important policy domains. The article offers a typology of different degrees of fragmentation, which we describe as synergistic, cooperative, and conflictive fragmentation. We then systematically assess alternative hypotheses over the relative advantages and disadvantages of different degrees of fragmentation. We argue that moderate degrees of fragmentation may entail both significant costs and benefits, while higher degrees of fragmentation are likely to decrease the overall performance of a governance architecture. The article concludes with policy options on how high degrees of fragmentation could be reduced. Fragmentation is prevalent in particular in the current governance of climate change, which we have hence chosen as illustration for our discussion.

The Impact of Nonpartisan Fiscal Institutions on Budgetary Delay

2020 ◽  
Vol 52 (3) ◽  
pp. 173-183
Author(s):  
Colin Emrich
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Fiscal Institutions ◽  
Governmental Institutions ◽  
The Impact ◽  
The Relationship

Can the design of governmental institutions promote timely governance? This article investigates this question by examining the relationship between the design of fiscal institutions and budgetary delays across the fifty states. These budgetary offices are created by lawmakers to advance sound fiscal policy and sustainable public finance. This article argues that the unbiased information provided by nonpartisan budget offices minimize the likelihood of budgetary delay as well as lessen how long budgetary stalemate persists when a delay occurs. The findings suggest that nonpartisan fiscal institutions do not prevent budgetary delay but substantially reduce the duration of budgetary gridlock.

FINANCIAL SYSTEM RISKS

2021 ◽  
pp. 13-21
Author(s):  
S. E. Demidova ◽  
Keyword(s):  
Public Finance ◽  
Social Economic ◽  
Financial System ◽  
System Stability ◽  
Theoretical Research ◽  
Financial Risks ◽  
The Public ◽  
Systemic Risks ◽  
The Social ◽  
The Impact

Government interference in the social-economic processes through the implementation of anti-crisis measures and fiscal expansion holds the embodiment of financial risks for economic entities. As a result, government debt and budget gaps at the continuing drop of real disposable household income and companies’ profitability grow. Over a long-term horizon, the decisions made can cause a financial system misbalance and new risk generation, including systemic risks in the sphere of public finance. The author carries out the theoretical research of financial system risks, which can result in a decrease in the system stability in general. The study determines that there is no single theoretical concept of financial risks of the public sector. Within the research, the author analyzed the approaches to systemic risks in various economic sectors and decomposed systemic risk of the public finance sphere. The study specified global factors of influence on the financial system stability, determined the impact factors and common fiscal limitations considering the needs in the execution of state obligations. The pandemic factor – COVID-19 spread is highlighted as an exogenous factor of impact on the formation of financial system misbalances. The main threat to the financial system stability considered in terms of the functional-institutional approach is the deficiency of economic entities’ liquidity. Unprecedented budgetary measures of anti-crisis financial regulation, the deferred impact – tax preferences, and monetary measures had an immediate influence on the liquidity volume during the implementation of anti-COVID activities. Tools of budgetary monitoring, budget expenditures reviews, tax expenditures reviews, and budget consolidation ensure the budget mechanism flexibility. Factors producing financial system risks and the selected measures of state regulation will set the trends for the social-economic development of the country in the coming years.

Managing the Risk of Crisis in Public Finance in Asia: a Pre-study on the Fiscal Mentality of Imperial China and its Surrounding Countries

2021 ◽  
pp. 90-100
Author(s):  
Yuan-Chun Lan ◽  
Norio Sasaki
Keyword(s):  
Public Finance ◽  
Financial Crisis ◽  
Government Intervention ◽  
Financial System ◽  
Cultural Background ◽  
Social Crisis ◽  
Imperial China ◽  
Per Se ◽  
Historical Accounts

A financial crisis can somehow imply an aspect of social crisis but a social crisis usually reflects the crisis of the society per se, and therefore the historical and cultural background as well as the legal and financial system therefrom. In the case of Asia, the context should add another storyline of the reception and integration of western ideas, including, inter alia, justification of taxation and its implication on government intervention. This paper examines such elements in the form of dialogue with historical accounts of traditional Chinese thoughts.

Essays in Public Finance and Fiscal Policy

1956 ◽  
Vol 23 (1) ◽  
pp. 98
Author(s):  
A. Morgner ◽  
Gerhard Colm
Keyword(s):  
Public Finance ◽  
Fiscal Policy
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