Towards Price Stability in Tanzania During Economic Reforms: Does Fiscal Discipline Matter?

2012 ◽  
Author(s):  
Michael O. A. Ndanshau ◽  
Flaviana P. Nyasebwa
Keyword(s):  
Economic Reforms ◽  
Price Stability ◽  
Fiscal Discipline

scholarly journals CONSIDERACIONES SOBRE POLÍTICA FISCAL Y EXPECTATIVAS DE INFLACIÓN EN MÉXICO

2020 ◽  
Vol 79 (312) ◽  
pp. 63
Author(s):  
Bernabé López Martín ◽  
Alberto Ramírez de Aguilar ◽  
Daniel Sámano Peñaloza
Keyword(s):  
Exchange Rate ◽  
Fiscal Policy ◽  
Risk Premium ◽  
Nominal Exchange Rate ◽  
Price Stability ◽  
Inflation Expectations ◽  
Historical Evolution ◽  
Sovereign Risk ◽  
Fiscal Discipline ◽  
Fiscal Deficits

<p>Este documento estima para México el modelo de Sargent, Williams y Zha (2009) en el cual la inflación se determina a partir de déficits fiscales financiados mediante expansiones monetarias, así como por las expectativas de inflación. La estimación del modelo sugiere que la evolución histórica de los déficits fiscales es clave para explicar la dinámica de la inflación en México. Hasta antes de la autonomía del Banco de México en abril de 1994, el modelo sugiere que la monetización de estos déficits habría determinado la dinámica de la inflación en México. Posteriormente, se encuentra evidencia que sugiere la presencia de canales indirectos a través de los cuales los déficits fiscales vía ajustes en la prima por riesgo soberano y en el tipo de cambio nominal aún han tenido cierto impacto sobre las expectativas de inflación. Esto último resalta la importancia de la disciplina fiscal, en adición a la autonomía del Banco Central, para preservar un entorno de estabilidad de precios.</p><p><strong> </strong></p><p align="center">CONSIDERATIONS REGARDING FISCAL POLICY AND INFLATION EXPECTATIONS IN MEXICO</p><p align="center"><strong>ABSTRACT</strong><strong></strong></p>This document estimates the model of Sargent, Williams y Zha (2009) in which inflation is determined by fiscal deficits financed through monetary expansions as well as inflation expectations. The estimation of the model suggests that the historical evolution of fiscal deficits is key to explaining the dynamics of inflation in our country. Before the autonomy of the Bank of Mexico in April 1994, the model suggests that the monetization of these deficits would have determined the dynamics of inflation in Mexico. Subsequently, evidence is found that suggests the presence of indirect channels through which fiscal deficits via adjustments in the sovereign risk premium and in the nominal exchange rate have still had some impact on inflation expectations. The latter highlights the importance of fiscal discipline, in addition to the autonomy of the Central Bank, to preserve an environment of price stability.<p> </p>

Analysis of tax-spend nexus for Russian regional budgets

2020 ◽  
pp. 5-29
Author(s):  
Evsey T. Gurvich ◽  
Natalia A. Krasnopeeva
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Causal Relationship ◽  
National Economy ◽  
Federal Budget ◽  
Fiscal Rules ◽  
Fiscal Discipline ◽  
Federal Level ◽  
Regional Budgets ◽  
Econometric Technique

We study the tax-spend nexus for Russian regional budgets. Causal relationship running from taxing to spending is found, thus supporting the concept “tax and spend” suggested by M. Friedman. Next, elasticity of expenditure by revenue is estimated for a panel of 80 regional budgets basing on data for 2000—2017. Estimates are in the range of 0.72 to 0.78 (depending on the econometric technique), which exceeds elasticity for the federal budget more than twice. This evidences that fiscal policy at the sub-federal (as distinct from the federal) level has clear pro-cyclical nature. Besides, the largest sensitivity of expenditure to revenue shocks is found for the item “national economy”, implying marked adverse implications for economic growth. We suggest to mitigate this effect by modifying fiscal rules for sub-federal budgets. They are currently aimed primarily at enhancing fiscal discipline, with less emphasis on countercyclical policy, insulating economy from fiscal shocks.

Positive Reintegration as a Way of Small and Medium-Sized Business Development

2012 ◽  
pp. 83-88
Author(s):  
A. Zolotov ◽  
M. Mukhanov
Keyword(s):  
Policy Implementation ◽  
Policy Making ◽  
Economic Reforms ◽  
Alternative Possibility ◽  
New Approach ◽  
Compensation Mechanisms ◽  
Policy Making Process ◽  
Monitoring And Enforcement ◽  
The Subject ◽  
Modernization Process

А new approach to policy-making in the field of economic reforms in modernizing countries (on the sample of SME promotion) is the subject of this article. Based on summarizing the ten-year experience of de-bureaucratization policy implementation to reduce the administrative pressure on SME, the conclusion of its insufficient efficiency and sustainability is made. The alternative possibility is the positive reintegration approach, which provides multiparty policy-making process, special compensation mechanisms for the losing sides, monitoring and enforcement operations. In conclusion matching between positive reintegration principles and socio-cultural factors inherent in modernization process is provided.

Institutionalism: Theory, Decision-making Basis, Method of Criticism

2009 ◽  
pp. 110-124 ◽  
Author(s):  
A. Moskovsky
Keyword(s):  
Decision Making ◽  
Institutional Economics ◽  
Economic Reforms ◽  
The State ◽  
Economic Approach ◽  
Main Attention ◽  
Technological Imperative ◽  
Logical Inconsistency ◽  
Basis Method

The author analyzes the state of institutional economics in contemporary Russia. It is characterized by arbitrary confusion of the ideas of «old», «new» and «mathematical» versions of institutionalism which results in logical inconsistency and even eclectics to be observed in the literature. The new and mathematical versions of institutionalism are shown to be based on legal, political and mathematical determinism tightly connected with the so-called «economic approach» (G. Becker). The main attention is paid to the discussion of theoretical and practical potential of the contemporary classical («old») institutionalism. The author focuses on its philosophical grounds and its technological imperative, the institution of science, the method of criticism, the opportunity of using classical institutionalist ideas as the ideology of economic reforms in Russia.

Moving Figures

2018 ◽  
Author(s):  
Corey Kai Nelson Schultz
Keyword(s):  
Social Change ◽  
Historical Context ◽  
Emotional Responses ◽  
Economic Reforms ◽  
The Past ◽  
Sixth Generation ◽  
Economic Transformations ◽  
Structures Of Feeling ◽  
Raymond Williams

This book examines how the films of the Chinese Sixth Generation filmmaker Jia Zhangke evoke the affective “felt” experience of China’s contemporary social and economic transformations, by examining the class figures of worker, peasant, soldier, intellectual, and entrepreneur that are found in the films. Each chapter analyzes a figure’s socio-historical context, its filmic representation, and its recurring cinematic tropes in order to understand how they create what Raymond Williams calls “structures of feeling” – feelings that concretize around particular times, places, generations, and classes that are captured and evoked in art – and charts how this felt experience has changed over the past forty years of China’s economic reforms. The book argues that that Jia’s cinema should be understood not just as narratives that represent Chinese social change, but also as an effort to engage the audience’s emotional responses during this period of China’s massive and fast-paced transformation.

Intellectual Responses to China's Economic Reforms

Asian Survey ◽  
1988 ◽  
Vol 28 (5) ◽  
pp. 541-554 ◽  
Author(s):  
L. Huan-Ming Ling
Keyword(s):  
Economic Reforms

The Limits of Economic Nationalism in India: Economic Reforms under the BJP-Led Government, 1998-1999

Asian Survey ◽  
2000 ◽  
Vol 40 (5) ◽  
pp. 792-815 ◽  
Author(s):  
Baldev Raj Nayar
Keyword(s):  
Economic Reforms ◽  
Economic Nationalism

Recent Economic Reforms in China and India

Asian Survey ◽  
1995 ◽  
Vol 35 (6) ◽  
pp. 555-572 ◽  
Author(s):  
A. S. Bhalla
Keyword(s):  
Economic Reforms ◽  
China And India

The long-run stability of a small, open economy under crawling peg regime

2002 ◽  
Vol 52 (1) ◽  
pp. 57-78
Author(s):  
S. Çiftçioğlu
Keyword(s):  
Exchange Rate ◽  
Open Economy ◽  
Risk Premium ◽  
Small Open Economy ◽  
Exchange Rate Policy ◽  
Price Stability ◽  
Output Stability ◽  
Long Run ◽  
The Exchange Rate ◽  
The Impact

The paper analyses the long-run (steady-state) output and price stability of a small, open economy which adopts a “crawling-peg” type of exchange-rate regime in the presence of various kinds of random shocks. Analytical and simulation results suggest that with the exception of money demand shocks, an exchange rate policy which involves a relatively higher rate of indexation of the exchange rate to price level is likely to lead to the worsening of price stability for all types of shocks. On the other hand, the impact of adopting such a policy on output stability depends on the type of the shock; for policy shocks to the exchange rate and shocks to output demand, output stability is worsened whereas for the shocks to risk premium of domestic assets, supply price of domestic output and the wage rate, better output stability is achieved in the long run.

Potentials for demographic dividend and rapid economic growth in Mali: What policy scenario would yield the greatest dividend?

2018 ◽  
Vol 15 (1) ◽  
pp. 7-15
Author(s):  
Clifford O. Odimegwu ◽  
Emmanuel O. Olamijuwon
Keyword(s):  
Family Planning ◽  
Economic Reforms ◽  
High Fertility ◽  
Economic Policies ◽  
Access To Education ◽  
Demographic Dividend ◽  
Policy Scenario ◽  
Rapid Economic Growth ◽  
Per Capita ◽  
The Cost

Abstract The demographic changes occurring in Mali, evident in high fertility but declining mortality rates have raised optimism about the prospects of reaping demographic dividend. However, it remains unclear how soon and what policy scenario would yield the largest demographic dividend in the country. We used a demographic-economic model “DemDiv” to assess the prospects of reaping a demographic dividend in Mali by 2050. We illuminate this further by examining the cost and implications of different combination of education, family planning and economic policies. The results show that by increasing access to education, family planning services coupled with strong economic reforms, Mali’s GDP per capita will be $27,044 by 2050. This high per capita GDP is almost thrice the benefit of prioritising only economic reforms. Mali would also have a GDP of $977 billion. These findings highlight the need for sound demographic and market-oriented economic policies for Mali to reap a large demographic dividend by 2050.

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