scholarly journals Incentive Effects of Fiscal Rules on the Finance Minister's Behaviour: Evidence from Revenue Projections in Swiss Cantons

2015 ◽  
Author(s):  
Florian Chatagny
Keyword(s):  
Fiscal Rules ◽  
Incentive Effects ◽  
Swiss Cantons ◽  
Revenue Projections

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.

Fiscal rules: Excessive limitation or indispensable instrument of fiscal sustainability?

2016 ◽  
pp. 5-29 ◽  
Author(s):  
E. Gurvich ◽  
I. Sokolov
Keyword(s):  
Historical Data ◽  
Federal Budget ◽  
Fiscal Sustainability ◽  
Fiscal Rules ◽  
External Shocks ◽  
Base Price ◽  
Depth Analysis ◽  
Fiscal Balance ◽  
Lower Size ◽  
Budget Expenditure

In-depth analysis of international and Russia’s experiences with implementing fiscal rules is presented. Theoretical and empirical evidences are suggested in favor of retaining the present fiscal rules with some modifications aimed at ensuring: a) a relatively stable level of federal budget expenditure with guaranteed full execution of all commitments; b) countercyclical fiscal policy, based on flexibleand proper reaction to revenue changes; and c) robustness of fiscal rules to internal and external shocks. The main new features suggested include modified calculation of the oil base price, different measurement of cyclical fiscal revenues, lower size of structural fiscal balance, and thorough specification of sources for each item of the balance. The modified rules envisage increased flexibility by relaxing to a pre-set extent and for a pre-set time spending limits in response to extreme shocks. The suggested version of fiscal rules has been tested by application to historical data for 2005-2015, and macro projections for 2015-2025.

The Value and Incentive Effects of Nontraditional Executive Stock Option Plans

CFA Digest ◽  
2001 ◽  
Vol 31 (1) ◽  
pp. 92-93
Author(s):  
Stephen M. Horan
Keyword(s):  
Stock Option ◽  
Executive Stock Option ◽  
Incentive Effects

Managerial Promotions: The Determinants and Incentive Effects

2008 ◽  
Author(s):  
Rujing Meng ◽  
Xianming Zhou
Keyword(s):  
Incentive Effects

Short Term Incentive Effects of a Reduction in the NOL Carryback Period

2010 ◽  
Author(s):  
Susan M. Albring ◽  
Dan S. Dhaliwal ◽  
Inder K. Khurana ◽  
Raynolde Pereira
Keyword(s):  
Short Term ◽  
Incentive Effects

Time is (Not) Money - Incentive Effects of Granting Leisure Time

2017 ◽  
Author(s):  
Timo Vogelsang
Keyword(s):  
Leisure Time ◽  
Incentive Effects
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