scholarly journals Do Financial Arrangement of the International Monetary Fund Has Impact on the Reduction of Government Spending, Evidence through Political Fiscal Cycles, the Case of Croatia

2018 ◽  
Vol 4 (2) ◽  
pp. 143
Author(s):  
Ivana Rukavina
Keyword(s):  
Fiscal Policy ◽  
Government Spending ◽  
The Other ◽  
Contractual Obligation ◽  
Contractual Arrangements ◽  
The Government ◽  
The International Monetary Fund ◽  
Contractual Agreement ◽  
The Imf

<p><em>This paper examines the regulatory role of the IMF on government spending through political fiscal cycles. According to theoretical views, the fiscal policy in the pre-election period reflects an increase in government spending or budget expenditures; in postelection period, it takes a restrictive course by reducing spending. In the presence of a contractual agreement with the IMF, the theory points to limiting and reducing the magnitude of government spending in the pre-election period. According to the research results in Croatia, there is an increase in government spending in the election quarter, and its decrease in the quarter after the election. On the other hand, the contractual arrangements with the IMF show significant reductions in government spending. When a country is under a contractual obligation with the IMF, it reduced the government spending in the pre-election period in relation to the period when it is not under a contractual obligation.</em></p>

scholarly journals Assessing the Role of Sentiment in the Propagation of Fiscal Stimulus

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Bijie Jia ◽  
Hyeongwoo Kim ◽  
Shuwei Zhang
Keyword(s):  
Fiscal Policy ◽  
Government Spending ◽  
Fiscal Stimulus ◽  
Vector Autoregressive ◽  
Private Activity ◽  
State Dependent ◽  
Private Spending ◽  
The Government ◽  
Post War

Abstract This paper studies the dynamic effects of the fiscal policy shock on private activity using an array of vector autoregressive models for the post-war U.S. data. We are particularly interested in the role of consumer sentiment in the transmission of fiscal stimulus. Our major findings are as follows. Private spending fails to rise persistently in response to government spending shocks, while they exhibit persistent and significant increases when the sentiment shock occurs. Employing not only linear but also nonlinear state-dependent VAR model estimations, we show that the government spending shock generates consumer pessimism in all phases of business cycle resulting in subsequent decreases in private activity, which ultimately weakens the effectiveness of the fiscal policy. Our counterfactual simulation exercises confirm the important role of sentiment in propagating fiscal stimulus to private spending.

scholarly journals What Is Orientation in Dignitarian Thinking? Self, Other, Time and Space

2020 ◽  
pp. 174387212098228
Author(s):  
Stephen Riley
Keyword(s):  
The Self ◽  
The Other ◽  
Core Area ◽  
Methodological Challenge ◽  
Time And Space ◽  
Normative Discourse ◽  
The Government

Drawing upon Kant’s analysis of the role of intuitions in our orientation towards knowledge, this paper analyses four points of departure in thinking about dignity: self, other, time and space. Each reveals a core area of normative discourse – authenticity in the self, respect for the other, progress through time and authority as the government of space – along with related grounds of resistance to dignity. The paper concludes with a discussion of the methodological challenge presented by our different dignitarian intuitions, in particular the role of universality in testing and cohering our intuitions.

scholarly journals Economic policy and confidence of economic agents – a causal relationship?

2020 ◽  
Vol 20 (4) ◽  
pp. 471-484
Author(s):  
Silvo Dajčman
Keyword(s):  
Fiscal Policy ◽  
Granger Causality ◽  
Government Spending ◽  
Government Expenditure ◽  
Policy Instruments ◽  
Consumer Confidence ◽  
Causality Analysis ◽  
Economic Agents ◽  
Business Confidence ◽  
The Government

AbstractThe purpose of this paper is to study whether innovations in monetary and fiscal policy are a leading indicator of future business and consumer confidence and reverse applying the panel Granger causality analysis to two periods in the history of the euro area: before and after the start of the Great Recession. The results show that Granger causality interaction between the confidence of economic agents and the stance of monetary policy (measured by the shadow rate) is stronger than between the former and the fiscal policy instruments. The European Central Bank (ECB) shadow rate innovations Granger caused business and consumer confidence in both periods, but also indicators of confidence Granger caused the shadow rate. No such feedback could be established between two fiscal policy instruments (government expenditure and revenue growth) and the indicators of confidence. Government spending and revenues Granger caused business confidence in the first subperiod, but not in the second subperiod when the causality reversed. The government revenues Granger caused consumer confidence in the first subperiod, while government expenditures in the second subperiod. Consumer confidence Granger caused government spending in the first subperiod.

scholarly journals Utjecaj proračunskog zakona na upravljanje državom u uvjetima razvoja digitalnog gospodarstva

2019 ◽  
Vol 52 (1-2) ◽  
pp. 17-27
Author(s):  
Imeda Tsindeliani ◽  
Olga Gorbunova ◽  
Elena Matyanova ◽  
Kirill Pisenko ◽  
Oksana Palozyan ◽  
...  
Keyword(s):  
Economic Development ◽  
Fiscal Policy ◽  
Network Management ◽  
Management Model ◽  
Budget Control ◽  
Socio Economic Development ◽  
The Government ◽  
Role Of The Government ◽  
Rule Making

The subjects of this study are the effectiveness of budget innovations in the field budgetary rule making and the role of the government in shaping fiscal policy in a digital economy. The article makes a case for new approaches to budget formation, for the enhanced use of budgetary levers to boost socio-economic development in the context of global digitalization. In order to make the influence of social informatization on economic development more effective, the economy has to move to a flat (network) management model. The problems of budget control are analyzed

How Effective Is Resource Stabilization Fund in a Mono-product Economy?

2018 ◽  
Vol 19 (4) ◽  
pp. 842-858 ◽  
Author(s):  
Olusegun Felix Ayadi ◽  
Ladelle M. Hyman ◽  
Johnnie Williams ◽  
Bettye Desselle
Keyword(s):  
Government Spending ◽  
Positive Impact ◽  
Government Expenditure ◽  
Model Framework ◽  
Fiscal Management ◽  
Crude Oil Prices ◽  
Boom And Bust ◽  
Fiscal Balance ◽  
The Government

In managing a mono-product economy, the Nigerian government expenditure patterns follow revenue patterns in cycles of boom and bust in crude oil prices. Thus, fiscal policy becomes procyclical, which is an indicator of poor fiscal management. To arrest this situation, the government established a stabilization fund in 2004. The objective of this article is to provide a better understanding of the role of a stabilization fund in the fiscal management of the Nigerian economy. This is done using an econometric model framework that explains both government spending and fiscal balance as a share of GDP while controlling for a set of economic and demographic variables. The results indicate that the establishment of a stabilization fund has no moderating effect on government spending behaviour. Moreover, the evidence shows that the stabilization fund has a positive impact on fiscal balance during the sample period.

Parties and Issues in Early Victorian England

1966 ◽  
Vol 5 (2) ◽  
pp. 95-114 ◽  
Author(s):  
William O. Aydelotte
Keyword(s):  
Nineteenth Century ◽  
Political History ◽  
The Other ◽  
House Of Commons ◽  
Victorian England ◽  
Parliamentary Reform ◽  
History Of ◽  
The Government ◽  
Political Oratory

It has never been established how far, in the early Victorian House of Commons, voting on issues followed party lines. It might in general seem plausible to assume — what political oratory generally contrives to suggest — that there are ideological disagreements between parties and that it makes a difference which of two major opposing parties is in control of the Government. This is, indeed, the line taken by some students of politics. A number of historians and political observers have, however, inclined to the contrary opinion and have, for various reasons, tended to play down the role of issues in party disputes. Much of what has been written on political history and, in particular, on the history of Parliament has had a distinct anti-ideological flavor.One line of argument is that issues on which disagreement exists are not always party questions. Robert Trelford McKenzie begins his study of British parties by pointing out that Parliament just before 1830 was “divided on a great issue of principle, namely Catholic emancipation,” and just after 1830, on another, parliamentary reform. He continues: “But on neither issue was there a clear division along strict party lines.” The distinguished administration of Sir Robert Peel in the 1840s was based, according to Norman Gash, on a party “deeply divided both on policy and personalities.” The other side of the House at that time is usually thought to have been even more disunited. It has even been suggested that, in the confused politics of the mid-nineteenth century, the wordsconservativeandradicaleach meant so many different things that they cannot be defined in terms of programs and objectives and that these polarities may more usefully be considered in terms of tempers and approaches.

Fiscal Policy and Government Spending

2010 ◽  
Vol 214 ◽  
pp. F61-F66 ◽  
Author(s):  
Ray Barrell ◽  
Simon Kirby
Keyword(s):  
Fiscal Policy ◽  
Government Spending ◽  
Future Generations ◽  
Coalition Government ◽  
The Third ◽  
Long Run ◽  
Full Capacity ◽  
Government Deficit ◽  
The Government ◽  
The Cost

In June the Coalition Government produced a budget that aimed to reduce the government deficit quickly. The plan was based mainly on cuts in current expenditure and reductions in transfers to individuals. There are four possible reasons for reducing the deficit, and all have been used to justify the policy. The first reason might be that the cost of borrowing is currently too high, and the second could be that if deficits persist the markets could lose confidence and the cost of borrowing would rise. The third reason might be that we have to reduce the debt stock in order that we prepare for the next crisis, whilst the fourth, and perhaps most persuasive in the long run, is that it is unfair to borrow so much and therefore reduce the consumption of future generations. If either of the first two had merit there would be a case for swift consolidation, whilst if the third or fourth predominate, we should not be in any rush to act until output is nearer full capacity.

ASSESSING THE ROLE OF AUTONOMOUS TEACHERS’ TRADE UNIONS IN ANGLOPHONE CAMEROON, 1959–1972

2006 ◽  
Vol 47 (3) ◽  
pp. 415-436
Author(s):  
PIET KONINGS
Keyword(s):  
Trade Union ◽  
Trade Unions ◽  
Substantial Improvement ◽  
The Other ◽  
Educational Reforms ◽  
Political Roles ◽  
The Government ◽  
Constant Source

In the literature on African trade unions during decolonization and in the immediate post-independence period, two schools of thought can be distinguished: one is pessimistic about the unions' economic and political roles, and the other is optimistic. This study attempts to assess the role of autonomous teachers' trade unions in Anglophone Cameroon during the period 1959–72. The emergence, development and dissolution of these unions appears to have closely followed the region's political and educational reforms. It is argued that two main issues formed a constant source of conflict between the government and these unions, namely the preservation of trade union autonomy, and union demands for a substantial improvement in members' conditions of service.

scholarly journals COVID-19 Pandemic Uncertainty Shock Impact on Macroeconomic Stability in Ethiopia

2020 ◽  
Vol 11 (2) ◽  
pp. 132
Author(s):  
Habtamu Girma DEMIESSIE
Keyword(s):  
Fiscal Policy ◽  
Aggregate Demand ◽  
Spillover Effects ◽  
Food Prices ◽  
Shock Effect ◽  
Food Transport ◽  
The Government ◽  
The Impact ◽  
Macroeconomic Stability

This study investigated the impact of COVID-19 pandemic uncertainty shock on the macroeconomic stability in Ethiopia in the short run period. The World Pandemic Uncertainty Index (WPUI) was used a proxy variable to measure COVID-19 Uncertainty shock effect. The pandemic effect on core macroeconomic variables like investment, employment, prices (both food & non-food prices), import, export and fiscal policy indicators was estimated and forecasted using Dynamic Stochastic General Equilibrium (DSGE) Model. The role of fiscal policy in mitigating the shock effect of coronavirus pandemic on macroeconomic stability is also investigated. The finding of the study reveals that the COVID-19 impact lasts at least three years to shake the economy of Ethiopia. Given that the Ethiopian economy heavily relies on import to supply the bulk of its consumption and investment goods, COVID-19 uncertainty effect starts as supply chain shock, whose effect transmitted into the domestic economy via international trade channel. The pandemic uncertainty shock effect is also expected to quickly transcend to destabilize the economy via aggregate demand, food & non-food prices, investment, employment and export shocks. The overall impact of COVID-19 pandemic uncertainty shock is interpreted into the economy by resulting under consumption at least in the next three years since 2020. Therefore, the government is expected to enact incentives/policy directions which can boost business confidence. A managed expansionary fiscal policy is found key to promote investment, employment and to stabilize food & non-food prices. A particular role of fiscal policy was identified to stabilizing food, transport and communication prices. The potency of fiscal policies in stabilizing food, transport and communication prices go in line with the prevailing reality in Ethiopia where government has strong hands to control those markets directly and/or indirectly. This suggests market failure featuring COVID-19 time, calling for managed interventions of governments to promote market stabilities. More importantly, price stabilization policies of the government can have spillover effects in boosting aggregate demand by spurring investments (and widening employment opportunities) in transport/logistics, hotel & restaurant, culture & tourism and export sectors in particular.

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