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

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.

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.

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.

scholarly journals Essays in fiscal policy and public finance

2016 ◽  
Author(s):  
Στυλιανός Σακκάς
Keyword(s):  
Public Finance ◽  
Fiscal Policy

Η παρούσα διατριβή αφορά στήν δημοσιονομική πολιτική και στα δημόσια οικονομικά σε δυναμικα μοντέλα γενικής ισορροπίας.Ο στόχος είναι να μελετήσει πώς οι μεταρρυθμίσεις στο μείγμα δημοσιονομικής πολιτικής που επιλέγεται (δαπάνες φόρων), επηρεάζουν ταμακροοικονομικά μεγέθη (όπως το κατά κεφαλήν εισόδημα, την εξοικονόμηση παραγωγής κλπ) και η κατανομή μεταξύ των διαφόρωνοικονομικές ομάδων. Δεδομένου ότι οι φόροι είναι πάντα στρεβλώτικοί ή / και ότι οι δημόσιες δαπάνεςδεν είναι πάντα ευεργετικές για κάθε εισοδηματική ομάδα, το βασικό θέμα αυτής της διατριβής είναι να κοιτάξουμε γιατις λιγότερο στρεβλωτικές φορολογικές πολιτικές και / ή Pareto βελτιώσεις και μεταρρυθμίσεις στην μεριά των δαπανών. Στο πλαίσιο αυτό, ηδιατριβή ασχολείται με τρία πολυσυζητημένα θέματα της πολιτικής και ακαδημαϊκής ατζέντας.Πρώτον, η διατριβή ασχολείται με τις συνέπειες της εισαγωγής τελών χρήσης (δίδακτρα) γιαδημόσια αγαθά όπως η δημόσια εκπαίδευση. Αυτό είναι ένα κλασικό ζήτημα στα δημόσια οικονομικά. Από τη μία πλευρά τα τέλη χρήσης λειτουργούν ως μηχανισμός που αποκαλύπτει τις προτιμήσεις για ένα συγκεκριμένοαγαθό (για παράδειγμα στη δημόσια εκπαίδευση) και ως ένα επιπλέον εργαλείο δημοσίων εσόδων.Από την άλλη τα τέλη χρήσης συχνά θεωρεούντε ως "άδικα".Όμως, ισχύει πραγματικά αυτή η περίπτωση; Το δεύτερο θέμα με το οποίο η παρούσα διατριβή ασχολείται με είναι οι επιπτώσηεις των δαπανών δημόσιας εκπαίδευσης μεταξύδιαφορετκών εισοδηματικών ομάδων. Προφανώς η τελευταία απαιτεί τη χρήση ετερογενών μονάδων στην οικονομία (π.χ.καπιταλιστές-εργαζομένους, χαμηλό εισόδημα, υψηλό εισόδημα, ειδικευμένους-ανειδίκευτους). Έτσι, όπως θα εξήγησουμε λεπτομερώς, διακρίνουμε σε ειδικευμένους σε σχέση με τους ανειδίκευτους παράγοντες. Λαμβάνοντας υπ'όψιντα οφέλη από την τριτοβάθμια εκπαίδευση, όπως αυτές απεικονίζονται στις μισθολογικές διαφορές, σημαντική διαφορές στην κατανομή του πλούτου μεταξύ των ειδικευμένων και ανειδίκευτων εργαζομένων είναι πιθανόν να βρεθούν. Επιπροσθέτως, είναι γνωστό ότι η αποτελεσματικότητα και η αναδιανεμητικήεπίδρασης των δημοσίων αγαθών και υπηρεσιών, όπως η δημόσια εκπαίδευση διαφέρουν μεταξύ των εισοδήματικών στρωμάτων(Βλέπε π.χ. ΟΟΣΑ, 2009).Τρίτον, η διατριβή διερευνά τις επιπτώσεις της αποτελεσματικότητας των δημοσίων δαπανών με μια πιο λεπτομερήπροσέγγιση. Οι φορείς χάραξης πολιτικής έχουν επανειλημμένα τονίσει την ανάγκη να επανεξετασθεί η σύνθεσητων δημόσιων δαπανών και των φόρων, ώστε να επιτευχθεί μια πιο αποδοτική και αποτελεσματικότερη κατανομή των πόρων μεσο-μακροπρόθεσμα. Αλλά θα πρέπει να σημειωθεί ότι συνήθως υπάρχει μια ασυμμετρία στηνμοντελοποίηση των δημόσιων δαπανών και μοντελοποίηση των φόρων. Ενώ οι φόροι περιγράφονται από τη λειτουργία τους(π.χ. φόροι επί του εισοδήματος εργασίας, φόροι επί των εισοδημάτων κεφαλαίου και των φόρων κατανάλωσης), οι κατηγορίες των δημοσίων δαπανών συνήθως περιγράφονται ανάλογα με τις οικονομικές τους συναλλαγές(π.χ. των μεταβιβαστικές πληρωμές, δημόσια κατανάλωση, δημόσιες επενδύσεις) και όχι σύμφωνα μετη λειτουργία τους (π.χ. οι δαπάνες για την κοινωνική προστασία, την υγεία, την εκπαίδευση, την άμυνα και τη δημόσια τάξη,και τα λοιπά). Αλλά, όπως αναγνωρίζεται ευρέως, δεν είναι σαφές τι εννοούμε, για παράδειγμα, με τους όρους δημόσιακατανάλωση ή μεταβιβαστικές πληρωμές. Αυτή η ασυμμετρία αφήνει περιθώρια βελτίωσης, δεδομένου ότι ητο κανάλι - μέσω του οποίου οι αλλαγές στο μείγμα των δημόσιων δαπανών επηρεάζουν τα ιδιωτικά κίνητρα και τα μακροικονομικά μεγέθη - δεν είναι επαρκώς καθορισμένα.

scholarly journals ANALISIS PEMIKIRAN KEUANGAN PUBLIK IBNU TAIMIYAH VS KEBIJAKAN FISKAL KEYNESIAN

2021 ◽  
Vol 7 (2) ◽  
Author(s):  
Minarni Minarni
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Islamic Law ◽  
Descriptive Analysis ◽  
Literature Study ◽  
John Maynard Keynes ◽  
State Revenue ◽  
Role Of The State ◽  
Security Costs ◽  
State Expenditures

This article examines Ibn Taimiyyah’s thoughts in Islamic Public Finance as contained in several of his books, including the book Majmu’ Fatawa, Al-Siyasah al-Syar’iyyah fi Islah al-Ra’i wa al-Ra’iyyah and the book Al-Hisbah fi al-Islam aw Wazifah al-Hukumah al-Islamiyah. Furthermore, these thoughts are compared with the concept of fiscal policy proposed by John Maynard Keynes in his book The General Theory of Interest and Money. This research is literature study using comparative methods and qualitative descriptive analysis. The results of this study indicate that Ibn Taymiyyah’s thoughts on public finance have the advantage of Islamic values based on the Qur’an and the Sunnah, upholding the values of justice, is oriented towards material and spiritual welfare, the existence of a hisbah institution which acts as a supervisor, sources of state revenue paying attention to the aspects of halalness, emphasizing the zakat sector and managing of public ownership. As far the allocation of state expenditures in accordance with the provisions of Islamic law and the benefit of the people. Whereas Keynes fiscal policy is based on man-made regulations, emphasizes state revenue from the tax sector, and is oriented towards material welfare. However, the two concepts have similarities in several state expenditure allocations, including defense and security costs, salaries of state officials, and construction of public facilities. In addition, there are similarities, the role of the state in overcoming unemployment and alleviating poverty.

Air pollution and public finance: evidence for European countries

2019 ◽  
Vol 46 (7) ◽  
pp. 1398-1417 ◽  
Author(s):  
Maria Carratù ◽  
Bruno Chiarini ◽  
Antonella D’Agostino ◽  
Elisabetta Marzano ◽  
Andrea Regoli
Keyword(s):  
Public Finance ◽  
Air Pollution ◽  
Fiscal Policy ◽  
Environmental Quality ◽  
Public Debt ◽  
Environmental Performance ◽  
European Countries ◽  
Fiscal Consolidation ◽  
Trade Off ◽  
Content Type

Purpose The purpose of this paper is to investigate whether a statistically significant relationship exists between environmental quality, as measured by consumption-related air pollution, and public debt in Europe. In addition, since the debt burden is one of the most important indicators of fiscal soundness within the European Union (EU) Treaty and the subsequent fiscal compact, the authors propose a simple test to determine whether participation in EU Treaties has shaped the empirical relationship between fiscal policy/public debt and environmental performance. Design/methodology/approach To this end, the authors built a panel data set that covers 24 European countries over the period 1996–2015. Findings The aspect that the authors want to underline is a possible trade off, which is confirmed in the empirical analysis, between the public finance equilibrium and the maintenance of a public good such as air quality. However, there are important non-linearities that shape the interaction between public debt and environmental pollution. Similarly, threshold effects arise when the authors examine the interaction between EU regulation and public debt and when the authors separately examine high debt and low debt countries. When the authors account for the stabilization rules introduced by EU Treaties, a negative effect on pollution is evident; in this way, fiscal consolidation limits the positive effect of fiscal policy. Practical implications The results point out the existence of a potential trade-off between the role of EU as a regulator aiming to mitigate environmental pollution, and its role within the Stability and Growth Pact. The analysis highlights that fiscal consolidation policies, while facilitating the achievement of macroeconomic stability within EU, might have a negative side effect on the environment quality, which spreads beyond the borders of one single country. Originality/value While a number of studies have suggested that fiscal spending might contribute to the level of pollution in European countries, there is scant evidence of the effect of public debt on environmental performance. This lack of scientific knowledge is a serious shortcoming, since it may allow for an underrepresentation of the wide-ranging consequences of stabilization programmes targeting the debt-to-GDP ratio, which could affect environmental quality.

Reforming China's Public Finances to Sustain Growth

2014 ◽  
Vol 06 (02) ◽  
pp. 71-85
Author(s):  
Shuanglin LIN ◽  
Sarah Y TONG
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Local Government ◽  
Income Inequality ◽  
Government Expenditure ◽  
Public Spending ◽  
Government Debt ◽  
Environmental Problems ◽  
Policy Initiatives ◽  
Taxation System

China's public finance is characterised by a pro-growth taxation system, growth enhancing government expenditure and an expansionary fiscal policy. However, reforms are needed to tackle rising income inequality and worsening social and environmental problems, including more public spending and more progressive taxes. Measures are also needed to resolve rising local government debt. The recently concluded Third Plenum has made these its top priorities and announced various policy initiatives.

Public Finance in a Democratic Society. Vol. I: Social Goods, Taxation and Fiscal Policy.

1987 ◽  
Vol 97 (387) ◽  
pp. 769
Author(s):  
P. M. Jackson ◽  
Richard A. Musgrave
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Democratic Society ◽  
Social Goods

scholarly journals Fiscal Consolidation in the Course of Work Over Yearly Budget of State

2014 ◽  
Vol 5 (1) ◽  
pp. 27-42 ◽  
Author(s):  
Marta Postuła
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Retrospective Analysis ◽  
Theoretical Studies ◽  
Fiscal Consolidation ◽  
State Budget ◽  
The Public ◽  
Finance Law

The need for sustaining of public finance stability is indicated as a key element of proper and effective, sound fiscal policy. Both revenues and expenditures are very strictly regulated by the public finance law provisions. Discussion conducted by experts concerning activities for consolidation in area of public finance very often focused on the substance of provisions of these basic acts of law. Retrospective analysis could lead to the conclusion (prove the thesis) that the importance of special law acts which are strictly functionally linked with state budget for particular budgetary year – to some extent – has not been adequately assessed and even noticed yet in theoretical studies. Due to above mentioned circumstances, in this article the changes in public finance law provisions were presented, which were implemented during procedures of preparation budgetary acts projects in the period 2009-2012, which confirm thesis formulated by the author. Article has an analytical character.

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