scholarly journals Chile Fiscal Policy Management

2013 ◽  
Vol 16 (2) ◽  
pp. 45-62
Author(s):  
Ryszard Piasecki ◽  
Erico Wulf Betancourt
Keyword(s):  
Fiscal Policy ◽  
Public Debt ◽  
Budget Deficit ◽  
Budget Deficits ◽  
Policy Management ◽  
Total Revenue ◽  
The Public ◽  
The Government ◽  
Budget Surplus

A budget surplus arises in a country when the total revenue earnings surpass expenditures in a particular financial year. Having a budget surplus is very important in the sense that it brings about a decrease in the net public debt, while the public debt is increased in the event of a budget deficit. Both budget deficits and budget surpluses also exert indirect influences on taxpayers. Normally, it is not essential on the part of the government to maintain a budget surplus, though it needs to be very careful when running a budget deficit to have the proper buffer.  

Fiscal risks are low but rising in Turkey

2016 ◽  
Keyword(s):  
Fiscal Policy ◽  
Public Debt ◽  
Global Economy ◽  
Current Account Deficit ◽  
Private Investment ◽  
Fiscal Sustainability ◽  
Budget Deficits ◽  
Content Type ◽  
The Public ◽  
The Government

Subject Turkey's fiscal sustainability. Significance By keeping fiscal deficits low, the government has steadily reduced the public debt to about 33% of GDP. However, fiscal policy is now shoring up growth. There is also concern about the lack of further public financial reform, insufficient transparency and contingent liabilities. Impacts Wider budget deficits may not affect growth notably, given the weak global economy and low private investment and investor confidence. Turkey will have one of Europe's lowest public-debt levels, but investors may need to pay more attention to public finances. Fiscal policy could join more urgent worries about politics, the current-account deficit, private-sector debt and monetary policy.

A Comparative Study of the Central Administration Budget Preparation Process in Turkey and Sweden

2017 ◽  
pp. 1-14
Author(s):  
Fatma Turna ◽  
Nihan Kurtulmaz ◽  
Burak Kozali
Keyword(s):  
Public Sector ◽  
Comparative Study ◽  
Budget Deficit ◽  
Budget Process ◽  
Preparation Process ◽  
Budget Deficits ◽  
Central Administration ◽  
The Government ◽  
Budget Surplus

Sweden was one of the countries among the OECD states yielding maximum budget surplus at the end of 1980s and became one of the countries yielding maximum budget deficits in the first years of the 1990s. The budget deficit almost doubled in five years. During that period, the government decided the most important reason of the budget deficits was the budget process itself and commenced studies to reform the budget process and enhance its consistency and reliability. Basic steps were taken to grant budget surplus for whole public sector, to set an allowance cap for whole public sector and create equivalent budget structure for all municipalities and a series of studies were conducted. In this study, the stage of the budget preparation process in Turkey and Sweden will be reviewed and compared to the budget preparation process in Sweden with the budget preparation process in Turkey.

scholarly journals How EURO shrinks democracy: Insights from the Greek crisis

2015 ◽  
Vol 4 (4) ◽  
pp. 135-146
Author(s):  
Alberto Lanzavecchia ◽  
Eugenio Pavarani ◽  
Giulio Tagliavini
Keyword(s):  
Fiscal Policy ◽  
Capital Market ◽  
Public Debt ◽  
Sovereign Debt ◽  
Unexpected Events ◽  
The Public ◽  
Greek Crisis ◽  
Loss Of Autonomy ◽  
The Government ◽  
New Framework

The adoption of a single currency in Europe is a pure political project. What we have learned from Greek crisis is that being in the Eurozone means that creditors can destroy a national economy and seize public assets if the government steps out of line. To keep the European project alive, we here call for a fundamental reform on sovereign debt: switching from a goal to which policy is constrained, back to a tool to serve policy aims. In a distressed country, lenders has the power to forces the borrower to accept and to adopt restrictive spending policies that defend their interest at the expense of citizen’s ones. Eventually, this leads inevitably to the loss of autonomy in borrower’s decisions on fiscal policy, spending policy, public properties. If the cause for this degenerative process is the privilege on sovereign debt, then we need to find a new framework that reclassifies the public debt as functional to human development rather than individual profits. A country shall not be allowed to repay a debt that goes beyond its repayment capacity. The maximum payback capacity shall be settled before the credit is granted as a fraction of its primary balance. As such, the amount of primary balance not pledged to the repayment of the debt shall be always available to the government to undertake investments, social or security expenses and to face unexpected events. If this rule were implemented, the capital market would be automatically regulated: the debt that exceeds that threshold would be automatically written-off.

scholarly journals PUBLIC DEBT MARKET AND BUDGET DEFICIT FINANCING TOOLS

2020 ◽  
Vol 1 (19(47)) ◽  
pp. 80-85
Author(s):  
Mykhailo Hantsiak
Keyword(s):  
Financial Market ◽  
Public Debt ◽  
Budget Deficit ◽  
Credit Market ◽  
Government Debt ◽  
Securities Market ◽  
Financial Resources ◽  
The Public ◽  
Debt Market ◽  
The Government

The purpose of the study is to substantiate the need to determine the essence and place of the public debt market in the financial market. Achievement is ensured by the implementation of tasks: systematization of views of domestic and foreign scientists on the essence of the place of public debt in the classification system of financial market segments; study of the structure of the financial market in terms of segments that ensure the implementation of debt financing of public debts; development of a theoretical approach to the structure of the public debt market. The article considers and systematizes the views of scientists concerning the place of the state morgue market in the financial market. The article substantiates the need to supplement the classification features for financial market segmentation in terms of complementing the target of market participants and identifying segments: the market for attracting financial resources to cover the state budget deficit (public debt market); the market for attracting financial resources to increase private capital. The concept of the public debt market is defined and its structure is proposed in general and detailed form. In general, the structure of the public debt market covers the debt securities market and the external credit market. The government debt securities market is a segment of the securities market, which in turn can also be classified. The same can be said about the external segment of the credit market. However, if the government debt securities market is fully owned by the public debt market, then the external segment of the credit market is only partially owned. The detailed structure of the public debt market is also presented. Conclusions are drawn and the directions of further scientific research in this direction are indicated.

scholarly journals THE IMPACT OF STATE DEBT ON THE COUNTRY FINANCIAL SECURITY

2020 ◽  
pp. 65-76
Author(s):  
В. А. Джрагацпанян ◽  
Є. Г. Постикіна
Keyword(s):  
Public Debt ◽  
Budget Deficit ◽  
Inflation Rate ◽  
Economic Security ◽  
Financial Security ◽  
Budget Deficits ◽  
The Public ◽  
Macroeconomic Indicators ◽  
Practical Model ◽  
The Impact

The article discusses the theoretical and practical aspects of ensuring the financial security of Ukraine, highlights the main macroeconomic indicators that determine the level of economic security. The public debt and its impact on economic security are analyzed. A practical model has been developed – the effect of GDP, inflation and budget deficits on public debt. Statistical factors are considered to give the main factors (GDP, inflation rate, budget deficit and public debt) that determine the current level of financial security and understanding of the level of their influence.

scholarly journals Une analyse de la politique fiscale du gouvernement fédéral par l’examen des soldes budgétaires

2009 ◽  
Vol 60 (2) ◽  
pp. 240-253 ◽  
Author(s):  
Serge Coulombe
Keyword(s):  
Fiscal Policy ◽  
Federal Government ◽  
Public Debt ◽  
Federal Budget ◽  
Considerable Importance ◽  
Budget Deficits ◽  
The Public ◽  
Macroeconomic Impact

ABSTRACT In this paper, we assess the current federal fiscal policy using the budget forecast of February 1984 and some macroeconomic concepts. The payments of interest on the public debt are of considerable importance in our analysis. We also give our opinion on the macroeconomic impact of a certain number of non budgetary measures included in the Federal budget of February 1984. Finally, we analyse the long term problems brought up by the budget deficits of the Federal government.

scholarly journals SIX SIMPLE PROPOSITIONS ON BUDGET DEFICITS, PUBLIC DEBT AND MONEY

2019 ◽  
Vol 7 (7-12) ◽  
Author(s):  
Malcolm Sawyer
Keyword(s):  
Fiscal Policy ◽  
Public Debt ◽  
Full Employment ◽  
Public Investment ◽  
Foreign Debt ◽  
Government Expenditure ◽  
Golden Rule ◽  
Budget Deficits ◽  
Private Debt ◽  
The Government

The paper sets out and elaborates on six propositions on budget deficits, public debt and money which should inform debates on fiscal policy. The propositions are:Money availability is not a limitation on government expenditure as the central bank is able to provide any required finance. The key considerations should focus on the issues of the social desirability of the proposed expenditure and the eventual funding of the expenditure.Phrases such as ‘magic money tree’ are designed to confuse and mislead.Proposals such as people’s QE do not enable any stimulus which cannot be obtained from conventional fiscal policy and is anti-democratic putting expenditure decisions in the hands of unelected central bankers.The golden rule’ of public finance (borrowing only for public investment) suffers from the fallacy of treating government like a firm and is comparable to the ‘government is like a household’ fallacy.The target for budget position should be to secure full employment and capacity. Funds would be forthcoming to underpin such a position.Public debt should be judged sustainable (and not excessive) by reference to the level of debt which results from a budget position as forthcoming from proposition 5. Public debt is to be considered as less of an issue (when government can cover interest through taxation and through money creation) than private debt and foreign debt.

scholarly journals Irregular Receipts Leading to Budget Deficits in Kosovo

2018 ◽  
Vol 6 (1) ◽  
pp. 100-115
Author(s):  
Lutfi Zharku
Keyword(s):  
Public Debt ◽  
Budget Deficit ◽  
Fiscal Rules ◽  
Primary Data ◽  
Extensive Literature ◽  
Budget Deficits ◽  
Infrastructure Projects ◽  
Financial Reports ◽  
Social Transfers ◽  
The Government

Abstract The aim of the paper is to analyse the irregular budget receipts, their behaviour and impact on budget deficits in Kosovo. Since its independence, Kosovo has been engaging in large infrastructure projects based mainly on initially high cash balances and overestimation of revenue capacity, in particular of irregular receipts. This led to the creation of future liabilities and budget deficits, which had to be financed by public debt. Further, the politically motivated increase of wage and salary bill and social transfers increased the burden on budget deficit already caused by infrastructure projects. Thus, budget deficits became the lasting feature of Kosovo economy. All this was supported by a lack of legal infrastructure or fiscal rules for several years. There is extensive literature on the causes of budget deficit, its definition and measurement. The literature review method is adopted in the present study, and research is refined by including selected papers that contain empirical and theoretical studies on budget deficit. Therefore, special-purpose deficit, the so-called “regular” budget deficit, which considers only regular receipts and outlays, has been defined and measured in the present study. This analysis leads to the conclusion that irregular receipts used by the government to engage in large infrastructure projects and/or the politically motivated increase of wage and salary bill and social transfers lead to a budget deficit that has to be financed through public debt. This is a case study of Kosovo and research has been carried out using primary data drawn from Kosovo budget annual financial reports. The implications of the paper may be of high importance for policymakers as well as for academic issues. This is a unique approach to the issues of Kosovo budget deficit and irregular receipts.

scholarly journals Public debt changes in Serbia from 2008 to 2018

2020 ◽  
Vol 10 (1) ◽  
pp. 180-193
Author(s):  
Sanja Bakić
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
Budget Deficits ◽  
Debt Structure ◽  
Continuous Increase ◽  
The Public ◽  
Long Run ◽  
The Government ◽  
Sustainable Economic Growth ◽  
The Impact

Public debt are all direct and indirect financial obligations assumed by the government. The continuous increase in public debt and budget deficits is a characteristic of modern market economy of many countries. The paper offers an analysis of Serbia's public debt fluctuations from 2008 to 2018. Besides the public debt levels, we have analyzed public debt structure and the impact of its segments on public debt fluctuations. The main conclusion is that the level of public debt is an extremely important factor which affects Serbian economy and industry. If the public debt is continually kept within reasonable limits in the long run, it can enable sustainable economic growth.

scholarly journals Budget Deficits: Rhetoric and Reality

1989 ◽  
Vol 3 (2) ◽  
pp. 73-93 ◽  
Author(s):  
Robert Eisner
Keyword(s):  
Fiscal Policy ◽  
Public Goods ◽  
News Media ◽  
Empirical Data ◽  
Budget Deficit ◽  
Economic Problem ◽  
Budget Deficits ◽  
Relevant Model ◽  
Government Deficits ◽  
Economics Profession

Whatever the real or imagined ills of the economy, the news media, most politicians and a fair proportion of the economics profession are quick to point to the culprit: “the budget deficit.” No matter that few appear to know or care precisely what deficit they are talking about or how it is measured. No matter that few bother to explain in terms of a relevant model just how government deficits may be expected to impact the economy. No matter that few offer any empirical data to sustain their judgments. I believe there are serious problems with our fiscal policy. These relate to fundamental national priorities and the provision of public goods, now and for the future. But the current size of the federal deficit is not “our number one economic problem,” if indeed it is a problem at all.

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