scholarly journals Fiscal Sustainability in Poland: How Did the Public Policy Shift of 2016–2019 Impact the Country’s Long-Term Sustainability?

Ekonomista ◽  
2021 ◽  
Vol 6 ◽  
Author(s):  
Maciej WYSOCKI ◽  
Cezary WÓJCIK
Keyword(s):  
Fiscal Policy ◽  
Policy Instruments ◽  
Fiscal Sustainability ◽  
Social Programs ◽  
Social Expenditure ◽  
Significant Deterioration ◽  
The Public ◽  
Policy Shift ◽  
The Government

In 2016–2019 Poland experienced a major social and fiscal policy shift: new government decreased the statutory retirement age and launched several new social programs, including the sweeping Family 500+ program under which social expenditure on family and children support increased suddenly from 1.5% to nearly 3% of GDP. Moreover, VAT gap reduction policies have been implemented swiftly. The new policy move became highly controversial. Many economists argued that overall it would lead to a significant deterioration of long-term fiscal sustainability. The government argued in turn that the new program was well financed by a complementary policy of VAT gap reduction and saw no risk to country’s fiscal sustainability. This paper provides one of the first evidence of the adverse effect of the policy shift on long-term fiscal sustainability. The analysis reveals that fiscal sustainability parameters have deteriorated significantly after 2016. Overall, the estimations presented in the paper show that in the period of 2016–2019 fiscal sustainability parameters may have been the lowest since Poland joined the EU in 2004. While these results should be treated with caution as they draw on very recent time series, the deterioration of Poland’s fiscal sustainability raises a pertinent policy question related to country’s capacity to respond to the COVID-19 pandemic, in particular in terms of the ability to use standard and non-standard fiscal policy instruments and monetary policy tools in response to the shock.

scholarly journals Formation of Long-Term Fiscal Sustainability of Kazakhstan Using the Rule Structural Budget Balance

2021 ◽  
Vol 16 (3) ◽  
pp. 117-127
Author(s):  
S. N. Alpysbayeva ◽  
S. Zh. Shuneyev ◽  
N. N. Zhanakova ◽  
K. Beisengazin
Keyword(s):  
Fiscal Policy ◽  
Fiscal Sustainability ◽  
Fiscal Rules ◽  
Output Gap ◽  
Potential Gdp ◽  
The Government ◽  
Main Regulator ◽  
Adjustment System ◽  
Dynamic Series

The purpose of the study is to substantiate the potential of using the results of modeling potential GDP and estimating the output gap to comply with fiscal rules that are adequate for the corresponding economic cycle of the economy of Kazakhstan. The methods of economic, statistical, graphical, system, functional analysis, economic and mathematical modeling are applied. To achieve this goal, the analysis of Kazakhstan’s fiscal stability was carried out based on the assessment of Kazakhstan’s potential GDP and the calculation of output gaps, which were carried out based on the dynamic series method of the reported real GDP in 2005 prices for 1991-2019 using the Hodrick-Prescott filter (CP) using the EViews 10 econometric package. The current mechanism for using the output gap indicator in Kazakhstan’s fiscal policy does not have sufficient flexibility. For a timely response of the budget system to changes in the economic situation in the country or abroad, considering the output gap, it is important to introduce an automatic adjustment system that can eliminate contradictions and inconsistencies when making macroeconomic policy decisions by the main regulator and the government of the country. To do this, there is a need to revise the existing fiscal policy based on building a system of new budget rules on countercyclical principles. The proposed alternative fiscal model with the introduction of the rule on the structural balance of the budget is aimed at ensuring long-term fiscal stability, which does not allow for a pro-cyclical policy.

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.

scholarly journals How are Kawaii (Cute) Fictional Characters Used in Japanese Advertising

2021 ◽  
Vol 14 (1 (39)) ◽  
pp. 55-78
Author(s):  
Oana-Maria BÎRLEA
Keyword(s):  
Egg Yolk ◽  
Cultural Dimensions ◽  
Fictional Characters ◽  
Japanese Company ◽  
The Public ◽  
Different Types ◽  
The Government ◽  
Commercial Advertising

This article aims to explain the use and role of cute, adora- ble characters in Japanese advertising. Kawaii culture or the “culture of cute” has become known worldwide mainly because of Hello Kitty, the cat which led the “pink globalization”, as Yano (2013) states. In this paper we have attempted to reveal the symbolism of these apparent meaning- less cute signs and characters. Starting from Hofstede’s theory of cultural dimensions (2001, 2003, 2010), which shows how a society’s culture influ- ences the values of its members, we intended to show how are these kawaii characters used in Japanese advertising and how they fit cultural specif- ics. Used either in non-commercial, educational or commercial advertising, cute personae can make the target audience feel more comfortable, secure and cooperating (Murakami, 2005). In this paper we have discussed the role of three iconic characters: the emblematic Hello Kitty, Kumamon, the lovely bear created by the government of Kumamoto Prefecture (Japan) and Gudetama, a lazy egg yolk produced by the Japanese company Sanrio in 2014. The selected characters reflect different types and personalities and each of them serves a specific purpose, but via the analysis conveyed we conclude that perhaps their main aim is to persuade and create a long-term relationship with the public.

scholarly journals Concept of Innovative Fiscal Policy: Theory and Empirical Evidence

Competitio ◽  
2020 ◽  
Vol 10 (2) ◽  
Author(s):  
Oliver Kovacs
Keyword(s):  
Fiscal Policy ◽  
Social Trust ◽  
Disruptive Innovation ◽  
Jel Classification ◽  
Fiscal Sustainability ◽  
Growth Potential ◽  
Fiscal Rules ◽  
Future Challenges ◽  
The Government ◽  
The One

This contribution addresses the question of what are the main constituents of an innovative fiscal policy in the context of sustainability. We apply the concept of sustaining and disruptive innovation to fiscal policy. On the one hand, innovative fiscal policy is able to be sustaining whereby public finance will incrementally improve without leaving its decisive structure. On the other hand, innovative fiscal policy should be disruptive as well in the context of long term sustainability, whereby the structure of public finances can be profoundly restructured as a reaction to future challenges. By using the Finnish recovery in the early 1990s, we can refine our argument about the use and necessity of the mixture of fiscal rules and independent institutions in favour of fiscal sustainability. We also shed light on the key sources of the expansionary consolidation that emerged in the aftermath of the fiscal adjustment in the early 1990s. We emphasise that innovative fiscal policy with a mixture of legislated fiscal rules and independent fiscal anchor is more likely to be associated with sustainability if the economy has weaker growth potential which does not provide enough social trust towards the consolidation efforts of the government. Journal of Economic Literature (JEL) classification: E61, E62, Q01

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.

Accounting for gaming in the time of plague: COVID-19 in Macau

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Carlos Noronha ◽  
Jieqi Guan ◽  
Sandy Hou In Sio
Keyword(s):  
Critical Event ◽  
Gaming Industry ◽  
Content Type ◽  
The Public ◽  
The Social ◽  
Social Account ◽  
The Government ◽  
The Impact ◽  
Practical Implications

Purpose While the COVID-19 virus has been spreading worldwide, some studies have related the pandemic with various aspects of accounting and therefore emphasized the importance of accounting research in understanding the impact of COVID-19 on society as a whole. Recent studies have looked into such an impact on various industries such as retail and agriculture. The current study aims at applying a sociological framework, sociology of worth (SOW), to the gaming industry in Macau, the largest operator of state-allowed gambling and entertainment in China, which will allow for its development during the COVID-19 pandemic to be charted. Design/methodology/approach The study uses the theory of SOW as a framework and collects data from various sources, such as the government, gaming operators and the public, to create timelines and SOW frameworks to analyze the impact of the virus on the gaming industry and the society as a whole. Findings Detailed content analysis and the creation of different SOW matrices determined that the notion of a “lonely economy” during a time of a critical event may be ameliorated in the long term through compromises of the different worlds and actors of the SOW. Practical implications Though largely theory-based, this study offers a thorough account of the COVID-19 incident for both the government and the gaming industry to reflect on and to consider new ways to fight against degrowth caused by disasters or crises. Social implications The SOW framework divides society into different worlds of different worths. The current study shows how the worths of the different worlds are congruent during normal periods, and how cracks appear between them when a sudden crisis, such as COVID-19, occurs. The article serves as a social account of how these cracks are formed and how could they be resolved through compromise and reconstruction. Originality/value This study is a first attempt to apply SOW to a controversial industry (gaming) while the effects of the COVID-19 pandemic are ongoing. It offers a significant contribution to the social accounting literature through its consideration of the combination of unprecedented factors in a well-timed study that pays close attention to analyses and theoretical elaboration.

Market Challenges, Risks, and Policy

2018 ◽  
pp. 163-188
Author(s):  
Adam Christopher Wood
Keyword(s):  
Economic Policy ◽  
Fiscal Policy ◽  
Financial Stability ◽  
International Perspective ◽  
Policy Decisions ◽  
Wall Street ◽  
Current State ◽  
The Government ◽  
Monetary And Fiscal Policy

This chapter first examines what caused the need to regain global stability after the financial crisis. The author provides a brief refresher of how the market crash in 2008, and subsequent Great Recession, was initially fueled while honing in on the allocation of “the fuel” coupled with the repeals of bicentennial-long legislation and the associated dangers of these economic policy changes. Notations from Nobel laureates and interagency economists from the IMF and World Bank aid in identifying the consequences of these policy decisions while simultaneously illustrating the enhanced risk within a variety of markets. Next, the author discusses the current state and relative stability of the financial markets, economic policy, and the risks associated therein. Lastly, this chapter provides recommendations for the future of monetary and fiscal policy, globalization, and what the government (and Wall Street) must consider should they seek to attain long-term financial stability from an international perspective. Monetary and fiscal policy decisions implemented and in-progress by the Federal Reserve are fastidiously examined throughout this chapter.

Benzodiazepines Today and Tomorrow

2020 ◽  
pp. 193-215
Author(s):  
John J. Coleman
Keyword(s):  
Public Health ◽  
Drug Abuse ◽  
Data Collection ◽  
Evidence Base ◽  
The Public ◽  
Drug Substances ◽  
The Government ◽  
Public Health Strategies ◽  
Effective Public Health

Benzodiazepines (BZDs) and related drugs are widely used for treating a variety of conditions (with varying degrees of evidence-base), but their long-term use (more than 2–4 weeks) can be problematic. They were originally thought (or claimed) to be nonproblematic substitutes for barbiturates, but it is now clear that they have their own set of problems. In addition, they are commonly, albeit ill-advisedly, co-prescribed or used nonmedically in combination with other drug substances. The result of such combinations, particularly with the opioids, can be lethal. Administrative and statutory actions notwithstanding, it appears that reducing problems with BZDs will depend on a comprehensive approach that includes improved education for patients, prescribers, regulators, insurers, and the public. First and foremost, however, there is a pressing need for the government to improve its drug-abuse data collection, specifically how it monitors drug-related morbidity and mortality. This chapter reviews the information that demonstrates how an understanding of all of the dynamics is essential for designing effective public-health strategies to reduce BZD-associated problems.

scholarly journals Responsibilization and Sexual Stigma Under Austerity: Surveying Public Support for Government-Funded PrEP in England

2019 ◽  
Vol 17 (4) ◽  
pp. 643-653
Author(s):  
Timothy Hildebrandt ◽  
Leticia Bode ◽  
Jessica S. C. Ng
Keyword(s):  
Public Opinion ◽  
Public Attitudes ◽  
Public Support ◽  
Policy Implications ◽  
The Public ◽  
Sexual Stigma ◽  
The Government ◽  
Original Survey ◽  
Media Narratives

Abstract Introduction Under austerity, governments shift responsibilities for social welfare to individuals. Such responsibilization can be intertwined with pre-existing social stigmas, with sexually stigmatized individuals blamed more for health problems due to “irresponsible” sexual behavior. To understand how sexual stigma affects attitudes on government healthcare expenditures, we examine public support for government-provisioned PrEP in England at a time when media narratives cast the drug as an expensive benefit for a small, irresponsible social group and the National Health Service’s long-term sustainability was in doubt. Methods This paper uses data from an original survey (N = 738) conducted in September 2016, when public opinion should be most sensitive to sexual stigma. A survey experiment tests how the way beneficiaries of PrEP were described affected support for NHS provision of it. Contrary to expectations, we found that support was high (mean = 3.86 on a scale of 1 to 5) irrespective of language used or beneficiary group mentioned. Differences between conditions were negligible. Discussion Sexual stigma does not diminish support for government-funded PrEP, which may be due to reverence for the NHS; resistance to responsibilization generally; or just to HIV, with the public influenced by sympathy and counter-messaging. Social policy implications Having misjudged public attitudes, it may be difficult for the government to continue to justify not funding PrEP; the political rationale for contracting out its provision is unnecessary and flawed. With public opinion resilient to responsibilization narratives and sexual stigma even under austerity, welfare retrenchment may be more difficult than social policymakers presume.

scholarly journals Addressing inequality in Malaysia through corporate social intrapreneurship

2018 ◽  
Vol 53 ◽  
pp. 01001
Author(s):  
Asrif Omar Che Yusoff
Keyword(s):  
Corporate Social Responsibility ◽  
The Public ◽  
Global Context ◽  
The Past ◽  
The Subject ◽  
The Government ◽  
Corporate Social ◽  
Coordination And Collaboration ◽  
Social Sectors

Inequality has been a long standing issue in Malaysia, although the situation has been statistically improving over the past 40 years. From a Gini coefficient of 0.51 in 1970, the government has done considerably well to bring the figure down to 0.39 in 2016. Efforts toward improving the situation are aplenty, but there is room for improvement in terms of the coordination and collaboration of initiatives that are carried out within the public, private, and social sectors. This paper explores the idea of corporate social intrapreneurship as a potential vehicle to mitigate inequality in the country for the long term. Through the analysis of existing literatures and data on the subject, the aim is to first of all, provide a historical and global context on how the roles of corporation have evolved over the years, discuss the transformative views on social intrapreneurship against traditional corporate social responsibility, and offer considerations to further corporate social intrapreneurship initiatives through public-private partnerships in Malaysia.

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