scholarly journals Budget Deficit and the Federal Government Debt in Malaysia

2020 ◽  
Author(s):  
Mohamed Aslam ◽  
Raihan Jaafar
Keyword(s):  
Federal Government ◽  
Budget Deficit ◽  
Government Debt

Russia's grand development plan goes ahead amid delays

2020 ◽  
Keyword(s):  
Public Sector ◽  
Federal Government ◽  
Budget Deficit ◽  
Prime Minister ◽  
Government Expenditure ◽  
Government Debt ◽  
Development Programme ◽  
Content Type ◽  
Fiscal Support ◽  
Total Government Expenditure

Significance The budget allocates substantial funds to the National Projects, a sweeping development programme unveiled in 2018 and rescheduled in July this year. Despite the renewed focus on the projects, total government expenditure in 2021 will be less than this year, when additional funds were made available to combat COVID-19 impacts. Impacts The prime minister is serious about leaner government, but cutting public sector jobs has historically been a difficult task in Russia. As federal government debt rises to its highest level since the early 2000s, there will be limited space for fiscal support for the economy. As the budget deficit expands, the share of expenditure used to service government debt is projected nearly to double from 2019.

Infrastructure mortgage in Russia: Opportunities and prospects

2019 ◽  
pp. 114-133
Author(s):  
G. I. Idrisov ◽  
Y. Yu. Ponomarev
Keyword(s):  
Federal Government ◽  
Public Debt ◽  
Budget Deficit ◽  
Expert Assessment ◽  
Inflation Expectations ◽  
Direct Impact ◽  
Long Run ◽  
Gdp Growth Rate ◽  
Negative Effect

The article shows that depending on the goals pursued by the federal government and the available interbudgetary tools a different design of infrastructure mortgage is preferable. Three variants of such mortgage in Russia are proposed, each of which is better suited for certain types of projects and uses different forms of subsidies. According to our expert assessment the active use of infrastructure mortgage in Russia can increase the average annual GDP growth rate by 0.5 p. p. on the horizon of 5—7 years. In the long run the growth of infrastructure financing through the use of infrastructure mortgage could increase long-term economic growth by 0.9 p. p., which in 20—30 years can add 20—30% of GDP to the economy. However, the change in the structure of budget expenditures in the absence of an increase in the budget deficit and public debt will cause no direct impact on monetary policy. The increase in the deficit and the build-up of public debt will have a negative effect on inflation expectations, which will require monetary tightening for a longer time to stabilize them.

scholarly journals General Government Debt and Budget Deficit as Threats to Economic Security of the European Union Countries

2019 ◽  
Vol 53 (1) ◽  
pp. 55-67
Author(s):  
Grzegorz Górniewicz
Keyword(s):  
European Union ◽  
Budget Deficit ◽  
Union Member ◽  
Descriptive Analysis ◽  
Government Debt ◽  
Economic Security ◽  
The European Union ◽  
Statistical Data Analysis ◽  
General Government ◽  
European Union Member States

Abstract The aim of the article is to present budget deficit and government debt in the European Union member states, with particular consideration of the countries that belong to the PIIGS group. This paper has focused on the scale of these phenomena, on their reasons and on some attempts made to improve the unfavourable situation. In the main thesis presented in the article, it is stated that budget deficit and general government debt come as significant threats to economic security of the European Union (EU) countries. The research methods that have been applied in the study involve descriptive analysis and statistical data analysis.

Federal government debt and economic growth: Evidence from Malaysia

2015 ◽  
Vol 15 (3) ◽  
pp. 253-256
Author(s):  
Siti Nurazira Mohd Daud ◽  
Jan M. Podivinsky
Keyword(s):  
Economic Growth ◽  
Federal Government ◽  
Government Debt

China to Curtail Local Government Debt

2016 ◽  
Vol 08 (04) ◽  
pp. 69-81
Author(s):  
Shuanglin LIN
Keyword(s):  
Local Government ◽  
Budget Deficit ◽  
Government Debt ◽  
Limit Set ◽  
Government Bond ◽  
The European Union ◽  
Government Budget ◽  
Upper Limit ◽  
Government Financing ◽  
Budget Revenue

In 2014, China’s total government debt was an estimated 60% of gross domestic product (GDP), close to the upper limit set by the European Union. The Xi administration has set budget deficit at 3% of GDP for 2016 and announced that government budget revenue will grow only 3.2% in 2016! It has also recently abolished local government financing vehicles, legalised local government bond issuing in 2014 and started "the debt swap" reform.

FURTHER EVIDENCE ON THE RELATIONSHIP BETWEEN FEDERAL GOVERNMENT DEBT AND INFLATION

1988 ◽  
Vol 26 (2) ◽  
pp. 239-251 ◽  
Author(s):  
R. W. Hafer ◽  
Scott E. Hein
Keyword(s):  
Federal Government ◽  
Government Debt ◽  
The Relationship

scholarly journals The Impact of Government Debt Issuance on Short-Term interest rates in Indonesia

2009 ◽  
Vol 11 (3) ◽  
pp. 301
Author(s):  
Sri Adiningsih
Keyword(s):  
Fiscal Policy ◽  
Private Sector ◽  
Financial Markets ◽  
Interest Rates ◽  
Budget Deficit ◽  
Negative Impact ◽  
Government Debt ◽  
Crowding Out ◽  
Short Term ◽  
The Impact

This paper analyzes whether the expansionary fiscal policy funded by issuing debt instruments in financial markets will increase short-term interest rates. If  the expansionary fiscal policy increases interest rates, which decrease private spending especially investment, crowding out occurs. This is interesting because global economic crisis has encouraged many countries to run large budget deficits to stimulate the economy. Indonesia has also run budget deficit during this crisis and even in years before. The impact of such a policy can be significant because Indonesia’s debt market is still narrow and shallow. Therefore, its capability of absorbing the government debt instruments without influencing the private sector funding is limited. This study tests whether the crowding out occurs in Indonesia using a time series econometric model inspired by Cebula and Cuellar’s model. The Cointegration Regression and Error Correction Model (ECM) are used in this study. Monthly data from April 2000 to December 2008 are used for overnight real interbank call money interest rates, real net government bond issues in trading, real narrow money supply, real rate of one-month Certificate of Bank Indonesia, growth of Gross Domestic Product, and real net international capital flows. This empirical study shows that the crowding out problem occurred in Indonesia during the period. This indicates that financing budget deficit in Indonesia by issuing debt instruments in the financial markets has a negative impact on the private sector.

scholarly journals Testing the Ricardian equivalence hypothesis in the case of Ethiopia: An autoregressive-distributed lag approach

2020 ◽  
Vol 3 (2) ◽  
pp. 26-49
Author(s):  
Sisay Demissew Beyene ◽  
Balázs Kotosz
Keyword(s):  
Government Spending ◽  
Budget Deficit ◽  
Government Debt ◽  
Annual Data ◽  
Ricardian Equivalence ◽  
Consumption Expenditure ◽  
Government Consumption ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
The Government

The Ricardian equivalence hypothesis (REH) suggests that when the government attempts to stimulate the economy by raising debt-financed government spending, consumption and demand do not increase but rather remain the same. The objective of this study is to test the existence of the REH in Ethiopia, using annual data from 1990 to 2011 and by employing the autoregressive-distributed lag cointegration approach. The study includes three variables (budget deficit, government consumption expenditure, and government debt) which contribute to the REH along with another variable. The results show that only the budget deficit and government consumption expenditure fulfil the REH. However, government debt fails to fulfil it. Thus, limited evidence of the existence of the REH is found in Ethiopia.

THE WHISKEY TAX OF 1791 AND THE CONSEQUENT INSURRECTION: “A WICKED AND HAPPY TUMULT”

2013 ◽  
Vol 40 (2) ◽  
pp. 91-113 ◽  
Author(s):  
Cynthia L Krom ◽  
Stephanie Krom
Keyword(s):  
Federal Government ◽  
Income Tax ◽  
Civil Disobedience ◽  
Government Debt ◽  
Social Impacts ◽  
Original Record ◽  
Whiskey Rebellion

This paper examines the development of the Whiskey Tax of 1791 and its criticality in the funding of early federal government debt and operations. By considering some of the provisions of the tax and the collection and enforcement procedures, the financial and social impacts of the Whiskey Tax are clarified. Civil disobedience in resisting the tax and the “Whiskey Rebellion” of 1794 are explored in that context. Whether the Whiskey Tax effectively served as the first income tax is considered. Images of original record documents are included.

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