The Matsukata Reform as “Expansionary Austerity”

2020 ◽  
pp. 135-142
Author(s):  
Steven J. Ericson
Keyword(s):  
Government Spending ◽  
Private Enterprise ◽  
The State ◽  
Paper Money ◽  
Monetary Systems ◽  
Bank Of Japan ◽  
Reserve Fund ◽  
Fiscal Austerity

This concluding chapter returns to the notion that Matsukata merged the positive and negative policies of his predecessors along liberal nationalist lines, pursuing a kind of “expansionary austerity” during the Matsukata deflation. It argues that Matsukata Masayoshi was committed to reform and modernization of Japan's fiscal and monetary systems and to encouragement of private enterprise, but not in a categorical orthodox liberal or neoliberal sense. He certainly set out to create budget surpluses through fiscal austerity. Yet he demonstrated flexibility in response to a series of unexpected developments that compelled the Finance Ministry in fact to increase government spending. As a result, the Finance Ministry was able to accumulate enough specie and money in the reserve fund to redeem a sizable portion of fiat notes, back the issue of convertible paper money by the Bank of Japan, and finance military expansion as well as enable the state to remain actively involved in the economy.

Esensi Dan Urgensi Pengeluaran Pemerintah Untuk Pembangunan Daerah

2019 ◽  
Vol 4 (1) ◽  
pp. 1-12
Author(s):  
Luciana L. Nahumuri
Keyword(s):  
Sustainable Development ◽  
Regional Development ◽  
Government Spending ◽  
Government Expenditure ◽  
The State ◽  
Future Generations ◽  
State Revenue ◽  
State Expenditure

The essence and urgency of government expenditure for regional development is very crucial in realizing sustainable development, meaning that government spending must meet current needs without compromising the fulfillment of the needs of future generations. The higher the state revenue, the higher the state expenditure for regional development. Thus, an increase in understanding of government expenditure for regional development in a sustainable manner must be carried out with the principle of prudence in this country.

Government spending shocks and economic growth: additional evidence from cyclical behavior of fiscal policy

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Olumide Olusegun Olaoye ◽  
Ukafor Ukafor Okorie ◽  
Oluwatosin Odunayo Eluwole ◽  
Mahmood Butt Fawwad
Keyword(s):  
Economic Growth ◽  
Business Cycle ◽  
Government Spending ◽  
Generalized Method Of Moments ◽  
The State ◽  
Fiscal Policies ◽  
Asymmetric Effect ◽  
Content Type ◽  
Spending Shocks ◽  
The Business Cycle

PurposeThis study examines the asymmetric effect of government spending on economic growth in Nigeria over the period 1980–2017. Specifically, this study investigates whether the response of economic growth to government spending shocks differs according to the nature of shocks on them. In addition, the authors examine whether the stabilizing effects of fiscal policies are dependent on the state of the business cycle.Design/methodology/approachThe study adopts the linear fiscal reaction function in addition to the nonlinear regression model of Hatemi-J (2011, 2012), Granger and Yoon (2002), which allows us to separate negative shocks from positive shocks to government spending. Similarly, the authors adopt the generalized method of moments (GMM) techniques of Hansen (1982) to account for simultaneity and endogeneity problems inherent in dynamic model.FindingsThe authors’ findings reveal that there is evidence of asymmetry in the government spending–economic growth nexus in Nigeria over the period of study. Specifically, the authors find that the response of economic growth to government spending shocks differs according to the nature of shocks on them. More specifically, the study established that the stabilizing effects of fiscal policies are dependent on the state of the business cycle.Originality/valueUnlike the traditional method of modeling asymmetry, which adopts the simple inclusion of a squared government spending term or by the inclusion of a cubic government spending term, the model adopted in this study allows us to model shocks and show how the responses of economic growth to government expenditure differ according to the nature of shocks on them.

Monetary Systems

2016 ◽  
pp. 320-341
Author(s):  
Angela Redish
Keyword(s):  
Early Modern ◽  
Early Modern Period ◽  
Medieval Period ◽  
Bretton Woods ◽  
Paper Money ◽  
Fiat Money ◽  
Modern Period ◽  
Monetary Systems ◽  
Medieval Europe

This chapter presents the evolution of Western monetary systems from the bimetallic standards of medieval Europe through the gold standard and Bretton Woods eras to today’s fiat money regimes. The chapter notes that issues of revenue creation enabled by the monopoly over money issue—through debasement and/or inflation—runs through this history, as does the significance of the credibility of the money issuer. An additional theme in the chapter is the role of changing technology of money issue, from the hammered coins of the medieval period, to the milled coins of the early modern period, through paper money issues to cryptocurrencies.

A Theory of Partial Property Rights and the Illusion of State-Owned Enterprises

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Sheng Hong
Keyword(s):  
Higher Education ◽  
Property Rights ◽  
Great Risk ◽  
Driving Force ◽  
Private Enterprise ◽  
The State ◽  
Senior Managers ◽  
Partial Property ◽  
Turn Over

Abstract China’s State-Owned Enterprises (SOEs) enjoy many special benefits. They do not turn over profits and rents to the state, they pay much less interests than other enterprises in their use of capital, they enjoy monopolistic power in the marketplace, incomes of SOE employees, including managers, are free of policy restrictions. Because these substantial interests are not transferrable to individuals, competition exists for them. Compared with executives of private enterprise, senior managers of SOEs are 94 times more likely of being convicted of a crime. High benefits enjoyed by senior managers of SOEs come with a great risk. Once the illusion of SOEs is punctured, SOE leaders with higher education and long-term visions may become the driving force of SOE reform.

The Treasury As Developer-Capitalist? British New Town Building in the 1950s

1990 ◽  
Vol 50 (4) ◽  
pp. 903-924 ◽  
Author(s):  
Carol E. Heim
Keyword(s):  
Government Spending ◽  
The State ◽  
Publicly Funded ◽  
Property Development ◽  
New Town ◽  
New Towns ◽  
Public Role ◽  
The 1950S ◽  
Town Center ◽  
Town Building

In the 1950s the British Treasury made an unusual departure from its traditional effort to minimize government spending, arguing that publicly funded development corporations rather than private developers should build town centers in New Towns so as to reap returns from property development. Often associated with frontier growth, development gain is partly created by the state and can only emerge and be realized with the passage of time and the evolution of expectations. Divisions within the state kept Treasury officials from fully securing a greater public role in New Town center building.

Money, Power, and the State: The Origins of the Military-Fiscal State in Modern China

2013 ◽  
Vol 56 (3) ◽  
pp. 392-432 ◽  
Author(s):  
Stephen R. Halsey
Keyword(s):  
Early Modern ◽  
Government Spending ◽  
Eastern China ◽  
Military Spending ◽  
The State ◽  
Modern China ◽  
Economic Power ◽  
Early Modern Europe ◽  
Fiscal State ◽  
The Military

Abstract During the late 1800s, internal rebellion and European imperialism transformed existing patterns of taxation, resource distribution, and government spending in China. Continual preparation for war led to an enormous growth in the state’s extractive capacity, and indirect commercial taxes supplanted the system of direct agrarian levies established in the early Qing era. Authorities earmarked the majority of these new resources for military spending in eastern China in an effort to amass the sinews of politico-economic power. Together these changes laid the initial foundation for the military-fiscal state in modern China, a transformation that parallels the experience of early modern Europe.

Features of Linguistic Terminology Regarding Counterfeiters in the Russian and Austro-Hungarian Empires in the XIX – early XX centuries

2020 ◽  
pp. 55-63
Author(s):  
Andrii Boiko-Gagarin
Keyword(s):  
Law Enforcement ◽  
Credit Cards ◽  
Russian Empire ◽  
The State ◽  
Criminal Cases ◽  
Paper Money ◽  
Historical Archives ◽  
The Russian Empire ◽  
Definition Of ◽  
First Time

The article analyzes the main terms used by law enforcement investigators and editors of the old newspapers regarding to counterfeiters, the forged money, and the process of selling them. Evidence of lexis in relation to counterfeiting has been traced from the criminal cases stored in the state historical archives of Ukraine and Poland, as well as in newspapers periodicals of Ukrainian cities. Most of the sources used in the study are published for the first time. The counterfeiters in Russian empire were called «manufacturer», «counterfeiter», but in Austro-Hungarian – the «counterfeiter» and «deceiver». The process of falsification in the newspapers of Galicia was defined in relation to money, as «made», «fabricated», in the Russian Empire – «cooked», «fabricated» and others. Most often, the definition of a counterfeiter’s personality was referred to as «counterfeiter», «coin counterfeiter», «counterfeiter». The place of counterfeiting was positioned as a «mint», often with the note «secret» or «illegal». In most newspaper publications, organized gangs of counterfeiters were described as а «gang banditti». Linguistic tautology «counterfeiting of counterfeit coins» is oftenly applied to counterfeit manufacturers. In terms of paper money, the definition «paper» and «picture» were used. The Galician press often called the trial of counterfeiters a «massacre». In 1915 in Chernihiv the credit notes signed by cashier S. Brut because of misinformation about their fraud, the population became wary of exchanging such a money, calling it «Brut’s rubles». For flat metal engraved cliches to print counterfeit assignments and credit cards the term «boards» was used, and coin counterfeiting tools are referred to as «counterfeiting machines» or «weapon tools».

Trump appointees will undercut US federal programmes

2017 ◽  
Keyword(s):  
Federal Government ◽  
Government Spending ◽  
Executive Branch ◽  
Federal Agencies ◽  
The State ◽  
Federal Spending ◽  
Content Type ◽  
State And Local ◽  
Federal Taxes ◽  
Tax Deduction

Significance Some hard-right members of the Republican congressional caucus argue that allowing federal spending to lapse and threatening a government shutdown could force legislators to approve steep cuts to the federal bureaucracy. As congressional factions, leaders and President Donald Trump’s administration weigh in on government spending, debates about the appropriate scope of federal agencies and programmes are likely to feature prominently. Impacts Costly entitlement programmes are unlikely to be targeted for cuts owing to their popularity. Congressional allies of USAID will block Trump’s plan to consolidate it into the State Department. Empty executive branch-appointed positions will hinder the effective functioning of the federal government. The proposed abolition of the state and local tax deduction for federal taxes will place pressure on sub-national government programmes.

scholarly journals THE PRIVATE PAPER MONEY CIRCULATING IN THE UKRAINIAN CITIES DURING THE REVOLUTION OF 1917-1921: THE SOURCE CRITIQUE OF THE OUTWARD SIGNS

2019 ◽  
pp. 53-64
Author(s):  
Yevheniya Shyshkina ◽  
Yaroslav Motenko
Keyword(s):  
Text Analysis ◽  
The State ◽  
Paper Money ◽  
Money Circulation ◽  
The Revolution

In the paper, the historiography of the problem is examined. The critique of the privet paper money which was circulating in the Ukrainian lands in 1917–1921 is conducted. The characteristics of such critique are shown and its distinctions from the critique of the state paper money are identified. The external signs of the bonds’ obverse and reverse are analyzed. The heraldic, emblematic, iconographic, sphragistics, neographic, filigree, ornamental, chronological and metrological elements of the Ukrainian privet paper money appearance are investigated and the role of these features is identified. The emblems, seals, imprints, signatures, series, numbers, dates are pointed out to be the most informative signs of the privet paper money. So, in the article, the great significance of the sphragistics, neographic and chronological data is underlined. By means of the text analysis, the issuers of bonds are identified. Thecritique of the bonds’ external features also showed the reasons for emission, the emitters’ guarantees and the scale of the privet paper money circulation.

scholarly journals FISCAL POLICY OF RUSSIA IN THE PERIOD OF ECONOMIC GROWTH SLOWDOWN AND THE RESULTS OF 2018

Federalism ◽  
2019 ◽  
pp. 86-99 ◽  
Author(s):  
I. S. Bukina
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Government Spending ◽  
The State ◽  
Business Activity ◽  
Government Budget ◽  
Social Sphere

Traditionally, one of the objectives of fiscal policy is smoothing the effects of fluctuations in business activity. In this connection, in the periods of recession, there should be a stimulating policy, and in the periods of recovery – restraining policy. Fiscal policy in Russia, as it’s shown in the article, is primarily procyclical. During the 2015 recession, according to the  calculations using multipliers, government spending contributed to the reduction of GDP rather than to the support of its growth. Later, despite a significant increase in the revenues of the expanded government budget and the shift in priorities from defense and security financing to social sphere, the effect of the increase in budget expenditures turned out to be negative. The article also discusses the state of the budget sphere following the results of 2018, which showed the restoration of economic growth.

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