Download or read book Fiscal Transfers and Economic Convergence written by and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Before the outbreak of the coronavirus (COVID-19) pandemic, discussions were already taking place on how to complete Economic and Monetary Union (EMU) and increase its resilience, inter alia, by speeding up economic convergence. The impact of the current unprecedented crisis on the euro area economy has given the debate new impetus. As a contribution to this topic - and without going into details of new mechanisms for crisis resolution - this paper analyses the role of fiscal transfers in real and business cycle convergence at a regional level. The paper distinguishes between net fiscal transfers - a broad measure defined as the ratio between disposable and primary incomes - and EU structural and investment funds. It provides evidence that net fiscal transfers have contributed to income redistribution across regions and to faster convergence in disposable incomes, although not to higher economic growth and real convergence. More positive evidence has been found for the role of the EU structural and investment funds over the medium term, based on the newly available - and richest so far - European Commission database. Going forward, in addition to efficiency considerations, which are important for real convergence, recommendations on the size and allocation of fiscal transfers should account for their impact on the business cycle. At the same time, in the longer run, it should be borne in mind that fiscal transfers are no substitute for genuine structural reforms and sound macroeconomic and fiscal policies when it comes to promoting sustainable economic growth and convergence.
Download or read book The role of fiscal transfers for regional economic convergence in Europe written by Cristina Checherita and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Transfers and Economic Convergence in the EU written by Yves Hervé and published by . This book was released on 1998 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Politics and Economics of Regional Transfers written by Fabio Padovano and published by Edward Elgar Publishing. This book was released on 2007 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Which programmes of income redistribution across jurisdictions are likely to be chosen in democratic countries and why? How does the degree of government centralization affect these choices? This book tries to answer these questions and others related to the issue of income redistribution across states and regions.
Download or read book Economic Convergence in the Euro Area Coming Together or Drifting Apart written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 2018-01-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Download or read book Nominal Stability Real Convergence and Fiscal Transfers in a Monetary Union written by Svend E. Hougaard Hougaard Jensen and published by . This book was released on 1998 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Subsidising Inequality written by Martin Raiser and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper investigates per capita income convergence across Chinese provinces over 1978-1992 period. If confirms previous studies which find a reduction in inter-regional income inequality over the course of economic reforms. However, the rate of convergence has declined since 1985 as a result of two factors. First, the shift from rural to industrial reforms has disproportionately benefited the relatively wealthier coastal provinces. Second, the still existing system of inter-provincial fiscal transfers has prevented convergence among interior provinces, as transfers have gone to the richer among them, mainly to compensate for incomplete reforms elsewhere. The paper recommends a fundamental overhaul of inter-provincial fiscal relations in order to ensure that the process of income convergence continues in the future.
Download or read book The Role of Fiscal Transfers in Smoothing Regional Shocks written by Mr.Tigran Poghosyan and published by International Monetary Fund. This book was released on 2016-07-21 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We assess the extent to which fiscal transfers smooth regional shocks in three large federations: the U.S., Canada, and Australia. We find that fiscal transfers offset 4-11 percent of idiosyncratic shocks (risk-sharing) and 13-24 percent of permanent shocks (redistribution). This fiscal insurance largely operates through automatic stabilizers embedded in a central budget primarily through federal taxes and transfers to individuals, rather than transfers from the central government to state budgets. These results have implications for the design of fiscal risk-sharing mechanisms in the euro area.
Download or read book The Next Convergence written by Michael Spence and published by Macmillan + ORM. This book was released on 2011-05-10 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Washington Post Notable Nonfiction Book for 2011 With the British Industrial Revolution, part of the world's population started to experience extraordinary economic growth—leading to enormous gaps in wealth and living standards between the industrialized West and the rest of the world. This pattern of divergence reversed after World War II, and now we are midway through a century of high and accelerating growth in the developing world and a new convergence with the advanced countries—a trend that is set to reshape the world. Michael Spence, winner of the Nobel Prize in Economic Sciences, explains what happened to cause this dramatic shift in the prospects of the five billion people who live in developing countries. The growth rates are extraordinary, and continuing them presents unprecedented challenges in governance, international coordination, and ecological sustainability. The implications for those living in the advanced countries are great but little understood. Spence clearly and boldly describes what's at stake for all of us as he looks ahead to how the global economy will develop over the next fifty years. The Next Convergence is certain to spark a heated debate how best to move forward in the post-crisis period and reset the balance between national and international economic interests, and short-term fixes and long-term sustainability.
Download or read book Fiscal Federalism and European Economic Integration written by Mark Baimbridge and published by Routledge. This book was released on 2005-06-28 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pace of economic integration amongst European Union (EU) member states has accelerated considerably during the past decade, highlighted by the process of Economic and Monetary Union (EMU). Many aspects of the EU's apparatus, however, have failed to evolve in order to meets these new challenges. This book explores the issue of fiscal federalism within the context of EU integration from theoretical, historical, policy and global perspectives. It contrasts the pace of integration amongst EU member states with the failure of financial and administrative apparatus to evolve to encompass fiscal federalism, i.e. the development of a centralised budgetary system. This impressive collection, with contributions from a range of internationally respected authors, shall interest students and researchers involved with European economics and economic integration. Its accessible style will also make it extremely useful to policy-makers and professionals for whom European economic integration is a daily topic of conversation.
Download or read book How to Fix the Euro written by Stephen Pickford and published by Chatham House. This book was released on 2015-01-31 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economic and financial crisis that started in 2007 exposed serious flaws in the euro's original design. This report examines why Europe's economic and monetary union was so badly affected by the crisis, and assesses whether further changes need to be made to the structure of economic governance that underpins it. A Chatham House, Elcano and AREL Report
Download or read book Europe and the Euro written by Enrico Marelli and published by Springer. This book was released on 2016-11-17 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a fresh perspective on the recent Eurozone "double crisis" and its related economic policies. The authors present empirical evidence which sheds new light on the growing economic and political debate on the future of the Euro, the Eurozone and the EU. The book investigates and assesses the impact of the crisis with particular reference to monetary and fiscal policy, whose protracted austerity approach has dampened economic growth. In their discussion of the long-run European integration process, the authors emphasize the original weaknesses in the construction of the European Monetary Union and examine its failure to respond to the recent crisis. The concluding chapter focuses on the need for crucial reform in European governance and discusses the impact of the UK’s recent EU membership referendum. Scholars, students and members of the general public with an interest in the future of the Eurozone will find this work thought-provoking, instructive and highly informative.
Download or read book Regional Disparities and Fiscal Federalism in Russia written by Oksana Dynnikova and published by International Monetary Fund. This book was released on 2021-05-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how regional disparities have evolved in Russia and how Russia’s system of intergovernmental fiscal relations is managing these disparities. Regional disparities have fallen over the past two decades but remain relatively high. Socioeconomic outcomes remain worse in lagging regions despite faster growth and convergence in income levels. The twin shocks of COVID-19 and lower oil prices appear to have impacted richer regions disproportionately. Compared to other large countries with federal systems of government, Russia stands out with its high reliance on direct taxes as a revenue source for its regions. Transfers from the federal budget to the regions provide some redistribution by reducing the dispersion in real per capita fiscal spending, but also tend to be associated with lower growth. The Russian fiscal system offers degrees of redistribution and risk sharing of around 26 and 18 percent, respectively—with in-kind social transfers contributing the most. Finally, federal transfers in the aggregate tend to be procyclical and are also fairly unresponsive to shocks to regions’ own revenues.
Download or read book Indian Fiscal Federalism written by Y.V. Reddy and published by Oxford University Press. This book was released on 2018-12-27 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Likening fiscal federalism to a game between the Union and the States, and among the States themselves, Indian Fiscal Federalism lays bare the complex rules of play. It examines the pivotal role of Finance Commissions and assesses momentous events since 2014, such as the replacement of the Planning Commission by NITI Aayog, the emergence of the GST Council, and the controversies surrounding the Fifteenth Finance Commission. States, and among the States themselves, Indian Fiscal Federalism lays bare the complex rules of play. It examines the pivotal role of Finance Commissions and assesses momentous events since 2014, such as the replacement of the Planning Commission by NITI Aayog, the emergence of the GST Council, and the controversies surrounding the Fifteenth Finance Commission. A contemporary, timely, and comprehensive analysis of fiscal federalism in India, this practitioners’ perspective is a must-read for all those interested in the subject.
Download or read book Fiscal Federalism 2022 Making Decentralisation Work written by OECD and published by OECD Publishing. This book was released on 2021-12-20 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal Federalism 2022 surveys recent trends and policies in intergovernmental fiscal relations and subnational government. Accessible and easy-to-read chapters provide insight into: good practices in fiscal federalism; the design of fiscal equalisation systems; measuring subnational tax and spending autonomy; promoting public sector performance across levels of government; digitalisation challenges and opportunities; the role of subnational accounting and insolvency frameworks; funding and financing of local government public investment; and early lessons from the COVID-19 crisis for intergovernmental fiscal relations.
Download or read book Global Monetary and Economic Convergence written by Gusztáv Báger and published by Routledge. This book was released on 2018-12-21 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1998. Global convergence has many aspects. The first part of this volume deals with European convergence, the second with convergence especially between Eastern and Western Europe. The third part with practical and the fourth with theoretical issues related to Global Convergence. The last part juxtaposes Hayekian and Triffian economic thought. The first of these, the Hayekian relies exclusively on the profit motive of the only arbiter of the economic decision-making. The Triffians thought insists that satisfactory balances can be brought about only through racial negotiation among market participants within countries and on a global scale. The Hayek-Triffin juxtaposition gains particular importance at a time when capital mobility, labour and social mobility have reached hitherto new levels on a global scale and this challenges social coherence. This difference will put social coherence under unusual stress. The solution of the problems created will be the greatest challenge to economic, social and political statemanship during the 21st century.
Download or read book The Distribution of Income in China written by Keith Griffin and published by Springer. This book was released on 2016-07-27 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on original data obtained from a purpose-designed nationwide household sample survey, the volume contains studies of the overall distribution of income, inequality and poverty in rural areas, wage employment in rural industries, urban wage inequalities, and the relationship between education and income. An appendix describes the household sample survey.
