Download or read book The Quality of Public Finances and Economic Growth written by Salvador Barrios and published by . This book was released on 2009 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: What role can better quality of public finances play in supporting Europe's long-term economic growth prospects? This question was at the centre of the 2008 European Commission workshop on public finances. It was largely motivated by the pressures put on European economies and their budgets from ageing populations and increased globalisation. However, the on-going financial crisis has given the issue an even greater prominence. Current fiscal stimulus packages not only include short-term measures, but also aim to have a lasting impact on growth. The latter is one aspect of ensuring a high quality of public finances. The workshop papers presented and analysed a number of policy options, ranging from the role of growth-enhancing public expenditure, in particular public infrastructure, and more generally the provision of public capital, the role of institutions, tax policy and the interaction of short-term counter-cyclical fiscal policy and long-term economic growth.
Download or read book The Quality of Public Finances and Economic Growth written by Salvador Barrios and published by . This book was released on 2006 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Quality of Public Finances and Economic Growth written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economics of public finance written by and published by Atlantic Publishers & Distri. This book was released on 1974 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Government Spending Taxes and Economic Growth written by Mr.Paul Cashin and published by International Monetary Fund. This book was released on 1994-08-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth-enhancing effects of investment in public capital and transfer payments are modeled, as is the growth-inhibiting influence of the levying of distortionary taxes which are used to fund such expenditure. The theoretical implications of the model are then tested with data from 23 developed countries between 1971 and 1988, and time series cross sectional results are obtained which support the proposed influence of the public finance variables on economic growth.
Download or read book Fiscal Adjustment for Stability and Growth written by Mr.James Daniel and published by International Monetary Fund. This book was released on 2006-08-17 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stability and growth. Structured around five practical questions—when to adjust, how to assess the fiscal position, what makes for successful adjustment, how to carry out adjustment, and which institutions can help—it covers topics such as tax policies, debt sustainability, fiscal responsibility laws, and transparency.
Download or read book Public Finance and Economic Growth written by and published by . This book was released on 1983 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Quality of Public Investment written by Shankha Chakraborty and published by International Monetary Fund. This book was released on 2009-07 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Among these, domestic financial reforms, and trade reforms, are robustly associated with economic growth, but only in middle-income countries. In contrast, we do not find any systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on economic growth in middle-income countries is explained by improvements in measured aggregate TFP growth, not by higher aggregate investment. We present evidence that variation in the quality of property rights helps explain the heterogeneity of the effectiveness of financial and trade reforms in developing countries. The evidence suggests that sufficiently developed property rights are a precondition for reaping the benefits of economic reform. Our results are robust to endogeneity bias and a number of alternative specifications.
Download or read book Economic Growth and Fiscal Planning in New York written by William Duncombe and published by Routledge. This book was released on 2017-09-08 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an era of federal deficits and struggling municipalities, states have emerged as the most significant governmental actors. But state governments face the major challenge of fiscal planning in the midst of economic change. Roy Bahl and William Duncombe tackle this challenge head-on. Using New York as a case study, they identify looming dangers for state revenue and expenditure planning.Bahl and Duncombe begin with the premise that one cannot separate an evaluation of fiscal performance from an evaluation of economic performance. Accordingly, they describe and analyze the patterns of population, employment, and personal income growth. Following this is a study of state and local government finances in New York since 1970 and a recounting of the fiscal adjustments that were taken in the face of slower and then faster growth in the economy.The authors conclude that based on current conditions, the state and its local governments are in for fiscal belt-tightening. They note that the state should take a comprehensive view in planning the development and retrenchment of its government sector. The book is thought-provoking, exhaustively researched, and sensibly written. Its lessons are applicable everywhere and should be read by all those seeking a route through the tangled thicket of government policy for economic growth.
Download or read book The Quality of Public Finances written by Servaas Deroose and published by . This book was released on 2008 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Improving the quality of public finances has become a key policy challenge for European policy makers. While maintaining sound budget positions remains the linchpin of the European Union's fiscal framework, rising pressures from globalisation and ageing populations are calling to improve also the qualitative aspects of fiscal policy with a view to supporting economic growth. This includes to better target public resources, raise the efficiency of public spending, modernise public finance institutions and budget administration, create supportive fiscal frameworks and establish efficient and growth-enhancing revenue systems. The need for such a comprehensive approach to strengthen public finances is laid out in this collection of papers prepared by the EPC Working Group on the Quality of Public Finances between 2004 and 2007. It also highlights the challenges that come along with policy implementation by drawing on a number of country case studies.
Download or read book Efficiency Adjusted Public Capital and Growth written by Mr.Sanjeev Gupta and published by International Monetary Fund. This book was released on 2011-09-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper constructs an efficiency-adjusted public capital stock series and re-examines the public capital and growth relationship for 52 developing countries. The results show that public capital is a significant contributor to economic growth. Although the estimated coefficient for the income share of public capital is larger in middle- than in low-income countries, the opposite is true for the marginal product of public capital. The quality of public investment, as measured by variables capturing the adequacy of project selection and implementation, are statistically significant in explaining variations in economic growth, a result mainly driven by low-income countries.
Download or read book Is Fiscal Policy the Answer written by Blanca Moreno-Dodson and published by World Bank Publications. This book was released on 2012-10 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy is an important instrument for maintaining and improving living standards. Such living standards can be viewed as an outcome of the interaction between the opportunities offered by society and the readiness and ability of each person to exploit them. Under certain circumstances, public finance can make an important contribution to the creation of opportunities within a given society by raising resources from the private sector through taxation or borrowing (domestic and external) and allocating those resources effectively and equitably in the form of public spending, including through public goods and transfers. The first chapters in this volume sketch out a framework that policy makers can use in adopting a more cohesive or integrated approach to the short- and long-term dimensions of fiscal policy. Here the traditional threefold rationale for fiscal policy proposed by Musgrave-stabilization, resource allocation, and distribution-continues to be useful. Other chapters in this volume take up some of the critical institutional challenges in implementing fiscal policy for longer-term growth and development. These chapters also look at the tools and approaches being developed to address these challenges. Improving the quality of public investment management is a particular priority in view of the recent evidence that as little as half of all public investment expenditure translates into productive capital stock. The last chapter in this volume is a case study of fiscal responses to the great recession in low-income Sub-Saharan Africa, looking at stabilization and the longer-run growth, as well as distributional aspects of such responses. The growing depth of domestic financial markets in many African countries rather unexpectedly is turning out to be a critical source of financing for fiscal policy responses.
Download or read book Efficiency Adjusted Public Capital Capital Grants and Growth written by Ernesto Crivelli and published by International Monetary Fund. This book was released on 2017-07-24 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent literature has explored the relationship between efficiency-adjusted public capital and economic growth. A debate on whether capital grants, and especially EU funds actually contribute to growth has gained prominence lately. This paper empirically assesses the relationship between the quality of public investment, capital grants, and growth in a sample of 43 emerging and peripheral economies over 1991-2015. To this end, the contribution of public capital to growth is estimated using efficiency-adjusted public capital stock series, constructed reflecting the quality of public investment management institutions. In addition, the determinants of effective public investment are analyzed. The results suggest that capital grants contribute positively to effective public investment, and the latter is significant in explaining variations in economic growth. Finally, the paper illustrates the impact of raising EU funds absorption on potential growth in emerging and peripheral EU countries.
Download or read book public expenditure and growth written by Santiago Herrera and published by World Bank Publications. This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Given that public spending will have a positive impact on GDP if the benefits exceed the marginal cost of public funds, the present paper deals with measuring costs and benefits of public spending. The paper discusses one cost seldom considered in the literature and in policy debates, namely, the volatility derived from additional public spending. The paper identifies a relationship between public spending volatility and consumption volatility, which implies a direct welfare loss to society. This loss is substantial in developing countries, estimated at 8 percent of consumption. If welfare losses due to volatility are this sizeable, then measuring the benefits of public spending is critical. Gauging benefits based on macro aggregate data requires three caveats: a) considering of the impact of the funding (taxation) required for the additional public spending; b) differentiating between investment and capital formation; c) allowing for heterogeneous response of output to different types of capital and differences in network development. It is essential to go beyond country-specificity to project-level evaluation of the benefits and costs of public projects. From the micro viewpoint, the rate of return of a project must exceed the marginal cost of public funds, determined by tax levels and structure. Credible evaluations require microeconomic evidence and careful specification of counterfactuals. On this, the impact evaluation literature and methods play a critical role. From individual project evaluation, the analyst must contemplate the general equilibrium impacts. In general, the paper advocates for project evaluation as a central piece of any development platform. By increasing the efficiency of public spending, the government can permanently increase the rate of productivity growth and, hence, affect the growth rate of GDP.
Download or read book Modern Public Finance written by Bernard P. Herber and published by McGraw-Hill/Irwin. This book was released on 1975 with total page 714 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive framework for analysing the influence of governmental revenue-gathering and expenditure activities in all functional areas of economic activity.
Download or read book Guidelines for Public Expenditure Management written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 1999-07-01 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.
Download or read book The Public Finances written by James M. Buchanan and published by Irwin Professional Publishing. This book was released on 1987 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:
