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 2016-09-07 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 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 Role of Fiscal Transfers in Smoothing Regional Shocks written by Tigran Poghosyan and published by . This book was released on 2016 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 Strengthening the West African Economic and Monetary Union written by Olivier Basdevant and published by International Monetary Fund. This book was released on 2015-10-23 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject to frequent and, to a large extent, asymmetric shocks. They have remained poorly diversified and vulnerable to external shocks, such as changing weather conditions. In addition to limited shock-smoothing mechanisms at the regional level, WAEMU members’ ability to respond to shocks through national policies is also constrained by limited fiscal space and the need to preserve external stability—not only at the national level but also at the union level. In this context, developing a well-defined fiscal rule framework at the national level would help to build the necessary fiscal space for shock-smoothing. In addition, the development of specific shock-smoothing mechanisms—including a more developed and integrated financial sector—would also be critical. In addition, promoting financial development is also a challenge, which needs to be addressed in tandem with an adequate surveillance system. Some of these challenges have been faced by other monetary unions, such as the euro area.
Download or read book Fiscal Risk Sharing in China Is It Significant and How to Further Improve It written by Mr. Fei Han and published by International Monetary Fund. This book was released on 2024-09-20 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has weakened the fiscal positions of local governments in China, while the recent stress in the Chinese property market has further compounded this issue, calling for stronger fiscal risk sharing among provinces. This paper examines the existing central to local governmental transfer system and its effect on interprovincial risk sharing and redistribution in China. We show that the fiscal transfers have played an important role in risk sharing although their main purpose is still redistribution. We also propose an alternative transfer mechanism with the size of transfers to each province linked to the shocks that the province is facing to enhance the fiscal risk-sharing effect. Using counterfactual simulations, we show that such an alternative mechanism can significantly enhance risk sharing among all provinces against idiosyncratic shocks while maintaining a comparable level of redistribution effect. Intergovernmental reforms and other structural measures could also be considered to further improve policy efficiency and effectiveness.
Download or read book The Constitutional Boundaries of European Fiscal Federalism written by Brady Gordon and published by Cambridge University Press. This book was released on 2022-04-14 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book bridges the study of European constitutionalism with the study of 'fiscal federalism' – the subfield of public economics concerned with structuring public finances between different levels of government in federal states. On one axis, this book delves into European Union and Member State constitutional law from all EU Member States in order to investigate and identify the existence of permanent constitutional boundaries that will impinge upon the selection of proposed models for EU fiscal federalism. On the second axis, this book engages the study of fiscal federalism in order to determine which institutional configurations known to that field remain legally and economically implementable within those boundaries. It provides a far-reaching investigation of which models of fiscal federalism are compatible with the constitutional boundaries of the European legal order.
Download or read book Designing a European Fiscal Union written by Carlo Cottarelli and published by Routledge. This book was released on 2014-11-13 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
Download or read book Intergovernmental Fiscal Transfers written by Robin W. Boadway and published by World Bank Publications. This book was released on 2007 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: The design of intergovernmental fiscal transfers has a strong bearing on efficiency and equity of public service provision and accountable local governance. This book provides a comprehensive one-stop window/source of materials to guide practitioners and scholars on design and worldwide practices in intergovernmental fiscal transfers and their implications for efficiency, and equity in public services provision as well as accountable governance.
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 Intranational Macroeconomics written by Gregory D. Hess and published by Cambridge University Press. This book was released on 2000-09-11 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings the intranational macroeconomics literature into clearer focus by collecting the strands of research into a common thread.
Download or read book The Mechanics of a Strong Euro Area written by Ms.Petya Koeva Brooks and published by International Monetary Fund. This book was released on 2015-10-21 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF’s annual Article IV consultations (2012–15) with euro area authorities.
Download or read book Workaway written by Jonathon W. Moses and published by Policy Press. This book was released on 2023-06 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: The drive to create a common market in Europe has proceeded without much thought given to the particular needs of workers. This book examines the process of market integration in Europe to show how it has undermined the power and influence of European workers, and results in a market that generates significant human costs. Starting from the position of labour, this book offers an alternative approach to labour market integration in Europe which tries to balance the needs of justice and efficiency, to the benefit of workers.
Download or read book Building Integrated Economies in West Africa written by Mr.Alexei Kireyev and published by International Monetary Fund. This book was released on 2016-04-13 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The West African Economic and Monetary Union (WAEMU) has a long and varied history, and this book examines how the WAEMU can achieve its development and stability objectives, improve the livelihood of its people, and enhance the inclusiveness of its economic growth, all while preserving its financial stability, enhancing its competitiveness, and maintaining its current fixed exchange rates.
Download or read book The European Monetary Union After the Crisis written by Nazaré da Costa Cabral and published by Routledge. This book was released on 2020-06-09 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union – a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current ‘state of the art’ in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms – in particular, the ones to be used as ‘fiscal capacity’. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.
Download or read book India written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2017-02-22 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: India: Selected Issues
Download or read book One Currency Two Europes Towards A Dual Eurozone written by Bruno Dallago and published by World Scientific. This book was released on 2016-05-24 with total page 649 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aftermath of the US subprime mortgage crisis in 2008 saw its influence spread around the world, including Europe. The European crisis turned out to be longer, deeper and more resilient than anticipated. An unexpected consequence was the increasingly divergent economic and financial situation of two main groups of countries within the Eurozone, which includes the countries that adopt the euro as their common currency. The divergence was caused by a number of factors, fundamentally stemming from the dissimilar economic and financial situation of its member countries and from the incomplete institutional architecture and the monetary and fiscal policies in the Eurozone.One Currency, Two Europes: Towards a Dual Eurozone seeks to explore these factors which give rise to the Eurozone's asymmetric composition and the growing difficulties and ineffectiveness that policies meet. It presents evidence to show how the presently incomplete institutional architecture of the Eurozone is the main reason for the extreme detrimental effects of the international crisis and austerity policies, along with the asymmetric economic situation and the insufficient mutual trust demonstrated by the vulnerable as well as resilient countries.Other than presenting a complete overview and analysis of the events that unfolded in the Eurozone as a result of the financial crisis that first emerged in the US, this book also suggests possible solutions which could help to reunify the Eurozone, and make the common currency sustainable and beneficial for all member countries. One Currency, Two Europes will be useful for policymakers who want to learn from the Eurozone's experience with the financial crisis and the importance of complete institutional architectures and inter-country economic convergence. It will also serve as a reference to students and researchers who would like more in-depth analysis of the crisis and the Eurozone's fiscal, monetary and institutional past, present, and future.
Download or read book The Impact of the Euro on Latin America written by Dorte Verner and published by World Bank Publications. This book was released on 2000-01-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Trade between the European Union (EU) and developing countries is importantaround 22 percent of the EU's exports go to developing countries, while 20 percent of the EU's imports originate in those countries. More specifically, trade between Latin America and the EU has ballooned in recent times..."What are the risks and opportunities facing the Latin American and Caribbean (LAC) region from the introduction of the euro? Will the replacement of the European currency basket by the euro have real economic effects, or will it be little more than an accounting phenomenon? This slim volume attempts to answer those questions. In doing so it covers the current economic situation, presents financial flow, discusses the value and volatility of the euro, and the financial implications of the euro, including the banking system and foreign debt and reserve management. Overall, the report gives a broad picture of the possible impact of the euro on the LAC region.
