Search results for " fiscal policy"
showing 10 items of 19 documents
LA POLITICA ORDINARIA E DI COESIONE NELLE REGIONI ITALIANE: UNA VALUTAZIONE SETTORIALE SUL FUNZIONAMENTO DEL PRINCIPIO DI ADDIZIONALITA'
2022
This paper analyses the degree of additionality of the Cohesion Policy to ordinary domestic spending in the Italian NUTS-2 regions during the last two programming periods (2007-2013 and 2014-2020). The European Commission has established that the Structural Funds must not be used to replace the disbursement of the Member States to the regions. However, the treatment could distort the allocative choices of the national policy maker. The main element of novelty is the ex-post panel evaluation of cohesion funds’ additionality to the Ordinary Policy through a sectoral breakdown of spending, controlling for the potential endogeneity of the cohesion variable. The sectoral approach allows us to as…
Tax Reforms and Labour-market Performance: An Evaluation for Spain using REMS
2009
This paper uses REMS, a Rational Expectations Model of the Spanish economy designed by Boscá et al (2007), to analyse the effects of lowering the overall tax wedge to the level prevailing in the US. Our results partially confirm previous findings in the literature: a reduction in the overall tax wedge of 19.5 points, in order to reach the US levels, has a positive effect in the long run, increasing total hours by about 7 per cent and GDP by about 8 percentage points. In terms of GDP per adult, these results account for 1/4 of the gap with respect to the US, but imply a reduction of only one percentage point in the labour productivity gap. The rise in total hours per adult is explained by a …
Radikalizācijas ekonomiskās sekas
2019
Finanšu un ekonomiskā krīze, pēdējā laikā notikusī nekontrolētā migrācija un teroristu uzbrūkumi izraisa politisko radikalizāciju dažās valstīs. Šajā pētījumā tiek aplūkoti augošā populisma un radikalizācijas ekonomiskie iemesli un sekas, kā arī ārējie un iekšējie ierobežojumi, vērsti uz negatīvo ekonomisko seku mazināšanu. Lai ilustrētu un pamatotu konstatējumus, tiks analizēti trīs gadījumi: nesenās politiskās radikalizācijas iemesli un sekas Grieķijā, Itālijā un ASV. Īpaša uzmanība tiek pievērsta ekspansīvajai fiskālajai politikai un protekcionisma politikai. Mēs pieņemam, ka populismam un radikalizācijai ir negatīva ietekme uz tautsaimniecību, vienlaikus valdības īsteno ekspansīvo fiskā…
Does Government Spending Crowd Out Private Consumption and Investment?
2011
To counteract the impact of the financial crisis, governments have imple-mented significant fiscal stimulus packages that involve a combination of tax cuts and a boost in social and public infrastructure spending. While, before the turmoil, there was broad consensus that monetary policy should be the primary tool of stabilisation policy, and fiscal policy should play lit-tle role beyond allowing automatic stabilisers to operate, during the crisis almost all major countries adopted discretionary fiscal policy measures. In the debate on the fiscal policy response to the economic downturn, the effectiveness of fiscal policy to support the economy has, there-fore, regained importance and renewe…
THE LONG-RUN DETERMINANTS OF INVESTMENT: A DYNAMIC APPROACH FOR THE FUTURE ECONOMIC POLICIES
2010
Investment is the sum of the purchases on newly produced capital, changes in business inventories referred to as inventory investment, and the purchases of new residential housing. The work covered by this study aims to identify the model that presents, in the best possible way, the method of investment’s calculation and to determine the factors of influence. In the first part, the investment is analyzed as a linear function dependent on the interest rate; and the second part implies a new model for determining long-term investments, but also an identification of the measures that would lead to increased investments.
The Analysis on the Cyclical Behaviour of Fiscal Policy in the EU Member States
2013
Abstract This paper deals with the topic of cyclicality of fiscal policy. The main purpose of this paper is to determine the cyclical behaviour of fiscal policy in the EU member states, using historical time series for all the European countries during the period between 1995- 2011. The results pointed out that the procyclical fiscal policies are a feature of developing countries and the countercyclical and acyclical fiscal policies are a feature of developed counties.
ANTI-CRISIS TAX MEASURES IMPLEMENTED IN ROMANIA DURING 2009-2011
2012
This paper is a centralization of fiscal measures decided by the Romanian Government. These measures were taken during 2009 - 2011 in order to counteract the negative effects of financial crisis. At the end of paper it can be found some possible future fiscal measures to be taken in our country, which were not included in Government vision.
The perception of young people regarding the Romanian taxation
2015
According to the principles of taxation, taxes should contribute to the development of the personality of each individual, to the overall development of the economy. In this framework, the elaboration and development of fiscal policy decisions must take into account the financial, economic and social implications, so that, taxation should be seen as a stimulating factor. Through this article, based on a selective research, we analysed how the younger generation perceives Romanian taxation, considering the level of fiscal education and confidence in fiscal institutions.
How best to measure discretionary fiscal policy? Assessing its impact on private spending
2013
We develop a novel empirical approach to assess the effect of discretionary fiscal policy on private spending consisting of three stages: 1) extract the discretionary component of fiscal policy by estimating a fiscal policy rule; 2) use the residuals of the first-stage regression to investigate the existence of crowding-in and/or crowding-out effects both in the short and the medium term; and 3) condition the response of private spending on a set of country characteristics. We find that an expansion in discretionary fiscal policy boosts growth in the short term, but is detrimental in the medium term. In addition, the empirical findings suggest that the effect of discretionary fiscal policy …
Financial Integration and Fiscal Policy
2011
The aim of this paper is to assess the impact of financial integration on fiscal policy. Using an unbalanced panel of 31 OECD countries from 1970 to 2009, the paper shows that financial integration has significant disciplinary effects by reducing fiscal deficits and (discretionary) spending volatility. In addition, we find that financial integration affects the composition of government debt and enhances risk-sharing by increasing the share of foreign debt to the total. The results are robust to both de jure and de facto measures of financial integration, different measures of budget balance, and different estimation strategies.