Search results for "Fiscal policy"
showing 10 items of 103 documents
Democratic Principles and the Economic Branch of the European Monetary Union
2017
L'articolo si propone di indagare sul valore che i vari principi democratici enunciati nel TUE hanno nello specifico settore dell'UEM, in particolare nel pilastro della politica economica, dopo l'entrata in vigore delle riforme contenute nel Six pack e nel successivo Two Pack. Il lavoro intende in particolare rispondere a tre domande: A) le regole contenute nel six pack e nel two pack in tema di controllo democratico sono espressione di un preciso modello di controllo democratico sulle scelte di politica economica nell'ambito dell'UEM? B) E' un simile modello compatibile con i principi democratici del TUE? C) I principi democratici non rappresentativi possono compensare il minor peso che vi…
Foreign direct investment attraction in the Baltic States
2014
This paper considers the importance of macroeconomic factors as well as investment climate for foreign direct invest ment attraction in the Baltic states. It reviews some of the indicators for measuring the investment climate and their usefulness as indicators of strength of FDI attraction and uses the results of econometric analysis to consider relative importance of various macroeconomic factors. The results suggest that perceptions of corruption and fiscal policy are some of the more important drivers of FDI attraction. The paper also considers several measures that could improve foreign direct investment attraction in the Baltic States such as expanding the protection of property right…
The Consequences of Banking Crises for Public Debt
2010
The aim of this paper is to assess the consequences of banking crises for public debt. Using an unbalanced panel of 154 countries from 1980 to 2006, the paper shows that banking crises are associated with a significant and long-lasting increase in government debt. The effect is a function of the severity of the crisis. In particular, for severe crises, comparable to the most recent one in terms of output losses, banking crises are followed by a medium-term increase of about 37 percentage points in the government gross debt-to-GDP ratio. Measuring the increase in debt in this manner seems more appropriate than some of the measures used in the literature that have provided off-quoted and very…
Government consumption volatility and the size of nations
2016
This paper analyzes the relation between government consumption volatility and country size. Using an unbalanced sample of 160 countries from 1960 to 2010, it finds that smaller countries have more volatile government consumption. Moreover, while this relation is more negative for more volatile economies, there is also evidence that smaller countries have more volatile government consumption even controlling for the level of volatility in the economy.
Discretionary Government Consumption, Private Domestic Demand, and Crisis Episodes
2012
This paper analyzes the dynamic impact of discretionary government consumption purchases on private demand. Using a panel of 132 countries from 1960 to 2008, we find that while discretionary changes in government consumption lead to crowding-in effects in the short run, crowding-out effects take over in the medium run. In addition, we also find that both short-term crowding-in and mediumterm crowding out effects are amplified once we control for periods of crisis.
Government size, composition, volatility and economic growth
2008
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government revenue and spending, the results point out that i) indirect taxes (size and volatility); ii) social contributions (size and volatility); iii) government consumption (size and volatility); iv) subsidies (size); and v) government investment (volatility) have a sizeable, negative and statistically significant effect on growth. info:eu-repo/semantics/publishedVersion
The Impact of Government Spending on the Private Sector: Crowding-out versus Crowding-in Effects
2011
Summary We contribute to the empirical literature on the effect of government spending on economic activity, by assessing the impact of changes in government spending-GDP ratio on (the short-term growth rates of) private consumption and investment. We do this by analysing a panel sample of 145 countries from 1960 to 2007. The results of our paper suggest that government spending produces important crowding-out effects, by negatively affecting both private consumption and investment. The result is broadly robust to both country and time effects, and different econometric specifications. In addition, we show that the effect of government consumption on private consumption and investment does …
The Shaping of Public Economic Discourse in Postwar America: The 1947 Meat Shortage and Franco Modigliani’s Meat Plan
2015
Abstract This paper discusses the American debate over price controls and economic stabilization after World War II, when the transition from a war economy to a peace economy was characterized by bottlenecks in the productive system and shortages of food and other basic consumer goods, directly affecting the living standard of the population, the public opinion, and political discourse. Specifically, we will focus on the economist Franco Modigliani and his proposal for a “Plan to meet the problem of rising meat and other food prices without bureaucratic controls.” The plan prepared by Modigliani in October 1947 was based on a system of taxes and subsidies to foster a proper distribution of …
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…
Cryptocurrency Perception Within Countries: A Comparative Analysis
2020
Purpose: The paper explores the differences between countries concerning perception and use of traditional and virtual money. We try to answer the question who uses virtual money for investment and building assets and who uses it just for Internet payments. The background of the analysis are significant changes that have taken place in the virtual money market in recent years in relation to changes in the global financial market. Design/methodology/approach: A pilot study was conducted in Poland, the Russian Federation, and China, which is supposed to be an introduction to the bigger and wider survey. It was conducted within December 2019 and January 2020 with 81 surveyed persons. These wer…