Search results for "fiscal"
showing 10 items of 448 documents
HOW DO FISCAL CONSOLIDATION AND FISCAL STIMULI IMPACT ON THE SYNCHRONIZATION OF BUSINESS CYCLES?
2017
Using quarterly data for a panel of advanced economies, we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked. We also find: (i) some evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization when countries fix their exchange rates and become members of a monetary union; (iii) a positive effect of bilateral trade on the synchronization of business cycles. Global factors, such as a rise in global risk aversion and uncertainty and a reversal of nonstandard expansionary monetary policy, can also reduce the degree of co-movement of busi…
Fiscal consolidation and income distribution
2016
This working paper attempts to shed light on distributional effects of recent fiscal consolidation policies, mainly through the channel of in-kind public transfers. We look at the distribution of income in 16 EU countries during the recent global financial and economic crisis, and the subsequent period of fiscal consolidation. Experiences in terms of the depth of the recession and the policies implemented to deal with vary greatly across EU countries. We illustrate this diversity, and show how the crisis has accentuated the differences among EU countries, both in income levels and in inequality. The effects of the public sector on household income distribution have traditionally been measur…
The Fiscal Councils – Independent Fiscal Institutions for Ensuring Fiscal Discipline
2017
Ensuring the sustainability of public finances can only be achieved through substantial and relevant analysis and evaluation of the problems faced by the fiscal and budgetary fields. Thus, through independent tax institutions, based on opinions and recommendations issued, can be identified those decisions designed to ensure a responsible fiscal and budgetary policy. Without claiming an exhaustive approach, through this article we will identify basic principles of Fiscal Councils, the main features of the Fiscal Councils from the IMF member states and we will try to highlight the best practices. By identifying best practices, we will highlight the role of Fiscal Councils in the prudent manag…
The Importance of a Medium-term Budgetary Framework in Enhancing the Sustainability of Public Finances in Romania
2014
Abstract The reform that the romanian fiscal system should follow aims to increase the quality of public finances and fiscal governance and strengthening fiscal discipline through better management of budgetary resources. This can be achieved by taking legislative and institutional measures, such as a new law on fiscal responsibility, developing a long-term fiscal strategy, moving to a multi-annual budget programming by implementing a medium-term budgetary framework, the introduction of strict fiscal rules and the establishment of an Independent Fiscal Council. The purpose of this paper is to highlight the importance of adopting a medium-term budgetary framework by Romania and the role that…
THE MEMBER STATES OF NORTH EUROPEAN UNION AND LAFFER'S THEORY
2015
In most cases, the current situation of a country or another depends on the historical evolution of its own tax system, especially on the method that it was designed and applied in practice. By the reforms implemented, governments have a difficult task to accomplish, namely finding formulas that provide the financial resources necessary for the functioning of public institutions and reducing the tax burden to taxpayers. This paper aims to determine, by using graphical representation of Laffer's curve, the type of relation between tax burden and tax revenues in Denmark, Sweden, Finland, Estonia, Latvia and Lithuania. The research is based on data provided by the European Commission for18 yea…
THE IMPACT OF FISCAL POLICY ON ECONOMIC GROWTH IN THE FOUNDING COUNTRIES OF THE EUROPEAN UNION
2015
Changes in fiscal policy have an impact on aggregate demand, the allocation of resources and income distribution. The present study highlights the impact of fiscal policy on the founding countries of the European Union in the period 2000-2011. The evolution of GDP / capita was explained using the structure of tax revenues, inflation, budget deficit and also qualitative variables like the economic crisis and weather conditions. The results of the analysis indicate that fiscal policy has a significant negative impact on the founding countries of the European Union, in particular through measures taken in respect of value added tax, excise duties, income taxes for households and corporations a…
FISCAL POLICY`S INFLUENCE ON ECONOMIC GROWTH IN THE EUROPEAN UNION
2012
In this paper we study the impact of the fiscal policy on the economic growth for European Union, for the period 2000-2009. This subject represents a very debated problem in the economic literature. Our findings shows that, from the analysis of correlation between economic growth rate and total rate of taxation, there is generally an inverse relationship, meaning that an increase in the tax rate adversely affects economic growth. Continuing the analysis of the correlation between economic growth rate and total tax rate components it can be seen that there is an inverse relationship between labor taxation and capital taxation and economic growth in EU Member States. Both labour and capital t…
ISSUES ON FISCAL POLICY OBJECTIVES IN ROMANIA AFTER 2000
2010
Financial policy differs from one country to another depending on the country's economic potential, the level of economic development, natural resources, national or international conditions, methods of managing the national economy, the interests of political parties and other factors. But, we should not overlook the fact that economic and financial experience of countries can provide models to be applied in other countries. In terms of financial policy, budgetary policy and fiscal policy are the most important. This paper aims to compare the objectives of fiscal policy in Romania during the last three programs of government in the period 2001-2012 and, under the Romanian fiscal responsibi…
Fiscalità ambientale per l'Europa. I profili di armonizzazione riscontrabili nella tassazione a livello nazionale
2016
Il lavoro si occupa di analizzare la disciplina dei singoli stati membri dell'UE in tema di principi e direttive europee in tema ambientale allo scopo di valutare il grado di armonizzazione degli stessi
Fiscalità di vantaggio: motivazioni ed opportunità
2013
Il presente lavoro intende approfondire la tematica della fiscalità di vantaggio/compensativa, mediante l'osservazione degli strumenti normativi attualmente esistenti e di possibile implementazione, con particolare riferimento alle norme tributarie che possono avere un effetto moltiplicativo, liberando risorse dall'area, e a quelle che possono portare all'attrazione di risorse esterne alla stessa.