Roberto Perotti
Author:
Publisher: World Bank Publications
Published:
Total Pages: 46
ISBN-13:
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Reforming the Stability and Growth Pact
Author: Mr.Michael Deppler
Publisher: International Monetary Fund
Published: 2005-02-01
Total Pages: 28
ISBN-13: 1451975481
DOWNLOAD EBOOKA rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.
Income Distribution and High-quality Growth
Author: Vito Tanzi
Publisher: MIT Press
Published: 1998
Total Pages: 448
ISBN-13: 9780262201094
DOWNLOAD EBOOKThe contributors argue that there need not be a trade-off between growth and equity in the long run. However, attempts by government to influence income distribution through large-scale tax and transfer programs can have a negative impact on growth. The contrast is vivid. While the majority of people in the industrial world and some in the developing world enjoy unprecedented affluence, a far greater number of people in the low-income countries live in abject poverty. Although several developing countries are achieving rapid economic growth and poverty reduction, most formerly centrally planned countries are struggling to implement market-oriented reforms in the midst of economic deterioration and rising poverty. The paramount importance of reducing poverty worldwide is forcing economists and policymakers to look at how income distribution and economic growth interact. The essays in this volume grew out of a 1995 conference sponsored by the International Monetary Fund. The contributors are scholars and policymakers from academic institutions, governments, and international organizations. The questions discussed include: How does income distribution interact with economic growth in the short run and the long run? To what extent can government use transfer programs to increase the incomes of the poor? How can government use social programs to help the poor increase their income-earning capacity? Does distributional inequality create an obstacle to long-term poverty reduction? Alternatively, is distributional inequality a necessary means of achieving economic growth? Generally, the contributors agree that there need not be a trade-off between growth and equity in the long run. However, attempts by government to influence income distribution through large-scale tax and transfer programs can have a negative impact on growth.
Trimming the Sails
Author: Istv n Bencz‚s
Publisher: Central European University Press
Published: 2008-01-01
Total Pages: 282
ISBN-13: 9789639776012
DOWNLOAD EBOOKFiscal consolidation has significant short-term costs which can dampen economic growth. This widely shared consensus in the literature on political economy has made fiscal adjustment highly unpopular among rational politicians. By critically analyzing the international literature and building on evidence from European countries, Benczes conducts a systematic analysis to find out whether it is possible to experience fiscal consolidation and economic growth at the same time, even in the short run.
The Impact of the Recovery Act on Economic Growth
Author: United States. Congress. Joint Economic Committee
Publisher:
Published: 2010
Total Pages: 128
ISBN-13:
DOWNLOAD EBOOKFiscal Policy, Stabilization, and Growth
Author: Guillermo E. Perry
Publisher: World Bank Publications
Published: 2007-10-19
Total Pages: 354
ISBN-13: 0821370855
DOWNLOAD EBOOKFiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Institutions, Politics and Fiscal Policy
Author: Rolf R. Strauch
Publisher: Springer Science & Business Media
Published: 2012-12-06
Total Pages: 273
ISBN-13: 1461545552
DOWNLOAD EBOOKRolf R. Strauch and Jiirgen von Hagen Center for European Integration Studies (ZEI), University of Bonn; ZEI, University of Bonn, Indiana University, and CEPR The large and persistent deficits, rising levels of debt and growing levels of public spending observed in many DECO economies during the past 25 years have stimulated much theoretical and empirical research on the political economy of public finance. Although a number of issues have been studied extensively, certain areas are still at an exploratory stage and need further theorizing and thorough empirical research. During the last two decades, the theoretical debate on budgeting has been dominated by the controversy between partisan and institutionalist approaches. Within the more political-science oriented, institutionalist literature, a controversy exists between the distributive and the informational perspectives, each setting forth a distinctive organizational rationale of parliaments with different fiscal implications. The papers in this volume cover these different perspectives, extend previous models, and test their empirical validity. The papers were originally written for a conference on "Institutions, Politics, and Fiscal Policy" organized by the Center for European Integration Studies at the University of Bonn, Germany, in July 1998. The book is organized in three parts each focusing on a distinctive aspect. The first part is dedicated to the partisan perspective. The second part focuses on budget institutions. The third part consists of three case studies of institutional reform of the budget process. This book is directed to academics and practitioners alike.
The Oxford Handbook of Latin American Political Economy
Author: Javier Santiso
Publisher: Oxford University Press
Published: 2012-05-07
Total Pages: 1119
ISBN-13: 019994265X
DOWNLOAD EBOOKLatin America's recent development performance calls for a multidisciplinary analytical tool kit. This handbook accordingly adopts a political-economy perspective to understand Latin American economies. This perspective is not new to the region; indeed, this volume consciously follows the approach pioneered by political economist Albert O. Hirschman a half century ago. But the nature of the political and economic processes at work in Latin America has changed dramatically since Hirschman's critical contribution. Military dictatorships have given way to an uneven democratic consolidation; agricultural or primary-product producers have transformed into middle-income, diversified economies, some of which are leading examples of emerging markets. So, too, the tools of political-economy have developed by leaps and bounds. It is therefore worthwhile to take stock of, and considerably extend, the explosion of recent scholarship on the two-way interaction between political processes and economic performance. A unique feature of the book is that it begins with a group of chapters written by high-level academic experts on Latin American economics and policies who also happen to be current or past economic policy makers in the region, including Fernando Henrique Cardoso (former president of Brazil), Andrés Velasco (former Chilean finance minister), Luis Carranza (former Peruvian finance minister), Martín Redrado (former governor of the Argentina central bank) and Luciano Coutinho (president of Brazil's national development bank). These contributors draw upon their academic expertise to understand their experience in the trenches of policy making.
How Latin America Weathered the Global
Author: José De Gregorio
Publisher: Peterson Institute for International Economics
Published: 2014-01-14
Total Pages: 197
ISBN-13: 088132678X
DOWNLOAD EBOOKThe global financial and economic turmoil of 2008–09 plunged Europe and the United States into their worst economic downturns in 75 years. Many experts feared that developing regions like Latin America, which had experienced many of their own crises in recent decades, would be even worse affected. Instead, Latin America suffered only limited damage. Indeed the region’s GDP is 20 percent higher than its pre-crisis level. José De Gregorio, governor of the Central Bank of Chile from 2007 to 2011, explains Latin America’s success with a perspective that only an insider can have. This book focuses mainly on the seven largest economies of Latin America—Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela—which together account for more than 90 percent of regional output. The author argues that strong performance during the crisis resulted from the sound macroeconomic and financial policies that these countries followed beforehand. Their accomplishments allowed them to undertake significant monetary and fiscal expansion in the context of robust financial systems. De Gregorio acknowledges that there was also an element of luck—in terms of improved terms of trade. This is a candid, searching, and dramatic case study of crisis preparation—and crisis management.
Fiscal Policy after the Financial Crisis
Author: Alberto Alesina
Publisher: University of Chicago Press
Published: 2013-06-25
Total Pages: 596
ISBN-13: 022601858X
DOWNLOAD EBOOKThe recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
