Commonwealth Forum: Addressing Pennsylvania’s Structural Budget Deficit

Commonwealth ◽  
2020 ◽  
Author(s):  
Bob Dick ◽  
Mark Stier
Keyword(s):  
Budget Deficit ◽  
Structural Budget

scholarly journals Enhanced Fiscal Governance in the European Union: The Fiscal Compact

2015 ◽  
Vol 5 (1) ◽  
pp. 73-92 ◽  
Author(s):  
Merike Kukk ◽  
Karsten Staehr
Keyword(s):  
European Union ◽  
Budget Deficit ◽  
Debt Crisis ◽  
The European Union ◽  
Upper Limit ◽  
Fiscal Compact ◽  
Domestic Legislation ◽  
European Debt Crisis ◽  
Fiscal Prudence ◽  
Structural Budget

AbstractSeveral reforms aiming to strengthen budgetary discipline in the European Union have been implemented since the outbreak of the European debt crisis. Arguably the most important one is the Fiscal Compact, which stipulates that each signatory country must enshrine in domestic legislation an upper limit on the structural budget deficit, that is, the deficit after cyclical and other temporary factors have been excluded. This paper analyses the contents of the Fiscal Compact and discusses challenges for its implementation and efficacy. The conclusion is that the Fiscal Compact may be challenging to implement and enforce because the rules are very complex and require complicated calculations that are subject to very large forecasting uncertainty. The Fiscal Compact could, however, lead to a stronger national commitment to fiscal prudence.

scholarly journals The European Union as a Trigger of Discursive Change: The Impact of the Structural Deficit Rule in Estonia and Latvia

2018 ◽  
Vol 12 (2) ◽  
pp. 1-15 ◽  
Author(s):  
Ringa Raudla ◽  
Aleksandrs Cepilovs ◽  
Rainer Kattel ◽  
Linda Sutt
Keyword(s):  
European Union ◽  
Member State ◽  
Policy Making ◽  
Budget Deficit ◽  
Policy Discourse ◽  
The European Union ◽  
Policy Actors ◽  
Fiscal Compact ◽  
The Impact ◽  
Structural Budget

Abstract Our paper explores how a rule prescribed by the European Union can bring about changes in the policy discourse of a member state. Drawing on the literatures of discursive institutionalism and Europeanization, the theoretical part discusses the factors that influence discursive shifts. The empirical part examines the discursive impacts of the introduction of the structural budget deficit rule, required by the Fiscal Compact, in Estonia and Latvia. It demonstrates how the discursive shifts have been shaped by the localized translations offered by civil servants, the entrance of additional actors to the policy-making arena, crisis experience, and the strategic interests of policy actors.

The structural budget deficit as an instrument of fiscal policy

De Economist ◽  
1984 ◽  
Vol 132 (2) ◽  
pp. 183-203 ◽  
Author(s):  
C. G. M. Sterks
Keyword(s):  
Fiscal Policy ◽  
Budget Deficit ◽  
Structural Budget

scholarly journals COMMONWEALTH Forum: Addressing Pennsylvania’s Structural Budget Deficit

Commonwealth ◽  
2018 ◽  
Vol 20 (1) ◽  
Author(s):  
Bob Dick ◽  
Marc Stier
Keyword(s):  
Budget Deficit ◽  
Status Quo ◽  
The State ◽  
Fiscal Year ◽  
Political Climate ◽  
Structural Deficit ◽  
The Status ◽  
Structural Budget

In November 2016 Pennsylvania’s Independent Fiscal Office released a five-year projection of the health of the Commonwealth’s economy and budget. The long-term estimates were not promising as increasing expenditures outstripped existing sources of revenues. Left unchanged, the status quo would result in a deficit of almost $3 billion in fiscal year 2021–22. Tackling this “structural deficit” is one of the most difficult issues facing the state of Pennsylvania. Given the current political climate it should come as no surprise that there is no consensus on resolving this problem. COMMONWEALTH invited representatives from two very different policy perspectives to provide their solutions to the structural deficit. We would like to thank Bob Dick of the Commonwealth Foundation and Marc Stier of the Pennsylvania Budget and Policy Center for addressing this important issue in the COMMONWEALTH Forum.

Infrastructure mortgage in Russia: Opportunities and prospects

2019 ◽  
pp. 114-133
Author(s):  
G. I. Idrisov ◽  
Y. Yu. Ponomarev
Keyword(s):  
Federal Government ◽  
Public Debt ◽  
Budget Deficit ◽  
Expert Assessment ◽  
Inflation Expectations ◽  
Direct Impact ◽  
Long Run ◽  
Gdp Growth Rate ◽  
Negative Effect

The article shows that depending on the goals pursued by the federal government and the available interbudgetary tools a different design of infrastructure mortgage is preferable. Three variants of such mortgage in Russia are proposed, each of which is better suited for certain types of projects and uses different forms of subsidies. According to our expert assessment the active use of infrastructure mortgage in Russia can increase the average annual GDP growth rate by 0.5 p. p. on the horizon of 5—7 years. In the long run the growth of infrastructure financing through the use of infrastructure mortgage could increase long-term economic growth by 0.9 p. p., which in 20—30 years can add 20—30% of GDP to the economy. However, the change in the structure of budget expenditures in the absence of an increase in the budget deficit and public debt will cause no direct impact on monetary policy. The increase in the deficit and the build-up of public debt will have a negative effect on inflation expectations, which will require monetary tightening for a longer time to stabilize them.

Indo-China Faces Budget Deficit for 1939

1939 ◽  
Vol 8 (12) ◽  
pp. 145-146
Author(s):  
Jack Shepherd
Keyword(s):  
Budget Deficit

Determinants of Inflation in Vietnam: A VECM Approach

2015 ◽  
Vol 22 (04) ◽  
pp. 26-50
Author(s):  
Ngoc Tran Thi Bich ◽  
Huong Pham Hoang Cam
Keyword(s):  
Interest Rate ◽  
Crude Oil ◽  
Error Correction ◽  
Budget Deficit ◽  
Oil Prices ◽  
Crude Oil Prices ◽  
Domestic Credit ◽  
Short Run ◽  
The Impact

This paper aims to examine the main determinants of inflation in Vietnam during the period from 2002Q1 to 2013Q2. The cointegration theory and the Vector Error Correction Model (VECM) approach are used to examine the impact of domestic credit, interest rate, budget deficit, and crude oil prices on inflation in both long and short terms. The results show that while there are long-term relations among inflation and the others, such factors as oil prices, domestic credit, and interest rate, in the short run, have no impact on fluctuations of inflation. Particularly, the budget deficit itself actually has a short-run impact, but its level is fundamentally weak. The cause of the current inflation is mainly due to public's expectations of the inflation in the last period. Although the error correction, from the long-run relationship, has affected inflation in the short run, the coefficient is small and insignificant. In other words, it means that the speed of the adjustment is very low or near zero. This also implies that once the relationship among inflation, domestic credit, interest rate, budget deficit, and crude oil prices deviate from the long-term trend, it will take the economy a lot of time to return to the equilibrium state.

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