scholarly journals A Rule-Based Medium-Term Fiscal Policy Framework for Tanzania

2009 ◽  
Author(s):  
Daehaeng Kim ◽  
Mika Saito
Keyword(s):  
Fiscal Policy ◽  
Policy Framework ◽  
Medium Term ◽  
Rule Based

scholarly journals A Rule-Based Medium-Term Fiscal Policy Framework for Tanzania

2009 ◽  
Vol 09 (244) ◽  
pp. 1 ◽  
Author(s):  
Daehaeng Kim ◽  
Mika Saito ◽  
◽  
Keyword(s):  
Fiscal Policy ◽  
Policy Framework ◽  
Medium Term ◽  
Rule Based

scholarly journals Fiscal Rules for Natural Disaster- and Climate Change-Prone Small States

2021 ◽  
Vol 13 (6) ◽  
pp. 3135
Author(s):  
Ryota Nakatani
Keyword(s):  
Climate Change ◽  
Fiscal Policy ◽  
Natural Disasters ◽  
Natural Disaster ◽  
Fiscal Sustainability ◽  
Fiscal Rules ◽  
Policy Framework ◽  
Small States ◽  
Rule Based ◽  
Fiscal Rule

How should small states formulate a countercyclical fiscal policy to achieve economic stability and fiscal sustainability when they are prone to natural disasters, climate change, commodity price changes, and uncertain donor grants? We study how natural disasters and climate change affect long-term debt dynamics, and we propose cutting-edge fiscal policy rules. We find the primacy of a recurrent expenditure rule based on non-resource and non-grant revenue, interdependently determined by government debt and budget balance targets with expected disaster shocks. This innovative fiscal rule is classified as a natural disaster-resilient fiscal rule, which comprises a plethora of new advantages compared to existing fiscal rules. This new type of fiscal rule can be called as the third-generation fiscal rule. It encompasses natural disasters and climate change, uses budget data only, avoids the need for escape clauses, and operates on a timely basis. Our rule-based fiscal policy framework is practically applicable for many developing countries facing an increasing frequency and impact of devastating natural hazards, and climatic change.

The UK and EMU: Choosing the Regime

2002 ◽  
Vol 180 ◽  
pp. 54-71 ◽  
Author(s):  
Ray Barrell
Keyword(s):  
Euro Area ◽  
Policy Framework ◽  
Medium Term ◽  
Fiscal Regimes ◽  
The Stability ◽  
The Uk

The UK has to make a decision on membership of EMU in the next two years. The monetary and fiscal regimes in the Euro Area and in the UK do not differ greatly. However, we argue that membership of EMU will increase the stability of the economy and the credibility of the policy framework, and hence will enhance the prospects for growth and higher incomes and employment. There appear to be no major problems associated with joining EMU at around 1.50 euros to the pound, although there are risks to the UK if the euro appreciates against the dollar after we have entered. However, the costs associated with this risk have to be offset against the probability of the significant output gains that could come from EMU membership in the medium term.

Economic institutions and institutional change in Turkey during the neoliberal era

2012 ◽  
Vol 47 ◽  
pp. 57-81 ◽  
Author(s):  
İzak Atiyas
Keyword(s):  
Institutional Change ◽  
Construction Industry ◽  
Policy Making ◽  
General Trend ◽  
Policy Framework ◽  
Economic Institutions ◽  
Rule Based ◽  
Turkish Economy ◽  
The Government ◽  
Discretionary Powers

AbstractIn the last three decades, the Turkish economy has become much more open and market-oriented. This paper provides an account of the changes in the underlying economic institutions that have accompanied this transformation. In particular, it assesses whether or not new economic institutions have emerged that constrain the discretionary powers of the executive in the area of economic policy and whether institutional change has resulted in a more rule-based and transparent policy framework. The story that broadly emerges is that the first two decades of the neoliberal era were predominantly a period of increased discretion at the expense of rules. By contrast, after the crisis of 2000-2001 one witnesses a substantial delegation of decision-making power to relatively independent agencies, and the establishment of rules that constrain the discretion of the executive. But this transformation is not uniform across sectors, and there are divergences between the de jure rules and their de facto implementation. Moreover, there are also examples that do not fit the general trend, especially in the case of the construction industry. Finally, recent signs suggest that the government may be having second thoughts about the “excessive” independence of regulatory and policy making bodies.

The fiscal policy and the dynamic of the economic cycle

2020 ◽  
Vol 47 (2) ◽  
pp. 231-241
Author(s):  
Huthaifa Alqaralleh
Keyword(s):  
Fiscal Policy ◽  
Threshold Value ◽  
Policy Framework ◽  
Economic Cycle ◽  
Content Type ◽  
Unobserved Component ◽  
Cyclical Fluctuations ◽  
Policy Shocks ◽  
The Business Cycle ◽  
Unobserved Component Model

PurposeThis study seeks to determine in some detail whether the state of the economic cycle matters in considering the effects of fiscal policy shocks on output.Design/methodology/approachThis issue leads us to two primary objectives: to define the economic cycle measuring the gap with the unobserved component model with a smoother trend, which can be used efficiently to generate gap measures for use in real-time decision-making and avoids the criticisms of measures based on contentious structural models; and to look empirically at the fiscal policy stance over the phases of the cycle, bearing in mind the short time variation and smooth change between the cycle regimes.FindingsThis paper provides evidence that the fiscal policy rule seems to operate with varied coefficients depending on whether the transition variable is below or above the estimated threshold value.Originality/valueThe asymmetric response gives policymakers the impetus to reconsider the fiscal policy framework because of specific circumstances, such as shocks that can dramatically affect the nominal features of the business cycle. Put differently, stable and moderate fiscal policies would at least not contribute to cyclical fluctuations, and therefore would be better than what we have typically experienced. There would, therefore, seem to be a distinct need to address the properties of economic cycles under different fiscal policy rules.

Rule-Based Fiscal Policy in India: An Assessment

2016 ◽  
Vol 1 (1) ◽  
pp. 20
Author(s):  
Ranjit Kumar Pattnaik ◽  
Anshul Verma
Keyword(s):  
Fiscal Policy ◽  
Rule Based
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