A Dynamic Definition of the Structural Budget Deficit

2014 ◽  
Author(s):  
Sven R. Larson
Keyword(s):  
Budget Deficit ◽  
Definition Of ◽  
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 MECHANISM OF FISCAL POLICY

2020 ◽  
Vol 1 (1) ◽  
pp. 28-32
Author(s):  
Lidiia Fedoryshyna
Keyword(s):  
Fiscal Policy ◽  
Public Debt ◽  
Budget Deficit ◽  
Absolute Magnitude ◽  
The State ◽  
National Debt ◽  
Agricultural Insurance ◽  
Theoretical Approaches ◽  
Definition Of ◽  
Finance Theory

The purpose of this article is to study fiscal policy, which is one of the methods of regulating the country's macroeconomic policy. Theoretical approaches of scientists to the definition of the term "fiscal policy" are investigated. The contents and principles of the functioning of the mechanism of fiscal policy are disclosed. Method. Theoretical approaches to the definition of mechanisms and discrete components of the fiscal policy of the state and its criteria characteristics have been developed. The research has been based on the use of a systematic approach to the consideration of fiscal phenomena, on the fundamental principles of economic theory, systems theory, theory of finance, theory of taxes, etc. Results. It is observed that the budget deficit and the national debt are closely linked: the increase in the budget deficit leads to an increase in the national debt. But the absolute magnitude of the budget deficit, and therefore of the public debt, does not provide enough information for economic analysis. It is necessary to know what processes the budget deficit is serving, what changes in the reproduction cycle it reflects. It is also very important to measure changes in public debt in relation to changes in GDP. In addition, the tax burden is increasing as a result of these changes. Value/originality. It is determined that along with the expected changes in the methodology of calculation and procedure of tax payment, taxpayers are also concerned about the question of changing the tariff grid by the total amount of taxes due in absolute terms and in relation to the volume and resultant indicators of production activity (revenue, profit). An innovative tariff policy has been proposed and opportunities for using non-traditional agricultural insurance products have been revealed. Recommendations to improve the fiscal policy of the state have been made. The conceptual platform for harmonizing the mechanism of fiscal policy regarding economic entities is substantiated.

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.

scholarly journals Reflections on Implementation of the Framework Medium-Term Fiscal in Indonesia

2020 ◽  
Vol 2 (2) ◽  
pp. 163
Author(s):  
Lisno Setiawan ◽  
Adventus Parulian Simanulang ◽  
Wasis Prasojo
Keyword(s):  
Budget Deficit ◽  
Comparative Method ◽  
Poverty Rate ◽  
Fiscal Sustainability ◽  
Medium Term ◽  
Structure Comparison ◽  
Improve Accuracy ◽  
Fiscal Balance ◽  
The Government ◽  
Definition Of

To implement state financial reform under the Law no. 17 of 2003, the government applies professional principles in budgeting, especially medium-term budgeting. It has become best practices of The Organization for Economic Co-operation and Development (OECD) countries, which aim to synchronize development targets and fiscal balance. This study evaluates the implementation of the basic macroeconomic and fiscal framework in the medium term in aggregate (Medium Term Fiscal Framework—MTFF) which is the basis for medium-term budgeting. The components of the MTFF include basic macroeconomic assumptions, the budget realization, and fiscal sustainability. This study uses a comparative method, both structure comparisons and target-realization deviations. The structure comparison refers to the definition of the OECD, while the target and fiscal realization use a data comparison of the RPJMN/RKP, KEM PPKF, APBN, and LKPP. The result exhibits the economic growth and poverty rate on average have the highest deviation for macro assumptions assessment. On the fiscal side, the deviation of the budget deficit is decreasing steadily. To improve accuracy, it is necessary to increase coordination and harmonization in the mid-term policy making.

Introductory paper

1966 ◽  
Vol 24 ◽  
pp. 3-5
Author(s):  
W. W. Morgan
Keyword(s):  
Line Intensity ◽  
Classification Scheme ◽  
Two Dimensional ◽  
Spectral Classification ◽  
Dimensional Array ◽  
Rr Lyrae ◽  
Metallic Line ◽  
Introductory Paper ◽  
Parameter Varying ◽  
Definition Of

1. The definition of “normal” stars in spectral classification changes with time; at the time of the publication of theYerkes Spectral Atlasthe term “normal” was applied to stars whose spectra could be fitted smoothly into a two-dimensional array. Thus, at that time, weak-lined spectra (RR Lyrae and HD 140283) would have been considered peculiar. At the present time we would tend to classify such spectra as “normal”—in a more complicated classification scheme which would have a parameter varying with metallic-line intensity within a specific spectral subdivision.

2.2. Working Group 2: Conceptual Definitions of Reference Coordinate Systems for Earth Dynamics

1975 ◽  
Vol 26 ◽  
pp. 21-26
Keyword(s):  
Coordinate System ◽  
Working Group ◽  
General Character ◽  
Coordinate Systems ◽  
Reference Coordinate System ◽  
Group 2 ◽  
Definition Of ◽  
Earth Dynamics

An ideal definition of a reference coordinate system should meet the following general requirements:1. It should be as conceptually simple as possible, so its philosophy is well understood by the users.2. It should imply as few physical assumptions as possible. Wherever they are necessary, such assumptions should be of a very general character and, in particular, they should not be dependent upon astronomical and geophysical detailed theories.3. It should suggest a materialization that is dynamically stable and is accessible to observations with the required accuracy.

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