The Evolution of Federal Budget Rules and the Effects on Fiscal Policy: How Informal Norms Have Trumped Formal Constraints

2018 ◽  
Author(s):  
Peter Calcagno
Keyword(s):  
Fiscal Policy ◽  
Federal Budget ◽  
Formal Constraints

Analysis of tax-spend nexus for Russian regional budgets

2020 ◽  
pp. 5-29
Author(s):  
Evsey T. Gurvich ◽  
Natalia A. Krasnopeeva
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Causal Relationship ◽  
National Economy ◽  
Federal Budget ◽  
Fiscal Rules ◽  
Fiscal Discipline ◽  
Federal Level ◽  
Regional Budgets ◽  
Econometric Technique

We study the tax-spend nexus for Russian regional budgets. Causal relationship running from taxing to spending is found, thus supporting the concept “tax and spend” suggested by M. Friedman. Next, elasticity of expenditure by revenue is estimated for a panel of 80 regional budgets basing on data for 2000—2017. Estimates are in the range of 0.72 to 0.78 (depending on the econometric technique), which exceeds elasticity for the federal budget more than twice. This evidences that fiscal policy at the sub-federal (as distinct from the federal) level has clear pro-cyclical nature. Besides, the largest sensitivity of expenditure to revenue shocks is found for the item “national economy”, implying marked adverse implications for economic growth. We suggest to mitigate this effect by modifying fiscal rules for sub-federal budgets. They are currently aimed primarily at enhancing fiscal discipline, with less emphasis on countercyclical policy, insulating economy from fiscal shocks.

Federal Budget and Fiscal Policy, 1789-1958

1959 ◽  
Vol 65 (1) ◽  
pp. 135
Author(s):  
Ethan P. Allen ◽  
Lewis H. Kimmel
Keyword(s):  
Fiscal Policy ◽  
Federal Budget

Informal norms trump formal constraints: the evolution of fiscal policy institutions in the United States

2016 ◽  
Vol 13 (1) ◽  
pp. 211-242 ◽  
Author(s):  
PETER T. CALCAGNO ◽  
EDWARD J. LÓPEZ
Keyword(s):  
Fiscal Policy ◽  
The United States ◽  
Economic Security ◽  
Empirical Literature ◽  
Policy Outcomes ◽  
Institutional Evolution ◽  
Informal Rules ◽  
The Government ◽  
Elected Office ◽  
Formal Constraints

AbstractTwo shifts of informal rules occurred in the decades around the turn of the 20th century that continue to shape U.S. fiscal policy outcomes. Spending norms in the electorate shifted to expand the scope of the government budget to promote economic security and macroeconomic stability. Simultaneously, norms for elected office shifted to careerism. Both norms were later codified into formal rules as legislation creating entitlement programs, macroeconomic responsibility, and organizational changes to the fiscal policy process. This institutional evolution increased demand for federal expenditures while creating budgetary commons, thus imparting strong motivations to spend through deficit finance in normal times. Despite the last four decades of legislative attempts to constrain spending relative to taxes, the informal norms have trumped the formal constraints. While the empirical literature on deficits has examined the constraining effects of informal rules, this paper offers a novel treatment of shifting norms as having expansionary effects on deficits.

scholarly journals TAX POTENTIAL OF THE KRASNODAR TERRITORY: EVALUATION AND WAYS OF IMPROVEMENT

2018 ◽  
pp. 63-67
Author(s):  
A. V. Antoshkina ◽  
O. Yu. Martynenko ◽  
O. V. Tockachev
Keyword(s):  
Fiscal Policy ◽  
Russian Federation ◽  
Preliminary Analysis ◽  
Quantitative Assessment ◽  
Federal Budget ◽  
Collection Rate ◽  
Tax Revenues ◽  
Regional Budget ◽  
The Russian Federation ◽  
Krasnodar Region

The article deals with the system of indicators used in the existing tax statistics and allows to assess the tax potential of the region. For a reliable quantitative assessment of the effectiveness of the fiscal policy of the Krasnodar region was carried out a preliminary analysis of tax statistics for 2015-2017, in particular: tax revenues and fees to the regional budget, indicators of tax arrears to the regional budget, regional tax revenues to the budget of the Russian Federation, indicators of tax arrears to the budget of the Russian Federation (by types of taxes). On the grounds of the review were calculated indicators of the effectiveness of the fiscal policy of the Krasnodar region such as: the level of taxation in the region, the tax collection rate in the region, relations with the Federal budget and the actual tax potential, as well as an assessment of their dynamics for the analyzed period. Based on the results of the analysis, the areas of problems were identified and measures to stimulate fiscal policy and increase the level of tax potential of the Krasnodar region were proposed, and a forecast assessment of the effectiveness of the proposed measures was given.

Federal Budget and Fiscal Policy 1789-1958.

1960 ◽  
Vol 12 (3) ◽  
pp. 491
Author(s):  
H. E. Krooss ◽  
Lewis H. Kimmel
Keyword(s):  
Fiscal Policy ◽  
Federal Budget

Federal Budget and Fiscal Policy, 1789-1958

1959 ◽  
Vol 26 (1) ◽  
pp. 72
Author(s):  
Maurice W. Lee ◽  
Lewis H. Kimmel
Keyword(s):  
Fiscal Policy ◽  
Federal Budget

scholarly journals BUDGET ASPECTS OF FUNCTIONING OF SUBFEDERAL AUTHORITIES IN THE RUSSIAN FEDERATION

2020 ◽  
Vol 3 (1) ◽  
pp. 200-208
Author(s):  
Tatiana V. Sumskaya
Keyword(s):  
Fiscal Policy ◽  
National Level ◽  
Federal Budget ◽  
Structure Stability ◽  
Territorial Development ◽  
Methodical Approach ◽  
Budget Policy ◽  
Financial Base ◽  
Regional Budgets ◽  
The Impact

In this paper we identify the conditions of formation of the financial base of subjects of Federation, the technique of analysis of the structure, stability of budgets and efficiency of sub-federal budget policy. The purpose of the analysis is the elaboration of the methodical approach to the justification and evaluation of principles and criteria to strengthen fiscal capacities of regions within sub-federal fiscal policy. The study used a system approach, comparative and regression analysis. Performed complex calculations on materials of subjects of RF for 2018 has revealed features of the forming of revenues of regional budgets, as well as to assess the impact of fiscal policy on the federal levels of government on incentives for economic development of the territories. Results of the study can be used in studying the possibilities for the improvement of fiscal policy in the direction of alignment and incentives of sub-national authorities to strengthen their own revenue base. The methodical approach to the study of the influence of sub-federal fiscal policy on territorial development made it possible to characterize the inter-governmental fiscal relations at the sub-national level in terms of overcoming the asymmetry in the budgetary provision of regions, as well as detect the presence of incentives for regions to increase tax and nontax revenues. It is concluded that the improvement of inter-budgetary fiscal relations should include measures to strengthen the own tax capacity of sub-national level. In addition, the measures to prevent the direct relationship between the actual and predictable revenues and expenditure budget and the amount of received grants for leveling the budget supply are necessary.

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