Kualitas Pemerintahan Daerah dan Pertumbuhan Ekonomi Inklusif di Jawa Timur

The phenomenon of rapid economic growth but also increasing income inequality, need a new paradigm in policymaking that promotes inclusive growth. The change in development paradigm requires a quality of government. Therefore, this study aims to analyze the effect of the local government quality on inclusive growth in all districts/cities in East Java Province. Fiscal conditions and regional financial performance measure the quality of government. Meanwhile, inclusive growth is measured by the BAPPENAS inclusive development index. By using panel data regression analysis, the estimation results show that the fiscal conditions and regional financial performance have a significant and positive effect on inclusive economic growth in the regions.

Public Investment and Fiscal Crisis in Brazil: Finding Culprits and Solutions

We investigate the relation between existing fiscal rules and investments in the context of a fiscal crisis in Brazil. We analyze existing fiscal rules at national and subnational levels, their enforcement, and proposed alternatives. Using narrative analysis, case studies, interviews, empirical estimation, and model simulations, we conclude that public investment is not closely related to fiscal rules in Brazil but is mainly determined by fiscal conditions both at national and subnational (state) levels. It is the steady increase of personnel expenditures in real terms that underlies the fiscal deterioration of the last decade, despite the existence of fiscal rules devised to prevent it. We argue that a constitutional rule limiting subnationals personnel expenditures to 50 percent of net revenues, triggering adjustment measures when reaching 47.5 percent, would be an effective instrument for subnational fiscal management, opening fiscal space for increasing investments. At the national level, despite the existence of several fiscal rules, the only effective fiscal anchor is the primary expenditure ceiling introduced in 2016, which has successfully curbed expenditures, including those of the judiciary and legislature.

Emerging fiscal health and governance concerns resulting from COVID-19 challenges

PurposeThis study analyzes the scope and magnitude of the budgetary responses of 17 developed countries to the COVID-19 pandemic and examines whether policy responses in March–June, 2020 are correlated with economic and fiscal conditions in these countries. It also suggests a few foreseeable economic, budgetary and social challenges and a future research agenda for assessing the pandemic's impact on finance and governance.Design/methodology/approachThis study uses documents from different sources, including the IMF and the OECD, to analyze systematically the COVID-19 budgetary responses of different countries. It also uses data from the IMF and the European CDC to analyze the relationship between budgetary responses and the seriousness of the pandemic in different countries.FindingsThis study shows that budgetary and fiscal responses to the COVID-19 pandemic varied in magnitude but had many similarities in policy types across countries. The magnitude of the response is not significantly correlated with fiscal conditions but is positively correlated with the pandemic caseload and negatively with medium-term expenditure planning, healthcare spending and anticipated unemployment changes. The study concludes by discussing the medium- and long-term concerns of these policies, such as the growing debt concerns, the seeming irrelevancy of fiscal discipline in influencing the pandemic response, the setbacks on anti-poverty and equity enhancing initiatives in developing countries and the hidden social costs as a result of postponing the necessary responses to industrial restructuring and the global climate change problems.Research limitations/implicationsThis study offers an initial comparative analysis of COVID-19 budgetary responses among developed nations. It also provides a critical and long-term perspective of these policies. The study suggests what future research may do to analyze the factors that influence the magnitude of COVID-19 responses and the long-term social and political implications of these policies.Practical implicationsIt discusses the long-term concerns of COVID-19 budgetary responses and suggests policymakers to have more open and transparent debates about difficult choices. It provides examples of creative solutions in pandemic responses to transition to a future economy and society that can be more sustainable, resilient and equitable. It also urges policymakers to pay more attention to democratic governance challenges.Social implicationsThe study highlights a few social concerns about the budgetary responses so far, such as deteriorating pension funding gaps, setbacks on anti-poverty initiatives in developing countries and hidden social costs by postponing the necessary responses to industrial restructuring and global climate change problems. It also discusses how COVID-19 reveals a lot of inequity problems in society that need long-term budgetary investment.Originality/valueThis study offers a systematic comparative analysis of COVID-19 budgetary responses among developed nations. It also provides a critical and long-term perspective of these policies and challenges policymakers and budgeters to think more creatively to address foreseeable economic, budgetary and social challenges.

Hydrocarbons will dominate Oman despite solar progress

Significance With oil income declining (because of both the depressed global price and OPEC+ cuts pegging its 1-million-barrels-per-day (b/d) capacity back to 722,000 b/d), Oman has in October seen new fiscal constraints, further ratings agency downgrades and limited access to international debt markets in its latest bond sale. Impacts Prolonged OPEC+ restraints will sharpen the focus on what will generate revenue -- solar has a relatively good chance. More use of solar and wind power for electricity generation will free up some natural gas for domestic use. Oman’s reputation for security and stability will attract further renewables investors, but only if fiscal conditions allow. A prolonged economic crisis could seriously delay the growth of renewables in the energy mix. Improving leadership ties might open the way for Oman to benefit from the UAE's renewables experience.

Incentives and Austerity: How Did the Great Recession Affect Municipal Economic Development Policy?

In addition to cuts in social programs, the Great Recession also affected government expenditures once considered less vulnerable to austerity, such as economic development. Using a comparative case study approach, we examine economic development policies and practices in two cities, sampled for similar economic and fiscal conditions: Fresno, California and Milwaukee, Wisconsin. We find that declining state support and local autonomy weakened the municipal economic development function while leaving entrepreneurial logics largely intact. In the face of significant economic and fiscal stress after the Great Recession, both Fresno and Milwaukee remained committed to conventional approaches to stimulating private development, even as their capacity to do so was severely constrained by state pre-emption and cuts in intergovernmental aid. The elimination of city-controlled economic development programs, rescaling of incentives, and state-imposed regulatory restrictions provide a counter-narrative to those claiming that a “new localism” enhanced the role of cities as economic actors after the crisis.

How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area

This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the relative impacts of monetary and fiscal policy on demand using actual and simulated data from rich estimated models featuring also financial intermediaries and long-term government debt. The analysis highlights a short-lived fiscal expansion in the aftermath of the Global Financial Crisis, followed by a quick tightening, with monetary policy left to be the “only game in town” after 2013. Individual countries’ DMFCIs show that national policy stances did not always mirror the evolution of the aggregate stance at the EA level, due to heterogeneity in the fiscal stance.

Sensitivity of collective outcomes identifies pivotal components

A social system is susceptible to perturbation when its collective properties depend sensitively on a few pivotal components. Using the information geometry of minimal models from statistical physics, we develop an approach to identify pivotal components to which coarse-grained, or aggregate, properties are sensitive. As an example, we introduce our approach on a reduced toy model with a median voter who always votes in the majority. The sensitivity of majority–minority divisions to changing voter behaviour pinpoints the unique role of the median. More generally, the sensitivity identifies pivotal components that precisely determine collective outcomes generated by a complex network of interactions. Using perturbations to target pivotal components in the models, we analyse datasets from political voting, finance and Twitter. Across these systems, we find remarkable variety, from systems dominated by a median-like component to those whose components behave more equally. In the context of political institutions such as courts or legislatures, our methodology can help describe how changes in voters map to new collective voting outcomes. For economic indices, differing system response reflects varying fiscal conditions across time. Thus, our information-geometric approach provides a principled, quantitative framework that may help assess the robustness of collective outcomes to targeted perturbation and compare social institutions, or even biological networks, with one another and across time.

Financial Issues in Project Schedule of the Construction Industry in Pakistan

Monetary concerns in structural schemes cause serious ramifications that may impede the expansion of schemes and impact the entire fiscal conditions of any country. The study highlights the issues of finance procrastinates in construction schemes. Aim to find the prominent issues on finance-related hurdles, which lead to production obstructions and to explore do able resolutions to overcome monetary connected production delays. The date was accumulated via a survey-based questionnaire and followed by the survey-based interviews. The responses were concluded from the amalgamation of clients, advisors, bankers, and brokers in the questionnaire. Brokers’ unsteady monetary conditions. Customers’ weak monetary and trade administration hinders in getting financial support from financers besides inflation were found as the most prominent problems. The outcomes highlight customers have the most significant function in reducing the influence of monetary issues regarding scheme procrastination. Suggestions and recommendations to reduce monetary-related procrastinations are presented accordingly.