Fiscal councils as a mechanism for establishing fiscal discipline
نویسندگان
چکیده
منابع مشابه
Monetary Policy Implications of Greater Fiscal Discipline
After nearly a quarter century of large budget deficits—causing the public debt to double from 20 percent to 42 percent as a share of GDP in the industrialized countries—the need for greater fiscal discipline appears to be reaching a consensus. Last spring a balanced budget amendment to the U.S. Constitution passed in the House of Representatives and came close to passing in the Senate—a swing ...
متن کامل1 Fiscal Flows , Fiscal Balance , and Fiscal Sustainability Richard
The search for “fiscal indicators” to provide a short-hand (and preferably quantitative) picture of the size, direction, and nature of intergovernmental finance – and, ideally, some guidance for policy designed to improve outcomes – appears to be neverending. “Fiscal balance” and “fiscal sustainability” are, for example, terms commonly heard in discussions of intergovernmental fiscal relations....
متن کاملCommentary: Monetary Policy Implications of Greater Fiscal Discipline
Discussions of fiscal policy often originate with central banks. This conference is organized by one; the Bank of England was created to help the British government finance its deficit; and it was in the Federal Reserve Bank of Minneapolis’ Quarterly Review that in 1981, Tom Sargent and Neil Wallace published their well-known article “Some Unpleasant Monetarist Arithmetic.” Their basic proposit...
متن کاملCommentary: Monetary Policy Implications of Greater Fiscal Discipline
The risks generally associated with public indebtedness were already clearly identified by Adam Smith. In his principal work, The Wealth of Nations, he wrote: “The practice of funding has gradually enfeebled every state which has adopted it.” To me this does not mean that all public debt has to be called into question, even if influential politicians here in the United States are once again dem...
متن کاملFiscal Decentralization: Theory as Reform
James Edwin Kee, Professor of Public Policy and Public Administration The George Washington University Abstract The last decade has seen a renewed interest in the concept of fiscal decentralization or fiscal federalism. This comes after a half-century of fiscal centralization in most developed and developing nations. This paper examines the theory behind fiscal decentralization and suggests the...
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ژورنال
عنوان ژورنال: Zbornik radova Pravnog fakulteta, Nis
سال: 2014
ISSN: 0350-8501
DOI: 10.5937/zrpfni1466161a