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Should voters be afraid of hard budget constraint legislation? fiscal responsibility law in brazilian municipalities

Arvate, Paulo Roberto; Pereira, Carlos
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
46.31%
This manuscript demonstrates that voters have nothing to be afraid of when new hard budget constraint legislation is implemented. Our claim is that this kind of legislation reduces the asymmetry of information between voters and incumbents over the budget and, as a consequence, the latter have incentives to increase the supply of public goods. As a nationwide institutional innovation, the Fiscal Responsibility Law (FRL) is exogenous to all municipalities; therefore, there is no self-selection bias in its implementation. We show that public goods expenditure increases after the FRL. Second, this increase occurs in municipalities located in the country’s poorest region. Third, our findings can be extended to the supply of public goods because the higher the expenditure with health and education, the greater the probability of incumbents being re-elected. Finally, there exists a “de facto” higher supply of public goods in education (number of per capita classrooms) after the FRL.

How Can Public Spending Help You Grow? An Empirical Analysis for Developing Countries

Bayraktar, Nihal; Moreno-Dodson, Blanca
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.44%
Although many studies indicate that both the level and composition of public spending are significant for economic growth, the results in the empirical literature are still mixed. This paper studies the importance of country sample selection and expenditure classification in explaining these conflicting results. It investigates a set of fast-growing countries versus a mix of countries with different growth patterns. The regression specifications include different components of public expenditure and total fiscal revenues, always considering the overall government budget constraint. Total public spending is first disaggregated using a definition that classifies public spending as productive versus unproductive components, an a priori criterion that is based on the expected impact of public spending items on the private sector production function. After empirically confirming the validity of this definition in the panel analysis, the authors suggest and test an alternative definition of "core" public spending that may be more appropriate for developing countries. The empirical analysis shows that the link between growth and public spending...

Pro-cyclical Fiscal Policy in Brazil : Evidence from the States

Arena, Marco; Revilla, Julio E.
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.47%
The empirical literature on budget cyclicality has generally focused more on assessing the degree of pro-cyclicality in federal (central government) revenues and expenditures and less on budget cyclicality at the sub-national level in multi-tiered systems. This paper attempts to contribute to the literature on budget cyclicality by examining how sub-national fiscal revenues and expenditures are linked to the business cycle in Brazil, particularly after the introduction of the Fiscal Responsibility Law. It explains the degree of pro-cyclicality across Brazilian states, and assesses whether intergovernmental transfers help to stabilize states finances. These issues are addressed using both a time-series and a cross-section dimension at the Brazilian state level for the period 1991-2006. The empirical evidence suggests the existence of a pro-cyclical fiscal policy in Brazil at the state level. However, the introduction of the Fiscal Responsibility Law helped to reduce Brazilian states spending-side pro-cyclicality. For the Brazilian states...

Fiscal Policy in Developing Countries : A Framework and Some Questions

Perotti, Roberto
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.59%
This paper surveys fiscal policy in developing countries from the point of view of long-run growth. The first section reviews existing methodologies to estimate the effects of fiscal policy shocks and of systematic fiscal policy, with time series or with cross-sectional methods, and their applicability to developing countries. The second section surveys optimal fiscal policy in developing countries, by considering the role of the intertemporal government budget, and sustainability and solvency. It also reviews the fuzzy debate on "fiscal space" and "macroeconomic space" - and the usefulness (or lack thereof) of these terms for policy analysis. The third section asks what theory tells us about the optimal cyclical behavior of fiscal policy in developing countries. It shows that it very much depends on the assumptions about the interactions between credit market imperfections at the individual, firms, or government level, and on the supply of external funds to the country. Different sets of assumptions lead to different implications about optimal cyclical behavior. The available evidence on the cyclical behavior of fiscal policy...

Policy Note on the Unfinished Fiscal Reform Agenda in Indian States

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.52%
Both central and state governments have carried out significant correction of financial imbalances since 2000, through the implementation of fiscal reforms including enactment of fiscal responsibility (FR) acts. However, the improvement in the finances of all states in aggregate hides wide disparities between them. Some state governments are already on a sustainable path while some others are far from it. Some have complied with their Fiscal Responsibility acts both in letter and spirit, while others have accumulated off-budget liabilities to unsustainable levels, circumventing the FR acts, which did not specify caps on such liabilities. Moreover, fiscal correction by an Indian state is only a means to an end. The end that is, achievement of development goals-depends on how fiscal space is used, or how efficiently the money is spent to produce outputs and the desired outcomes. A strong fiscal performance will lead both to an improvement in the overall balance via improved structure of revenue and expenditures, with incentives in place to ensure sustained fiscal improvement...

Intertemporal Excess Burden, Bequest Motives, and the Budget Deficit

Chen, Derek Hung Chiat
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.39%
The author aims to empirically determine the significant factors that affect the levels of budget deficits of central governments across time and across countries. He empirically tests two prominent theories of budget deficits-the Barro (1979) tax-smoothing approach, and the still-untested theory of negative bequest motives advocated by Cukierman and Meltzer (1989). The author uses econometric techniques including fixed-effects (both country and time) panel regressions spanning 87 countries over the period 1975 to 1992, and the Griliches treatment of missing data. The author finds relatively stronger statistical support for the tax-smoothing approach among developing countries but not in industrial countries. The existence of empirical evidence supporting the theory of negative bequest motives is indeterminate. The author also conducted post-regression analyses to assess the proportion of observed differences in budget deficits the factors were actually able to explain. These reveal that both theories are generally weak in accounting for inter-temporal changes in budget deficit shares for both industrial and developing countries. The theories performed significantly better in accounting for cross-section differences. The author has many contributions to the literature. First...

Zimbabwe Public Expenditure Notes : Managing Government Wage Bill for Sustained Recovery

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.49%
The Government of Zimbabwe (GOZ) faces difficult choices in managing the size of its civil service wage bill. The Government understands the need to watch the escalating wage bill carefully and put in place a strategy to steer it to a sustainable level as early as possible. Historical and international comparisons suggest that an overall wage bill of around 10 percent of GDP should be the medium-term target. This note illustrates that Zimbabwe could take immediate steps in 2010 and 2011 that will put it on the path of a sustainable level of wage bill in the medium-term. The focus of efforts to contain the wage bill should be on short-term measures because designing and implementing a medium-term approach to wage bill management would be too challenging in view of prevailing economic uncertainty and complex political reality. The note covers the staff employed by the Central Government, including uniformed services and staff employed by the Grant-in-Aided (GIA) institutions. The staff employed by local governments and public enterprises are excluded because direct transfers from the central budget to local government and public enterprises are rather small. (annex A has an outline of the institutional aspects of civil service in Zimbabwe). Given the paucity of information...

Generational Accounting and Hungarian Pension Reform

Gál, Róbert I.; Simonovits, András; Tarcali, Géza
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.37%
The essence of generational accounting is to break down total net contributions in a given year to each cohort and to project this profile into the future. Using additional assumptions on the discount rate and the growth of productivity and population, the per capita net contribution of future generations can be determined, which satisfies the inter-temporal budget constraint. Generational accounts in the Hungarian pension system show that the 1997 reform package significantly reduced the financial tension generated by demographic and institutional factors.

Mongolia Public Financial Management Performance Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
EN_US
Relevância na Pesquisa
36.57%
This public financial management performance report (PFM-PR) is the first assessment of Mongolia’s PFM system using the public expenditure and financial accountability (PEFA) framework. The report aims principally to establish an objective baseline measure of current PFM performance, highlighting areas of absolute and relative strength and weakness, thereby enabling a stock-taking of over a decade of PFM reforms in Mongolia and guiding the government in its reform priorities. The assessment covers PFM at the budgetary central government level. The PEFA is an evidence-based methodology that measures the performance of a country’s PFM system at a particular point in time using a set of standardized indicators. The assessment is done on six dimensions of an open and orderly PFM system identified by the framework, which are: credibility of the budget; comprehensiveness and transparency; policy-based budgeting; predictability and control in budget execution; accounting, recording, and reporting; and external scrutiny and audit. This PEFA assessment will complement the considerable work that has already taken place on public expenditure management...

Trade Liberalization, Heterogeneous Firms and the Soft Budget Constraint

Jang, Yong Joon; Alexeev, Michael
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
66.4%
We analyze the interaction between the soft budget constraint (SBC) and international trade by placing Segal’s (1998) SBC model within Melitz’s (2003) framework of international trade with heterogeneous monopolistically competitive firms. As in Segal’s model, SBC may result in moral hazard. The opening to international trade adds another sort of inefficiency. Some firms that would have become exporters in the absence of SBC choose to apply low effort and not export in order to extract a subsidy from the government. This effect takes place when the trade costs are sufficiently low. Overall, however, trade liberalization reduces inefficiencies generated by SBC. The number of firms subject to moral hazard SBC decreases, aggregate effort level increases and aggregate profits lost due to SBC-induced sub-optimal effort decline as trade costs decrease.

Military Expenditure, Spending Capacity and Budget Constraint in Eighteenth-Century Spain and Britain; Gasto militar, capacidad de gasto y restricción presupuestaria en el siglo XVIII en España y Gran Bretaña

Jurado Sánchez, José
Fonte: Universidad Carlos III de Madrid. Instituto Figuerola de Historia Económica Publicador: Universidad Carlos III de Madrid. Instituto Figuerola de Historia Económica
Tipo: info:eu-repo/semantics/publishedVersion; info:eu-repo/semantics/article
Publicado em //2009 ENG
Relevância na Pesquisa
46.22%
Using new public spending statistics for Spain and other various indicators we show that Spain and Britain suffered larger increases in public expenditure in the periods in which they fought each other and other countries. The British Exchequer spent much more than its Spanish counterpart, especially on the Army and Navy and debt repayment. This situation helps to explain why Britain emerged victorious against Spain in the majority of these wars and was a consequence of the political and institutional changes made in England from 1688 onwards, reducing budget constraint and allowing Britain to mobilise the necessary resources to become the leading world power. In Spain, however, the changes required to eliminate the country’s history of bankruptcies and increase its spending capacity were not made.; Utilizando unas nuevas series del gasto de la Hacienda española y algunos otros indicadores se comprueba que España y Gran Bretaña sufrieron grandes aumentos del gasto público en aquellos periodos en que guerrearon entre sí y con otros países. El Estado británico gastó mucho más dinero que el español, sobre todo en los capítulos militares y el servicio de la Deuda, lo que contribuye a explicar por qué Gran Bretaña venció a España en la mayoría de los conflictos que libraron ambos países. Esto era...

Public Spending and Growth in an Economic and Monetary Union; The Case of West Africa

Moreno-Dodson, Blanca; Bayraktar, Nihal
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.6%
The focus of the paper is on how public spending volume, composition (current versus capital), and quality are linked to the per capita growth rates of the West Africa economic and monetary union (WAEMU) countries, which have been fluctuating and remain relatively low compared to other parts of the world. The empirical analysis covers the period 2000-2013. The results indicate that total public spending has a significant impact on growth. While the impact of the capital component is positive and statistically significant, the effect of the current component is consistently negative, but not significant. When the capital component is further split into two: public fixed capital investment and public other capital expenditures, defined as total public capital expenditure minus public fixed capital investment, the results show that not only physical capital formation but also human capital spending is important for growth in the WAEMU group. While the volatility measure for public investment has a clear negative and statistically significant impact on growth...

A cost analysis for deciding service levels in Korean Army with a constraint for single period

Yoo, Choong Keun
Fonte: Monterey, California: Naval Postgraduate School Publicador: Monterey, California: Naval Postgraduate School
Tipo: Tese de Doutorado Formato: vii, 50 p.
EN_US
Relevância na Pesquisa
46.37%
Approved for public release; distribution unlimited.; Since 1953 there has been a fierce military competition between the Republic of Korea (ROK) and the Democratic People's Republic of Korea (DPRK). The DPRK has committed over 10% of its GNP since 1963 to defense expenditures, whereas, the ROK has spent a relatively small portion (3-6%) of GNP over the same period. Because the U.S. plans to withdraw from the ROK in the near future, a heavy burden will be imposed upon the South Korean government to maintain its national defense. The U.S. withdrawal will result in the delay of achieving a military balance in the Korean Peninsula. Under these conditions, it becomes essential to find the most efficient allocation of the defense budget so as to get the most high-tech weapons, and achieve military balance with the DPRK at the soonest possible time. The purpose of this thesis is to compute the service levels for critical items with the present budget and to determine whether the budget is used effectively in the ROK Army. Cost analysis methods are used to solve the problem. An application of this methodology is shown with an illustration. This analysis shows that different items call for different service levels.; Major, Republic of Korea Army

Institutions, politics and the soft budget constraint in a decentralised economy: the case of India

Gupta, Arnab
Fonte: Universidade de Adelaide Publicador: Universidade de Adelaide
Tipo: Tese de Doutorado Formato: 1400748 bytes; 65422 bytes; application/pdf; application/pdf
Publicado em //2004 EN
Relevância na Pesquisa
46.61%
This thesis tries to build a set of theoretical and empirical premises of the important issues pertaining to a decentralized government structure. While the questions that we attempt to answer in this thesis are varied, the common theme that runs through the essays is its focus on issues from a regional perspective. Our empirical outcomes are based on the Indian federal system, more specifically, the 15 major states of India, which account for over 90 per cent of the population and 95 per cent of GDP. The period under consideration is 1985 - 2000. We consider this to be a crucial period because a lot of stress in state finances emerged during this period. The research questions we broadly seek to answer are the following: 1. What are the causes of differences in developmental levels across the major Indian states? 2. What is the role of political alignment in determining the budgetary considerations of states? 3. What accounts for differences in human developmental outcomes across the states? 4. In normative terms, can it be argued that a decentralized structure need not automatically lead to the iformation of a hard budget constraint? Further, can it be claimed that under certain circumstances, particularly when dealing with State-run natural monopolies...

Reforms under Fiscal Stress : A Policy Note on the Priorities for Fiscal and Budget Reform in Nepal

Bajracharya, Roshan Darshan; Biletska, Nataliya; Rajaram, Anand
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.41%
This note, first of the several on fiscal management and policy option notes planned, provides a concise assessment of the achievements to date of the ongoing reforms to budget management in Nepal and concludes with some guidance on the key focus areas of fiscal policy and expenditure management over the near and medium term. It is a selective assessment that looks at major aspects of the policy and budget process with a view to identifying areas for strategic focus, rather than a detailed rendering of the reforms. The note highlights the fiscal challenges that are assuming increasing prominence and which must be addressed by policy decisions and medium term reforms. While recognizing the uniqueness of Nepal's initial conditions, capacities and current security related challenges, the note takes account of international experience in implementing such reforms. The note starts with the economic and political background. The second section reviews fiscal trends and outlines issues to be considered by a fiscal strategy. The third section discusses institutional issues to strengthen the budget process.

Budget Rules and Resource Booms : A Dynamic Stochastic General Equilibrium Analysis

Devarajan, Shantayanan; Dissou, Yazid; Go, Delfin S.; Robinson, Sherman
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.25%
This paper develops a dynamic stochastic general equilibrium model to analyze and derive simple budget rules in the face of volatile public revenue from natural resources in a low-income country like Niger. The simulation results suggest three policy lessons or rules of thumb. When a resource price change is positive and temporary, the best strategy is to save the revenue windfall in a sovereign fund, and use the interest income from the fund to raise citizens' consumption over time. This strategy is preferred to investing in public capital domestically, even when private investment benefits from an enhanced public capital stock. Domestic investment raises the prices of domestic goods, leaving less money for government to transfer to households; public investment is not 100 percent effective in raising output. In the presence of a negative temporary resource price change, however, the best strategy is to cut public investment. This strategy dominates other methods, such as trimming government transfers to households...

How Public Spending Can Help You Grow : An Empirical Analysis for Developing Countries

Moreno-Dodson, Blanca; Bayraktar, Nihal
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
46.41%
Although many studies indicate that both the level and composition of public spending are significant for economic growth, the results in the empirical literature are still mixed. This note is based on a paper of the same title (Bayraktar and Moreno-Dodson 2010) that compares a set of fast-growing developing countries to a mix of developing countries with different growth patterns. Considering the full government budget constraint, the empirical analysis shows that public spending, especially its 'core' components, contributes to economic growth only in countries that are capable of using funds for productive purposes. In addition, those countries must have an adequate economic policy environment with macroeconomic stability, openness, and private sector investments that are conducive to growth.

The Quality of Budget Execution and Its Correlates

Addison, Douglas
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.39%
What determines the quality of budget execution around the world, measured in terms of a government's ability to accurately hit its own revenue and expenditure targets? The answers could be relevant to the topics of macroeconomic stability, national development, public service delivery, and political reputation. This paper takes a step toward finding answers through the exploration of a new database of budgets and budget outcomes and potential cross-country correlates of budget execution in levels and in composition. Few countries within the data sample execute their budgets well, in levels or in composition. Expenditure deviations are positively but rather loosely correlated with revenue deviations. Within this broad tendency, there is considerable variation in behavior not only across countries, but also across time within countries. In explaining the cross-country variations, the data confirm traditional drivers for common pool behavior while also supporting constructive roles for political institutions and the technical capacity for public financial management. This is good news for reform minded governments.

Public investment and budget constraint on transport infrastructure in Colombia: 1960-2011; Inversión pública y restricción presupuestaria en la infraestructura de transporte en Colombia: 1960-2011

Mario Alberto De la Puente; Universidad Rey Juan Carlos
Fonte: Revista de Economía del Caribe Publicador: Revista de Economía del Caribe
Tipo: article; publishedVersion Formato: application/pdf
SPA
Relevância na Pesquisa
46.22%
The article analyzes the historical evolution of public investment and the budget constraint in transport infrastructure in Colombia during the period 1960-2011 by identifying periods of fiscal adjustment and its relationship to the evolution of investment in this sector. The purpose is to understand the causes of the progressive deterioration of infrastructure investment in the transport sector from the analysis of macroeconomic variables and economic policy for the sector during the period of investigation. The methodology is part of the complementarity of quantitative and qualitative analysis of macroeconomic variables with the historical analysis of economic policy making for the sector, resulting in a comprehensive diagnosis of the current situation in Colombia transport.; El artículo analiza la evolución histórica de la inversión pública y la restricción presupuestaria en la infraestructura de transporte en Colombia durante el periodo 1960-2011 mediante la identificación de los periodos de ajustes fiscales y su relación con la evolución de la inversión en dicho sector. La finalidad es conocer las causas del deterioro progresivo en la inversión de infraestructura del sector transporte a partir del análisis de variables macroeconómicas y política económica para el sector durante el periodo de investigación. La metodología aplicada se inscribe en la complementariedad del análisis cuantitativo y cualitativo de variables macroeconómicas que junto con el análisis histórico de adopción de política económica para el sector...

Asymmetrically fair rules for an indivisible good problem with a budget constraint

Jaramillo Vidales, Paula; Çâğatay, Kayi; Klijn, Flip
Fonte: Facultad de Economía Publicador: Facultad de Economía
Tipo: info:eu-repo/semantics/book; info:eu-repo/semantics/acceptedVersion Formato: application/pdf
Publicado em /03/2012 ENG
Relevância na Pesquisa
46.22%
We study a particular restitution problem where there is an indivisible good (land or property) over which two agents have rights: the dispossessed agent and the owner. A third party, possibly the government, seeks to resolve the situation by assigning rights to one and compensate the other. There is also a maximum amount of money available for the compensation. We characterize a family of asymmetrically fair rules that are immune to strategic behavior, guarantee minimal welfare levels for the agents, and satisfy the budget constraint.