The Role Of Fiscal Transfers In Smoothing Regional Shocks

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The Role Of Fiscal Transfers In Smoothing Regional Shocks

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Author : Mr.Tigran Poghosyan
language : en
Publisher: International Monetary Fund
Release Date : 2016-07-21

The Role Of Fiscal Transfers In Smoothing Regional Shocks written by Mr.Tigran Poghosyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-21 with Business & Economics categories.

We assess the extent to which fiscal transfers smooth regional shocks in three large federations: the U.S., Canada, and Australia. We find that fiscal transfers offset 4-11 percent of idiosyncratic shocks (risk-sharing) and 13-24 percent of permanent shocks (redistribution). This fiscal insurance largely operates through automatic stabilizers embedded in a central budget primarily through federal taxes and transfers to individuals, rather than transfers from the central government to state budgets. These results have implications for the design of fiscal risk-sharing mechanisms in the euro area.

The Role Of Fiscal Transfers In Smoothing Regional Shocks

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Author : Tigran Poghosyan
language : en
Publisher:
Release Date : 2016

The Role Of Fiscal Transfers In Smoothing Regional Shocks written by Tigran Poghosyan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Electronic books categories.

We assess the extent to which fiscal transfers smooth regional shocks in three large federations: the U.S., Canada, and Australia. We find that fiscal transfers offset 4-11 percent of idiosyncratic shocks (risk-sharing) and 13-24 percent of permanent shocks (redistribution). This fiscal insurance largely operates through automatic stabilizers embedded in a central budget primarily through federal taxes and transfers to individuals, rather than transfers from the central government to state budgets. These results have implications for the design of fiscal risk-sharing mechanisms in the euro area.

Designing A European Fiscal Union

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Author : Carlo Cottarelli
language : en
Publisher: Routledge
Release Date : 2014-11-13

Designing A European Fiscal Union written by Carlo Cottarelli and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-13 with Business & Economics categories.

Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.

Fiscal Risk Sharing In China Is It Significant And How To Further Improve It

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Author : Mr. Fei Han
language : en
Publisher: International Monetary Fund
Release Date : 2024-09-20

Fiscal Risk Sharing In China Is It Significant And How To Further Improve It written by Mr. Fei Han and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-20 with categories.

The COVID-19 pandemic has weakened the fiscal positions of local governments in China, while the recent stress in the Chinese property market has further compounded this issue, calling for stronger fiscal risk sharing among provinces. This paper examines the existing central to local governmental transfer system and its effect on interprovincial risk sharing and redistribution in China. We show that the fiscal transfers have played an important role in risk sharing although their main purpose is still redistribution. We also propose an alternative transfer mechanism with the size of transfers to each province linked to the shocks that the province is facing to enhance the fiscal risk-sharing effect. Using counterfactual simulations, we show that such an alternative mechanism can significantly enhance risk sharing among all provinces against idiosyncratic shocks while maintaining a comparable level of redistribution effect. Intergovernmental reforms and other structural measures could also be considered to further improve policy efficiency and effectiveness.

Revisiting The Economic Case For Fiscal Union In The Euro Area

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Author : Mr.Helge Berger
language : en
Publisher: International Monetary Fund
Release Date : 2018-02-20

Revisiting The Economic Case For Fiscal Union In The Euro Area written by Mr.Helge Berger and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-20 with Business & Economics categories.

The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.

The European Monetary Union After The Crisis

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Author : Nazaré da Costa Cabral
language : en
Publisher: Routledge
Release Date : 2020-06-09

The European Monetary Union After The Crisis written by Nazaré da Costa Cabral and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-09 with Business & Economics categories.

This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union – a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current ‘state of the art’ in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms – in particular, the ones to be used as ‘fiscal capacity’. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.

Regional Disparities And Fiscal Federalism In Russia

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Author : Oksana Dynnikova
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-20

Regional Disparities And Fiscal Federalism In Russia written by Oksana Dynnikova and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-20 with Business & Economics categories.

This paper examines how regional disparities have evolved in Russia and how Russia’s system of intergovernmental fiscal relations is managing these disparities. Regional disparities have fallen over the past two decades but remain relatively high. Socioeconomic outcomes remain worse in lagging regions despite faster growth and convergence in income levels. The twin shocks of COVID-19 and lower oil prices appear to have impacted richer regions disproportionately. Compared to other large countries with federal systems of government, Russia stands out with its high reliance on direct taxes as a revenue source for its regions. Transfers from the federal budget to the regions provide some redistribution by reducing the dispersion in real per capita fiscal spending, but also tend to be associated with lower growth. The Russian fiscal system offers degrees of redistribution and risk sharing of around 26 and 18 percent, respectively—with in-kind social transfers contributing the most. Finally, federal transfers in the aggregate tend to be procyclical and are also fairly unresponsive to shocks to regions’ own revenues.

Intergovernmental Fiscal Transfers

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Author : Robin W. Boadway
language : en
Publisher: World Bank Publications
Release Date : 2007

Intergovernmental Fiscal Transfers written by Robin W. Boadway and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Political Science categories.

The design of intergovernmental fiscal transfers has a strong bearing on efficiency and equity of public service provision and accountable local governance. This book provides a comprehensive one-stop window/source of materials to guide practitioners and scholars on design and worldwide practices in intergovernmental fiscal transfers and their implications for efficiency, and equity in public services provision as well as accountable governance.

Imf Research Bulletin September 2016

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-30

Imf Research Bulletin September 2016 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-30 with Business & Economics categories.

The September 2016 issue of the IMF Research Bulletin includes the following two Research Summaries: “A New Look at Bank Capital” (by Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, Lev Ratnovski, and Hui Tong) and “Does Growth Create Jobs?: Evidence for Advance and Developing Economies (by Zidong An, Nathalie Gonzalez Prieto, Prakash Loungani, and Saurabh Mishra). The Q&A article by Rabah Arezki discusses “Seven Questions on Rethinking the Oil Market in the Aftermath of the 2014-16 Price Slump.” A listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications are also included. Readers can also find an announcement on the 2016 Annual Research Conference and links to top cited 2015 articles in the IMF Economic Review.

The Constitutional Boundaries Of European Fiscal Federalism

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Author : Brady Gordon
language : en
Publisher: Cambridge University Press
Release Date : 2022-04-14

The Constitutional Boundaries Of European Fiscal Federalism written by Brady Gordon and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-14 with Law categories.

This book provides an authoritative source for which models of fiscal federalism are compatible with the constitutional boundaries of the European legal order. It offers an encompassing guide to the leading constitutional case law in all EU Member States.