The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the procyclical nature of this policy response, provides a brief comparison with subnational policy stances in other advanced economies, and discusses some options for making subnational fiscal policy less procyclical within the framework of current rules.
We use a dynamic small open economy model to explore the macroeconomic impact of alternative public investment scaling-up scenarios, analyzing how improving the efficiency of capital spending and of tax revenue collection affect growth and debt sustainability for three fast-growing Southeast Asian economies: Cambodia, Sri Lanka, and Vietnam. We show that a gradual public investment profile is more favorable than front-loading capital spending because we assume governments are able to gradually learn how to invest more efficiently, accelerating public capital accumulation and therefore growth. We discuss the pros and cons of alternative financing options and identify the financing mix that generates the best macroeconomic outcome. Sometimes overlooked, improving the efficiency of revenue collection over time may ease the burden of fiscal adjustment, achieving higher GDP growth with substantially lower debt-to-GDP ratios, and will help policymakers efficiently meet the challenge of addressing large infrastructure gaps while maintaining debt sustainability.
This paper presents a range of tools and indicators for analyzing fiscal vulnerabilities and risks for advanced economies. The analysis covers key short-, medium- and long-term dimensions. Short-term pressures are captured by assessing (i) gross funding needs, (ii) market perceptions of default risk, and (iii) stress dependence among sovereigns. Medium- and long-term pressures are summarized by (iv) medium- and long-term budgetary adjustment needs, (v) susceptibility of debt projections to growth and interest rate shocks, and (vi) stochastic risks to medium-term debt dynamics. Aiming to cover a wide range of advanced economies and minimize data lags, has also influenced the selection of empirical methods. Due to these features, they can, for example, help inform the joint IMF-FSB Early Warning Exercise (EWE) on the fiscal dimensions of economic risks.
The paper discusses the challenges facing Albania's fiscal policy following the graduation from the IMF programs. It argues that Albania's public debt remains too high and needs to be reduced. Strengthening the fiscal framework, including by introducing a numerical fiscal rule, could help achieve this objective. The paper discusses two alternative rules, with the objective of achieving a gradual decline in the public debt ratio. One rule would limit nominal expenditure growth, with a correction mechanism to guard against revenue slippages and other shocks. An alternative rule would limit the growth in nominal public debt.
We use a dynamic small open economy model to explore the macroeconomic impact of alternative public investment scaling-up scenarios, analyzing how improving the efficiency of capital spending and of tax revenue collection affect growth and debt sustainability for three fast-growing Southeast Asian economies: Cambodia, Sri Lanka, and Vietnam. We show that a gradual public investment profile is more favorable than front-loading capital spending because we assume governments are able to gradually learn how to invest more efficiently, accelerating public capital accumulation and therefore growth. We discuss the pros and cons of alternative financing options and identify the financing mix that generates the best macroeconomic outcome. Sometimes overlooked, improving the efficiency of revenue collection over time may ease the burden of fiscal adjustment, achieving higher GDP growth with substantially lower debt-to-GDP ratios, and will help policymakers efficiently meet the challenge of addressing large infrastructure gaps while maintaining debt sustainability.
The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the procyclical nature of this policy response, provides a brief comparison with subnational policy stances in other advanced economies, and discusses some options for making subnational fiscal policy less procyclical within the framework of current rules.
This paper presents a range of tools and indicators for analyzing fiscal vulnerabilities and risks for advanced economies. The analysis covers key short-, medium- and long-term dimensions. Short-term pressures are captured by assessing (i) gross funding needs, (ii) market perceptions of default risk, and (iii) stress dependence among sovereigns. Medium- and long-term pressures are summarized by (iv) medium- and long-term budgetary adjustment needs, (v) susceptibility of debt projections to growth and interest rate shocks, and (vi) stochastic risks to medium-term debt dynamics. Aiming to cover a wide range of advanced economies and minimize data lags, has also influenced the selection of empirical methods. Due to these features, they can, for example, help inform the joint IMF-FSB Early Warning Exercise (EWE) on the fiscal dimensions of economic risks.
The paper discusses the challenges facing Albania's fiscal policy following the graduation from the IMF programs. It argues that Albania's public debt remains too high and needs to be reduced. Strengthening the fiscal framework, including by introducing a numerical fiscal rule, could help achieve this objective. The paper discusses two alternative rules, with the objective of achieving a gradual decline in the public debt ratio. One rule would limit nominal expenditure growth, with a correction mechanism to guard against revenue slippages and other shocks. An alternative rule would limit the growth in nominal public debt.
Computational Fluid Dynamics: Principles and Applications, Third Edition presents students, engineers, and scientists with all they need to gain a solid understanding of the numerical methods and principles underlying modern computation techniques in fluid dynamics. By providing complete coverage of the essential knowledge required in order to write codes or understand commercial codes, the book gives the reader an overview of fundamentals and solution strategies in the early chapters before moving on to cover the details of different solution techniques. This updated edition includes new worked programming examples, expanded coverage and recent literature regarding incompressible flows, the Discontinuous Galerkin Method, the Lattice Boltzmann Method, higher-order spatial schemes, implicit Runge-Kutta methods and parallelization. An accompanying companion website contains the sources of 1-D and 2-D Euler and Navier-Stokes flow solvers (structured and unstructured) and grid generators, along with tools for Von Neumann stability analysis of 1-D model equations and examples of various parallelization techniques. Will provide you with the knowledge required to develop and understand modern flow simulation codes Features new worked programming examples and expanded coverage of incompressible flows, implicit Runge-Kutta methods and code parallelization, among other topics Includes accompanying companion website that contains the sources of 1-D and 2-D flow solvers as well as grid generators and examples of parallelization techniques
The turmoil in the Caribbean and Central America does not have a single cause; it results from both indigenous factors and outside intervention. Some liberals see revolution as the result of poverty and injustice and ignore the East-West security dimensions of the problem, the role of Leninist ideology, and the actions of the Soviet Union and its a
The issue of Nicaragua arouses political passions, those that we see expressed almost daily in the newspapers of Europe, Latin America, and the United States. Few issues are more divisive within the politics of certain countries, and the evolution of the Nicaraguan drama threatens to drive a wedge between countries that are friends, allies, and par
This monstrous, 1,660-page compilation of poster/oral presentations of the 7th Congress of Mucosal Immunology is loosely organized into functional components of respiratory, gut, and related cellular and solid organ components of the mucosal host/environment interface. It represents an attempt to capture the entire universe of mucosal immunology known in mid-1993, and herein lies the fatal flaw so common when attempting to publish congress proceedings (especially international) in timely fashion. Many a gamma/delta cell and mucosal related cytokine has visited the gut since that time! This potpourri contains papers that are almost all extremely brief and range from presentation of technical details and advances to several elegant overview and novel observations. Apparently, none of the papers have been subjected to rigorous peer review other than presentation in a meeting format. The audience for this book would include any microbiologist/immunologist interested in mucosal immunology. This two-volume book suffers from several extreme technical deficiencies, one being the lack of a table of contents in the second volume and another being an almost nonfunctional index. The greater than three-year delay to print makes the latter defect even more vexing. The virtue of this book lies in its containing the nida and seeds of important immunologic observations that portend the unfolding renaissance of mucosal immunology, especially in the areas of tolerance induction and vaccine routes. Thus, it does deserve a place in immunobiology libraries as a source book and a provider of historical perspective.
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