PSN: Fiscal & Monetary Policy (Development) (Topic)最新文献

{"title":"A Primer on the Government of Alberta's Budget","authors":"Ronald Kneebone","doi":"10.11575/SPPP.V6I0.42410","DOIUrl":"https://doi.org/10.11575/SPPP.V6I0.42410","url":null,"abstract":"Provincial budgets may normally make for dry reading, but in Alberta’s case, there is plenty of suspense lurking inside the pages — and that’s not necessarily a good thing. Your average family may know certain things about balancing a budget: keeping spending roughly in line with income; not relying on volatile, unpredictable income streams to cover expenses; and not leaving the kids with an inheritance of significant debt. But look at how Alberta has been managing its budget in the last decade, and it is obvious that the provincial government is breaking a lot of the financial management rules that most Albertans are disciplined enough to live by at home. A clear way to get a sense of how the Alberta government has managed its finances is by analyzing how much provincial program spending relies on depleting provincial savings, either in the form of savings funds or non-renewable resource deposits, such as oil and gas. By 2011, Alberta’s “Budget Gap” had grown to almost the same level it was in 1993, when the province was forced to adopt wrenching budget cuts in order to close what had become a yawning gap between revenue and costs amounting to $4,000 in spending for every man, woman and child in the province. This paper suggests there are three key questions that should be posed to our government and to any political party seeking to represent our interests as our government: 1. How tolerant are they of annual deficits? Do they advocate a strategy of relatively lower levels of government spending and/or higher tax rates, so as to avoid deficits no matter the state of the economy? Or will they tolerate deficits during economic slowdowns to enable higher levels of spending and/or lower tax rates? 2. To what extent are they willing to trust the payment of health-care costs and the costs of education and social assistance to oil and gas royalties as opposed to taxation? 3. How, exactly, does one define investments in social infrastructure; investments that can be funded by borrowing or by spending non-renewable resource royalties? What limits should be put on borrowing to fund such expenditures?","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127583676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A CAMEL Model Analysis of State Bank Group","authors":"Dr. S K Misra, P. Aspal","doi":"10.2139/SSRN.2177081","DOIUrl":"https://doi.org/10.2139/SSRN.2177081","url":null,"abstract":"The economic importance of banks to the developing countries may be viewed as promoting capital formation, encouraging innovation, monetization, influence economic activity and facilitator of monetary policy. Performance evaluation of the banking sector is an effective measure and indicator to check the soundness of economic activities of an economy. In the present study an attempt was made to evaluate the performance & financial soundness of State Bank Group using CAMEL approach. It is found that in terms of Capital Adequacy parameter SBBJ and SBP were at the top position, while SBI got lowest rank. In terms of Asset Quality parameter, SBBJ held the top rank while SBI held the lowest rank. Under Management efficiency parameter it was observed that top rank taken by SBT and lowest rank taken by SBBJ. In terms of Earning Quality parameter the capability of SBM got the top rank while SBP was at the lowest position. Under the Liquidity parameter SBI stood on the top position and SBM was on the lowest position. SBI needs to improve its position with regard to asset quality and capital adequacy, SBBJ should improve its management efficiency and SBP should improve its earning quality.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128902304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Adjusting the Currency Composition of China’s Foreign Exchange Reserve","authors":"K. Shi, Li Nie","doi":"10.5539/IJEF.V4N10P170","DOIUrl":"https://doi.org/10.5539/IJEF.V4N10P170","url":null,"abstract":"During the sovereign debt crisis, the national credit of some developed economic entities has been degraded repeatedly. It is adjusting the currency composition of China’s foreign exchange reserve that becomes an important risk management tool. In this paper, we first make an analysis on possible currency composition of China’s foreign exchange reserve combining data from the Treasury International Capital System of United States with IMF Currency Composition of Official Foreign Exchange Reserve, and then discuss the currency composition of minimum variance risk within the framework of Mean-Variance Analysis. Afterwards, a dynamic adjusting route from the real composition to the optimal structure is built up through the dynamic optimization approach. It is found that converting dollar assets to yen assets according to the optimal schedule will lower the risk of foreign exchange reserve effectively.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117070929","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"RBI's Neutral Interest Rate Policy - Neither Aims at Price Stability Nor Economic Growth","authors":"Sridhar Kundu","doi":"10.2139/ssrn.2096140","DOIUrl":"https://doi.org/10.2139/ssrn.2096140","url":null,"abstract":"Reserve Bank of India’s present interest rate policy for maintaining price stability in the economy is not highly commendable. Precisely, when the economic and industrial growth is facing a downturn, this downward rigidity in interest policy of the highest monetary of the country is beyond expectations.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115624695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Micro Finance and Financial Inclusion","authors":"Nikhil Pareek","doi":"10.2139/ssrn.2017007","DOIUrl":"https://doi.org/10.2139/ssrn.2017007","url":null,"abstract":"In 1976, an entirely new model of development finance emerged not from Delhi’s halls of power but from the forgotten back streets of Jobra, an impoverished village in Bangladesh. Abandoning his classroom, Muhammad Yunus, a professor of economics, ventured out to meet directly with the poor and learn exactly what factors kept them from earning their way out of poverty. By 1983, Yunus had founded Grameen Bank as a formal financial institution. It offered small loans to the poor with no collateral required. The bank successfully employed a group lending model, which holds borrowers accountable to their neighbors for repayment performance. Grameen’s success inspired a host of other organizations to try microlending — and soon the model expanded beyond the provision of small loans to become microfinance, which encompasses a whole range of financial services for the underprivileged. In India, situation was quite contrary as none of the biggies: PSUs’ or large private sector banks came forward, simply because the element of risk being involved. These banks were just trying to meet their yearly quota of about 40% with difficulty, but then there was a change in government’s policy. This paper tries to study the background of the situation, the harsh realities, the boom of MFI market in India, and the setback in Andhra recently. This paper will also try to study the various models’ that are being involved in the sector, and will evaluate the policies employed by government. For true shining India, we need to address the needs of poor and Micro Finance can be such one step.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122928524","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Bargaining Over Tax Information Exchange","authors":"May Elsayyad","doi":"10.2139/ssrn.2012593","DOIUrl":"https://doi.org/10.2139/ssrn.2012593","url":null,"abstract":"This paper empirically studies recent treaty signings between tax havens and OECD countries as the outcome of a bargaining process over treaty form. Havens can decide not to sign an agreement, to sign a tax information exchange agreement or to sign a double taxation convention. We use a highly stylized bargaining model to develop testable hypotheses with regards to the type of agreement signed. We show that the main determinants of treaty signing are a haven's bargaining power and good governance. We show that it is easier to renegotiate an already existent treaty to include information exchange than to pressure countries with no existent agreement.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114923830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Government Fiscal Policies and Redistribution in Asian Countries","authors":"Iris Claus, J. Martínez-Vázquez, V. Vulovic","doi":"10.2139/ssrn.2174128","DOIUrl":"https://doi.org/10.2139/ssrn.2174128","url":null,"abstract":"This paper assesses the impact of government fiscal policies on income inequality in Asia. It discusses the role and effectiveness of redistributive fiscal policies and quantifies the effects of taxation and government expenditure on income distributions. Panel estimation for 150 countries with data between 1970 and 2009 confirms international empirical findings for Asia. Tax systems tend to be progressive but government expenditures are a more effective tool for redistributing income. Moreover, the results suggest some distinctive differential distributive effect for government expenditure on social protection in Asia. Social protection spending appears to increase income inequality, whereas it reduces it in the rest of the world. Also, adversely affecting the distribution of income in Asia is government expenditure on housing. Some options for improving the effectiveness of fiscal policies in Asia are discussed.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"139 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122049805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Country Risk Analysis in Emerging Markets: The Indian Example","authors":"S. Basu, D. Deepthi, Jyothsni Reddy","doi":"10.2139/ssrn.2121340","DOIUrl":"https://doi.org/10.2139/ssrn.2121340","url":null,"abstract":"The Beta Country Risk Model, as described by Erb, Harvey and Viskanta (1996) and used by Andrade and Teles (2004) for Brazil, is used to estimate the country risk of India based on several macroeconomic indicators. Ordinary least squares regression is run on the white noise (unexpected component) of these variables to explain the variation in country risk to identify the most relevant of these variables. The study shows that the variation in country risk of India is highly correlated with changes in FDI flows, interest rates (monetary policy), exchange rates and the unemployment rate. The effect of political risk on overall country risk is also studied.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115979873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Interaction of Monetary and Fiscal Policy: The Brazilian Case","authors":"T. Moreira, Fernando A. R. Soares, Adolfo Sachsida, Paulo R. A. Loureiro","doi":"10.2139/ssrn.2065818","DOIUrl":"https://doi.org/10.2139/ssrn.2065818","url":null,"abstract":"We tested, empirically, whether the Brazilian fiscal policy for the period between 1995: I to 2008: III was active or passive. To analyze fiscal policy transmission mechanisms, we estimated functions by which the public debt/GDP ratio affects investment, primary surplus, output gap and the demand for money. The ratio of public debt to GDP was found to be statistically significant, positively affecting the demand for money and the primary surplus, whereas it was found to negatively affect the level of investment and the output gap. We conclude that the Brazilian regime was non-Ricardian in the context of fiscal dominance.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122728482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Romania: Reining in Local Government Spending","authors":"William R. Dillinger","doi":"10.2139/ssrn.1843399","DOIUrl":"https://doi.org/10.2139/ssrn.1843399","url":null,"abstract":"In response to the current fiscal crisis, the Government of Romania has amended the law governing local government finance. The amendments are largely aimed at restraining local government staffing and curtailing arrears. They require somewhat onerous administrative measures. This report argues that while the new approach should be given a chance to work, the Government may wish to consider less intrusive approaches over the long term.","PeriodicalId":383012,"journal":{"name":"PSN: Fiscal & Monetary Policy (Development) (Topic)","volume":"193 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127560781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}