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On the Ricardian Equivalence Theorem in the Presence of Banks and a Reserve Requirement 论有银行和准备金要求时的李嘉图等价定理
IF 0.7
PUBLIC FINANCE REVIEW Pub Date : 2023-11-15 DOI: 10.1177/10911421231213214
Raymond G. Batina, Toshihiro Ihori
{"title":"On the Ricardian Equivalence Theorem in the Presence of Banks and a Reserve Requirement","authors":"Raymond G. Batina, Toshihiro Ihori","doi":"10.1177/10911421231213214","DOIUrl":"https://doi.org/10.1177/10911421231213214","url":null,"abstract":"We study the Ricardian Equivalence Theorem in the presence of a reserve requirement. Banks pay depositors the deposit rate and receive the borrowing rate on loans. Equivalence fails because the reserve requirement drives a wedge between the deposit and borrowing rates implying that government faces a different intertemporal tradeoff than savers. A tax cut financed by an increase in government debt causes an increase in savings but only increases the supply of loanable funds by a fraction because of the reserve requirement. This causes interest rates to rise and consumption to fall. We also show that if the central bank pays interest on reserves at the borrowing rate, the various rates are equal, however, equivalence still fails. The reason is that future taxes to pay down the debt must be higher for the central bank to pay interest and consumption will fall in response.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"54 2","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139274037","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}
引用次数: 0
Limiting Public Expenditure to Ensure Public Debt Sustainability in the EMU 限制公共支出以确保欧洲货币联盟公共债务的可持续性
PUBLIC FINANCE REVIEW Pub Date : 2023-11-03 DOI: 10.1177/10911421231210730
Séverine Menguy
{"title":"Limiting Public Expenditure to Ensure Public Debt Sustainability in the EMU","authors":"Séverine Menguy","doi":"10.1177/10911421231210730","DOIUrl":"https://doi.org/10.1177/10911421231210730","url":null,"abstract":"In the European Economic and Monetary Union, the fiscal background must ensure the sustainability of the public debt, but fiscal policies must also keep enough flexibility to stabilize global economic activity in case of large shocks, as the common monetary policy becomes less efficient. In the prospect of a reform of the Fiscal Compact after the standby of European fiscal rules with the COVID-19 health crisis, and in conformity with theoretical studies underlying the advantages of such rules, the current paper suggests a rule related to nominal public expenditure excluding interest rates, with a debt feedback mechanism to ensure the sustainability of the public debt path. According to this rule, it appears that six Economic and Monetary Union member countries are particularly highly indebted and should probably control and reduce their public expenditure in order to make their public debt sustainable: France, Spain, Italy, Belgium, Portugal, and Greece.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"40 15","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135869096","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}
引用次数: 0
The Public Finance Position of Immigrants in Europe: A Quantile Regression Approach 欧洲移民的公共财政状况:分位数回归方法
PUBLIC FINANCE REVIEW Pub Date : 2023-11-01 DOI: 10.1177/10911421231197280
Majlinda Joxhe, Pasquale Scaramozzino, Skerdilajda Zanaj
{"title":"The Public Finance Position of Immigrants in Europe: A Quantile Regression Approach","authors":"Majlinda Joxhe, Pasquale Scaramozzino, Skerdilajda Zanaj","doi":"10.1177/10911421231197280","DOIUrl":"https://doi.org/10.1177/10911421231197280","url":null,"abstract":"We contrast the net fiscal position (NFP) of immigrants versus natives using data from the European Survey on Living Conditions for 2007–2015. Using a quantile regression approach, we find that European and non-European migrants have a different fiscal position from natives only on the extreme tails of the NFP distribution. Non-EU migrants contribute even more than natives in the top quantile of the NFP, but they are more fiscally dependent than native citizens in the lowest quantile. These findings suggest that immigrants are not a public finance burden and do not increase public spending in the destination country. We also examine the relationship between migrants’ fiscal position and the fiscal perception of natives versus migrants as measured in the European Social Survey. We believe that by examining the effects of migrants on public spending, we can gain valuable insights into the economic implications of immigration and develop evidence-based migration policies, fostering integration.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"3 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135272328","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}
引用次数: 0
Between Election Rivalry and the Agency Costs of Government: The Effectiveness of Party Competition Across Indian States, 1957–2018 选举竞争与政府代理成本之间:1957-2018年印度各邦政党竞争的有效性
PUBLIC FINANCE REVIEW Pub Date : 2023-10-12 DOI: 10.1177/10911421231204651
J. Stephen Ferris, Bharatee Bhusana Dash
{"title":"Between Election Rivalry and the Agency Costs of Government: The Effectiveness of Party Competition Across Indian States, 1957–2018","authors":"J. Stephen Ferris, Bharatee Bhusana Dash","doi":"10.1177/10911421231204651","DOIUrl":"https://doi.org/10.1177/10911421231204651","url":null,"abstract":"Two dimensions of the intensity of interparty rivalry are used to test the hypothesis that greater interparty competition enhances government efficiency. Using data from a set of 14 large Indian state governments between 1957 and 2018, we find confirmation for two political rivalry hypotheses. The first is that the ex-post size of the first versus second place seat share winning margin is a useful metric of the (in)effectiveness of rival party policing of incumbent spending behavior. The second is the hypothesis that excessive spending by the incumbent governing party is decreased by the expectation of greater election contestability and that contestability is related to the expected effective number of competing parties ( ENPSeats) nonmonotonically. Our analysis suggests that contestability across Indian States reaches a maximum when the incumbent faces an expectation of ENPSeats that is closer to 5 than to Duverger's 2.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135969313","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}
引用次数: 0
The Effect of Fiscal Stress Labels on Local Governments’ Financial Management: Evidence from New York State Fiscal Stress Monitoring System 财政压力标签对地方政府财务管理的影响:来自纽约州财政压力监测系统的证据
PUBLIC FINANCE REVIEW Pub Date : 2023-09-29 DOI: 10.1177/10911421231199023
Hyewon Kang, Gang Chen
{"title":"The Effect of Fiscal Stress Labels on Local Governments’ Financial Management: Evidence from New York State Fiscal Stress Monitoring System","authors":"Hyewon Kang, Gang Chen","doi":"10.1177/10911421231199023","DOIUrl":"https://doi.org/10.1177/10911421231199023","url":null,"abstract":"State government's role in monitoring local governments’ fiscal distress gained importance after several local financial crises. Although many states have implemented state monitoring systems, the effectiveness of these systems has not been well understood. Using the case of the New York State, we conducted a regression discontinuity analysis to examine the effect of fiscal stress labeling on local governments. We find some evidence to support that fiscal stress labels lead local governments to improve their fund balance and cash positions. Specifically, school districts at the early stage of fiscal stress are more responsive to the labels than districts under more severe fiscal stress.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135192789","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}
引用次数: 0
Piecemeal Modeling of the Effects of Joint Direct and Indirect Tax Reforms 直接税和间接税联合改革影响的零碎模型
PUBLIC FINANCE REVIEW Pub Date : 2023-09-29 DOI: 10.1177/10911421231198738
Bart Capéau, André Decoster, Stijn Van Houtven
{"title":"Piecemeal Modeling of the Effects of Joint Direct and Indirect Tax Reforms","authors":"Bart Capéau, André Decoster, Stijn Van Houtven","doi":"10.1177/10911421231198738","DOIUrl":"https://doi.org/10.1177/10911421231198738","url":null,"abstract":"In this article, we elicit the assumptions needed for an assessment of a joint reform of personal income and indirect taxes in a consistent conceptual framework. One often lacks an encompassing model for both labor supply decisions in real world tax and benefit contexts and the allocation of disposable income to commodities. We characterize households’ labor supply decisions by a random utility random opportunity model of job choice. We illustrate the framework with a Belgian tax reform proposal that shifts the burden away from labor taxes to indirect taxation. We find substantial empirical evidence that, both from a distributional and from a budgetary perspective, it is important to account for the impact of indirect taxes on the labor supply decision of households. The cost recovery effects of the tax shift are negative. This is, among other things, explained by the income effect in our job choice model.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135193909","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}
引用次数: 0
Head Start Funding Expansions and Program Inputs 先导性启动资金的扩大和项目投入
PUBLIC FINANCE REVIEW Pub Date : 2023-09-29 DOI: 10.1177/10911421231197454
Chris M. Herbst, Esra Kose
{"title":"Head Start Funding Expansions and Program Inputs","authors":"Chris M. Herbst, Esra Kose","doi":"10.1177/10911421231197454","DOIUrl":"https://doi.org/10.1177/10911421231197454","url":null,"abstract":"This paper provides some of the first evidence on the relationship between Head Start funding expansions and program inputs. We take advantage of the county–year variation in funding increases that were implemented due to a number of legislated policy changes in the late 1980s and throughout the 1990s. By focusing on the period between 1988 and 2007, we show that the funding increases were directed at increasing total and full-time enrollment. We also show that the funding expansions were used to make several quality-related investments, including increasing the number of teachers and staff and upgrading the skill level of teachers.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135193917","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}
引用次数: 1
Estimating the Fiscal Impact of Stadium Developments: Evaluating a Pro Forma Model 估计体育场发展的财政影响:评估一个预估模型
PUBLIC FINANCE REVIEW Pub Date : 2023-09-27 DOI: 10.1177/10911421231199517
Robert W. Baumann, John Charles Bradbury
{"title":"Estimating the Fiscal Impact of Stadium Developments: Evaluating a Pro Forma Model","authors":"Robert W. Baumann, John Charles Bradbury","doi":"10.1177/10911421231199517","DOIUrl":"https://doi.org/10.1177/10911421231199517","url":null,"abstract":"Although researchers have demonstrated conclusively that sports stadiums are not economic development catalysts, stadium projects that include preplanned ancillary developments have been proposed as a salutary strategy to overcome the widely observed dismal economic performance of standalone stadiums. Using an objective rubric for evaluating economic impact studies, we review a commissioned pro forma model that claims to demonstrate net positive fiscal impacts of two prominent publicly-financed stadium-anchored developments. Using assumptions informed by existing research and established discipline standards, the model estimates substantial negative returns for both projects (−$40 to −$60 million in Worcester, Massachusetts and −$100 to −$200 million in Cobb County, Georgia). We find that the reported fiscal surpluses derive from chosen assumptions and not the stadiums’ complementary developments. We conclude that pro forma estimates do not provide credible forecasts of fiscal impacts, and ancillary developments do not improve the fiscal returns of stadium projects.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135472711","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}
引用次数: 1
Does the Swiss Debt Brake Induce Sound Federal Finances? A Synthetic Control Analysis 瑞士“债务刹车”会带来稳健的联邦财政吗?综合控制分析
PUBLIC FINANCE REVIEW Pub Date : 2023-09-06 DOI: 10.1177/10911421231191566
Christian F. Pfeil, Lars P. Feld
{"title":"Does the Swiss Debt Brake Induce Sound Federal Finances? A Synthetic Control Analysis","authors":"Christian F. Pfeil, Lars P. Feld","doi":"10.1177/10911421231191566","DOIUrl":"https://doi.org/10.1177/10911421231191566","url":null,"abstract":"The Swiss debt brake is widely appreciated as one of the most rationally designed fiscal rules in the world and was thus also discussed as a blueprint in the debates about fiscal rules in Germany, the European Union member states and Israel. However, evidence that this rule really contributes to sound federal finances, in the sense of reducing the cyclically adjusted deficits, does not exist yet. We investigate the effectiveness of the Swiss debt brake by employing the Synthetic Control Method. We find that the introduction of this fiscal rule improved the budget balance by about 3.7 percentage points on average in a post-intervention period covering five years.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135097977","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}
引用次数: 10
Stimulus or Enforcement? How Intergovernmental Transfers Crowd-in Local Taxes in Indonesia 刺激还是强制?政府间转移支付如何挤占印尼地方税
IF 0.7
PUBLIC FINANCE REVIEW Pub Date : 2023-09-01 DOI: 10.1177/10911421231191961
Prianto Budi Saptono, Gustofan Mahmud
{"title":"Stimulus or Enforcement? How Intergovernmental Transfers Crowd-in Local Taxes in Indonesia","authors":"Prianto Budi Saptono, Gustofan Mahmud","doi":"10.1177/10911421231191961","DOIUrl":"https://doi.org/10.1177/10911421231191961","url":null,"abstract":"This study quantifies intergovernmental transfers’ contemporaneous and lagged effects on local tax revenues of districts/municipalities in Indonesia. This study found that transfer as aggregate and unconditional transfers/ Dana Alokasi Umum have crowding-in effects on local tax revenues. Meanwhile, revenue sharing/ Dana Bagi Hasil and conditional transfers/ Dana Alokasi Khusus do not significantly affect the tax revenues of districts/municipalities. In addition, system-Generalized Method of Moments estimation results show that the contemporaneous effects of transfers are more prominent in magnitude than their lagged effects. It indicates that local tax enforcement due to transfers provides a larger portion than the local spending stimulus in determining local revenue increases. Our findings refute the negative stigma that emerged after implementing fiscal decentralization, particularly related to the disincentive effect of transfers on local government efforts to generate their revenues. Therefore, equitably endowing local governments with intergovernmental transfers will improve their accountability and build public trust.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47196753","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}
引用次数: 1
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