A Balance Sheet Approach to Fiscal Policy

So early fiscal consolidation can be expansionary on balance.

This is needed to prevent even more private debt being put on government balance sheets, causing a fiscal blowout.

Koizumi sought smaller government and set clear numerical targets for fiscal consolidation, including a primary budget balance in 10 years.

69. Under the stimulus of structural adjustment programmes for countering continuing deficits on government fiscal and balance of payments accounts, the tide of privatization is rising.

Bolger's government also passed the Fiscal Responsibility Act 1994.

Unemployment was soaring, and austerity, rather than restoring fiscal balance, simply exacerbated the economic downturn.

Now, with household debt sustained on a knife edge after feverish government intervention, the fiscal position has deteriorated dramatically and the current account balance has worsened again.

The news from Greece these days has been dominated by the announcement that the government achieved a primary budget surplus (the fiscal balance minus debt service) in 2013.

Fiscal discipline does not sound as visionary as economic government.

The Federal government has thrown fiscal prudence out the window.

There are other instruments available for increasing domestic saving and reducing consumption besides the fiscal balance.

The fiscal balance is improving, but it should be carefully managed over the next two years.

The right balance today requires creating jobs partly through additional fiscal stimulus aimed at productive infrastructure investment.

Fiscal policy reflects the commitment gradually to reduce public deficits to arrive at a budget in balance.

Booming tax receipts have provided the government with a fiscal surplus.

Indeed, Koizumi s government demonstrated the best way to tackle fiscal consolidation.

But Tymoshenko s government has, in reality, done a solid fiscal job.

The number of local government jobs averaged 11,626 in fiscal year 2003, compared to 11,621 jobs in fiscal year 2002.

The Government thus recorded a surplus balance of 154 million.

America s domestic demand shortfall reflects rising savings, balance sheet damage in the household sector, unemployment, and fiscal distress.

Now consider fiscal policy. The baroque structure of US government has always been hostile to the effective exercise of fiscal policy.

The weak fiscal position will severely constrain whatever government comes to power.

Thus, greater reliance on fiscal policy increased government spending would be necessary.

Fiscal reform should enhance government legitimacy by paying greater attention to equity.

Indeed, a new fiscal package was announced by the Government in September.

36. Total government revenue for fiscal year 1991 amounted to 103.5 million.

Acknowledging that recent fiscal policies had put the US on an unsustainable trajectory of rising public debt, Obama said that moving towards budget balance was now essential for fiscal stability.

Chile sets a target for its cyclically adjusted fiscal balance that is, the balance that emerges after accounting for the deviations in commodity prices and domestic output from their trends.

But sounder fiscal policy might lead to even higher inflows as the country s external balance and sovereign risk outlook improve.

In the coming years, Brazil s government also should strive for fiscal balance (last year the deficit was still 3 of GDP), and then to attain a surplus, as Chile has done for years now.

There are other instruments available for increasing domestic saving and reducing consumption besides the fiscal balance. Government policies can target private saving directly, by creating incentives for saving through appropriate tax and pension policies.

Government investment expenditures, especially social spending, have been severely affected by the fiscal reductions.

Even with external assistance, many view default as a near certainty, because the arithmetic of restoring fiscal balance is so daunting.

The country's balance of payments position remains resolutely negative reflecting Ukraine's bureaucratic and fiscal constraints on exports and massive energy imports.

Unaudited figures for fiscal year 2004 indicated in the fiscal year 2005 budget that the Government estimated that it had collected 58.5 million in local revenues in fiscal year 2004 and predicted that 64 million would be collected in fiscal year 2005.12

In the fiscal year ending in March 2002 the government budgeted 731.4 billion rupees (US 15.2) for defense, up 12 from the previous fiscal year.

Beyond the balance of representation in parliament and government, a balance might need to be struck between the highest offices of state.

In trying to balance such considerations, the government is in over its head.

Because the federal government disburses fiscal allocations to Malaysia s 13 states, the government will be tempted to squeeze opposition held states.

As a result, from 1995 to 2007, inflation adjusted government fiscal revenue increased 5.7 times.

Obama will need to put forward a medium term fiscal plan that restores government finances.

China s current legal framework contributed to fiscal balance and financial stability in the past, and it continues to play a positive role.

Such a pact would oblige governments to use fiscal and wage policies as well as overall economic policy to achieve external balance.

Most European economies seem to be in the early stages of a major change in the balance between monetary and fiscal policies.