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The efect of the financial crisis on Croatia ’s primary budget deficit and public debt

The efect of the financial crisis on Croatia ’s primary budget deficit and public debt

In years in which a primary deficit is realized, the stock-flow adjustment is mainly positive, but also the reverse. This makes sense since the stock-flow adjustment depends on many external variables, and is mainly linked with market trends. Therefore, we can assume that in difficult years, apart from realization of a negative budget balance, a large number of debts are also activated (e.g. guarantees), the domestic currency is liable to de- preciate in relation to foreign currency, the state is forced by injections of capital to help some businesses important for economic development, which have found themselves in difficulties etc. This all leads to a growth in stock-flow adjustment and therefore the pub- lic debt. We also notice a similar connection between those two variables in EU-27 mem- ber countries, so for example in 2008 in comparison to the previous year the budget def- icit rose by 1.5 percentage points, and the stock-flow adjustment by as much as 2.9 per- centage points (Eurostat, 2009c).
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THE PRO AND CONS OF THE NEW TREATY ON STABILITY, COORDINATION AND GOVERNANCE IN THE ECONOMIC AND MONETARY UNION

THE PRO AND CONS OF THE NEW TREATY ON STABILITY, COORDINATION AND GOVERNANCE IN THE ECONOMIC AND MONETARY UNION

Abstract: In our study, using a descriptive research methodology based on survey and data interpretation, we are trying to state our opinion regarding the pro and cons of the Fiscal Compact, wheather our country made a step forward towards fiscal stabilization or a step backwards towards the space for manouver of the fiscal policy. Stability and Growth Pact, signed in Amsterdam in 1997, maintained the two limits set by the Maastricht Treaty, signed in 1992, namely those set within 3% of GDP for budget deficit and 60% of GDP for public debt, and established at the same time the regulatory framework for the coordination of national fiscal policies in the EMU. Medium-term objective, enshrined in the Stability and Growth Pact, is for the budgetary position of the Member States of the euro zone to be "close to balance or in surplus" – and to enable them to deal with normal cyclical fluctuations without exceeding effectively the 3% of GDP budget deficit. Achievement of the medium- term objective requires rapid evolution towards a sustainable situation, able to generate sufficient fiscal space for the promotion of discretionary fiscal policy measures - such as those embodied in the increase of budgetary allocations for investments in infrastructure.
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Voting behavior and budget stability

Voting behavior and budget stability

The aim of this paper is to analyze how the implementation of the Budgetary Stability Law has affected Political Budget Cycles generated by Spanish local governments. Specifically, we study whether the evolution of debt, budget deficit, capital spending and current spending over the electoral cycle has changed after the introduction of this law. We use a sample of 132 Spanish municipalities with more than 50,000 inhabitants (including the provincial capitals) during the period 1995-2009. Our results show that the Budgetary Stability Law has avoided electoral cycles in debt. On the contrary, the adoption of this law has not mitigated the incumbents’ incentives to manipulate deficit, capital spending and current spending with electoral aims. Nevertheless, it has caused a change in the way in which mayors manipulate fiscal policy over the electoral cycle. The opportunistic expansion covered both preelectoral year and the electoral year before the implementation of this fiscal rule, while after that, deficit and spending increases are confined in the election year.
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Particularidades do Greek Banking System (G.B.S.)

Particularidades do Greek Banking System (G.B.S.)

a) The reserve requirements ratio remains at a high level. b) Rates of interest are still very high, due to the high state budget deficit and therefore the higher rates of interest of[r]

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BUDGET DEFICITS AND INFLATION: PORTUGAL AND THE OTHER EC HIGH DEBT COUNTRIES

BUDGET DEFICITS AND INFLATION: PORTUGAL AND THE OTHER EC HIGH DEBT COUNTRIES

This paper confirms the tendency for empirical studies to find out contradic- tory budget deficit effects (or no effects) on the inflation rate when different countries, [r]

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Political Business Cycles in Turkey: A Fiscal Approach(Türkiye’de Politik İş Çevrimleri: Mali Bir Yaklaşım)

Political Business Cycles in Turkey: A Fiscal Approach(Türkiye’de Politik İş Çevrimleri: Mali Bir Yaklaşım)

Taking budget deficit data as the dependent variable and running the regression equation (2) above with election dummies for the period 1969Q2- 2008Q1, we derived three important conclusions. First of all, the coefficient of ELEC1 variable is statistically significant and has a negative sign in the equation 1 on the Table 4 below. This shows that the budget gives deficit in the election quarters. Secondly, in the equation 2 in Table 4, the coefficient of ELEC3 is statistically significant and has a positive sign. This points out that the budget gives a surplus two quarter before election quarters. Thirdly, in the equation 3 in Table 4, the coefficient of ELEC9 is statistically significant and has a negative sign which means that budget gives deficit both in the election quarters and one quarter before the elections. Thus, it is proper to conclude that government budget is affected by the elections and it gives deficit between 3 and 6 months before the election date. As a result, it is clear that politicians in Turkey give reaction between 3 and 6 months time prior to an election and manipulate the economy by means of government budget.
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Deficit of the budget: essence, reasons and management

Deficit of the budget: essence, reasons and management

3. Mashko A. I., Tymchuk O. J. Theoretical and practical problems of budget deficit [TeoretykoLpraktychni problemy upravlinnya byudzhetnym defitsytom]. Naukovyy visnyk Uzhhorods'koho universytetu. Seriya „Ekonomika” L Scientific Bulletin of the Uzhgorod University. Series "Economy", 2007, Special edition 22, Part 1, pp. 155 – 158. 4. Pushkarev V. M. History of financial thought and tax policy [Istoriya finansovoy mysli i politiki nalogov], Moscow,

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Key words: crop yield, leaf system, light, photoperiod, photosynthesis, reproductive system, root system, temperature,

Key words: crop yield, leaf system, light, photoperiod, photosynthesis, reproductive system, root system, temperature,

soil, then the stomata closed, even though the leaves were well hydrated. Severing the roots that were exposed to the dry soil opened the stomata, indicating a signal from roots to shoots that closed them. By this mechanism the banana would be able to sense drying soil and begin to close its stomata. This would reduce water loss from the leaves, but it does not explain why the plant remains highly hydrated because the data of Bananuka et al. (1999) show that if a leaf is severed from a banana plant then it will lose from 24 to 76% of its weight (primarily water) after 48 h of drying, depending on the genotype. This is a high rate of water loss considering that in the field the loss of water from intact leaves on banana plants (cv. ‘Dwarf Cavendish’, AAA, Cavendish subgroup) was only 10% even though they were subjected to a reduction of 70% in available water in the soil over 10 d (Shmueli, 1953). This implies that the root system has an important role to play in keeping the plant hydrated even when the soil is drying. The mechanism by which this might occur is that once the stomata are closed, root pressure becomes the dominant force supplying water to the shoot. Bananas have strong root pressure (Davis, 1961). With this drought tolerance mechanism the banana is able to survive long periods of soil water deficit but the disadvantage is that production is very sensitive to soil drying. Whether this mechanism applies across the genetic diversity of Musa species needs to be established. If genetic variation can be detected then there is the possibility of developing cultivars that are less sensitive to soil drying, from the point of view of production, but which might not survive long periods of drought. From a practical perspective it would be useful to determine the relationship between soil water potential and stomatal conductance for a range of cultivars in different environments.
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THE IMPACT OF FISCAL AND BUDGETARY POLICIES ON THE UNEMPLOYMENT RATE IN THE EU MEMBER STATES

THE IMPACT OF FISCAL AND BUDGETARY POLICIES ON THE UNEMPLOYMENT RATE IN THE EU MEMBER STATES

The impacts of the budget policies on the real economy are multiple and complex, taking in consideration that the budget can reduce the unemployment rate. The state contributes directly to optimize labor occupancy by streamlining the accumulation of production factors, investing in both physical capital (infrastructure, communication networks, technologies) and human capital (providing services for education, training, health). Also, through social spendings, the state has the duty to contribute to the fairness of the population.

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http://www.revistadestatistica.ro/index.php/effective-management-of-resources-for-environmental-protection-using-taxes-in-the-environmental-policy/

http://www.revistadestatistica.ro/index.php/effective-management-of-resources-for-environmental-protection-using-taxes-in-the-environmental-policy/

In this context, green taxes can generate a tax reform. As long as funding sources for environmental protection expenditure are budget, fund of environment, the external resources, the sources from the state budget could be substantially reduced by applying green taxes. Who will use the water resources will otherwise manage these resources as long as he has to pay if does not comply with environmental legal acts. In this context, the state budget resources which are allocated to environmental protection can be redistributed to other important sectors such as health, education, research and development etc.
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Complete set of documents

Complete set of documents

Official Docu- Proposed Program and Budget Estimates. ment No[r]

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Global carbon budget 2014

Global carbon budget 2014

Figure 7. Comparison between the CO 2 budget values estimated here (black line), and other methods and models over the ocean (Table 6; coloured lines) for individual models before nor- malisation (blue lines), and the three data-based products (Rödenbeck et al. (2014) in orange, Landschutzer et al. (2014) in red and Park et al. (2010) in purple). All data-based products were corrected for the pre-industrial ocean source of CO 2 from riverine input to the ocean, which is not present in the models, by adding a sink of 0.45 GtC yr −1 (Jacobson et al., 2007), to make

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The Sap Flow Dynamics and Response of Hedysarum scoparium to Environmental Factors in Semiarid Northwestern China.

The Sap Flow Dynamics and Response of Hedysarum scoparium to Environmental Factors in Semiarid Northwestern China.

For example, semiarid regions of northwestern China are characterized by summers with long water deficit periods and high solar radiation ( Rn ); Ta , and vapour pressure deficit (VPD). [r]

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Macroeconomics correlations focused on foreign direct investments

Macroeconomics correlations focused on foreign direct investments

From the analysis of the equation Direct investments = Deficit of the current account+ Budgetary deficit + Private saving of companies and population it results that the le[r]

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CRESCIMENTO E DEFICIT COMERCIAL: UMA ABORDAGEM MUL TISSECTORIAL ()

CRESCIMENTO E DEFICIT COMERCIAL: UMA ABORDAGEM MUL TISSECTORIAL ()

A varia<;:ao do peso de cada sector na estrutura de eficiencia a medida que varia a taxa de cobertura parece confirmar a ideia do «deficit virtuoso» associad[r]

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WHO program and budget

WHO program and budget

What the evaluation of the Strategy for Health for All revealed most was the need for greater understanding by people in all societies of what is beneficial to their [r]

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Complete set of documents (List)

Complete set of documents (List)

Proposed Program and Budget Estimates of the World Health Organization for the Region of the Americas for 1975. Provisional Draft of the Proposed Program and Budget Estimate[r]

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Equalization of the Budget Incomes in the Administrative-Territorial Structures

Equalization of the Budget Incomes in the Administrative-Territorial Structures

Primary deficit ratio thus determined shows to what extent revenues generated by local administration (own revenues) or determined in a decisive measure by the local economy (the share split from income tax return) may cover the financial needs of a city for a certain level of the provided public services. Data analysis suggests that most serious are not differences between counties but those within the counties. An analysis of the horizontal structure of local government districts doesn’t need to be made through a forceful homogenization of the counties, or by calculations at the average county level. On the contrary, it has to be made according to the types of local public administrations: municipalities of the county, cities, towns and villages. Only such an analysis is appropriate in highly intra-county horizontal imbalance conditions which are reflected in all counties of Romania. In addition, the number of poor localities from rich counties is high, which it is showed by the low median value of rankings on income of local budget per capita within these counties. "Wealth" within a county is not evenly represented between localities, it is mainly due to several large cities (usually municipalities of the county), which have significantly greater financial resources than other communities in the same county or other cities from the least developed county. "Poverty" of local public administration in Romania is more evenly distributed at national level between the counties: the differences between poor localities, regardless of the level of development of the counties are quite small. In conclusion, the "poverty" of local public administration in Romania is more "democratic." Using the system of derivative-based shared taxes (the share split of income tax return), although it has great advantages, increased differences between urban and rural area.
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CD33.R11: Program budget situation

CD33.R11: Program budget situation

2. To request the Director to take a flexible approach in effecting cuts in the program budget for 1988–1989 in the event that the payments of Member Countries fail to provide adequate resources to execute it fully, drawing upon the priorities established by PAHO Governing Bodies and the views of Member Countries in relation to evolving health problems and needs.

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Leandro Coelho de Araujo1 , Patrícia Menezes Santos2 , Fernando Campos Mendonça2 , Nino Rodrigo Cabral de Barros Lima3

Leandro Coelho de Araujo1 , Patrícia Menezes Santos2 , Fernando Campos Mendonça2 , Nino Rodrigo Cabral de Barros Lima3

Established palisadegrass plants intercropped with the maize crop produce less dry matter of herbage mass compared to the same plants in exclusive cultivation. The water deficit in the germination and initial tillering periods reduces the palisadegrass tillering during the establishment period. Production of maize grains is not influenced by the reduction of soil humidity up to the level of 40% of the water capacity available in the conditions evaluated in this work. The content of water in the soil itself is not a suficient parameter to point out the water stress in intercropped maize crops.
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