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The discussion of fiscal imbalance and equalisation was of particular importance in the drafting of the new Iraqi constitution. It was a sticking point for the drafting process—with the oil rich regions seeking to minimise the reallocation of revenue while other regions sought to maximise equalisation payments.
The government budget balance, also referred to as the general government balance, [1] public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting ) the budget balance is calculated using only spending on current ...
The fiscal imbalance in Australia is the disparity between the revenue generation ability of the three levels of governments in Australia relative to their spending obligations; but in Australia the term is commonly used to refer more specifically to the vertical fiscal imbalance, the discrepancy between the federal government's extensive capacity to raise revenue and the responsibility of the ...
The notions related to horizontal fiscal relations are related to regional imbalances and horizontal competition. Similarly the notions related to fiscal relations are related to vertical fiscal asymmetry (VFA) [ 2 ] between the two senior levels of government, that is ,the centre and the states/provinces.
If you haven't already heard the phrase "fiscal cliff," get used to it. You'll be hearing a lot about it over the next six months. One of the most important but unknown facts about the federal ...
By Jeanne Sahadi NEW YORK -- If lawmakers cannot agree on how to address the pending "fiscal cliff," $7 trillion worth of tax increases and spending cuts will begin to go into effect in January.
Fiscal imbalance (French, déséquilibre fiscal) is the term used in Canada to describe a monetary imbalance between the Canadian federal government and the provincial governments. According to the fiscal imbalance theory, the federal government achieved an important surplus by cutting its contributions towards provinces, leaving provinces with ...
Both fiscal and monetary policy are tools used to keep the U.S. economy healthy. Both can affect your personal economy. But that’s where the similarities end. There’s actually a big difference ...