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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.
While the concept of horizontal fiscal imbalance is relatively non controversial (as explained above), there is a lively debate around the concepts of vertical fiscal imbalance and vertical fiscal gap (see Boadway 2002 [3] Bird 2003 [4]).
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 ...
SAPs are created with the stated goal of reducing the borrowing country's fiscal imbalances in the short and medium term or in order to adjust the economy to long-term growth. [3] By requiring the implementation of free market programmes and policy, SAPs are supposedly intended to balance the government's budget, reduce inflation and stimulate ...
Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. [3]The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to ...
Fiscal sustainability, or public finance sustainability, is the ability of a government to sustain its current spending, tax and other policies in the long run without threatening government solvency or defaulting on some of its liabilities or promised expenditures.
This article originally appeared on GOBankingRates.com: Fiscal Quarters (Q1, Q2, Q3, Q4) Explained and What They Mean for Investors. Show comments. Advertisement. Advertisement. In Other News.
Neutral fiscal policy is usually undertaken when an economy is in neither a recession nor an expansion. The amount of government deficit spending (the excess not financed by tax revenue ) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of economic activity .