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Fiscal policy can be distinguished from monetary policy, in that fiscal policy deals with taxation and government spending and is often administered by a government department; while monetary policy deals with the money supply, interest rates and is often administered by a country's central bank. Both fiscal and monetary policies influence a ...
A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan in infrastructure and social welfare by the end of 2010. [5] [6] This stimulus, equivalent to US$586 billion, represented a pledge comparable to that subsequently announced by the United States, but which came from an economy only one third the size. [7]
The Fiscal Responsibility and Budget Management Bill (FRBM Bill) was introduced in India by the then Finance Minister of India, Yashwant Sinha [1] in December 2000. Firstly, the bill highlighted the terrible state of government finances in India both at the Union and the state levels under the statement of objects and reasons. [2]
In fiscal year 2005, the deficit began to shrink due to a sharp increase in tax revenue. By 2007, the deficit was reduced to $161 billion; less than half of what it was in 2004 and the budget appeared well on its way to balance once again. Fiscal policy is the application of taxation and government spending to influence economic performance.
The GFSM 2001 recommends standard tables including standard fiscal indicators that meet a broad group of users including policy makers, researchers, and investors in sovereign debt. Government finance statistics should offer data for topics such as the fiscal architecture, the measurement of the efficiency and effectiveness of government ...
The government forms a budget for the new fiscal year by taking the budget from the previous fiscal year as a base and makes only small changes to it. Top-down approach: The central financial authority (e.g. the Ministry of finance) sets boundaries to the budget and the government completes it. This approach originated in the 1990s as an ...
Fiscal transparency includes public reporting on the past, present, and future state of public finances. Fiscal policies have critical impacts on economic, social and environmental outcomes in all countries at all levels of development. Fiscal transparency is sometimes used synonymously with budget transparency.
The existence of idle capacity and involuntary unemployment of labor in the economy can be represented as an output gap—a difference between actual GDP and potential GDP—and a policy of fiscal stimulus may aim at introducing sufficient additional spending, amplified by the multiplier, to speed the closing of the output gap.