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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 ...
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 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 ...
Large swaths of the U.S. government could temporarily close at midnight on Friday if Congress does not approve a stopgap spending bill due to pressure from Donald Trump. The president-elect is ...
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 ...
"Double deficit" in the USA. Fiscal balance (black) and current account balance (red). Source: ameco. [4] An economy is deemed to have a double deficit if it has a current account deficit and a fiscal deficit. In effect, the economy is borrowing from foreigners in exchange for foreign-made goods.
The federal government uses a fiscal year from Oct. 1 to Sept. 30, so companies doing a lot of business with the government may adopt a similar fiscal calendar.