BUDGET ECONOMIC AND FISCAL POSITION REPORT
|
|
- Susan Terry
- 5 years ago
- Views:
Transcription
1 BUDGET ECONOMIC AND FISCAL POSITION REPORT Issued by he Hon. Miniser of Finance in Terms of Secion 7 of he Fiscal Managemen (Responsibiliy) Ac No. 3 of
2
3 1. Inroducion Secion 7 of he Fiscal Managemen (Responsibiliy) Ac (FMRA) requires he Miniser of Finance o presen o Parliamen each year, on he day fixed for he second reading of he Appropriaion Ac, he Economic and Fiscal Posiion Repor. This repor is issued in compliance wih his requiremen. The purpose of his repor is o provide informaion ha will form he basis for he evaluaion of he Governmen s fiscal performance agains is fiscal sraegy as se ou in he Fiscal Sraegy Saemen issued under Secion 4 of he FMRA, and presened o Parliamen along wih his repor. The Fiscal Sraegy Saemen specifies annual medium erm arges for he budge defici, governmen revenue and expendiure and he public deb. The repor provides hree-year forecass for seleced macroeconomic indicaors as lised in paragraph 2 below. 2. Medium Term Economic Forecass The medium erm economic projecions of he Governmen indicae higher economic growh and lower inflaion. Ineres raes will decline wih he easing of inflaionary pressures. The anicipaed increase in invesmen will creae more employmen opporuniies and lead o reducion in he unemploymen rae. While, he curren accoun defici in he balance of paymens is expeced o widen driven by increased invesmen relaed impors funded by foreign capial inflows, his same invesmen would move he counry o a higher growh pah in he fuure. Fiscal consolidaion hrough revenue enhancemen and expendiure conainmen will, however, bring abou a seady reducion in he overall budge defici, over he medium erm, o mee he fiscal arges laid down in he FMRA. Consequenly, ne Governmen borrowing is expeced o decline over he medium erm. Furhermore, he increased availabiliy of concessionary donor funds will reduce governmen borrowing in he domesic marke, hereby releasing resources for privae invesmen. The medium erm projecions for he period 2004 o 2006 for seleced economic indicaors are given in Table 1. Deails of revenue, expendiure and financing, as a percenage of GDP are given in Table Bases for he Preparaion of Esimaes The bases for arriving a he above esimaes are lised below. a) Gross Domesic Produc Economic growh is expeced o accelerae in he medium erm on he basis ha public and privae invesmen is expeced o increase progressively from 22 percen of GDP in o 28 percen in 2006 and he expansion of he services and he indusry secors. Forecass for 2004 esimae he services secor o grow by 7 percen, 1
4 he indusry secor by 6 percen and he agriculure secor by 3 percen. This growh is expeced o gaher momenum in 2005 and b) Consumer Prices Inflaion is expeced o furher decline in he medium erm on he basis of coninued fiscal consolidaion and pruden moneary policy and on accoun of supply side facors, such as increased domesic agriculural oupu, rising produciviy and lower peroleum prices. c) Employmen and Unemploymen Greaer employmen opporuniies will be creaed wih he growh in he services and indusry secors and he anicipaed increases in invesmen in infrasrucure and consrucion projecs. The implemenaion of he Governmen s programmes o enable persons o acquire appropriae skills and raining o mach marke requiremens is expeced o improve employmen opporuniies. The programme wih regard o labour reforms is also expeced o faciliae his process. d) Curren Accoun of he Balance of Paymens Expors are expeced o grow a an annual rae of 8 o 10 percen (in US Table 1: Projecions for Seleced Economic Indicaors Uni Real Gross Domesic Produc % Change Colombo Consumer Price Index % Change Unemploymen Rae % Curren Accoun Balance US $ Mn ,122 Curren Accoun Balance % GDP Governmen Revenue % GDP Governmen Expendiure % GDP Governmen Ne Borrowing % GDP Table 2: Revenue, Expendiure and Financing as a Percenage of GDP Revised Toal revenue Tax revenue Income axes Value Added Tax Excise axes Taxes on inernaional rade
5 Revised 2004 Oher Non ax revenue Toal expendiure and ne lending Curren expendiure Civil Service wages and salaries Oher civilian goods and services Securiy relaed expendiure Of which: defence expendiure Subsidies and ransfers Households Of which: Samurdhi Of which: Pensions Insiuions, corp., oher gov. 1.3 Ineres paymens 7.0 Foreign 0.6 Domesic 6.4 Capial expendiure and ne lending 5.0 Capial expendiure 4.3 Ne lending 0.7 Overall Balance ( Excluding grans and privaisaion) -7.8 Financing 7.8 Ne exernal financing 2.1 Ne domesic financing 4.5 Bank -0.8 Non-bank 5.3 Asses sales 0.8 Grans 0.5 Memorandum iems: Curren accoun balance -2.8 Primary balance (excl. grans )
6 Revised Nominal GDP Real GDP growh 5.5 Toal deb dollar erms) for he period 2004 o 2006, while impors will grow a a slighly faser rae reflecing an increase in demand for inermediae and capial goods. The rade defici is herefore expeced o widen. However, an increasing surplus is expeced in he services accoun, paricularly on accoun of ourism and por services. This will conain he curren accoun defici o around 3 o 4 percen of GDP in he medium erm. e) Revenue A gradual increase in revenue is expeced wih he coninued recovery in he economy and from he implemenaion of several revenueenhancing reforms of he Governmen aimed a simplifying he ax sysem and broadening he ax base. The esablishmen of he proposed Revenue Auhoriy would help o improve ax adminisraion and increase compliance. Consequenly higher ax collecion, paricularly from Value Added Taxes and income ax, is expeced in he medium erm. f) Expendiure Recurren expendiure is expeced o be conained primarily hrough he decline in ineres paymens resuling from he deceleraion and beer managemen of public deb and he beer argeing of social welfare 4 benefis, and hrough he implemenaion of several cos saving measures o raionalise he public secor. I is anicipaed ha wih he savings in recurren expendiure, capial expendiure will be increased o mainain public invesmen a a level of 6 percen of GDP in order o provide adequae infrasrucure o faciliae privae secor, and hereby economic growh. g) Governmen Borrowing The Governmen borrowing requiremen, as a percenage of GDP, is expeced o reduce over he medium erm. Domesic marke borrowings are expeced o decline, while foreign borrowing on concessionary erms is expeced o increase. 4. Saemen on he Sensiiviy of he Esimaes The medium erm economic projecions lised in paragraph 2 are based on a scenario, which includes he following: progress wih he peace process; poliical and social sabiliy; coninuaion of economic reforms and policy adjusmens; he srenghening of macroeconomic managemen cenred around fiscal susainabiliy;
7 he implemenaion of a ime bound programme of srucural reforms; he developmen of infrasrucure faciliies; he effecive uilisaion of exernal assisance; and a favourable inernaional economic environmen, i.e. recovery of he global economy and expansion in inernaional rade, lower peroleum prices. These projecions are sensiive o variaions on he assumpions menioned above. Two alernaive scenarios have been considered below: High Growh Scenario Envisages peace being achieved earlier han anicipaed and an acceleraed implemenaion of policy adjusmens and srucural reforms. Economic growh could hen accelerae o 8 o10 percen of GDP. The medium erm fiscal arges would be more easily achieved; and inflaion and unemploymen would decline a a faser rae. Low Growh Scenario Any delays or reversal in he peace process would however reard he process. Combined wih slow progress in he implemenaion of economic policy reforms, his could resul in economic growh falling below 3 percen. This would impac he budge defici, inflaion and unemploymen, all or any of which would rise. compared wih Rs. 18 billion a he end of las year. The share of Treasury guaranees as a percenage of GDP has, however, declined marginally from 1.13 percen as a he end of 2002 o 1.12 percen a midyear. Key proposals of he Governmen in connecion wih Governmen spending no included in he esimaes are refleced in he Three Year Developmen Programme of he Governmen and in he Physical Infrasrucure Developmen Programme. 5. Saemen of Risks The risks ha may have a maerial effec on he fiscal posiion are given below: The oal value of ousanding Treasury guaranees amouned o Rs. 20 billion as a he end of June 5
External balance assessment:
Exernal balance assessmen: Balance of paymens Macroeconomic Analysis Course Banking Training School, Sae Bank of Vienam Marin Fukac 30 Ocober 3 November 2017 Economic policies Consumer prices Economic
More informationState of Alagoas, Brazil
Deb Susainabiliy Analysis a Subnaional Level Sae of Alagoas, Brazil Background Case Sudy using Analyica DSA a Subnaional Level Trainning, Brasilia, December 5-9, 2011 PRMED in collaboraion wih LAC PREM
More informationPortfolio investments accounted for the largest outflow of SEK 77.5 billion in the financial account, which gave a net outflow of SEK billion.
BALANCE OF PAYMENTS DATE: 27-11-27 PUBLISHER: Saisics Sweden Balance of Paymens and Financial Markes (BFM) Maria Falk +46 8 6 94 72, maria.falk@scb.se Camilla Bergeling +46 8 6 942 6, camilla.bergeling@scb.se
More informationANSWER ALL QUESTIONS. CHAPTERS 6-9; (Blanchard)
ANSWER ALL QUESTIONS CHAPTERS 6-9; 18-20 (Blanchard) Quesion 1 Discuss in deail he following: a) The sacrifice raio b) Okun s law c) The neuraliy of money d) Bargaining power e) NAIRU f) Wage indexaion
More informationPRESS RELEASE EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR - FIRST QUARTER August 2012
1 Augus 212 PRESS RELEASE EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR - FIRST QUARTER 212 In he firs quarer of 212, he annual growh rae 1 of households gross disposable income
More informationThe macroeconomic effects of fiscal policy in Greece
The macroeconomic effecs of fiscal policy in Greece Dimiris Papageorgiou Economic Research Deparmen, Bank of Greece Naional and Kapodisrian Universiy of Ahens May 22, 23 Email: dpapag@aueb.gr, and DPapageorgiou@bankofgreece.gr.
More informationBalance of Payments. Second quarter 2012
Balance of Paymens Second quarer 2012 Balance of Paymens Second quarer 2012 Saisics Sweden 2012 Balance of Paymens. Second quarer 2012 Saisics Sweden 2012 Producer Saisics Sweden, Balance of Paymens and
More informationManagement of fiscal risks: macroeconomic scenarios, contingent liabilities
EUROPEAN COMMISSION DIRECTORATE GENERAL ECONOMIC AND FINANCIAL AFFAIRS Managemen of fiscal risks: macroeconomic scenarios, coningen liabiliies Lucio Pench Head of Uni Public finances in he euro area and
More informationREPUBLIC OF KENYA MINISTRY OF FINANCE MONTHLY DEBT BULLETIN
REPUBLIC OF KENYA MINISTRY OF FINANCE MONTHLY DEBT BULLETIN MARCH 2012 1.0 PUBLIC DEBT 1.1 Inroducion As a end March 2012, public and publicly guaraneed deb sood a Kshs 1,564.20 billion or 46.9 percen
More informationUsing external balance sheets to identify macro-economic imbalances in the euro area
Using exernal balance shees o idenify macro-economic imbalances in he euro area Evere, Mary * Cenral Bank of Ireland, Saisics Division Spencer Dock, Norhwall Quay Dublin 1, Ireland E-mail: mary.evere@cenralbank.ie
More informationBalance of Payments. Third quarter 2009
Balance of Paymens Third quarer 2009 Balance of Paymens Third quarer 2009 Saisics Sweden 2009 Balance of Paymens. Third quarer 2009 Saisics Sweden 2009 Producer Saisics Sweden, Balance of Paymens and
More informationSpring 2011 Social Sciences 7418 University of Wisconsin-Madison
Economics 32, Sec. 1 Menzie D. Chinn Spring 211 Social Sciences 7418 Universiy of Wisconsin-Madison Noes for Econ 32-1 FALL 21 Miderm 1 Exam The Fall 21 Econ 32-1 course used Hall and Papell, Macroeconomics
More informationSuggested Template for Rolling Schemes for inclusion in the future price regulation of Dublin Airport
Suggesed Templae for Rolling Schemes for inclusion in he fuure price regulaion of Dublin Airpor. In line wih sandard inernaional regulaory pracice, he regime operaed since 00 by he Commission fixes in
More informationProblem Set 1 Answers. a. The computer is a final good produced and sold in Hence, 2006 GDP increases by $2,000.
Social Analysis 10 Spring 2006 Problem Se 1 Answers Quesion 1 a. The compuer is a final good produced and sold in 2006. Hence, 2006 GDP increases by $2,000. b. The bread is a final good sold in 2006. 2006
More information2. Remittances, other than dividends, by business entities to be made against invoices consistent with bills of entry collected by ZRA.
,, ;., Tel. (260 1) 228888 /228903-20 BANK OF ZAMBIA P.O. Box 30080, f~: Fax: (260 1) 237070 LUSAKA 10101 ' r f~. January 23,2001 CB Circular No. 08/2001. L;' f. i..new To: All Commercial Banks and Financial
More informationCHAPTER CHAPTER26. Fiscal Policy: A Summing Up. Prepared by: Fernando Quijano and Yvonn Quijano
Fiscal Policy: A Summing Up Prepared by: Fernando Quijano and vonn Quijano CHAPTER CHAPTER26 2006 Prenice Hall usiness Publishing Macroeconomics, 4/e Olivier lanchard Chaper 26: Fiscal Policy: A Summing
More informationa. If Y is 1,000, M is 100, and the growth rate of nominal money is 1 percent, what must i and P be?
Problem Se 4 ECN 101 Inermediae Macroeconomics SOLUTIONS Numerical Quesions 1. Assume ha he demand for real money balance (M/P) is M/P = 0.6-100i, where is naional income and i is he nominal ineres rae.
More informationAn Analysis of Trend and Sources of Deficit Financing in Nepal
Economic Lieraure, Vol. XII (8-16), December 014 An Analysis of Trend and Sources of Defici Financing in Nepal Deo Narayan Suihar ABSTRACT Defici financing has emerged as an imporan ool of financing governmen
More informationMONETARY POLICY IN MEXICO. Monetary Policy in Emerging Markets OECD and CCBS/Bank of England February 28, 2007
MONETARY POLICY IN MEXICO Moneary Policy in Emerging Markes OECD and CCBS/Bank of England February 8, 7 Manuel Ramos-Francia Head of Economic Research INDEX I. INTRODUCTION II. MONETARY POLICY STRATEGY
More informationEVA NOPAT Capital charges ( = WACC * Invested Capital) = EVA [1 P] each
VBM Soluion skech SS 2012: Noe: This is a soluion skech, no a complee soluion. Disribuion of poins is no binding for he correcor. 1 EVA, free cash flow, and financial raios (45) 1.1 EVA wihou adjusmens
More informationThe Economic Impact of the Proposed Gasoline Tax Cut In Connecticut
The Economic Impac of he Proposed Gasoline Tax Cu In Connecicu By Hemana Shresha, Research Assisan Bobur Alimov, Research Assisan Sanley McMillen, Manager, Research Projecs June 21, 2000 CONNECTICUT CENTER
More informationAn Introduction to PAM Based Project Appraisal
Slide 1 An Inroducion o PAM Based Projec Appraisal Sco Pearson Sanford Universiy Sco Pearson is Professor of Agriculural Economics a he Food Research Insiue, Sanford Universiy. He has paricipaed in projecs
More informationCHAPTER CHAPTER18. Openness in Goods. and Financial Markets. Openness in Goods, and Financial Markets. Openness in Goods,
Openness in Goods and Financial Markes CHAPTER CHAPTER18 Openness in Goods, and Openness has hree disinc dimensions: 1. Openness in goods markes. Free rade resricions include ariffs and quoas. 2. Openness
More informationThe Concept of Generational Accounts (GA) in Comparison with National Transfer Accounts (NTA)
The Concep of Generaional Accouns (GA) in Comparison wih Naional Transfer Accouns (NTA) The GA is defined as he presen value of ne ax paymen (=ax paid minus benefi received from he governmen) for he remaining
More informationTwo ways to we learn the model
Two ways o we learn he model Graphical Inerface: Model Algebra: The equaion you used in your SPREADSHEET. Corresponding equaion in he MODEL. There are four core relaionships in he model: you have already
More informationChapter 12 Fiscal Policy, page 1 of 8
Chaper 12 Fiscal olicy, page 1 of 8 fiscal policy and invesmen: fiscal policy refers o governmen policy regarding revenue and expendiures fiscal policy is under he capial resources secion of he ex because
More informationZAMBIA S ECONOMIC STATUS
ZAMBIA S ECONOMIC STATUS MISELO BWALYA - PMRC RESEARCHER PUBLIC LECTURE GO 2017 UNLOCKING ZAMBIA S POTENTIAL ABOUT PMRC The Policy Monioring and Research Cenre (PMRC) is a pblic policy research hink ank
More informationImpact of FDI on Economic Indicators of India
Impac of on Economic Indicaors of India Mankaj Meha Assisan Professor, PG Deparmen of Commerce, Mulani Mal Modi College Paiala Absrac:- Foreign Direc Invesmen amongs oher expedien renders capial inflowsanicipaed
More informationOutput: The Demand for Goods and Services
IN CHAPTER 15 how o incorporae dynamics ino he AD-AS model we previously sudied how o use he dynamic AD-AS model o illusrae long-run economic growh how o use he dynamic AD-AS model o race ou he effecs
More informationInternational Monetary Fund Washington, D.C.
27 Inernaional Moneary Fund Augus 27 IMF Counry Repor No. 7/269 Bosnia and Herzegovina: Seleced Issues This Seleced Issues paper for Bosnia and Herzegovina was prepared by a saff eam of he Inernaional
More informationThe impact of demography on financing social expenditure. Motohiro Sato Hitotsubashi Univesity
The impac of demography on financing social expendiure Moohiro Sao Hiosubashi Univesiy 1 Increase in he social insurance expendiure Japan is aging! Social insurance benefi In Japan Aging will increase
More information(1 + Nominal Yield) = (1 + Real Yield) (1 + Expected Inflation Rate) (1 + Inflation Risk Premium)
5. Inflaion-linked bonds Inflaion is an economic erm ha describes he general rise in prices of goods and services. As prices rise, a uni of money can buy less goods and services. Hence, inflaion is an
More informationIf You Are No Longer Able to Work
If You Are No Longer Able o Work NY STRS A Guide for Making Disabiliy Reiremen Decisions INTRODUCTION If you re forced o sop working because of a serious illness or injury, you and your family will be
More informationData Appendix What Can We Learn from the Current Crisis in Argentina? Timothy J. Kehoe
Daa Appendix Wha Can We Learn from he Curren Crisis in Argenina? Timohy J. Kehoe Original Daa: Descripion O.1 GDP, Unied Saes (millions of 1990 Geary-Khamis Dollars) O.2 GDP Volume Index, Unied Saes (2000
More informationREPORT FROM THE COMMISSION. Italy. Report prepared in accordance with Article 126(3) of the Treaty
EUROPEAN COMMISSION Brussels, 18.5.2016 COM(2016) 305 final REPORT FROM THE COMMISSION Ialy Repor prepared in accordance wih Aricle 126(3) of he Treay EN EN REPORT FROM THE COMMISSION Ialy Repor prepared
More informationThe Japanese System of National Accounts (JSNA) and Related Challenges
The Japanese Sysem of Naional Accouns (JSNA) and Relaed Challenges (For ESRI meeing on he JSNA, March 24, 2005) Deparmen of Naional Accouns Economic and Social Research Insiue, Cabine Office of Japan 1.
More informationBalance of Payments. Third quarter 2008
Balance of Paymens Third quarer 2008 Balance of Paymens Third quarer 2008 Saisics Sweden 2008 Balance of Paymens. Third quarer 2008 Saisics Sweden 2008 Producer Saisics Sweden, Balance of Paymens and
More informationGovernment Expenditure Composition and Growth in Chile
Governmen Expendiure Composiion and Growh in Chile January 2007 Carlos J. García Cenral Bank of Chile Saniago Herrera World Bank Jorge E. Resrepo Cenral Bank of Chile Organizaion of he presenaion:. Inroducion
More informationBarry J. Barnett. Department of Agricultural Economics USA
Risk Financing Mechanisms An Overview of Conceps and da Approaches Barry J. Barne Deparmen of Agriculural Economics Mississippi Sae Universiy USA Climae Change Climae change is expeced o change he cenral
More informationOPTIMUM FISCAL AND MONETARY POLICY USING THE MONETARY OVERLAPPING GENERATION MODELS
Kuwai Chaper of Arabian Journal of Business and Managemen Review Vol. 3, No.6; Feb. 2014 OPTIMUM FISCAL AND MONETARY POLICY USING THE MONETARY OVERLAPPING GENERATION MODELS Ayoub Faramarzi 1, Dr.Rahim
More informationSustainability Report 2009
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 14.1.29 SEC(29) 1354 COMMISSION STAFF WORKING DOCUMENT Susainabiliy Repor 29 accompanying he COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN
More informationThe Death of the Phillips Curve?
The Deah of he Phillips Curve? Anhony Murphy Federal Reserve Bank of Dallas Research Deparmen Working Paper 1801 hps://doi.org/10.19/wp1801 The Deah of he Phillips Curve? 1 Anhony Murphy, Federal Reserve
More informationFINAL EXAM EC26102: MONEY, BANKING AND FINANCIAL MARKETS MAY 11, 2004
FINAL EXAM EC26102: MONEY, BANKING AND FINANCIAL MARKETS MAY 11, 2004 This exam has 50 quesions on 14 pages. Before you begin, please check o make sure ha your copy has all 50 quesions and all 14 pages.
More informationA dynamic model of financial balances for the United Kingdom
A dynamic model of financial balances for he Unied Kingdom Sephen urgess Oliver urrows and Sephen Millard (ank of England) Anoine Godin (Kingson Universiy) and Sephen Kinsella (Universiy of Limerick) 24
More informationAging and Capital Flows in Japan and Korea. April Robert Dekle Department of Economics USC Los Angeles, CA 90089
Aging and Capial Flows in Japan and Korea April 2001 Rober Dekle Deparmen of Economics USC Los Angeles, CA 90089 Prepared for he Asian Developmen Bank Insiue Conference: Aging and Capial Flows. I hank
More informationCh. 1 Multinational Financial Mgmt: Overview. International Financial Environment. How Business Disciplines Are Used to Manage the MNC
Ch. Mulinaional Financial Mgm: Overview Topics Goal of he MNC Theories of Inernaional Business Inernaional Business Mehods Inernaional Opporuniies Exposure o Inernaional Risk MNC's Cash Flows & Valuaion
More informationMacroeconomics II THE AD-AS MODEL. A Road Map
Macroeconomics II Class 4 THE AD-AS MODEL Class 8 A Road Map THE AD-AS MODEL: MICROFOUNDATIONS 1. Aggregae Supply 1.1 The Long-Run AS Curve 1.2 rice and Wage Sickiness 2.1 Aggregae Demand 2.2 Equilibrium
More informationAppendix B: DETAILS ABOUT THE SIMULATION MODEL. contained in lookup tables that are all calculated on an auxiliary spreadsheet.
Appendix B: DETAILS ABOUT THE SIMULATION MODEL The simulaion model is carried ou on one spreadshee and has five modules, four of which are conained in lookup ables ha are all calculaed on an auxiliary
More informationGlobal Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms
WP/07/196 Global Aging Pressures: Impac of Fiscal Adjusmen, Policy Cooperaion, and Srucural Reforms Dennis Boman and Manmohan Kumar 2007 Inernaional Moneary Fund WP/07/196 IMF Working Paper Fiscal Affairs
More informationChapter Outline CHAPTER
8-0 8-1 Chaper Ouline CHAPTER 8 Sraegy and Analysis in Using Ne Presen Value 8.1 Decision Trees 8.2 Sensiiviy Analysis, Scenario Analysis, and Break-Even Analysis 8.3 Mone Carlo Simulaion 8. Opions 8.5
More informationFiscal policy & public debt.
Fiscal policy & public deb. Plan of oday s lecure Definiions Public deb dynamics Fiscal policy & aggregae demand a shor reminder. The size of he public secor in XX cenury. Kraj 93 920 937 960 970 980 990
More informationMacroeconomics. Typical macro questions (I) Typical macro questions (II) Methodology of macroeconomics. Tasks carried out by macroeconomists
Macroeconomics Macroeconomics is he area of economics ha sudies he overall economic aciviy in a counry or region by means of indicaors of ha aciviy. There is no essenial divide beween micro and macroeconomics,
More informationMeasuring the Effects of Exchange Rate Changes on Investment in Australian Manufacturing Industry
Measuring he Effecs of Exchange Rae Changes on Invesmen in Ausralian Manufacuring Indusry Auhor Swif, Robyn Published 2006 Journal Tile The Economic Record DOI hps://doi.org/10.1111/j.1475-4932.2006.00329.x
More information1. To express the production function in terms of output per worker and capital per worker, divide by N: K f N
THE LOG RU Exercise 8 The Solow Model Suppose an economy is characerized by he aggregae producion funcion / /, where is aggregae oupu, is capial and is employmen. Suppose furher ha aggregae saving is proporional
More informationTHE FISCAL IMPACT OF THE INTERNATIONAL FINANCIAL CRISIS ON LATIN AMERICAN AND CARIBBEAN ECONOMIES 1
Insiuional Capaciy and Finance Secor THE FISCAL IMPACT OF THE INTERNATIONAL FINANCIAL CRISIS ON LATIN AMERICAN AND CARIBBEAN ECONOMIES Technical Noe Ocober 2008 This Technical Noe was prepared by Vicene
More informationAid, Policies, and Growth
Aid, Policies, and Growh By Craig Burnside and David Dollar APPENDIX ON THE NEOCLASSICAL MODEL Here we use a simple neoclassical growh model o moivae he form of our empirical growh equaion. Our inenion
More informationCapital Flows, Institutions, and Financial Fragility
Capial Flows, Insiuions, and Financial Fragiliy By Wipawin Promboon Kenan-Flagler Business School UNC-Chapel Hill February 11, 2009 Model Esimaion Globalizaion Liberalizaion Greaer volume of capial flows:
More informationANALYZING THE RELATIONSHIP BETWEEN PUBLIC AND EXTERNAL DEBT SUSTAINABILITY: CASE STUDY ROMANIA
ANALYZING THE RELATIONSHIP BETWEEN PUBLIC AND EXTERNAL DEBT SUSTAINABILITY: CASE STUDY ROMANIA Campeanu Emilia Academy of Economic Sudies Buchares, Faculy of Finance, Insurance, Banking, and Sock Exchanges,
More informationEconomic Outlook No. 95
Economic Oulook No. 9 6 May 201 11h00 (Paris ime) Press Conference Angel Gurría Secreary-General & Rinaro Tamaki Depuy Secreary-General and Acing Chief Economis For a video link o he press conference and
More informationCOMMISSION STAFF WORKING PAPER SCOREBOARD FOR THE SURVEILLANCE OF MACROECONOMIC IMBALANCES: ENVISAGED INITIAL DESIGN
EUROPEAN COMMISSION Brussels, 8.11.2011 SEC(2011) 1361 final COMMISSION STAFF WORKING PAPER SCOREBOARD FOR THE SURVEILLANCE OF MACROECONOMIC IMBALANCES: ENVISAGED INITIAL DESIGN EN EN Inroducion Agreemen
More informationTHE CALCULATION OF CYCLICALLY ADJUSTED BALANCES AT BANCO DE PORTUGAL: AN UPDATE*
Aricles Winer 2006 THE CALCULATION OF CYCLICALLY ADJUSTED BALANCES AT BANCO DE PORTUGAL: AN UPDATE* Cláudia Rodrigues Braz** 1. INTRODUCTION 1 In recen years, he cyclically adjused budge balance has gained
More informationThe Macroeconomic Forecast Model (MFM) of the Bank of Guatemala Bank of Guatemala. September Abstract
The Macroeconomic Forecas Model (MFM) of he Bank of Guaemala Bank of Guaemala Sepember 27 Absrac This documen describes he so-called semi-srucural macroeconomic model (henceforh MMS, for Modelo Macroeconómico
More informationVERIFICATION OF ECONOMIC EFFICIENCY OF LIGNITE DEPOSIT DEVELOPMENT USING THE SENSITIVITY ANALYSIS
1 Beaa TRZASKUŚ-ŻAK 1, Kazimierz CZOPEK 2 MG 3 1 Trzaskuś-Żak Beaa PhD. (corresponding auhor) AGH Universiy of Science and Technology Faculy of Mining and Geoengineering Al. Mickiewicza 30, 30-59 Krakow,
More informationDocumentation: Philadelphia Fed's Real-Time Data Set for Macroeconomists First-, Second-, and Third-Release Values
Documenaion: Philadelphia Fed's Real-Time Daa Se for Macroeconomiss Firs-, Second-, and Third-Release Values Las Updaed: December 16, 2013 1. Inroducion We documen our compuaional mehods for consrucing
More informationStress testing in the Debt Sustainability Framework (DSF) for Low-Income Countries
KNOWLEDGE BRIEF ECONOMIC POLICY AND DEBT DEPARTMENT (PRMED) WORLD BANK Sress esing in he Deb Susainabiliy Framework (DSF) for Low-Income Counries François Painchaud 1 and Tihomir (Tish) Sučka 2 May, 2011
More informationIntroduction. Descriptive evidence of the relationship between inflation and the cycle
VARIATION IN THE CYCLICAL SENSITIVITY OF SPANISH INFLATION: AN INITIAL APPROXIMATION The auhors of his aricle are Luis Julián Álvarez and Albero Urasun, of he Direcorae-General Economics, Saisics and Research.
More informationFundamental Basic. Fundamentals. Fundamental PV Principle. Time Value of Money. Fundamental. Chapter 2. How to Calculate Present Values
McGraw-Hill/Irwin Chaper 2 How o Calculae Presen Values Principles of Corporae Finance Tenh Ediion Slides by Mahew Will And Bo Sjö 22 Copyrigh 2 by he McGraw-Hill Companies, Inc. All righs reserved. Fundamenal
More informationA Canadian Business Sector Data Base and New Estimates of Canadian TFP Growth November 24, 2012
1 A Canadian Business Secor Daa Base and New Esimaes of Canadian TFP Growh November 24, 2012 W. Erwin Diewer 1 and Emily Yu, 2 Discussion Paper 12-04, Deparmen of Economics, Universiy of Briish Columbia,
More informationFiscal Development in Orissa: Problems and Prospects. S.S. Rath
Fiscal Developmen in Orissa: Problems and Prospecs S.S. Rah Fiscal Developmen in Orissa: Problems and Prospecs * S.S. Rah* Inroducion Orissa is endowed wih rich naural resources in he form of vas mineral
More informationCorporate Finance. Capital budgeting. Standalone risk of capital project
Corporae Finance Capial budgeing Iniial oulay = FCInv + NWCInv Sal afer ax operaing cashflow = 0 + T ( Sal0 B0 ) ( R C)( 1 ax) + ax Ter min al year non opereaing cashflow = Sal T Dep + NWCInv ax ( Sal
More informationBN Boligkreditt AS INTERIM REPORT
BN Boligkredi AS INTERIM REPORT 3RD QUARTER 2012 Conen Highlighs firs half-year o 30 June 2012...3 Financial Raios...4 Repor of he Direcors...5 Income Saemen...7 Balance Shee...8 Saemen of Changes in Equiy...9
More informationECO 301 MACROECONOMIC THEORY UNIVERSITY OF MIAMI DEPARTMENT OF ECONOMICS PRACTICE FINAL EXAM Instructor: Dr. S. Nuray Akin
ECO 301 MACROECONOMIC THEORY UNIVERSITY OF MIAMI DEPARTMENT OF ECONOMICS PRACTICE FINAL EXAM Insrucor: Dr. S. Nuray Akin Name: ID: Insrucions: This exam consiss of 12 pages; please check your examinaion
More informationCIO WM Research 25 September 2013
CIO WM Research 25 Sepember 2013 Municipal Brief Puero Rico credi & marke updae Crossover invesors seeking higher yields have exhibied more ineres in he Commonwealh's bonds in recen weeks. If he municipal
More informationEconomics 301 Fall Name. Answer all questions. Each sub-question is worth 7 points (except 4d).
Name Answer all quesions. Each sub-quesion is worh 7 poins (excep 4d). 1. (42 ps) The informaion below describes he curren sae of a growing closed economy. Producion funcion: α 1 Y = K ( Q N ) α Producion
More informationIndia s comments on GEF-6 Questionnaire
General commens India s commens on GEF-6 Quesionnaire - Overall, he quesions are oo fuurisic, would involve a bes guess esimaes in answering hese. - Quesions 1 2 could have been combined - Two of he four
More information2. Quantity and price measures in macroeconomic statistics 2.1. Long-run deflation? As typical price indexes, Figure 2-1 depicts the GDP deflator,
1 2. Quaniy and price measures in macroeconomic saisics 2.1. Long-run deflaion? As ypical price indexes, Figure 2-1 depics he GD deflaor, he Consumer rice ndex (C), and he Corporae Goods rice ndex (CG)
More informationThe Demographic Window, Human Capital Accumulation and Economic Growth in China -- An Applied General Equilibrium Analysis
The Demographic Window, Human Capial Accumulaion and Economic Growh in China -- An Applied General Equilibrium Analysis Xiujian Peng Ausralian Insiue for Social Research The Universiy of Adelaide Absrac:
More informationChanges in the Terms of Trade and Canada s Productivity Performance Revised April 14, 2008
1 Changes in he Terms of Trade and Canada s Produciviy Performance Revised April 14, 2008 W. Erwin Diewer 1 Discussion Paper 08-05 Deparmen of Economics Universiy of Briish Columbia Vancouver, Canada,
More informationTHE INFLUENCE OF MONETARY POLICY ON INVESTMENT DECISION IN THE EURO ZONE
THE INFLUENCE OF MONETARY POLICY ON INVESTMENT DECISION IN THE EURO ZONE Valenin Mihai LEOVEANU Anca BRATU Absrac The paper aims o highligh and analyze he main heoreical and pracical aspecs regarding he
More informationVOL. 4, NO. 5, December 2015 ISSN International Journal of Economics, Finance and Management All rights reserved.
Inernaional Journal of Economics, Finance and Managemen 2011-2015. All righs reserved. hp://www.ejournalofscience.org Exernal Cyclicaliy in he Face of Aggregae Demand Shocks: Pros and Cons across Developed
More informationCURRENCY CHOICES IN VALUATION AND THE INTEREST PARITY AND PURCHASING POWER PARITY THEORIES DR. GUILLERMO L. DUMRAUF
CURRENCY CHOICES IN VALUATION AN THE INTEREST PARITY AN PURCHASING POWER PARITY THEORIES R. GUILLERMO L. UMRAUF TO VALUE THE INVESTMENT IN THE OMESTIC OR FOREIGN CURRENCY? Valuing an invesmen or an acquisiion
More informationIndia: Why Fiscal Adjustment Now
Public Disclosure Auhorized Public Disclosure Auhorized Public Disclosure Auhorized Public Disclosure Auhorized India: Why Fiscal Adjusmen Now Brian Pino and Farah Zahir 1 Absrac India s growh performance
More informationReconciling Gross Output TFP Growth with Value Added TFP Growth
Reconciling Gross Oupu TP Growh wih Value Added TP Growh Erwin Diewer Universiy of Briish Columbia and Universiy of New Souh Wales ABSTRACT This aricle obains relaively simple exac expressions ha relae
More informationVolume 35, Issue 2. António Afonso ISEG-ULisboa; UECE, Research Unit on Complexity and Economics
Volume 35, Issue 2 The rack record of fiscal forecasing in he EU Anónio Afonso ISEG-ULisboa; UECE, Research Uni on Complexiy and Economics Absrac We sudy he deviaions beween he budge balance raio forecass
More informationAging, Government Finances and International Capital Flows: Projections for Japan. November 2002
Aging, Governmen Finances and Inernaional Capial Flows: Projecions for Japan November 2002 Rober Dekle Deparmen of Economics USC Los Angeles, CA 90089 2 I. Inroducion. Over he nex several decades, Japan
More informationCore issue: there are limits or restrictions that each policy-setting authority places on the actions of the other
FISCAL AND MONETARY INTERACTIONS: PRESENT-VALUE ANALYSIS NOVEMBER 20, 2014 Inroducion CONSOLIDATED GOVERNMENT BUDGET Core issue: here are limis or resricions ha each policy-seing auhoriy places on he acions
More informationGDP: Production and Income Data published since 1947
GDP: Producion and Income Daa published since 1947 GDP is he marke value of all final goods and services produced wihin a counry in a given period of ime. GDP is he sum of value added in he economy during
More informationBNkreditt AS T INTERIM REPOR 1st QUARTER 2012
BNkredi AS INTERIM REPORT 1s QUARTER 2012 Conens Summary of resuls Q1 2012...3 Financial Raios...4 Repor of he Direcors...5 Income Saemen...8 Balance Shee...9 Saemen of Changes in Equiy... 10 Saemen of
More informationBank balance sheets, lending and the macroeconomy
Bank balance shees, lending and he macroeconomy ea Zicchino Bank of England Join HKIMR and CCBS Workshop on Financial Markes, Financial Sabiliy, and Financial Fragiliy 29 November-2 December 2005 Wha is
More informationSession 4.2: Price and Volume Measures
Session 4.2: Price and Volume Measures Regional Course on Inegraed Economic Saisics o Suppor 28 SNA Implemenaion Leonidas Akriidis Office for Naional Saisics Unied Kingdom Conen 1. Inroducion 2. Price
More informationProblem 1 / 25 Problem 2 / 25 Problem 3 / 11 Problem 4 / 15 Problem 5 / 24 TOTAL / 100
Deparmen of Economics Universiy of Maryland Economics 35 Inermediae Macroeconomic Analysis Miderm Exam Suggesed Soluions Professor Sanjay Chugh Fall 008 NAME: The Exam has a oal of five (5) problems and
More informationPublic Investment in Developing Countries Facing Natural Resource Depletion
Public Invesmen in Developing Counries Facing Naural Resource Depleion Adrian Aler Inernaional Moneary Fund Dalia S. Hakura Inernaional Moneary Fund Maeo F. Ghilardi Inernaional Moneary Fund January 31,
More informationOrigins of currency swaps
Origins of currency swaps Currency swaps originally were developed by banks in he UK o help large cliens circumven UK exchange conrols in he 1970s. UK companies were required o pay an exchange equalizaion
More informationExam 1. Econ520. Spring 2017
Exam 1. Econ520. Spring 2017 Professor Luz Hendricks UNC Insrucions: Answer all quesions. Clearly number your answers. Wrie legibly. Do no wrie your answers on he quesion shees. Explain your answers do
More informationParameters of the IRB Approach. 1. Class of exposures to central governments and central banks, exposures to institutions or corporate exposures
Annex 13 Parameers of he IRB Approach I. The PD value 1. Class of exposures o cenral governmens and cenral bans, exposures o insiuions or corporae exposures a) The PD value for an exposure o an insiuion
More informationThe Global Factor in Neutral Policy Rates
The Global acor in Neural Policy Raes Some Implicaions for Exchange Raes Moneary Policy and Policy Coordinaion Richard Clarida Lowell Harriss Professor of Economics Columbia Universiy Global Sraegic Advisor
More informationServices producer price indices for Market research and public opinion polling
Services producer price indices for Marke research and public opinion polling Indusry descripion for SNI group 74.13 SPPI repor no 24 Ulf Johansson Services producer price indices, Price Saisics Uni, Saisics
More informationComments on Defying Gravity: How Long Will Japanese Government Bond Prices Remain High? by Takeo Hoshi and Takatoshi Ito
Commens on Defying Graviy: How Long Will Japanese Governmen Bond Prices Remain High? by Takeo Hoshi and Takaoshi Io Bob Hodrick Nomura Professor of Inernaional Finance Columbia Business School April il4,
More informationExtended Business Sector Data on Outputs and Inputs for the U.S.:
1 Exended Business Secor Daa on Oupus and Inpus for he U.S.: 1987-2011 W. Erwin Diewer, 1 Discussion Paper 13-01, School of Economics, Universiy of Briish Columbia, Vancouver, Canada, V6T 1Z1. Email: diewer@econ.ubc.ca
More informationThe Effect of Corporate Finance on Profitability. The Case of Listed Companies in Fiji
The Effec of Corporae Finance on Profiabiliy The Case of Lised Companies in Fiji Asha Singh School of Accouning and Finance Universiy of he Souh Pacific Suva, Fiji laa_a@usp.ac.fj Absrac This paper empirically
More information