A Balance Sheet Approach to Fiscal Policy

This is needed to prevent even more private debt being put on government balance sheets, causing a fiscal blowout.

So early fiscal consolidation can be expansionary on balance.

Koizumi sought smaller government and set clear numerical targets for fiscal consolidation, including a primary budget balance in 10 years.

No one believes that fiscal balance is the whole growth model anywhere.

Now, with household debt sustained on a knife edge after feverish government intervention, the fiscal position has deteriorated dramatically and the current account balance has worsened again.

Unemployment was soaring, and austerity, rather than restoring fiscal balance, simply exacerbated the economic downturn.

First, it would include credible plans in Europe and the US to restore fiscal balance.

There are other instruments available for increasing domestic saving and reducing consumption besides the fiscal balance.

The fiscal balance is improving, but it should be carefully managed over the next two years.

Macroeconomic balance and prudent fiscal and monetary policies were a necessary but not a sufficient condition.

The right balance today requires creating jobs partly through additional fiscal stimulus aimed at productive infrastructure investment.

Spending cuts and tax increases that in the long run restore fiscal sanity and balance are good.

Fiscal policy reflects the commitment gradually to reduce public deficits to arrive at a budget in balance.

Fiscal discipline does not sound as visionary as economic government.

The Spanish government announces additional fiscal cuts and structural reforms.

In the US, the main challenge is to restore fiscal balance without damaging the recovery and future growth.

America s domestic demand shortfall reflects rising savings, balance sheet damage in the household sector, unemployment, and fiscal distress.

The number of local government jobs averaged 11,626 in fiscal year 2003, compared to 11,621 jobs in fiscal year 2002.

Booming tax receipts have provided the government with a fiscal surplus.

Indeed, Koizumi s government demonstrated the best way to tackle fiscal consolidation.

At the same time, finance takes on quasi fiscal functions by excluding government fiscal deposits government deposits in the national treasury, commercial banks fiscal savings, and central treasury cash managed through commercial bank deposits from the money supply.

The Government thus recorded a surplus balance of 154 million.

With the right balance of vision and caution, China s leaders can tackle the buildup of fiscal and financial risk.

Understandably fixated on balance sheet repair, US consumers have not taken the bait from their monetary and fiscal authorities.

With the right balance of vision and caution, China s leaders can tackle the buildup of fiscal and financial risk.

The heavy artillery of monetary and fiscal stimulus is being wasted on attempts to short circuit balance sheet repair.

Acknowledging that recent fiscal policies had put the US on an unsustainable trajectory of rising public debt, Obama said that moving towards budget balance was now essential for fiscal stability.

Thus, greater reliance on fiscal policy increased government spending would be necessary.

Fiscal reform should enhance government legitimacy by paying greater attention to equity.

36. Total government revenue for fiscal year 1991 amounted to 103.5 million.

Chile sets a target for its cyclically adjusted fiscal balance that is, the balance that emerges after accounting for the deviations in commodity prices and domestic output from their trends.

But sounder fiscal policy might lead to even higher inflows as the country s external balance and sovereign risk outlook improve.

Sweden and Chile are almost poles apart geographically, but both have used sophisticated fiscal rules successfully. Chile sets a target for its cyclically adjusted fiscal balance that is, the balance that emerges after accounting for the deviations in commodity prices and domestic output from their trends.

Bargaining is highly centralized and often the government participates to coordinate fiscal policy.

This, in turn, could delay needed improvements in financial regulation, balance sheet repair by banks, structural economic reform, and fiscal adjustment.

Even with external assistance, many view default as a near certainty, because the arithmetic of restoring fiscal balance is so daunting.

China s current legal framework contributed to fiscal balance and financial stability in the past, and it continues to play a positive role.

Unaudited figures for fiscal year 2004 indicated in the fiscal year 2005 budget that the Government estimated that it had collected 58.5 million in local revenues in fiscal year 2004 and predicted that 64 million would be collected in fiscal year 2005.12

Beyond the balance of representation in parliament and government, a balance might need to be struck between the highest offices of state.

Because the federal government disburses fiscal allocations to Malaysia s 13 states, the government will be tempted to squeeze opposition held states.

Don t get me wrong, I am not arguing for fiscal profligacy. But the balance of risks has shifted over the past few years.

Obama will need to put forward a medium term fiscal plan that restores government finances.

As a result, from 1995 to 2007, inflation adjusted government fiscal revenue increased 5.7 times.

In the United Kingdom, the new government gave several reasons for front loading fiscal consolidation.