The paper aims to elaborate the long-run relationship between budget deficit and other macroeconomic variables so as to investigate the impact of deficit on the economic development in Vietnam. The Autoregressive Distributed Lag (ARDL) approach is applied to analyze quarterly data from 2003Q1 to 2012Q4, which then concludes that there is a long-run causality running from budget deficit and government expenditures to economic growth. Budget deficit is found to have negative but insignificant effect on economic growth rate, which corresponds to Ricardian equivalence theory of no relationship between these two variables. Meanwhile, government expenditures have significant influence on economic growth; in which productive expenditures are proven to be positively related to economic growth and non-productive expenditures are detrimental to the growth of the economy. This result agrees with Rahman’s paper (2012) for Malaysia and is relevant to macroeconomic theories. Therefore, it is recommended that the government be really cautious in every spending decision in order to promote public investments’ efficiency, thus contribute to foster economic growth. In addition, it is found that the differences in classifying budget deficit create different short-run Granger causality among the variables.
{"title":"The Relationship between Budget Deficit and Economic Growth in Vietnam","authors":"B. Dao","doi":"10.2139/ssrn.2514134","DOIUrl":"https://doi.org/10.2139/ssrn.2514134","url":null,"abstract":"The paper aims to elaborate the long-run relationship between budget deficit and other macroeconomic variables so as to investigate the impact of deficit on the economic development in Vietnam. The Autoregressive Distributed Lag (ARDL) approach is applied to analyze quarterly data from 2003Q1 to 2012Q4, which then concludes that there is a long-run causality running from budget deficit and government expenditures to economic growth. Budget deficit is found to have negative but insignificant effect on economic growth rate, which corresponds to Ricardian equivalence theory of no relationship between these two variables. Meanwhile, government expenditures have significant influence on economic growth; in which productive expenditures are proven to be positively related to economic growth and non-productive expenditures are detrimental to the growth of the economy. This result agrees with Rahman’s paper (2012) for Malaysia and is relevant to macroeconomic theories. Therefore, it is recommended that the government be really cautious in every spending decision in order to promote public investments’ efficiency, thus contribute to foster economic growth. In addition, it is found that the differences in classifying budget deficit create different short-run Granger causality among the variables.","PeriodicalId":116921,"journal":{"name":"PSN: Budgeting (Development) (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133715448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As Saudi Arabia’s oil export revenues constitute about 90% of its budget, its fiscal policy is largely a function of developments in the oil market. Over the years, a countercyclical fiscal stance has been used to reduce the volatility of domestic growth against the background of vacillating oil revenues. Given the structure of the economy, the need is to continue to encourage the private sector to assume a greater role in the country’s diversification efforts. Reflecting the dominance of fiscal policy in Saudi Arabia and its impact on economic growth, the primary aim of monetary policy is to assure exchange rate stability with a view to providing an environment that is conducive to financial stability and sustainable growth. The interaction between monetary and fiscal policy has changed in the current global economic and financial climate. Greater cooperation between the fiscal and monetary authorities has become indispensable in meeting macroeconomic objectives. It is envisaged that policy interaction can return to normal modes of operation as the global economic recovery takes hold.Full publication: Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies
{"title":"Aspects of Fiscal/Debt Management and Monetary Policy Interaction: The Recent Experience of Saudi Arabia","authors":"Abdulrahman Al-Hamidy","doi":"10.2139/ssrn.2205729","DOIUrl":"https://doi.org/10.2139/ssrn.2205729","url":null,"abstract":"As Saudi Arabia’s oil export revenues constitute about 90% of its budget, its fiscal policy is largely a function of developments in the oil market. Over the years, a countercyclical fiscal stance has been used to reduce the volatility of domestic growth against the background of vacillating oil revenues. Given the structure of the economy, the need is to continue to encourage the private sector to assume a greater role in the country’s diversification efforts. Reflecting the dominance of fiscal policy in Saudi Arabia and its impact on economic growth, the primary aim of monetary policy is to assure exchange rate stability with a view to providing an environment that is conducive to financial stability and sustainable growth. The interaction between monetary and fiscal policy has changed in the current global economic and financial climate. Greater cooperation between the fiscal and monetary authorities has become indispensable in meeting macroeconomic objectives. It is envisaged that policy interaction can return to normal modes of operation as the global economic recovery takes hold.Full publication: Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies","PeriodicalId":116921,"journal":{"name":"PSN: Budgeting (Development) (Topic)","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128008865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Shchitov, Nikolay Mormul, Vm Rossochinsky, Ng Navrotska
Ukrainian Abstract: Важливе значення для забезпечення стабільності держави має всебічне вивчення перерахувань Державної митної служби до Державного бюджету України, що дає можливість його планування. У роботі пропонуються до розгляду і вивчення деякі важливі на погляд авторів напрями статистичного вивчення митних платежів.English Abstract: Equally important for the stability of the state is a comprehensive study of the State Customs Service of transfers to State Budget of Ukraine, which allows its planning. The work proposed for consideration and study some important trends in the opinion of authors statistical study of customs duties.
{"title":"СТАТИСТИЧНЕ ВИВЧЕННЯ МИТНИХ ПЛАТЕЖІВ ДО ДЕРЖБЮДЖЕТУ УКРАЇНИ (Statistical Study of Customs Payments to the State Budget of Ukraine)","authors":"A. Shchitov, Nikolay Mormul, Vm Rossochinsky, Ng Navrotska","doi":"10.2139/ssrn.2778997","DOIUrl":"https://doi.org/10.2139/ssrn.2778997","url":null,"abstract":"Ukrainian Abstract: Важливе значення для забезпечення стабільності держави має всебічне вивчення перерахувань Державної митної служби до Державного бюджету України, що дає можливість його планування. У роботі пропонуються до розгляду і вивчення деякі важливі на погляд авторів напрями статистичного вивчення митних платежів.English Abstract: Equally important for the stability of the state is a comprehensive study of the State Customs Service of transfers to State Budget of Ukraine, which allows its planning. The work proposed for consideration and study some important trends in the opinion of authors statistical study of customs duties.","PeriodicalId":116921,"journal":{"name":"PSN: Budgeting (Development) (Topic)","volume":"271 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122924023","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Establishing fiscal stability, establishing laws, realigning revenues, and finding value for expenditure management are all part of public financial management (PFM) techniques that aim to make the government more open and accountable for the benefit of the public. Because of ever-increasing government expenditure, inadequate revenue collection capability, and rising debt levels, Ghana has had a consistent propensity towards budget deficit since independence. Because of the process's high level of intricacy and technical nature, public monitoring and oversight are limited. Furthermore, there is a chance that parliament will fail to protest to a budget influenced by corruption and misallocations that have already been incorporated in the executive's draft budget. As a result, the purpose of this research is to look at the impact of effective financial management reforms on revenue mobilization and expenditure management. The survey design has been used to structure this investigation. Accounting officials and ministry of finance directors were the target audience for financial planning and budgeting activities, while the Internal Audit Agency was the target audience for internal control activities. For revenue mobilization and public financial control, the Ghana Revenue Authority and the Controller and Accountant General's department were also evaluated. Finally, for public finance procurement methods, the Public Procurement Agency was taken into consideration. As a result, the study's sample size will be restricted to the ministries' and agencies' headquarters. Probability and non-probability were both used in this investigation. In order to sample respondents, the study used simple random and purposive sampling procedures. As a result, 180 individuals took part in the research. According to the findings, Ghana's public finance procurement practices are effective in promoting good governance. Furthermore, the study found that procurement policy factors like level of compliance with Public Procurement and Guideline for Disposing of Assets, procurement planning, country executive support, budgetary allocation, and preparation of procurement progress reports have a significant impact on country government performance. Financial planning also assists in determining the country government's financial objectives, policies, procedures, and initiatives. According to the findings, budgeting procedures in Ghana have a favorable impact on good governance. The study also found that public finance decision-making procedures are beneficial to citizens, and as a result, the government will use the findings to develop appropriate rules to control prudent public-fund management. As a result of the study, it was discovered that the government has a solid, transparent revenue and expenditure system that is less expensive to administer and can be deployed to many sections of the country, as well as a reduction in corruption and mismanagement. Despite the fact that r
{"title":"The Reform Mechanisms Policy in Ghana’s Public Financial Management","authors":"Isaac Ahinsah-Wobil","doi":"10.2139/ssrn.3922133","DOIUrl":"https://doi.org/10.2139/ssrn.3922133","url":null,"abstract":"Establishing fiscal stability, establishing laws, realigning revenues, and finding value for expenditure management are all part of public financial management (PFM) techniques that aim to make the government more open and accountable for the benefit of the public. Because of ever-increasing government expenditure, inadequate revenue collection capability, and rising debt levels, Ghana has had a consistent propensity towards budget deficit since independence. Because of the process's high level of intricacy and technical nature, public monitoring and oversight are limited. Furthermore, there is a chance that parliament will fail to protest to a budget influenced by corruption and misallocations that have already been incorporated in the executive's draft budget. As a result, the purpose of this research is to look at the impact of effective financial management reforms on revenue mobilization and expenditure management. The survey design has been used to structure this investigation. Accounting officials and ministry of finance directors were the target audience for financial planning and budgeting activities, while the Internal Audit Agency was the target audience for internal control activities. For revenue mobilization and public financial control, the Ghana Revenue Authority and the Controller and Accountant General's department were also evaluated. Finally, for public finance procurement methods, the Public Procurement Agency was taken into consideration. As a result, the study's sample size will be restricted to the ministries' and agencies' headquarters. Probability and non-probability were both used in this investigation. In order to sample respondents, the study used simple random and purposive sampling procedures. As a result, 180 individuals took part in the research. According to the findings, Ghana's public finance procurement practices are effective in promoting good governance. Furthermore, the study found that procurement policy factors like level of compliance with Public Procurement and Guideline for Disposing of Assets, procurement planning, country executive support, budgetary allocation, and preparation of procurement progress reports have a significant impact on country government performance. Financial planning also assists in determining the country government's financial objectives, policies, procedures, and initiatives. According to the findings, budgeting procedures in Ghana have a favorable impact on good governance. The study also found that public finance decision-making procedures are beneficial to citizens, and as a result, the government will use the findings to develop appropriate rules to control prudent public-fund management. As a result of the study, it was discovered that the government has a solid, transparent revenue and expenditure system that is less expensive to administer and can be deployed to many sections of the country, as well as a reduction in corruption and mismanagement. Despite the fact that r","PeriodicalId":116921,"journal":{"name":"PSN: Budgeting (Development) (Topic)","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132486042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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