<p>Can a country function without a legislative framework able to inform decisionmaking processes taken at different spheres of government? To what extent would actions conducted at various&nbsp / spheres of government be efficiently coordinated and informed by appropriate channels of constitutional provisions and legislative amendments to consolidate financial and intergovernmental&nbsp / fiscal relations policy-making tools for the realization of an efficient local developmental state? Answers to the above mentioned two questions refer to normative fiscal policy principles and&nbsp / prescriptive instruments of intergovernmental fiscal transfer design, whose orientation suggests better ways of framing sound and coherent programs and interventions that strengthen&nbsp / cooperative synergy and transfer knowledge of experience gained in empirical investigations and various South African environments of higher academic learning. Growing evidence&nbsp / acknowledges South Africa as one of the young democratic countries that has been going through a period of transition over the past three years as it changes its system of public finance from&nbsp / a structure suited to the old apartheid system to one consistent with the new South African Constitutional dispensation. While the former system was highly centralized, the newconstitution makes a clear commitment to municipal governments as important providers of government services, with greater tax and spending powers. Even as local autonomy has been substantially increased,&nbsp / there remains uncertainty as to the most appropriate design of a system of intergovernmental fiscal grants to metropolitan areas and townships. This study analyses this situation and further&nbsp / develops a generic design for intergovernmental transfers and its suitability to the realities of South African municipalities on the ground within the framework of Cooperative Government. This&nbsp / study concludes that fiscal&nbsp / management, as a cross-cutting discipline, is a&nbsp / powerful instrument for government&rsquo / s revenue sources at the national, provincial and local government levels.&nbsp / Financial management should be regarded as a co-coordinating mechanism managing government&rsquo / s expenditure and catalyzing sound financial relationship for an efficient management in the&nbsp / country, thus allowing government to budget effectively for the delivery of goods and services in order to attain the constitutional mandate of a developmental state.</p>

Objective of the study. This study is about the intergovernmental fiscal relations in South Africa. The primary objective is to review the international experience of fiscal decentralisation with the view to providing answers to the issue of revenue sharing, problems of expenditure and revenue assignment, and the impact of the whole decentralization on the size of the public sector in South Africa. Methodology. The methodology adopted in this study includes (1) a review and comparison of the practise of fiscal decentralisation in four countries, and (2) an econometric investigation into the impact of fiscal decentralisation on the size of the public sector, using time series quarterly data for the period 1993/94 to the second quarter of 1998/99. Regarding the econometric investigation, a single linear regression model including fiscal decentralisation, fiscal collusion, income and population are assumed to influence the size of the public sector. Study Findings. Our analysis provides certain interesting results. First, the countries reviewed tend to assign functions in a manner that is consistent with the public finance theory that functions that are distributive in nature and those that are meant to ensure the country's stability should be reserved exclusively for the federal or national government. Whereas the Australian, Canadian and Brazilian's revenue decentralization show a number of significant taxes that are devolved to the lower levels of government, Germany represents a strong collection at the center. The discrepancy is compensated for by the use of equalization grants in the German model. Second, fiscal decentralisation is found to exert a negative influence on the size of the public sector, although the impact is statistically not significant. The insignificance of the impact of fiscal decentralisation on the size of the public sector is explained in terms of the fact that there has, in fact, been very little decentralisation in South Africa. The size of the provincial and local government own source revenue relative to the consolidated general government expenditure is very little, pointing to the serious lack of revenue raising powers by the sub-national governments and thus the absence of any meaningful extent of decentralisation. Third fiscal-collusion exerts a significant negative influence on the size of the public sector. That is, the size of the public sector will reduce if provinces and local authorities are granted enough power to raise their own revenues. This result indicates that the massive transfers of revenue from the national government to the provinces and local authorities (revenue sharing) significantly reinforces the expanding influence of the decentralised expenditures financed through revenue transfers. Fourth, the overall size of the country's population is found to be inversely related to the size of the public sector supporting the argument that as population increases, economies in providing services are reaped. / Thesis (M.Com.)-University of Natal, Pietermaritzburg, 1999.

Disertacijoje tiriama fiskalinės politikos įtaka Lietuvos, Latvijos ir Estijos makroekonominiam stabilumui. Disertacijos tikslas – nustatyti Baltijos šalių mokesčių ir fiskalinės politikos įtaką ekonominiams procesams ir kiekybiškai įvertinti fiskalinės politikos priemonių poveikį makroekonominiams rodikliams. Šiame darbe buvo tirti svarbiausių fiskalinės politikos priemonių – pagrindinių mokesčių, valdžios sektoriaus investicijų ir visų išlaidų poveikis BVP, užimtiesiems, investicijoms ir palūkanų normoms. Pasitelkus vieną populiariausių fiskalinės politikos efektams tirti taikomų metodų – struktūrinius vektorinius autoregresinius modelius (SVAR) – buvo prieita prie tokių išvadų: skirtingų mokesčių šokai nevienodai veikia Baltijos šalių makroekonominius rodiklius. Darbo mokesčių didinimas neigiamai veikia BVP ir užimtumą visose ekonomikose; bet netiesioginių mokesčių didinimas teigiamai veikia BVP Latvijoje ir Estijoje, ir tik Lietuvoje poveikis yra neigiamas. Tik Lietuvoje buvo gauti stabilūs rezultatai apie neigiamą pelno mokesčių poveikį ekonomikai. Latvijoje ir Estijoje poveikio efektai varijuoja priklausomai nuo SVAR modelio kintamųjų sudėties. Rezultatai rodo, kad valdžios sektoriaus išlaidų didinimas lemia BVP, užimtumo ir tiesioginių investicijų mažėjimą Lietuvoje ir Estijoje. Latvijoje neigiama poveikio įtaka yra mažiau reikšminga. Kita vertus, valdžios sektoriaus investicijos turi teigiamą poveikį ekonomikos procesams visose trijose ekonomikose. Palūkanų normos... [toliau žr. visą tekstą] / The object of this dissertation is the evaluation of the effectiveness of fiscal policy as stabilizing tools in the Baltic countries. The aim of the research is to evaluate the effects of tax and fiscal policies on such Lithuanian, Latvian and Estonian macroeconomic variables as gross domestic product, employment, foreign direct investment and interest rates. Structural Vector Auto Regressive model (SVAR) has been employed for the analysis. Results of the research suggest that tax shocks may have different effects in different countries: labour tax increases adversely affect output and employment in all economies. It is only Lithuania where indirect tax increases negatively affect output while in Latvia and Estonia indirect tax shocks effects are positive. Persistent results of the negative corporate income tax effects on macroeconomic variables were obtained only in Lithuania as well, results in Latvia and Estonia vary depending on the SVAR variable composition. The results show that the increase in government spending leads to GDP, employment and foreign direct investment decline in Estonia and Lithuania, while in Latvia the negative impact is less significant. On the other hand, government investment has a positive impact on macroeconomic variables in all three economies. Interest rates are relatively insensitive to fiscal shocks in all Baltic countries, and this may be explained by the high degree of economic openness and dependence on global market fluctuations.

The object of this dissertation is the evaluation of the effectiveness of fiscal policy as stabilizing tools in the Baltic countries. The aim of the research is to evaluate the effects of tax and fiscal policies on such Lithuanian, Latvian and Estonian macroeconomic variables as gross domestic product, employment, foreign direct investment and interest rates. Structural Vector Auto Regressive mode (SVAR) has been employed for the analysis. Results of the research suggest that tax shocks may have different effects in different countries: labour tax increases adversely affect output and employment in all economies. It is only Lithuania where indirect tax increases negatively affect output while in Latvia and Estonia indirect tax shocks effects are positive. Persistent results of the negative corporate income tax effects on macroeconomic variables were obtained only in Lithuania as well, results in Latvia and Estonia vary depending on the SVAR variable composition. The results show that the increase in government spending leads to GDP, employment and foreign direct investment decline in Estonia and Lithuania, while in Latvia the negative impact is less significant. On the other hand, public investment has a positive impact on macroeconomic variables in all three economies. Interest rates are relatively insensitive to fiscal shocks in all Baltic countries, and this may be explained by the high degree of economic openness and dependence on global market fluctuations. / Disertacijoje tiriama fiskalinės politikos įtaka Lietuvos, Latvijos ir Estijos makroekonominiam stabilumui. Disertacijos tikslas – nustatyti Baltijos šalių mokesčių ir fiskalinės politikos įtaką ekonominiams procesams ir kiekybiškai įvertinti fiskalinės politikos priemonių poveikį makroekonominiams rodikliams. Šiame darbe buvo tirti svarbiausių fiskalinės politikos priemonių – pagrindinių mokesčių, valdžios sektoriaus investicijų ir visų išlaidų poveikis BVP, užimtiesiems, investicijoms ir palūkanų normoms. Pasitelkus vieną populiariausių fiskalinės politikos efektams tirti taikomų metodų – struktūrinius vektorinius autoregresinius modelius (SVAR) – buvo prieita prie tokių išvadų: skirtingų mokesčių šokai nevienodai veikia Baltijos šalių makroekonominius rodiklius. Darbo mokesčių didinimas neigiamai veikia BVP ir užimtumą visose ekonomikose; bet netiesioginių mokesčių didinimas teigiamai veikia BVP Latvijoje ir Estijoje, ir tik Lietuvoje poveikis yra neigiamas. Tik Lietuvoje buvo gauti stabilūs rezultatai apie neigiamą pelno mokesčių poveikį ekonomikai. Latvijoje ir Estijoje poveikio efektai varijuoja priklausomai nuo SVAR modelio kintamųjų sudėties. Rezultatai rodo, kad valdžios sektoriaus išlaidų didinimas lemia BVP, užimtumo ir tiesioginių investicijų mažėjimą Lietuvoje ir Estijoje. Latvijoje neigiama poveikio įtaka yra mažiau reikšminga. Kita vertus, valdžios sektoriaus investicijos turi teigiamą poveikį ekonomikos procesams visose trijose ekonomikose. Palūkanų normos... [toliau žr. visą tekstą]

The thesis is divided into three chapters.1) I study how monetary policy should be optimally designed when households show financial wealth heterogeneity.Main results: thanks to its ability to affect interest payments volatility, monetary policy has real effects even in a flexible-price cashless-limit environment; second, in a setup with nominal rigidities, price stability is no longer optimal. The extent of deviation from price stability depends on the initial level of debt dispersion.2) I assess the role of housing price movements in influencing the optimal design of monetary policy. Under the optimal simple rule, housing price movements should not be a separate target variable in addition to inflation. Furthermore, the welfare loss arising from targeting housing prices becomes quantitatively more significant the higher the degree of access to the credit market.3) I analyze the effects of fiscal policy in a currency area. Results: a public spending shock in one region increases private agents demand for imports and appreciates the terms of trade; second, a countercyclical fiscal rule can restore the Taylor principle, the uniqueness of the equilibrium and reduce macro-volatility.

This thesis studies tax competition from both a theoretical and an empirical point of view. In chapter 1 we develop a dynamic two-country optimal taxation model to study tax competition. We find that tax competition is costly and that the equilibrium with tax competition differs remarkably from the first-best outcome in a fiscal union, both during transition and in the long run. In chapter 2 we empirically test the relationship between taxation and agglomeration economies. In the presence of agglomeration economies firms are less sensitive to changes in tax rates, and therefore capital tax competition has a smaller effect on investment. We find some evidence that municipalities in large agglomerations set higher tax rates than municipalities in smaller ones. / Esta tesis estudia la competencia impositiva tanto desde el punto de vista teórico como empírico. En el capítulo 1, desarrollamos un modelo dinámico de imposición óptima en dos países con el objetivo de estudiar la competencia impositiva. Encontramos que la competencia impositiva es costosa y que el equilibrio con competencia impositiva difiere signi&#64257;cativamente del mejor resultado en una unión fiscal, tanto durante la transición como en el largo plazo. En el capítulo 2, analizamos empíricamente la relación entre imposición y economías de aglomeración. En presencia de economías de aglomeración, las empresas son menos sensibles a cambios en los tipos impositivos y, por tanto, la competencia impositiva para atraer capital tiene efectos menores en la inversión. Encontramos evidencia a favor de que los municipios en grandes aglomeraciones establecen tipos impositivos más altos que los que están en pequeñas aglomeraciones.

Thesis (Ph.D.)--Public Policy, Georgia Institute of Technology, 2008. / Committee Chair: Willoughby, Katherine; Committee Member: Eger, Robert; Committee Member: Kingsley, Gordon; Committee Member: Sjoquist, David; Committee Member: Wallace, Sally.

Thesis (doctoral) - Freie Universität, Berlin, 2005. / Includes bibliographical references (p. 189-203).

Made available in DSpace on 2014-06-11T19:23:38Z (GMT). No. of bitstreams: 0 Previous issue date: 2010-08-02Bitstream added on 2014-06-13T18:50:58Z : No. of bitstreams: 1 reis_sg_me_arafcl.pdf: 759441 bytes, checksum: d0ec83df886c99b13770a5ab0db4de42 (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / A presente pesquisa tem por objetivo analisar os efeitos do ajuste fiscal na economia brasileira no período de 1994 a 2008 sobre a cadeia produtiva. Procura-se descrever os efeitos restritivos deste ajuste fiscal a partir da inadequada coordenação da política fiscal e monetária. A política fiscal tornou-se subordinada à monetária, exigindo robustos superávits primários atrelados à ascendente e excessiva carga tributária. O orçamento, no entanto, permaneceu registrando déficit nominal. A maior parte das despesas públicas corresponde às despesas financeiras (juros e encargos da dívida). A política econômica e as medidas macroeconômicas tomadas no âmbito do ajuste fiscal no período que se trata provocaram a queda do multiplicador de gastos que, por sua vez, inibiu a geração de emprego, renda e consumo. A reflexão sobre a mensuração da carga tributária permite desenvolver uma análise crítica e descritiva do ajuste fiscal num contexto de dominância monetária e estabelecer o vínculo entre as decisões do governo, nas matérias fiscal e monetária, com o setor produtivo. Conseqüentemente, isso repercutiu sobre o nível de investimento e de reinvestimento na economia / This research aims to examine the effects of fiscal adjustment in the Brazilian economy during the period 1994 to 2008 on the chain. It seeks to describe the restrictive effects of fiscal adjustment from the inadequate coordination of monetary and fiscal policy. Fiscal policy has become subject to monetary policy, requiring robust primary surpluses and tied up the excessive tax burden. The budget, however, remained recording nominal deficit. Most public expenditure meets the financial expenses (interest and debt charges). The economic policy and the macroeconomic measures taken in the context of fiscal adjustment in the period that this precipitated the collapse multiplier of expenses that, in turn, inhibited the generation of employment, income and consumption. The discussion on the measurement of tax burden can develop a descriptive and critical analysis of fiscal adjustment in a context of monetary dominance and establish a link between the government decisions in matters fiscal and monetary policy, with the productive sector. Consequently, this impacted on the level of investment and reinvestment in the economy

[pt] O presente trabalho procura investigar as implicações de se seguir um regime de meta para a inflação sob dominância fiscal. Para isto é desenvolvido um modelo novo keynesiano de equilíbrio geral dinâmico estocástico (DSGE) em que a autoridade monetária segue uma regra de Taylor, com o objetivo de estabilizar a inflação e o produto, e a autoridade fiscal segue uma regra de superávit primário, com a finalidade de se estabilizar a dívida pública. Este modelo se caracteriza por apresentar uma coordenação entre as autoridades fiscal e monetária em que a política monetária é dominante. Posteriormente, a regra monetária é modificada para incorporar uma resposta da autoridade monetária à dívida pública e a regra fiscal passa a ser exógena (ativa), caracterizando um regime de dominância fiscal. Por fim, o modelo é calibrado com os parâmetros estimados por De Castro et al (2015) para a economia brasileira e são computadas as variâncias da taxa de inflação e do produto (proxies para a perda de bem estar decorrente das flutuações econômicas) nos diferentes regimes de coordenação política para distintas parametrizações das funções de reação das autoridades monetária e fiscal. Mostra-se, assim, que, quando se está em regime de dominância fiscal, o mais indicado à autoridade monetária é não reagir à inflação de modo agressivo. Em outros termos, isto significa que se o Banco Central quer que a inflação fique na meta – como requer um regime de meta -, ele não pode de forma alguma ignorar a postura da autoridade fiscal. / [en] The present work seeks to investigate the implications of following an inflation targeting regime under fiscal dominance. For this, a new Keynesian dynamic stochastic general equilibrium (DSGE) model is developed in which the monetary authority follows a Taylor rule with the objective of stabilizing inflation and output, and the fiscal authority follows a primary surplus rule, with The purpose of stabilizing public debt. This model is characterized by a coordination between the fiscal and monetary authorities in which monetary policy is dominant. Subsequently, the monetary rule is modified to incorporate a response of the monetary authority to the public debt and the fiscal rule becomes exogenous (active), characterizing a regime of fiscal dominance. Finally, the model is calibrated with the parameters estimated by De Castro et al. (2015) for the Brazilian economy and the inflation rate and output gap variances (proxies for the welfare losses due to economic fluctuations) are computed in the different regimes and under different specifications of the monetary and fiscal authorities reaction functions. It is shown that under a fiscal dominance regime, the monetary authority should not react aggressively to inflation. In other words, this means that if the Central Bank wants inflation to stay in it s target level - as it is required under an inflation targeting regime - it cannot in any way ignore the fiscal authority s stance.