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The tax-sharing system tightened up local governments' extrabudgetary revenue, but their continuing fiscal expenditures in the same manner brought about major debts for local governments (Zhou 2012).
For instance, since the 1980s, local governments' extrabudgetary revenues in tax and fiscal systems increased significantly, and the institutional oversight of fiscal expenditures weakened.
In China, the ratio of central fiscal expenditures to government expenditures was rather low, fluctuating at the rate of 20%, which was one of the lowest in the world (Li 2010; Lou 2013).
We use the Feyrer and Sacerdote (2011) and the Chodorow-Reich et al. (2012) estimates to construct counter-factuals of the employment impact of the fiscal expenditures and the multiplier effects introduced by the Recovery Act.
The opposition has reacted by moving toward impeachment, using the relatively minor crime of improper accounting for fiscal expenditures since 2014 as the legal basis.
The basis for the formation of the Initiative was an analysis of "Fiscal Expenditures on Services for Children in Jamaica 2003-2006" undertaken by Dr. Michael Witter, Head of the Department of Economics, University of the West Indies.
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"While prolonged policy uncertainty could weigh on already weak investment growth, there could be an upside to growth from increased fiscal expenditure, especially infrastructure spending, and tax cuts," said Elena Duggar, associate managing director at Moody's.
He sought to foster the traditional agricultural economy by curtailing foreign trade and severely restricting the growth of the merchant class, while limiting fiscal expenditure through a vigorous program of economy.
"Overall, this reflects the impact of policy easing that has accelerated since May, including pick-up in infrastructure investment, fiscal expenditure, accommodative liquidity condition and monetary policy stance," economists at J.P. Morgan said in a note.
One alternative anti-inflation tool that is not apparently being considered, particularly in the GCC, is reining in fiscal expenditure; indeed all the GCC states have pledged to maintain their extensive network of subsidies.
"Swaziland has to take a long, hard look at its fiscal expenditure.
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