To complicate matters, keep in mind that some of these fiscal flows have already been committed, for example, in terms of interest payments due on existing debt, salaries for active military personnel and Social Security payments.
It assesses the overall impact of State Owned Enterprises (SOEs) on the budget and also examines the fiscal flows to the states/regions.
The severe imbalances of the Spanish economy were ignored because Spain ticked the correct boxes according to the orthodoxy of the boom years: fiscal probity, openness to financial flows, labour market flexibility and an acquisitive and outward-looking corporate sector.
Unlike fiscal policies, whose effects tend to stay mostly domestic, monetary policies do affect currency values and financial markets in other countries through cross-border financial flows.
Piketty (2011) also computed an alternative measure labeled "fiscal inheritance flows", derived from inheritance tax statistics.
Today, the EU faces what Frans Timmermans, the European commission vice-president, describes as a "multi-crisis": Brexit, refugee flows, fiscal austerity, geopolitical threats from east and south, and "illiberal democracy" in central Europe.
Feminist macroeconomic inquiries focus on international capital flows, fiscal austerity, deregulation and privatization, monetary policy, international trade and more.
The SNP is right, however, that many of the fiscal benefits would flow – in the form of increased tax revenues and lower benefit payments – to Her Majesty's Treasury.
The cuts are a vivid illustration of a fact of fiscal life: budgetary pain flows downhill.
Unless credit flows again, fiscal and monetary measures will not suffice: companies can't borrow to build factories and consumers can't borrow to buy cars.
A second and more chilling explanation of why elites proved so incompetent at governing the Greek economy — as well as the larger, global one — is related to what Mr. Manolopoulos calls the "Washington consensus," a faith in deregulation, free trade, mobile capital flows and fiscal responsibility that he considers elitist.
