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Since 1994, China's central government has implemented a sequence of fiscal recentralization measures to increase its equalization capacity and reduce regional income disparities.
We consider a planner who inherits at time t a predetermined state vector, including initial debt-to-output ratio, and face a sequence of fiscal parameters for each period within a given horizon in order to reach a new state vector that includes a previously announced target for the debt-to-output ratio at the end of the planning period (De la Fuente 2000).
Similar(58)
Macroeconomic Effects of Fiscal Consolidation".
The costs of fiscal laxity were low.
It was a season of fiscal perestroika.
So we are exiting a period of fiscal stimulus and entering a period of fiscal consolidation.
financing in the form of fiscal coordination, euro bonds and fiscal transfers.
Both are in deep fiscal trouble, both have a history of fiscal irresponsibility.
A sensible fiscal regime would allow scope for additional, discretionary loosening of fiscal policy.
But the flip side of fiscal stimulus is fiscal tightening.
Think of it as an act of fiscal responsibility.
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CEO of Professional Science Editing for Scientists @ prosciediting.com