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Budget --- Budget deficits --- Government spending policy --- Business & economics --- Political science

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"Policy experts address how to bring federal spending and revenue in line over the next decade and into balance over the longer term, focusing on reforms in the tax system, Social Security, and Medicare"--Provided by publisher.

Budget --- Government spending policy --- Budget deficits --- Fiscal policy

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International finance --- United States --- Investeringen [Amerikaanse ] --- Investissements américains --- Investments [American ] --- Debts, External --- -Balance of trade --- -Investments, American --- 336.340973 --- American investments --- Deficits, Trade --- Trade, Balance of --- Trade balance --- Trade deficits --- Trade surpluses --- Surpluses, Trade --- International trade --- Balance of payments --- Mercantile system --- Payment --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- Investments, Foreign --- Commercial policy. --- BUSINESS & ECONOMICS --- Money & Monetary Policy --- Public Finance --- Political Science --- Law, Politics & Government --- Balance of trade --- Investments, American. --- Debts [External ] --- Commercial policy --- United States of America

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The paper analyzes some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare. Procedural flexibility designates the enforcer's room to apply judgment on underlying policies and to set a consolidation path that does not discourage high-quality measures. Budgetary opaqueness may hinder the qualitative assessment of fiscal policy; therefore, better monitoring and greater transparency would increase the benefits from procedural flexibility. Overall, a simple deficit rule with conditional procedural flexibility can contain excessive deficits, lower unproductive spending, and increase high-quality outlays.

Budget deficits -- European Union countries -- Econometric models. --- Electronic books. -- local. --- Fiscal policy -- European Union countries -- Econometric models. --- Monetary policy -- European Union countries -- Econometric models. --- Structural adjustment (Economic policy) -- European Union countries -- Econometric models. --- Macroeconomics --- Public Finance --- Fiscal Policy --- Institutions and the Macroeconomy --- General Aggregative Models: General --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Structural reforms --- National accounts --- Fiscal policy --- Expenditure --- Fiscal governance --- National income --- Expenditures, Public --- Germany --- Monetary policy --- Budget deficits --- Structural adjustment (Economic policy) --- Econometric models.

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The paper investigates cyclical fluctuations in the current and financial (formerly capital) accounts of the balance of payments and major underlying components for nine industrial countries. The empirical model uses as explanatory variables domestic output growth, price inflation, real exchange rate fluctuations, energy price inflation, global growth, and regional growth. The evidence from the estimation of the model indicates the importance of fluctuations in output growth to the cyclicality of the current and financial account balances. The necessary and sufficient condition to sustain a large current account deficit is high domestic growth, which tends to stimulate financial inflows and provides adequate resources for financing. Other factors appear to be less important to the cyclicality of the current and financial account balances and their negative correlations.

Balance of payments -- Developed countries. --- Electronic books. -- local. --- Exports -- Developed countries. --- Imports -- Developed countries. --- Exports and Imports --- Inflation --- Current Account Adjustment --- Short-term Capital Movements --- Price Level --- Deflation --- International economics --- Finance --- Macroeconomics --- Current account balance --- Financial account --- Current account --- Current account deficits --- Balance of payments --- International finance --- Prices --- United States --- Imports --- Exports