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We show that fiscal policies reflecting a primary balance response to higher debt in line with historic experience would significantly increase the likelihood of reaching the debt targets of the U.S. administration in the medium term. Deficits and debt are higher under current budgetary proposals and IMF projections for real activity and interest rates, which do not include a reaction of policies to rising primary deficits. Under the IMF staff's current economic projections, a primary fiscal adjustment of about 3.5 percent of GDP would be needed to achieve a debt level of about 70 percent of GDP in 2020.
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SisällysluetteloToimintasuunnitelma ja budjetti 2010Pohjoismaiden ministerineuvoston budjetti sektoreittainPoliittiset painopisteet ja budjetin päälinjat vuonna 2010Pohjoismaiden ministerineuvoston globalisaatioaloitteetPohjoismaiden ministerineuvoston Islanti-aloitteetBudjettivarojen uudelleenkohdennukset Pohjoismaiden ministerineuvoston budjetissaKeskustelut Pohjoismaiden neuvoston kanssa vuoden 2010 budjetistaPohjoismaiden ministerineuvoston toiminnan rahoitusMaiden ennustetut maksuosuudet kansallisina valuuttoinaPohjoismaiden ministerineuvoston projektinhallinnan tilaPohjoismaiden ministerineuvoston budjetin ja likviditeetin kehitysKäyttämättömien varojen kehitysBudjetin kehitys vuosina 2000-2010Likviditeetin kehitys.
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The administrative expenditure outturn for FY2015 reflects continued budget discipline, as new demands and initiatives were accommodated through reprioritization and better use of existing resources within an unchanged envelope. The overall budget utilization rate of 98 percent was achieved through more efficient personnel management practices and effective reallocation of resources from underutilized areas to areas of emerging pressure. In terms of outputs, the Fund continued its focus on addressing global policy challenges and reducing vulnerabilities. Resources allocated to multilateral surveillance, oversight of the global systems and capacity development increased while bilateral surveillance and lending declined moderately, in line with easing of crisis-related work. Spending by country reflects a continued shift towards a more risk-based approach, consistent with the established priorities. Capital expenditures mainly reflected the major renovation of the HQ1 building and improvements in information technology infrastructure and security to better support the staff's work and protect information assets.
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Spillet om den nordiske velferden er en debattrapport om den nordiske velferdsmodellens fremtid i den globale konkurranseøkonomien. Velferds-forskningsprogrammet (2000-2005) til Nordisk Ministerråd konkluderte med at vi har en nordisk velferdsmodell. Debattrapporten oppsummerer viktige resultater, analyser og budskap fra forskningsprosjektene. Ledende politikere, ledere for arbeidsmarkeds-organisasjonene og velferdsforskere i Norden har gitt sine bud på hva som er den nordiske velferdssamfunnenes styrker, svakheter og viktigste utfordringer i årene fremover. Rapporten peker på at de nordiske velferdsstatene står overfor store utfordringer i årene fremover for å balansere videreutviklingen av velferdsstatene med posisjonering i den globale konkurranseøkonomien.
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This paper analyzes Latin America's experience with fiscal adjustment during the last decade. The paper discusses in detail how some countries -- most notably Argentina, Chile and Mexico -- were successfully able to eliminate their fiscal deficits in a relatively short period of time. Their experiences with tax reform and expenditure reduction are analyzed, and some political economy angles of the fiscal adjustment process are emphasized. The paper also discusses the interaction between privatization and fiscal adjustment. An analysis of the relationship between social security systems and fiscal imbalances is provided. In particular, the Chilean pension system reform -- which replaced an insolvent and inefficient pay-as- you-go system with a fully funded one administered by private companies -- is analyzed in some detail. The paper concludes with a discussion of the main lessons from the Latin American reforms for the transitional economies and other reforming countries.
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