A Balance Sheet Approach to Fiscal Policy

The overall budget deficit is still predicted to be 4.1 of Greece s GDP in 2013 a substantial improvement compared to 2010 but still far from fiscal balance.

This represents 6 per cent of the overall balance.

So early fiscal consolidation can be expansionary on balance.

No one believes that fiscal balance is the whole growth model anywhere.

Finally, while fiscal systems differ among American states, the overall fiscal burden is under half that of the federal level.

They should be in balance to ensure that their overall purpose is accomplished.

In summary, we welcome the outcome document as a reasonable balance of issues overall.

First, in our view, financing for development is a key element of overall balance.

Such sequenciality was a part of the overall balance achieved in the Doha package.

This additional economic activity will boost overall GDP growth, yielding significant new fiscal revenues.

As of the end of 2004, the overall balance of unexpended resources was 2.7 billion.

Unemployment was soaring, and austerity, rather than restoring fiscal balance, simply exacerbated the economic downturn.

First, it would include credible plans in Europe and the US to restore fiscal balance.

There are other instruments available for increasing domestic saving and reducing consumption besides the fiscal balance.

The fiscal balance is improving, but it should be carefully managed over the next two years.

The balance of unpaid contributions with respect to the overall budget of the Tribunal amounted to 2,581,150.

The right balance today requires creating jobs partly through additional fiscal stimulus aimed at productive infrastructure investment.

Spending cuts and tax increases that in the long run restore fiscal sanity and balance are good.

It is essential that a gender balance be achieved in relation to the overall list of mandate holders.

In the US, the main challenge is to restore fiscal balance without damaging the recovery and future growth.

America s domestic demand shortfall reflects rising savings, balance sheet damage in the household sector, unemployment, and fiscal distress.

Chile sets a target for its cyclically adjusted fiscal balance that is, the balance that emerges after accounting for the deviations in commodity prices and domestic output from their trends.

With the right balance of vision and caution, China s leaders can tackle the buildup of fiscal and financial risk.

This is needed to prevent even more private debt being put on government balance sheets, causing a fiscal blowout.

Understandably fixated on balance sheet repair, US consumers have not taken the bait from their monetary and fiscal authorities.

With the right balance of vision and caution, China s leaders can tackle the buildup of fiscal and financial risk.

The heavy artillery of monetary and fiscal stimulus is being wasted on attempts to short circuit balance sheet repair.

Acknowledging that recent fiscal policies had put the US on an unsustainable trajectory of rising public debt, Obama said that moving towards budget balance was now essential for fiscal stability.

Sweden and Chile are almost poles apart geographically, but both have used sophisticated fiscal rules successfully. Chile sets a target for its cyclically adjusted fiscal balance that is, the balance that emerges after accounting for the deviations in commodity prices and domestic output from their trends.

Empirical studies estimate that the overall impact of a weaker US dollar on the trade balance is close to zero.

Koizumi sought smaller government and set clear numerical targets for fiscal consolidation, including a primary budget balance in 10 years.

But sounder fiscal policy might lead to even higher inflows as the country s external balance and sovereign risk outlook improve.

Moreover, there is a need to limit legislative pressure for additional spending on locally important projects that fuel overall fiscal dysfunction.

Keynesians have been able to demonstrate that fiscal stimulus can stabilize market expectations, and thus provide an overall framework of confidence.

This, in turn, could delay needed improvements in financial regulation, balance sheet repair by banks, structural economic reform, and fiscal adjustment.

Even with external assistance, many view default as a near certainty, because the arithmetic of restoring fiscal balance is so daunting.

Indeed, if foreign owned enterprises exports are deducted from the total trade volume, the surplus vanishes, because both the overall balance of merchandise trade and the balance of trade in services normally run deficits.

China s current legal framework contributed to fiscal balance and financial stability in the past, and it continues to play a positive role.

The balances of unexpended resources for the funds totalled 83 million ( 68 million in 2003), representing 3 per cent of the overall balance.

Don t get me wrong, I am not arguing for fiscal profligacy. But the balance of risks has shifted over the past few years.

To be sure, there has been some progress in the eurozone periphery in the last few years fiscal deficits have been reduced, and some countries are now running primary budget surpluses (the fiscal balance excluding interest payments).

If skeptics are right, then we should accept that we will periodically be out of financial and fiscal balance without knowing it in advance.

And yet many policymakers are insisting on immediate action to rectify not only fiscal deficits, but also trade imbalances and banks balance sheet weaknesses.

But key steps can and should be taken restoration of fiscal balance in well communicated plans, commitment to central bank autonomy and low inflation, and striking a thoughtful balance between under and over regulation of the financial sector.