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Fiscal in sentence

6883 examples of Fiscal in a sentence

With the fund amounting to only about 6% of GDP, Russia can maintain a 3.7% deficit for less than two years before it either has to withdraw from Ukraine to gain relief from Western sanctions, or undertake a major – and, for Putin, politically dangerous – fiscal adjustment.
The higher rates made it more costly for Greece to refinance its debt, creating a fiscal crisis that has forced the government to impose severe austerity measures, leading to public unrest and an economic collapse that has fueled even greater investor skepticism about Greece’s ability to service its debt.
To be sure, the ratio is a factor that would help us to assess risks of negative feedback, since the government must refinance short-term debt sooner, and, if the crisis pushes up interest rates, the authorities will face intense pressures for fiscal austerity sooner or later.
If this is part of the reason that higher debt-to-GDP ratios correspond to lower economic growth, there is less reason to think that countries should avoid a higher ratio, as Keynesian theory implies that fiscal austerity would undermine, rather than boost, economic performance.
Those flaws were reflected in yawning fiscal deficits, regulatory overkill, and a lack of economic dynamism that led to sclerotic growth then and the eurozone’s sovereign-debt crisis now.
But, as I was told during my visit, the central government’s reluctance to move more quickly reflects its wariness of imposing immense fiscal pressures on local authorities.
Output is contracting; fiscal revenues are faltering; and the budget deficit exceeds 9% of GDP.
Rousseff soon appointed an economic team associated with fiscal orthodoxy to lead the effort.
Even if there were a government willing and able to carry out the necessary fiscal adjustment, the political fallout of the Petrobras affair has damaged Brazil’s credibility severely.
In short, Brazil lacks a credible fiscal and monetary anchor.
Brazil doesn’t have the institutional equivalent of the European Central Bank to do “whatever it takes” to retain access to credit at reasonable interest rates as it pursues fiscal and structural adjustment.
And it would gradually have to phase out treasury subsidies to BNDES – the country’s development bank – and increase the use of market-based references for BNDES’s lending rates, thereby helping to restore fiscal health and eliminate distortions in financial intermediation.
A couple of weeks after the project was initiated, France and Italy submitted revised annual budgets to the European Commission, in which they demanded more fiscal room for maneuver.
When it comes to the latter, European Central Bank President Mario Draghi’s proposals in August – expanded monetary easing, structural reforms (particularly in France and Italy), and some fiscal expansion by countries like Germany – provide a useful framework to be supplemented with concrete measures.
That is why a more expansionary fiscal stance is also vital, with Germany leading the way in deploying increased public investment to “crowd in” private investment and boost competitiveness.
Germany must trust that its agreement to loosen the eurozone’s fiscal belt will not lead to a slowdown of structural reforms, and countries like France need to know that excessive austerity will not exacerbate the impact of politically difficult structural reforms in the short run.
By contrast, the most serious bank failures inside the EC in the 1990’s – including BCCI, Crédit Lyonnais, and Barings – had only a limited fiscal cost and a negligible impact on growth.
The exact arrangements will have to be decided, but they must allow quicker and better-informed decision-making while respecting national fiscal prerogatives.
When Wall Street melted down in 2008-2009, only governments that had their fiscal houses in order could afford stimulus packages that allowed them to retain political support.
Rather than helping to build robust civilian institutions there, the US has pampered the jihadist-penetrated Pakistani military establishment, best illustrated by the fresh $3 billion military aid package earmarked for the next fiscal year.
Or consider the claims – also rampant these days – that further government attempts to increase demand, whether through monetary policy to alleviate a liquidity squeeze, banking policy to increase risk tolerance, or fiscal policy to provide a much-needed savings vehicle, will similarly fail.
It would also be good news for America’s fiscal position, because Medicare and Medicaid are the two largest contributors to the long-term federal budget deficit.
This would narrow the fiscal gap, a widely used measure of long-term budgetary imbalance, by almost one-third.
Given long-term constraints on both fiscal and household spending in the wake of the financial crisis and downward pressure on asset prices, the sustainability of such an employment trend is questionable.
Banks’ balance sheets are systemically dangerous when bloated by leverage, and it is this that regulatory or fiscal policy should address through liquidity buffers and leverage ratios.
But today, with tax rates much lower, cuts of that size would result in huge increases in fiscal deficits.
It is the impediments to adaptation and innovation – not fiscal austerity – causing our stagnation.
And only renewed dynamism – not more fiscal irresponsibility – offers any hope of a durable way out.
Heavily indebted eurozone members can apply to borrow from them at less than the commercial rate, conditional on their committing to ever more drastic fiscal austerity.
The next recession probably will not be as bad as the last one, but advanced economies will be far better prepared for it if they undergo gradual monetary-policy normalization and fiscal consolidation in the meantime.
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