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Fiscal in sentence

6883 examples of Fiscal in a sentence

Italy and Spain are clearly constrained by the absence of private capital in their respective sovereign-debt markets, with rising yields threatening their fiscal stability and reform programs.
Given the savings the country has built up, reflected in bulging foreign-exchange reserves, the central government has the fiscal room to afford it.
The government (the visible hand) sets the benchmark price for risk-free financial assets through monetary policy and control over fiscal deficits, while the market (the invisible hand) sets the risk premia of risky assets above the benchmark rate.
As the recent crises in advanced countries demonstrated, this is not a safe assumption: Unsustainable public debt and fiscal deficits forced central banks to expand their balance sheets massively, causing benchmark rates to turn negative in real (inflation-adjusted) terms.
Preventing this from occurring in emerging economies requires that these countries’ leaders balance monetary, fiscal, and macro-prudential policies in a way that enables correct pricing of risk-free assets.
One reason is that banks that received money in the initial rescues do not seem to have increased their lending, without which monetary and fiscal stimulus are unlikely to be effective.
Economists who study populism generally draw lessons from Latin America, where past episodes of nationalist over-promising have quickly led to massive fiscal deficits that could not be financed.
Fiscal and economic performance during the year will provide the basis for that decision, to be taken in early 1998, with monetary union beginning January 1, 1999.
For countries that lack China’s strong fiscal position, the need to attract private capital to infrastructure investment is obvious.
Whereas Trump proposes an outsize $10 trillion in tax cuts and Cruz about $9 trillion (statically scored), Rubio and Kasich have offered more economically and arithmetically plausible fiscal plans.
Whereas premature consolidation of public budgets was largely responsible for causing a double-dip recession five years ago, fiscal policy has been broadly neutral since 2015.
Finally, unemployment in parts of the eurozone remains too high for households to regain confidence, while the fiscal stance is not distributed across countries in a way that maximizes growth prospects.
The memory of the 2011 sovereign-debt crisis remains fresh, and many officials would refrain from using fiscal policy to prop up the economy.
So helicopter money, while consistent with the ECB’s price stability mandate, would indeed blur the distinction between monetary and fiscal policies.
Could an explicitly fiscal option be embraced instead?
With a determined move toward fiscal and banking union, things could be much better.
For southern Europe as a whole, the single currency has proved to be a golden cage, forcing greater fiscal and monetary rectitude but removing the exchange rate as a critical cushion against unexpected shocks.
Although many European politicians are loath to admit it, the status quo is probably not sustainable; eventually, there must be either significantly greater fiscal integration or a chaotic break-up.
Indeed, immediately after the election, the budget estimates for the next fiscal year are due.
The Fed introduced quantitative easing – buying large quantities of long-term bonds and promising to keep short-term interest rates low for a prolonged period – after it concluded that the US economy was not responding adequately to traditional monetary policy and to the fiscal stimulus package enacted in 2009.
To make real progress toward reviving their economies, the individual countries need to depend less on quantitative easing by the ECB and focus squarely on structural reforms and fiscal stimulus.
They see lingering post-financial-crisis unemployment as a compelling justification for much more aggressive fiscal expansion, even in countries already running massive deficits, such as the US and the United Kingdom.
A constant debt-GDP ratio is thus a key indicator of fiscal sustainability.
Canada’s finance minister, Joe Oliver, joined the call for fiscal expansion in Europe – a position for which there seems to be some support within the European Central Bank.
In fact, most of the world believes that Germany should adopt a more expansive fiscal policy.
According to this view, austerity is counter-productive, because it induces slowdowns and recessions that make long-term fiscal consolidation more difficult.
They believe that responding to calls for stimulus would simply lead to more such calls, creating a log-rolling, pork-barrel dynamic in which any hope for fiscal consolidation is ruled out.
In the ECB, for example, a debate is underway to determine under which conditions deviation from fiscal orthodoxy might be stabilizing in the long term.
If only some parts of a complex package linking fiscal leeway with structural reform are realized, the outcome is likely to disappoint – or even prove counterproductive.
In Europe, the outgoing head of the European Central Bank recommends more centralized fiscal authority in Europe in order to deal with likely defaults by one or more of Greece, Portugal, and Spain.
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