Suchergebnisse

Este texto muestra la recuperación de la economía mundial, luego de la crisis global de los años 2007-2008. A medida que se fueron disminuyendo los efectos de los estímulos que se pusieron en marcha inmediatamente después de la crisis, se fortaleció en el 2014 debido al renovado dinamismo en las economías avanzadas. La actividad se ralentizó gradualmente después de 2010, a medida que disminuyeron los efectos de los paquetes de estímulo que se pusieron en marcha después de la crisis, aunque se fortaleció en 2014 gracias a un renovado dinamismo en las economías avanzadas, y esto a pesar de una desaceleración en el mercado emergente y las economías en desarrollo. En las economías avanzadas mostraron una pronta recuperación debido a las condiciones monetarias favorables, así como a un ritmo más lento de consolidación fiscal, de acuerdo con la reparación del sector financiero debido a la baja de los precios del petróleo. Las economías de mercados emergentes han impulsado el crecimiento desde el inicio de la crisis mundial, aunque han perdido Ímpetus desde el año 2010. En cuanto a América Latina y el Caribe, se evidencia la baja de los precios de las materias primas, la desaceleración de las exportaciones debido a una expansión menos dinámica China y otros mercados importadores.

This paper reviews recent trends in fiscal performance in Brazil, estimates fiscal reaction functions for the consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The empirical analysis, based on monthly data for the period 1995-2004, suggests that all levels of government react strongly to changes in indebtedness by adjusting their primary budget surplus targets. In addition, the central government appears to follow a spend-and-tax policy: changes in revenue are affected strongly by expenditure. About two-thirds of changes in primary spending are offset by higher revenue over the longer term. Institutions are also found to matter for fiscal sustainability. The responsiveness of the sub-national fiscal stance to indebtedness, as well as that of central government revenue to changes in primary spending, appears to become stronger after 1998, when ceilings on indebtedness were introduced.

Attitudes towards the environment have evolved over the years around the world, in part due to growing awareness among the population of the challenges posed by climate change. The decentralisation of policymaking, administrative and political responsibilities to the subnational levels of administration may also have played a part to the extent that creates room for bottom- up policy experimentation and citizen participation in policy design, including in areas related to the environment, that may influence people's preferences and attitudes. To shed light on these linkages, this paper provides both individual-level survey-based and aggregate cross-country empirical evidence. Individual-level analysis based on data from the World Values Survey shows that decentralisation contributes to more favourable attitudes to the environment, controlling for personal and household characteristics of respondents, as well as country and cohort effects. Country-level analysis based on national accounts data shows that decentralisation is associated with higher government spending on environment-related programmes, as well as higher collection of environmental taxes in the advanced economies, controlling for conventional public finance covariates. ; info:eu-repo/semantics/publishedVersion

Widening income disparities and slow productivity growth in most advanced, and several emergingmarket, economies have rekindled interest in the empirical analysis of the determinants of inclusive growth, defined in this paper as episodes of increases in GDP per capita without a concomitant deterioration in the distribution of household disposable income. The empirical analysis is based on a chronology of inclusive growth episodes between 1980 and 2013 for a sample of 78 countries. Logit and multinomial probit estimations show that human capital accumulation, the redistributive potential of taxbenefit systems, increases in multifactor productivity and labor force participation, as well as trade openness and a range of institutional factors, including political system durability and electoral regimes, are important determinants of the probability of occurrence of inclusive growth. This empirical evidence contributes to the policy debate about how countries can deal with efficiency-equity trade-offs. ; info:eu-repo/semantics/publishedVersion

AbstractUsing data for a sample of developing countries and transition economies, this paper estimates the relationship between government spending on health care and education and selected social indicators. Unlike previous studies, where social indicators are used as proxies for the unobservable health and education status of the population, this paper estimates a latent variable model. The findings suggest that public spending is an important determinant of social outcomes, particularly in the education sector. Overall, the latent variable approach yields better estimates of a social production function than the traditional approach, with higher elasticities of social indicators with respect to income and spending, therefore providing stronger evidence that increases in public spending do have a positive impact on social outcomes. Copyright © 2003 John Wiley & Sons, Ltd.