...ECONOMIC STIMULUS PLAN TABLE OF CONTENTS Abstract 1.0 Introduction……………………………………………………………………………………2 1.1 Background/ History of Australia’s Stimulus Plan……………………………………………2 1.2 Definition of Fiscal Deficit……………………………………………………………………3 2.0 Consequences of Australia’s Fiscal Deficit on the Economy…………………………………4 3.0 Implications of Australia’s Fiscal Deficit for the next 3 years………………………………..4 Abstract The 2009 economic stimulus plan helped Australia climb up the recession. This helped save the finances of Australia making it one of the strongest in the developed world. The A$40 stimulus package was amongst the biggest too in the whole world, this not only have positive effects on the economy but also led to persistent fiscal problems which are still persistent. One of the major Australia’s trading partners, China, is growing at very fast rate which needs to be controlled so as to reduce the company taxes charged to Australia’s mining companies. The 2009 economic stimulus package not only saved Australia from the recession but it also led to improved infrastructure, created investment opportunities which led to employment. However, it led to increased taxes and high exchange rates. 1.0 Introduction In 2008 the world experienced an economic meltdown that saw a collapse in economies and also businesses. Not only were the economic power houses with busy stock and housing markets suffer but also small economies. Some of the countries predicted this down fall while...
Words: 1854 - Pages: 8
...6.0 INTERNATIONAL TRADE FINANCE Learning Objectives: At the end of the subject coverage learners should be able to: • Explain the ways in which international trade is undertaken, settled and financed; • Identify the types of customers engaged in international trade and their needs; • Explain the features and benefits of services provided by banks and other financial institutions in facilitating international trade; • Explain international payment systems and regulations that are in place and the procedures adopted. CONTENTS 1. Introduction to International Trade Finance • The meaning of international trade. • Major parties in international trade. • Reasons for international trade. • Advantages of international trade. • International trade barriers. • The role of banks and financial institutions in international trade. 2. The Foreign Exchange Market • The meaning of foreign exchange market. • Participants in the foreign exchange market. • Functions of foreign exchange market. • The mechanism of foreign exchange transfer. • Relationship between foreign exchange market and money market. • Systems and procedures for inter bank foreign exchange trading. 3. Exchange Rates • Definition of exchange rate. ...
Words: 1327 - Pages: 6
...Alternative Methods of Deficit Financing Other Measures Used to Assess the Fiscal Stance The Sensitivity of a Fiscal Assessment to the Time Frame of Analysis Definition of Government Accounts for Macroeconomic Analysis Coverage of Government Operations Timing of the Impact of Fiscal Transactions Defining the "Overall Fiscal Balance"How Much Fiscal Adjustment Is Required? A Framework for Fiscal Adjustment Determining the Amount of Fiscal Adjustment Reducing the Fiscal Deficit Quality of AdjustmentHow Should Fiscal Adjustment Be Effected? Measures to Improve the Tax System and Increase Revenue Characteristics of a Desirable Tax System Design of Major Taxes Rationalization of Expenditure Policies Expenditure Reduction in the Short Run Structural Public Expenditure ReformReferencesBoxes1. Adverse Consequences of Excessive Fiscal Expansion for Growth2. The Exchange Rate Effects of Fiscal Policy3. Quasi-Fiscal Activities of Public Financial Institutions4. When Should a Country Run a Fiscal Surplus?5. Technical Assistance for Growth6. Social Safety Nets7. Reforming Tax Administration8. The Budget and Expenditure...
Words: 15497 - Pages: 62
...INTERNATIONAL TRADE IMPLICATIONS OF NATIONAL FOOD SECURITY ACT,2013 SUB-THEME: Economic implications of National Food Security Act, 2013 and its international trade impacts I. Impact of 2013 Act on exports and how supply will meet demand created. II. The comparison between “livelihood security “and “food security legislation.” III. Economic implications of adopting a „rights based approach‟ through the 2013 Act. AUTHORS: URVASHI BANSAL STUDENT AMITY LAW SCHOOL,NOIDA CONTACT DETAILS: MOBILE: 08130158915 E-MAIL: urvashisurabhi12@gmail.com AKANKSHA KAPUR STUDENT AMITY LAW SCHOOL,NOIDA CONTACT DETAILS: MOBILE: 08510042250 E-MAIL: akanshakapur0@gmail.com CERTIFICATE The research paper entitled ―Economic implications of National Food Security Act, 2013 and its international trade impacts” submitted for the conference on INTERNATIONAL TRADE IMPLICATIONS OF NATIONAL FOOD SECURITY ACT,2013 is based on my original work. The research work has not been submitted elsewhere for award of any degree. The material borrowed from other sources and incorporated in the thesis has been duly acknowledged. I understand that I myself could be held responsible and accountable for plagiarism, if any, detected later on. ABSTRACT The research paper presented before you investigates the Economic Implications of The National Food Security Act, 2013 proposed by the government. This Bill aims to provide food and nutritional security to whole of India; access to adequate quality food...
Words: 7150 - Pages: 29
...India's post-independence development. Its main objective is to restore sustained high growth to alleviate poverty and raise the standard of living. Development of Thought: Changes in the policy packages towards deregulation, liberalization and opening up of the economy were initiated in the late 70s and early 80s but it was not until 1991 that major economic reforms were undertaken. The major changes in India's economic reforms fall broadly under five heads-industrial, trade, financial, fiscal and monetary. However these measures of stabilization are not by themselves enough. The main impetus for sustainable economic growth has to originate with efficiency and productivity growth brought about through the expansion of investment and exports. Another important aspect to be considered is the large number of people in the country living on the poverty line. To make any reform process socially acceptable a poverty alleviation programme must be in. In the context of resource constraints, a serious thinking has to be done as to the extent and pace of economic reforms. Conclusion: India has to go through a painful period of adjustment before the liberalization can have its fruitful impact upon the economy. In liberalizing the economy the government must not forget to protect the poor and the needs of human development. The present bout of economic reforms in India-those started in the nineties- marks both continuity and a break with India's post-independence development strategy...
Words: 4584 - Pages: 19
........................................ 6 Preamble ....................................................................................................................................... 10 Chapter 1: Rationale, Objectives and Constituents ..................................................................... 11 1.1 Rationale .............................................................................................................................. 11 1.2 Objectives ............................................................................................................................ 14 1.3 Constituents............................................................................................................... 16 1.3.1 Trade in Goods....................................................................................................... 16 1.3.2 Trade in Services and Investment.......................................................................... 17 1.3.3 Behind the Border Policies .................................................................................... 17 1.3.4 External Market Access and Trade Negotiations................................................... 19 1.3.5 Cross-Cutting Policies ............................................................................................ 19 Chapter 2: Trade Policy in Bangladesh: Areas for Reform towards the Comprehensive Trade Policy...
Words: 87571 - Pages: 351
...(Special Purpose Tax officers), these are special tax officers in collaboration with other security agencies to ensure strict compliance in payment of taxes. The tax authority now has autonomy to assess, collect and record tax. This enabling environment which came into being on the basis of (Section 8(q) of FIRS Establishment Act 2007) has led to an improvement in tax administration in the country. The Nigerian tax system has undergone significant changes in recent times. The tax laws are consistently being reviewed with the aim of repealing obsolete provisions and simplifying the main ones. Under current Nigerian law, taxation is enforced by the 3 tiers of government, i.e. federal, state, and local governments, with each having its sphere clearly spelt out in the Taxes and Levies (approved list for Collection) Decree, 1998. Despite this improvement, there are still a number of contentious issues that require urgent attention and among them is the issue of the appropriate tax authority to administer several taxes. The crisis between Lagos State and the federal government on the tax jurisdiction of VAT in the state is still a contentious issue that has been taken to the courts. Other states like Ogun, Oyo and Benue have joined Lagos state, while states like Abia, have gone against this. Also, there is the issue of multiple taxes administered by all the three tiers of government which...
Words: 6516 - Pages: 27
...1. Introduction At the very basic level, Environment, trade, and investment are fundamentally linked as the environment provides various basic inputs of economic activity – forests, fisheries, metals, minerals and also the energy used to process those materials. Trade and I investment, are thus affected by environmental concerns, because producers and investors have to comply with environmental regulations and markets have to address the consumer demand for greener goods. Apart from these physical and economic connections, there are certain legal institutions which govern trade, investment and the environment. Institutions like the World Trade Organization (WTO) and also regional & bilateral trade agreements include trade and investment rules. Multilateral environmental agreements (MEAs), regional agreements, and also the national and sub-national regulations encompass the environmental law. Fundamental goals of WTO are sustainable development and protection and preservation of the environment. These are included in the “Marrakesh Agreement”, which established the WTO, and also complement the WTO’s objective to reduce the trade barriers and eliminate discriminatory treatment in international trade relations. Though, there is no specific agreement which deals with the environment, as per WTO rules members can adopt trade-related measures aimed at protecting the environment, following a number of conditions to avoid the misuse of such measures. The WTO contributes in protection...
Words: 7085 - Pages: 29
...planning process (for 2013/14), we have considered the key challenges and opportunities facing the UK agriculture and horticulture industry through a PESTLE analysis. (Political, Economic, Sociological, Technological, Legislative and Environmental). Given that the six commodity sectors we work with are affected by the factors listed below to varying extents, we provide a brief description of the impact in the short-term and long-term. This PESTLE analysis is a planning tool (at a single point in time) and occasionally significant changes can occur quickly which will result in changes to the activities of AHDB, even though the PESTLE has not been formally reviewed. 1 Impact Short-Term within 3 years Impact Long-Term 3-20 years Implication for meeting the objectives of AHDB Political “GREEN GOVERNMENT” Green Government/Climate Change Mitigation will seek reduction in GHG emissions The Coalition Government has stated it wishes to be the greenest Government ever. Government sees economic opportunity for the UK from the development of new markets for low emission products and services supported by investment in innovation. The 2008 Climate Change Act requires GHG emission reductions of 80% by 2050 and the UK Government and devolved administrations continue to review how this will be achieved and over what timescale. A Voluntary Action Plan (GHGAP) to achieve GHG...
Words: 9271 - Pages: 38
...THE IDEAs WORKING PAPER SERIES Paper no. 01/2012 Fiscal Policy Evolution and Distributional Implications: The Indonesian experience Smitha Francis Abstract This paper analyses Indonesia’s resource mobilisation and public expenditure policies against the backdrop of her inequality trends and macroeconomic policy evolution. It is argued that the country’s fiscal policy stance has been adversely impacted by her monetary and financial sector policies under an open capital account, with attendant regressive distributional implications. Juxtaposing the analysis of revenue mobilisation trends and taxation policies with the evidence of increasing asset and land concentration and persisting high inequalities reveals that the increase in income tax revenue did not necessarily come from the upper income profiles or corporate profits. Meanwhile, although government expenditure to GDP ratio has improved after 2003, capital expenditures and social expenditures other than those in education continue to remain low. Further, the current pattern of fiscal decentralisation does not seem to be effective in addressing the existing disparities. JEL Classification H 200; H 500; H 700 Key Words Indonesia, fiscal policy, public finance, inequality, taxation, revenue, government expenditure, financial liberalisation, IMF debt conditionalities, decentralisation Smitha Francis is Principal Economist, Economic Research Foundation, New Delhi. Email for correspondence: smithafrancis@gmail.com ...
Words: 16175 - Pages: 65
...PESTEL Brazil Why Brazil? * Brazil is politically stabile and has democratic rules achieved under the presidencies of Fernando Henrique Cardoso and Luiz Inácio Lula da Silva. * Brazil has a diversified and growing economy that plays a significant role in the global economy. Brazil is the largest economic power in Latin America and the world’s 10thlargest economy. * The country is open to and encourages foreign investment by implementing investor-friendly policies. The country is one of the world’s leading destinations for foreign direct investment. * Brazil is the fourth biggest producer of gold in the world. It has abundant reserves of natural resources and many regions are still unexplored which make the country an attractive location for mine development. * Brazil has an established Civil Law system and a modern mining legislation. * The country is a green energy leader, renewable energy supplying nearly 45% of the country’s energy needs. * Expanding into Brazil will allow Newmont to reinforce its presence in South America where its competitors are already well established. PESTEL Analysis Political Type: Federative republic (with 26 states and a federal district) Independence: September 7, 1822. Constitution: Promulgated October 5, 1988. Branches: Executive–president (chief of state and head of government popularly elected to no more than two 4-year terms). Legislative–Senate (81 members popularly elected...
Words: 2593 - Pages: 11
...signed the charter in Havana the following year, but it was never subsequently ratified by the required number of countries. The purpose of the agreement was to promote international trade free of barriers in the aftermath of World War II, and to draw up proposals for the implementation of policies based on those principles set in the agreement. It covered all the issues like tariffs, quotas, taxes, international commodity agreements and whatever was considered to have a bearing on the development of international trade, and was based on policies of non-discrimination and tariff reductions. GATT has been expanded and updated through a series of multi-year conferences. The most famous have been the Kennedy Round (1963-1967), the Tokyo Round (1973-1979), and the Uruguay Round (1986-1994). The Uruguay Round ended with the decision to dissolve GATT and establish the more powerful and more institutionalised World Trade Organization (WTO) in 1995. The WTO replaced GATT as an international organization, but the General Agreement still exists as the WTO’s umbrella treaty for trade in goods. Trade lawyers distinguish between the GATT 1994, the updated agreement, and the GATT 1947, the original agreement which is still the heart of GATT 1994. Introduction The WTO has nearly 150 members, accounting for over 97% of world trade. Around 30 others are negotiating membership. By definition, the World Trade Organization (WTO) deals with the rules of trade between nations at a global or...
Words: 5427 - Pages: 22
...and poverty reduction. iv. Review the financing policies of the government related to social development and poverty (including policies related to health, education, women, children, indigenous people, etc.). v. Explore the challenges and options for resource mobilization to finance public expenditure and private investment. Methodology In congruence with the objectives of the study, a draft outline for the study and a framework for reviewing the national policies were prepared. While preparing the outline, the following issues were considered: analyzing past and ongoing policy reforms and their implications to growth and poverty reduction; reviewing revenue and development expenditure patterns in the national budgets, their sources and trends, identifying challenges and options; analyzing source of rural financing and agricultural credit, related policy environment and implications, identifying future challenges and options; analyzing sources of financing of small and medium enterprises, related...
Words: 12445 - Pages: 50
...pressure by many countries including the United States. The U.S. believed that the renminbi (RMB), failed to appreciate eliminating job opportunities for other countries. However, China’s officials reacted by implying that China was a sovereign country with the right to choose its exchange rate policy. Pertinent Facts The exchange rate is one of the key factors that could possibly affect foreign profitability. In the case, Fung and Wong indicated in 2006, that China had become the world’s third-largest exporter with an estimated $970 billion and earning $1.2 trillion in foreign currency reserves (Fung). The U.S. and other countries are concerned that the Yuan was undervalued which will ultimately raise the demand for Chinese exports and decrease China's demand for imports from other countries. Becker states that if China keeps the dollar and the currencies of other countries artificially expensive compared to its currency it will create a problem towards other economies (Becker). The U.S. believes that China is manipulating the exchange rate to increase trade and dollar assets. The United States have also expressed extreme concern with China’s way of trade. For example, the U.S. questioned the fact that the renminbi is being a peg against the dollar. This case analysis will subsequently identify the following answers to the questions: * Should China allow the Yuan to appreciate? * Will a stronger renminbi strengthen the economy? The above objectives...
Words: 1129 - Pages: 5
...demand side of this market is dominated by a small number of large provincial monopoly retailers. The supply side comprises five substantial firms that account for ninety percent of total wine production and a large number of very small wineries. The Canadian competitive environment is characterized by strong historical reputations of (and consumer preferences for) Old World wines, economies of scale and technology associated with New World wines, (at best) stable per capita wine consumption patterns, rapid increases in both the number of domestic wineries and land under viticulture, and an inexorable shift within production to higher quality product. Accordingly, this paper advocates that the Canadian industry will need to accord a higher priority to exporting so as to find a destination for its increasing capacity, to reduce its vulnerability to domestic monopolistic clients, and to obtain yet greater credibility domestically. Currently, the value of imports of wine to...
Words: 9606 - Pages: 39
