for the public budget is one year but an individual needs not balance his budget during a given period. 3: Deficit financing: deficit financing is a peculiar privilege of government but an individual can not do it, unless he is prepared to go behind the bars. 4: Different objectives: an individual tries to maximize his satisfaction or profit from a given amount of resources but the objective of government expenditure is to maximize social benefit. 5: Publicity of finance: budgets are published
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NEWSROOM DISCUSSION Concept – Post Budget Discussion – 2011/2012 Moderator: Script Layout: Jason: The Moderator welcomes viewers back and states that “we’re just returning from a heated discussion on the the 2011/2012 budget between Ashleigh Abraham (Senior Economist, Central Bank), Sarah Suphal (Senior Lecturer, UWI), Marjorie Jewan (Senior Economist, Ministry of Finance) and Shereeza Ali (President of Chamber of Commerce) and right now we’re going to open up the telephone lines.....Caller
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revenue surpluses were starting to turn into deficits mainly because of the lack of fiscal policies. To finance its investment and current consumption, the government had to borrow externally from multilateral lending institutions, other government external aid, capital market, and non-resident Indians (NRIs). Coming into the 1990s, the external debt had tripled from $22.8 billion in 1983-84 to $69.3 billion in 1990-91. Also by 1990-91, the gross fiscal deficit had grown to about 10% of GDP, of which
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reformsFiscal Policy Reforms since the 1990s The fiscal imbalances of the 1980s spilled over to the external sector resulting in the macroeconomic crisis of 1991. Another disquieting feature of the fiscal system was the large size of monetised deficit, which in turn exerted inflationary pressures. The reforms aimed at augmenting revenues and removing anomalies in the tax structure through restructuring, simplification and rationalisation of both direct and indirect taxes. Deterioration of the fiscal
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a trade deficit? (imports versus exports) exports are less than imports Trade deficits are situations in which the imports of goods and services exceed the products exported by a specific country. While is it not unusual for nations with a very stable economy to experience a small amount of trade deficit from time to time, prolonged periods with a significant imbalance between exports and imports can create significant economic issues within the country. At the same time, a trade deficit may also
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need. Governments in an effort to stop economic slide, tried many measures including Monetary and Fiscal Stimulus but black swan events had overtaken the efforts of governments. Many of the developed countries printed more money and tried to stimulate the Economic Growth and reduce the unemployment. But it has gone into a spiral. The only effect is the outstanding debts of governments are going up, their credit rating is being downgraded and there was a lot of trust deficit between governments.,Banks
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Traditional Budget Accounting…………………………………...……… pg 3 1.Taxonomy of Chinese Accounting……..…………….......................... pg 3 1.1 The Domain of Budget Accounting……….…………...………... .pg 3 1.2 Chinese units……………………………………………………... pg 4 2. Public Financial Management Process……………………..……….. pg 4 Conventional Budget Accounting …………………………………………pg 5 1. Overall and Unit Budgets…………………….…………………….. pg 5 2. Characteristics of the Chinese Budget Accounting
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size, it becomes increasingly expensive to manage a gigantic organization for a number of reasons, including its complexity, bureaucratic nature and operating inefficiencies. This undesirable phenomenon is referred to as "diseconomies of scale". Deficit Financing When
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(Otmar, 2008), especially for the weak member countries. Using the Euro may reduce the risks in the cost of borrowing in the financial market, which emerge encourage potential investors to invest capital in their countries (P. Jacques. 2006). However, according to the classical theory of Keynes, financial policy is a decisive tool for stabilizing the economy. It means that government should increase expenditure and reduce the tax to stabilize the economy in recession (ibid). However, it would be unworkable
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INDIA TRYING TO LIBERALISE: INTRODUCTION The foundation of credible national security is based on the level of economic prosperity and well-being of the population of any country. This is especially so for developing countries like India. The attainment of sustained high economic growth is a necessary condition for improving the national security and the quality of life of the people throughout the country Many developing countries in the Asia-Pacific region, including China and India
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