BOOKS - Promoting Fiscal Discipline
Promoting Fiscal Discipline - Manmohan S. Kumar January 1, 2007 PDF  BOOKS
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Promoting Fiscal Discipline
Author: Manmohan S. Kumar
Year: January 1, 2007
Format: PDF
File size: PDF 3.6 MB
Language: English



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This principle of fiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. As countries continue to grapple with the challenges and opportunities presented by economic and financial globalization, it is imperative that they prioritize this aspect of public policy to ensure long-term growth and development. However, the lack of fiscal discipline often stems from the injudicious use of policy discretion, which can have detrimental consequences for the economy. The Benefits and Risks of Policy Discretion Policymakers often rely on discretion to respond to unexpected shocks and fulfill their mandates, but this discretion can be misused, leading to persistent deficits and procyclical policies.
Этот принцип бюджетной дисциплины необходим для улучшения и поддержания экономических показателей, поддержания макроэкономической стабильности и снижения уязвимости. Поскольку страны продолжают бороться с проблемами и возможностями, создаваемыми экономической и финансовой глобализацией, крайне важно, чтобы они отдавали приоритет этому аспекту государственной политики для обеспечения долгосрочного роста и развития. Однако отсутствие бюджетной дисциплины часто связано с неразумным использованием дискреционных полномочий, что может иметь пагубные последствия для экономики. Преимущества и риски свободы действий Политики часто полагаются на свободу действий, чтобы реагировать на неожиданные шоки и выполнять свои мандаты, но эта свобода действий может быть использована не по назначению, что приведет к постоянному дефициту и проциклической политике.
Ce principe de discipline budgétaire est essentiel pour améliorer et maintenir la performance économique, maintenir la stabilité macroéconomique et réduire la vulnérabilité. Alors que les pays continuent de faire face aux défis et aux opportunités créés par la mondialisation économique et financière, il est essentiel qu'ils donnent la priorité à cet aspect des politiques publiques pour assurer la croissance et le développement à long terme. Toutefois, l'absence de discipline budgétaire est souvent liée à l'utilisation déraisonnable du pouvoir discrétionnaire, ce qui peut avoir des effets néfastes sur l'économie. Avantages et risques de la liberté d'action s politiques comptent souvent sur la liberté d'action pour réagir aux chocs inattendus et s'acquitter de leurs mandats, mais cette liberté d'action peut ne pas être utilisée comme prévu, ce qui entraînera des déficits permanents et des politiques procycliques.
Este principio de disciplina presupuestaria es necesario para mejorar y mantener el desempeño económico, mantener la estabilidad macroeconómica y reducir la vulnerabilidad. Dado que los países siguen luchando contra los desafíos y las oportunidades que plantea la mundialización económica y financiera, es fundamental que den prioridad a este aspecto de las políticas públicas para garantizar el crecimiento y el desarrollo a largo plazo. n embargo, la falta de disciplina presupuestaria a menudo se debe al uso irrazonable de la discrecionalidad, lo que puede tener consecuencias perjudiciales para la economía. Ventajas y riesgos de la libertad de acción políticas a menudo confían en la libertad de acción para responder a conmociones inesperadas y cumplir con sus mandatos, pero esta libertad de acción puede ser utilizada de manera incorrecta, dando lugar a déficits constantes y políticas procíclicas.
Este princípio de disciplina orçamentária é necessário para melhorar e manter o desempenho econômico, manter a estabilidade macroeconômica e reduzir a vulnerabilidade. Como os países continuam a enfrentar os desafios e oportunidades criados pela globalização econômica e financeira, é fundamental que priorizem este aspecto das políticas públicas para garantir o crescimento e o desenvolvimento a longo prazo. No entanto, a falta de disciplina orçamentária deve-se muitas vezes ao uso indevido de poderes discricionários, o que pode ter consequências nefastas para a economia. Os benefícios e os riscos da liberdade de ação da Política costumam depender da liberdade de agir para responder a choques inesperados e cumprir seus mandatos, mas essa liberdade de ação pode ser usada de forma diferente, resultando em déficits permanentes e políticas pró-cíclicas.
Questo principio di disciplina fiscale è necessario per migliorare e mantenere gli indicatori economici, mantenere la stabilità macroeconomica e ridurre la vulnerabilità. Dato che i paesi continuano ad affrontare le sfide e le opportunità della globalizzazione economica e finanziaria, è fondamentale che diano la priorità a questo aspetto della politica pubblica per la crescita e lo sviluppo a lungo termine. Ma la mancanza di disciplina fiscale è spesso dovuta all'uso irragionevole di poteri discrezionali, che possono avere conseguenze negative per l'economia. I vantaggi e i rischi della libertà di azione della Politica spesso si affidano alla libertà di agire per rispondere agli shock inaspettati e adempiere ai propri mandati, ma questa libertà d'azione può essere esercitata in modo fuori luogo, con conseguente deficit permanenti e politiche pro-cicliche.
Dieser Grundsatz der Haushaltsdisziplin ist notwendig, um die Wirtschaftsleistung zu verbessern und aufrechtzuerhalten, die makroökonomische Stabilität zu erhalten und die Anfälligkeit zu verringern. Da die Länder weiterhin mit den Herausforderungen und Chancen der wirtschaftlichen und finanziellen Globalisierung zu kämpfen haben, ist es von entscheidender Bedeutung, dass sie diesem Aspekt der öffentlichen Politik Vorrang einräumen, um langfristiges Wachstum und Entwicklung zu gewährleisten. Der Mangel an Haushaltsdisziplin ist jedoch häufig auf eine unangemessene Ermessensausübung zurückzuführen, die sich nachteilig auf die Wirtschaft auswirken kann. Vorteile und Risiken von Handlungsfreiheit Politiker verlassen sich oft auf Handlungsfreiheit, um auf unerwartete Schocks zu reagieren und ihre Mandate zu erfüllen, aber diese Handlungsfreiheit kann missbraucht werden, was zu anhaltenden Defiziten und prozyklischer Politik führt.
Ta zasada dyscypliny budżetowej jest niezbędna do poprawy i utrzymania wyników gospodarczych, utrzymania stabilności makroekonomicznej i zmniejszenia wrażliwości. Ponieważ kraje nadal zmagają się z wyzwaniami i możliwościami związanymi z globalizacją gospodarczą i finansową, konieczne jest, aby priorytetowo traktowały ten aspekt polityki publicznej w celu zapewnienia długoterminowego wzrostu gospodarczego i rozwoju. Jednakże brak dyscypliny fiskalnej często wynika z nieracjonalnego korzystania z dyskrecji, co może mieć szkodliwy wpływ na gospodarkę. Korzyści i zagrożenia związane z swobodą działania Politycy często opierają się na możliwości reagowania na nieoczekiwane wstrząsy i wykonywania mandatów, ale ta swoboda może być niewłaściwie wykorzystana, co prowadzi do trwałego deficytu i prokyklicznej polityki.
עיקרון זה של משמעת תקציבית נחוץ כדי לשפר ולשמור על ביצועים כלכליים, לשמור על יציבות מאקרו-כלכלית ולהפחית פגיעות. כאשר המדינות ממשיכות להיאבק באתגרים ובהזדמנויות שמציבה הגלובליזציה הכלכלית והפיננסית, חיוני שהן יתעדפו את ההיבט הזה של המדיניות הציבורית כדי להבטיח צמיחה ופיתוח לטווח ארוך. עם זאת, היעדר משמעת כספית נובעת לרוב משימוש לא סביר בשיקול דעת, אשר עלול לגרום להשפעות מזיקות על הכלכלה. היתרונות והסיכונים של מרחב פעולה פוליטיקאים לעתים קרובות מסתמכים על מרחב תמרון כדי להגיב לזעזועים בלתי צפויים ולבצע את המנדטים שלהם, אבל מרחב התמרון הזה יכול להיות מנוצל לרעה,''
Bu bütçe disiplini ilkesi, ekonomik performansı iyileştirmek ve sürdürmek, makroekonomik istikrarı korumak ve kırılganlığı azaltmak için gereklidir. Ülkeler ekonomik ve finansal küreselleşmenin getirdiği zorluklar ve fırsatlarla mücadele etmeye devam ederken, uzun vadeli büyüme ve gelişmeyi sağlamak için kamu politikasının bu yönüne öncelik vermeleri zorunludur. Bununla birlikte, mali disiplin eksikliği genellikle ekonomi üzerinde zararlı etkileri olabilecek makul olmayan sağduyu kullanımından kaynaklanmaktadır. Politikacılar genellikle beklenmedik şoklara cevap vermek ve görevlerini yerine getirmek için boşluğa güvenirler, ancak bu boşluk kötüye kullanılabilir, bu da kalıcı açıklara ve döngüsel politikalara yol açabilir.
هذا المبدأ من مبادئ الانضباط في الميزانية ضروري لتحسين الأداء الاقتصادي والحفاظ عليه، والحفاظ على استقرار الاقتصاد الكلي والحد من الضعف. ومع استمرار البلدان في مواجهة التحديات والفرص التي تطرحها العولمة الاقتصادية والمالية، يتحتم عليها أن تعطي الأولوية لهذا الجانب من جوانب السياسة العامة لضمان النمو والتنمية على المدى الطويل. ومع ذلك، غالبًا ما يرجع الافتقار إلى الانضباط المالي إلى الاستخدام غير المعقول للسلطة التقديرية، مما قد يكون له آثار ضارة على الاقتصاد. غالبًا ما تعتمد فوائد ومخاطر الفسحة السياسيون على الفسحة للاستجابة للصدمات غير المتوقعة وتنفيذ تفويضاتهم، ولكن يمكن إساءة استخدام هذه الفسحة، مما يؤدي إلى استمرار العجز والسياسات المسايرة للدورات الاقتصادية.
이 예산 규율의 원칙은 경제 성과를 개선 및 유지하고 거시 경제 안정성을 유지하며 취약성을 줄이기 위해 필요합니다. 국가들이 경제 및 금융 세계화로 인한 도전과 기회로 계속 어려움을 겪고 있기 때문에 장기적인 성장과 발전을 보장하기 위해 공공 정책의 이러한 측면을 우선시해야합니다. 그러나 재정 규율의 부재는 종종 불합리한 재량의 사용으로 인해 경제에 해로운 영향을 줄 수 있습니다. 여가 정치인의 이점과 위험은 종종 예상치 못한 충격에 대응하고 위임을 수행하기 위해 여유에 의존하지만, 이 여유는 오용 될 수 있으며, 지속적인 적자와 순환 적 정책으로 이어질 수 있습니다.
この予算規律の原則は、経済パフォーマンスを改善し、維持し、マクロ経済の安定性を維持し、脆弱性を低減するために必要です。各国が経済・金融のグローバル化によってもたらされる課題や機会に苦戦し続ける中で、長期的な成長と発展を確保するためには、公共政策のこの側面を優先することが不可欠です。しかし、財政規律の欠如は、多くの場合、経済に有害な影響を及ぼす可能性のある裁量の不合理な使用によるものです。余裕の利点とリスク政治家はしばしば余裕に依存して予期せぬショックに対応し、彼らの命令を実行しますが、この余裕は誤用される可能性があり、持続的な赤字と循環政策につながります。
這一預算紀律原則對於改善和維持經濟績效、維持宏觀經濟穩定和減少脆弱性至關重要。各國繼續面對經濟和金融全球化帶來的挑戰和機遇,因此必須優先考慮公共政策的這一方面,以確保長期增長和發展。但是,缺乏預算紀律通常與不明智地使用酌處權有關,這可能對經濟產生不利影響。政策行動自由的優勢和風險通常依賴於行動自由來應對意想不到的沖擊並執行其任務,但是這種行動自由可能會被濫用,從而導致持續的赤字和順周期性政策。

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