![]() ![]() (1956) authored an analysis of this concept aiming to find its origins. Consequently, the concept of "automatic stabilizers" was developed. ![]() The discretionary character of the fiscal-budgetary policy in Romania is generated primarily by the reduced capacity of macroeconomic prevision, but also by political reasons.Īt this point, even at the level of theoretical debates, there are no attempts to introduce, in the projection, implementation and monitoring of the fiscal-budgetary policies, automatic fiscal stabilizers which to respond, without additional costs, to the emergence of unacceptable gaps between the projected targets and the ones actually achieved throughout the budgetary exercise, and which to thereby ensure, in a non-discretionary and completely predictable way, the adjustments at the real economy level.Īs economy was developing, economists tried to find solutions for the control or modification of the economic cycle. This generates not only a raised fiscal-budgetary instability but also high adjustment costs (including from the fiscal administration viewpoint) throughout the execution of the general consolidated budget. ![]() Key words: adjustment policies, automatic fiscal stabilizer, non-discretionary fiscal policies, adjustment costs, normative authorities.Įstablishing the public adjustment policies, particularly the fiscal-budgetary policy, largely has a discretionary character. ![]()
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