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Topic: Golden Rule (fiscal policy)

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	Fiscal policy - Wikipedia, the free encyclopedia
		Fiscal policy is the economic term which describes the actions of a government in setting the level of public expenditure and how that expenditure is funded.
		Expansionary fiscal policy - an increase in government purchases of goods and services, a decrease in net taxes, or some combination of the two for the purpose of increasing aggregate demand and expanding real output.
		Contractionary fiscal policy - a decrease in government purchases of goods and services, an increase in net taxes, or some combination of the two for the purpose of decreasing aggregate demand and thus controlling inflation.
	en.wikipedia.org /wiki/Fiscal_policy (485 words)

	Golden Rule - Wikipedia, the free encyclopedia
		Golden Rule (ethics), in ethics, morality, history and religion
		Golden Rule (fiscal policy), in economics, a rule adopted in the UK by HM Treasury to provide guidelines for fiscal policy
		Golden Rule Airlines, a small aviation company located in Kyrgyzstan.
	en.wikipedia.org /wiki/Golden_Rule (169 words)

	Pre-Budget Report November 1997 - Chapter 2 (Site not responding. Last check: 2007-09-10)
		This is because a policy of targeting a zero cyclically-adjusted current balance might not guarantee meeting the golden rule on average over the economic cycle if the upswing and downturn phases of the cycle were of different length or strength.
		Fiscal policy was relaxed, and the public finances deteriorated rapidly (see Chart 2.3) until the cyclically-adjusted PSBR reached nearly 4 per cent of GDP in 1993-94, with the actual PSBR reaching 7 per cent of GDP.
		The effect of the fiscal rules and the deficit reduction plan, which explicitly errs on the side of caution to ensure that the Government's goals are achieved, continues to be consistent with the terms of the EU Stability and Growth Pact.
	www.archive.official-documents.co.uk /document/hmt/prebud98/chap2.htm (5186 words)

	Scottish Economic Report: January 2000: page 7
		Monetary policy management involves considerations about how the monetary policy transmission mechanism operates - that is, the ways in which a change in monetary policy affects economic and financial markets, and how this in turn affects monetary conditions such as the rate of inflation.
		One consequence of the delayed effect of monetary policy changes, and the need to ensure that inflation is on target over the Bank's two-year forecasting period, is that current policy must be set in anticipation of the macro-economic conditions that may prevail over this time horizon.
		Fiscal policy remains relatively tight with net borrowing having fallen and expected to be in surplus in the current financial year.
	www.scotland.gov.uk /library2/doc10/ser2-07.asp (5819 words)

	Take the politics out of fiscal policy
		There is a growing case for bringing to fiscal policy the detachment that has worked well for monetary policy.
		Its job would be to assess the overall level of taxation needed to meet the government's declared goals: fiscal stability, cyclically adjusted budget balance, consistency with the policies and practice of a common currency zone.
		The fiscal policy commission should, in the first instance, be a purely advisory body.
	www.johnkay.com /print/272.html (741 words)

	Brown deflects tax rises by tweaking golden rule :: Freelance UK
		The Chancellor said his self-imposed fiscal policy, which dictates borrowing only for investment, needing amending to state that the economic cycle it runs along started in 1997, and not 1999 as previously thought.
		According to the Chancellor, the revision to the cycle, which effectively spares Mr Brown from the embarrassment of breaking his golden rule, needed updating to account for revisions to the recent path of economic growth.
		Political commentators meanwhile said the tweak to the golden rule was more about Mr Brown’s ambition for the premiership, and how the prudent Chancellor, hailed as Tony Blair’s successor, simply couldn’t afford to blunder his oft-trumpeted fiscal policy.
	www.freelanceuk.com /news/1264.shtml (536 words)

	Economic and Fiscal Strategy Report 1998 - Chapter 3 (Site not responding. Last check: 2007-09-10)
		The fiscal strategy will ensure that the Government's strict fiscal rules are met through a tough new regime of public expenditure planning, which breaks decisively from the past.
		It would be a serious mistake to divert fiscal policy away from this end in an attempt to manage short-term demand and inflationary pressures in the economy.
		Consistent with the fiscal rules, there will also be a clear distinction between capital and current expenditure to ensure that worthwhile capital investment is not squeezed out by short-term pressures in the way it has been in the past.
	www.archive.official-documents.co.uk /document/cm39/3978/chap3.htm (5335 words)

	www.publicfinance.co.uk - Features - Comment – A Labour of liabilities, by George Osborne
		The golden rule was that over the economic cycle, the government should borrow only to invest and not to fund current spending.
		The golden rule should be judged by an independent panel, which should estimate the length of the cycle and decide what counts as investment expenditure.
		It is crucial that the rules governing the economy are properly and independently assessed, or the fiscal rules will get very well known, for all the wrong reasons.
	www.cipfa.org.uk /publicfinance/features_details.cfm?News_id=25214 (1662 words)

	: Accrual accounting and Australian fiscal policy : An article from: Fiscal Studies
		Accrual accounting has been accompanied at the national government level by the introduction of a new fiscal policy measure: the "fiscal balance." This paper explains and evaluates this new fiscal measure.
		It concludes that, given the present fiscal policy of the Australian government, fiscal balance is a superior fiscal policy measure to the "cash" budget balance measure which it replaced.
		However, from the alternative "golden rule" policy standpoint, fiscal balance is not a meaningful fiscal policy measure - although its stock counterpart, net financial liabilities, certainly is.
	www.seven-sisters.com /B000BE1KLI.shtml (214 words)

	Institute for Fiscal Studies: Press
		But judging compliance with the rule by calculating the average surplus on the current budget in the current cycle places too much emphasis on the legacy of past policy decisions and external shocks.
		Even in the absence of new policy announcements, the Treasury expects this cyclically adjusted balance to move from a deficit of 0.8 per cent of national income this year — the weakest since Labour came to power — to a surplus of 0.6 per cent in 2008—09.
		Against that benchmark, in the absence of fresh policy measures, we do not believe that he can expect to meet the golden rule on a forward-looking basis with the comfort he has sought in previous Budgets.
	www.ifs.org.uk /press.php?publication_id=1759&selectyr=2004 (2017 words)

	www.publicfinance.co.uk - Features - Analysis – Fiscal rules at breaking point, by Christine Frayne and Sarah Love
		The ‘golden rule’ states that the government can borrow only to invest, not to finance current spending (on such items as wages), over the economic cycle.
		This time last year, Brown declared that he expected to meet the golden rule over the cycle with ‘an estimated surplus at £46bn’ – a dramatic decrease from the £100bn he was predicting in the April 2001 Budget.
		Although the golden rule might still be met looking backwards, the margin of comfort has decreased.
	www.cipfa.org.uk /publicfinance/features_details.cfm?News_id=18095 (907 words)

	Economic Survey - United Kingdom 2004: The fiscal challenge (Site not responding. Last check: 2007-09-10)
		The government conducts fiscal policy to meet both its “golden rule”, that over the course of the cycle it should not borrow to finance current expenditure, and its “sustainable investment rule”, that public sector net debt remains below 40 per cent of GDP.
		On the one hand, the golden rule is expected to be met over this cycle, projected to end in 2005-06, with the current balance returning to surplus at the start of the next cycle.
		On the other hand, the more pessimistic OECD projections suggest that, although the golden rule would just be met in the current cycle, a sizeable structural deficit would persist.
	www.oecd.org /document/46/0,2340,en_2649_34635_24300718_1_1_1_1,00.html (1221 words)

	In the News - Individual News Item: Fiscal Policy
		The Golden Rule was established by Mr Brown to put a self imposed restraint on his actions as Chancellor.
		The purpose is to set a clear aim that informs the financial markets and the economy in general about the ambitions of the government and thus influences expectations about the way in which fiscal policy will be carried out.
		He has announced a number of major spending initiatives in the Budgets of the past two to three years and has put faith in the growth of the economy to provide the funds to allow him to do that.
	www.bized.ac.uk /dataserv/chron/news/2398.htm (596 words)

	SSRN-Ranking Fiscal Policy Rules:the Golden Rule of Public Finance vs. the Stability and Growth Pact by Jerome Creel
		The purpose of this note is to compare the characteristics of the actual Stability and Growth Pact with that of a European "modified golden rule." The latter would consist in achieving in each EU country a cyclically-adjusted net-of-public-investment balance.
		The benchmark for comparison is the classification adopted by Kopits and Symansky (1998) on "ideal fiscal rules." This classification has been used by Buti et al.
		I intend to show rather, that the "modified golden rule" is a better fiscal rule than the actual Pact.
	papers.ssrn.com /soL3/papers.cfm?abstract_id=826285 (264 words)

	OECD says not yet any compelling case for further BoE rate cuts UPDATE - Forbes.com (Site not responding. Last check: 2007-09-10)
		Chancellor of the Exchequer Gordon Brown has eased fiscal policy substantially since 2000, when the UK had a surplus of 3.75 pct of GDP.
		But it said Brown's 'golden rule' of only borrowing for investment over the course of the business cycle is not the best way of measuring the success of his fiscal policy.
		The golden rule relies heavily on judgements regarding the timing of the cycle, and the government's recently revised judgement that the current cycle began two years earlier than previously thought will help to meet the rule, it noted.
	www.forbes.com /business/feeds/afx/2005/10/12/afx2272284.html (1457 words)

	Institute for Fiscal Studies: Publications
		The golden rule of public finance is based upon the notion that intergenerational equity requires that the cost of public expenditures be spread over time in a manner that reflects the intertemporal distribution of the benefits generated by those expenditures.
		This article considers the form of accrual accounting that is most suited to the task of measuring the consistency of fiscal policy with the golden rule.
		The meaning of balance-sheet measures is also considered, and it is concluded that the golden rule is more appropriately expressed as an accrual balanced budget requirement than as a requirement for the maintenance of constant net worth.
	www.ifs.org.uk /publications.php?publication_id=2234 (169 words)

	Accrual accounting and Australian fiscal policy
		Accrual accounting has been accompanied at the national government level by the introduction of a new key fiscal policy measure: the ‘fiscal balance’.
		This paper explains and evaluates this new fiscal measure.
		However, from the alternative ‘golden rule’ policy standpoint, fiscal balance is not a meaningful fiscal policy measure — although its stock counterpart, net financial liabilities, certainly is.
	ideas.repec.org /a/ifs/fistud/v23y2002i2p287-300.html (298 words)

	Notes on `A Code for Fiscal Stability' (ResearchIndex) (Site not responding. Last check: 2007-09-10)
		Abstract: This note comments on two central issues for fiscal policy design in the UK, highlighted in the recent `Code for Fiscal Stability' proposed by the new Labour government.
		The first concerns the merits of the so-called `golden rule of public sector investment' -- the proposition that, over the cycle, government borrowing should not exceed government (net) capital formation.
		The second concerns the case for attempting to construct a more comprehensive balance sheet of public sector assets and...
	citeseer.ist.psu.edu /255035.html (349 words)

	Greater Scrutiny Required of Fiscal Policy (Liberal Democrats in Business) (Site not responding. Last check: 2007-09-10)
		"If the 'golden rule' is not going to be met the Chancellor must acknowledge this drift in fiscal policy.
		He should not be allowed to fudge the rule by changing his definition of the economic cycle.
		"The Liberal Democrats propose that the Chancellor allows greater independent scrutiny of fiscal policy to ensure that credibility is maintained.
	www.libdemsinbusiness.org.uk /news/548.html (286 words)

	Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact
		Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact
		The purpose of this note is to compare the characteristics of the actual Stability and Growth Pact with that of a European "modified golden rule".
		The benchmark for comparison is the classification adopted by Kopits and Symansky (1998) on "ideal fiscal rules".
	ideas.repec.org /p/fce/doctra/0304.html (511 words)

	Liberal Democrats : Chancellor's statement shows greater scrutiny of fiscal policy needed - Cable (Site not responding. Last check: 2007-09-10)
		"This will dissipate the small amount of credibility that the Chancellor established when the rule was created.
		For too long the Chancellor has been setting his own tests and then taking credit for having passed.
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	www.libdems.org.uk /news/story.html?id=8868&navPage=news.html (270 words)

	Chancellor's statement shows greater scrutiny of fiscal policy needed - Cable (Liberal Democrats in Business)
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		Chancellor's statement shows greater scrutiny of fiscal policy needed - Cable
		In response to comments made today by the Chancellor of the Exchequer to the Treasury Select Committee, concerning the change to the economic cycle, Liberal Democrat Shadow Chancellor, Vince Cable MP said:
	libdemsinbusiness.org.uk /news/566.html?PHPSESSID=5b08e84ae8f451c53f... (589 words)

	Liberal Democrats : TRUST MUST BE RESTORED IN FISCAL POLICY - CABLE (Site not responding. Last check: 2007-09-10)
		Commenting on reports by PriceWaterhouseCoopers that Gordon Brown is in danger of breaking his ‘golden economic rule’, Liberal Democrat Shadow Chancellor, Dr Vince Cable MP, said:
		“The Chancellor’s failure to acknowledge a drift in fiscal policy or any possible fudging is likely to lead to further distrust of the Government.
		“The Liberal Democrats are proposing that the Chancellor allows a modest degree of independent scrutiny in fiscal policy to ensure that credibility is maintained.
	www.libdems.org.uk /news/story.html?id=7730&navPage=news.html (182 words)

	Independent Online Edition > UK Politics (Site not responding. Last check: 2007-09-10)
		Gordon Brown was last night accused of putting off unpalatable tax increases or cuts in public spending until 2007 by "fiddling" his own cherished Golden Rule.
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		Leading article: Gordon Brown should play by his own rules
	news.independent.co.uk /uk/politics/article300339.ece (190 words)

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