Seamus coffey economics webinar 08.12.10
•Download as PPTX, PDF•
0 likes•307 views
The document discusses budget 2011 and government expenditure from the perspective of Seamus Coffey in the Department of Economics. It focuses on expenditure savings for central government spending. However, it notes that there is one little problem with the expenditure savings plans.
Report
Share
Report
Share
Recommended
Can the EU survive the Eurozone Crisis?
The document summarizes a lecture given by Professor Vivien A. Schmidt from Boston University titled "Can the EU survive the EUROzone Crisis?". The lecture discusses whether the crisis stems more from economic or political failures and analyzes different perspectives on the problems and solutions. It examines issues like private versus public debt, austerity policies, lack of investment, and political leadership. The lecture concludes that the crisis involves problems with EU structures, policies, institutions and politics and that the EU needs better leadership, new ideas, reforms, and more democracy to survive.
The Eurozone Crisis and UK Pension Funds
This document summarizes a breakfast teach-in on the Eurozone sovereign debt crisis and its potential impacts on UK pension funds. It provides background on the crisis and analyzes two sample pension fund allocations (A and B) under three potential Eurozone scenarios: a Greek default, breakup of the Eurozone periphery, and a full breakup of the Euro currency. Allocation B is found to better manage risks through a reduced equity allocation and increased allocation to less volatile assets.
Economic crisis management: Latvian story
Presentation by Andris Vilks, Minister of Finance, Republic of Latvia at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
Paul van den noord 2010 11 08 growth drivers com
1) Many OECD countries face large output gaps, severe fiscal imbalances with high debt levels, and rising current account imbalances.
2) Faster fiscal consolidation could reduce short-term growth but lead to higher medium-term growth through lower interest rates and cost of capital.
3) Additional structural reforms and exchange rate adjustments are also needed along with fiscal consolidation to achieve balanced long-term growth across countries.
Divert subsidies, build the roads (alihkan subsidi)
The document discusses Indonesia's large fuel subsidies and argues that the government should reallocate the subsidies to infrastructure development instead. It notes that from 2006 to 2013, energy subsidies amounted to Rp. 1,000 trillion each year. In 2012 alone, fuel subsidies totaled Rp. 305.9 trillion, with Rp. 202.4 trillion for gasoline and Rp. 103.5 trillion for diesel. The document argues that fuel subsidies do not effectively target the poor, encourage excessive fuel consumption, and are too large compared to infrastructure funding. It also explains that the government has been reluctant to raise fuel prices due to concerns about inflation and public sentiment.
Pensions and the European Debt Crisis
The document discusses the European debt crisis and its impact on pensions. It identifies four key points: 1) the debt crisis poses risks to both funded and unfunded pension systems, 2) implicit pension liabilities should be considered, 3) European politicians need action to restore confidence and contain the debt, and 4) structural reforms are needed and budget deficits must be reduced. It then provides context on the history and causes of the debt crisis, and analyzes four scenarios for resolving it based on regaining market confidence in the short-term and implementing structural reforms in the long-term.
Ardo Hansson. European recovery in longer-term perspective – a view from a (s...
Governor Ardo Hansson participated in a panel discussion at the seminar organised by the Peterson Institute for International Economics in Washington. 09.10.2013
Europ eco outlook 2 may 2013 hs_financelab
The document provides an economic and market update for Europe, with the following key points:
1) The euro crisis recovery is slow and fragile with differing speeds across countries. Germany is coping relatively well while others like Italy remain in difficult situations.
2) Financial markets have recovered somewhat on expectations of continued loose monetary policy, but the outlook remains uncertain.
3) The euro has weakened against the dollar and U.S. manufacturing, which could help the euro area recovery by boosting exports. However, long term the dollar is expected to strengthen versus the euro.
4) The European Central Bank has limited tools remaining to support growth as fiscal austerity continues to hamper a stronger recovery in many countries. The
Recommended
Can the EU survive the Eurozone Crisis?
The document summarizes a lecture given by Professor Vivien A. Schmidt from Boston University titled "Can the EU survive the EUROzone Crisis?". The lecture discusses whether the crisis stems more from economic or political failures and analyzes different perspectives on the problems and solutions. It examines issues like private versus public debt, austerity policies, lack of investment, and political leadership. The lecture concludes that the crisis involves problems with EU structures, policies, institutions and politics and that the EU needs better leadership, new ideas, reforms, and more democracy to survive.
The Eurozone Crisis and UK Pension Funds
This document summarizes a breakfast teach-in on the Eurozone sovereign debt crisis and its potential impacts on UK pension funds. It provides background on the crisis and analyzes two sample pension fund allocations (A and B) under three potential Eurozone scenarios: a Greek default, breakup of the Eurozone periphery, and a full breakup of the Euro currency. Allocation B is found to better manage risks through a reduced equity allocation and increased allocation to less volatile assets.
Economic crisis management: Latvian story
Presentation by Andris Vilks, Minister of Finance, Republic of Latvia at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
Paul van den noord 2010 11 08 growth drivers com
1) Many OECD countries face large output gaps, severe fiscal imbalances with high debt levels, and rising current account imbalances.
2) Faster fiscal consolidation could reduce short-term growth but lead to higher medium-term growth through lower interest rates and cost of capital.
3) Additional structural reforms and exchange rate adjustments are also needed along with fiscal consolidation to achieve balanced long-term growth across countries.
Divert subsidies, build the roads (alihkan subsidi)
The document discusses Indonesia's large fuel subsidies and argues that the government should reallocate the subsidies to infrastructure development instead. It notes that from 2006 to 2013, energy subsidies amounted to Rp. 1,000 trillion each year. In 2012 alone, fuel subsidies totaled Rp. 305.9 trillion, with Rp. 202.4 trillion for gasoline and Rp. 103.5 trillion for diesel. The document argues that fuel subsidies do not effectively target the poor, encourage excessive fuel consumption, and are too large compared to infrastructure funding. It also explains that the government has been reluctant to raise fuel prices due to concerns about inflation and public sentiment.
Pensions and the European Debt Crisis
The document discusses the European debt crisis and its impact on pensions. It identifies four key points: 1) the debt crisis poses risks to both funded and unfunded pension systems, 2) implicit pension liabilities should be considered, 3) European politicians need action to restore confidence and contain the debt, and 4) structural reforms are needed and budget deficits must be reduced. It then provides context on the history and causes of the debt crisis, and analyzes four scenarios for resolving it based on regaining market confidence in the short-term and implementing structural reforms in the long-term.
Ardo Hansson. European recovery in longer-term perspective – a view from a (s...
Governor Ardo Hansson participated in a panel discussion at the seminar organised by the Peterson Institute for International Economics in Washington. 09.10.2013
Europ eco outlook 2 may 2013 hs_financelab
The document provides an economic and market update for Europe, with the following key points:
1) The euro crisis recovery is slow and fragile with differing speeds across countries. Germany is coping relatively well while others like Italy remain in difficult situations.
2) Financial markets have recovered somewhat on expectations of continued loose monetary policy, but the outlook remains uncertain.
3) The euro has weakened against the dollar and U.S. manufacturing, which could help the euro area recovery by boosting exports. However, long term the dollar is expected to strengthen versus the euro.
4) The European Central Bank has limited tools remaining to support growth as fiscal austerity continues to hamper a stronger recovery in many countries. The
Quantitative easing
Quantitative easing (QE) is an unconventional monetary policy used by central banks to stimulate the economy through increasing the money supply when standard policies are ineffective. It works by having the central bank buy financial assets like treasury bonds from banks, increasing their prices and lowering interest rates. This aims to encourage borrowing and spending by businesses and households. The document outlines the history of QE programs in the US since 2008 and discusses whether they achieved their goals as well as the potential benefits like economic growth and risks like higher inflation.
Governor Herbert 2011 Budget Recommendations
Governor Gary Herbert presented budget recommendations for FY 2010 and FY 2011. For FY 2010, he outlined a $183 million budget shortfall and solutions to close that gap, including agency spending reductions and using restricted funds. For FY 2011, he identified a $510 million funding need, and recommended revenue sources such as using the rainy day fund and sales tax changes to meet budget requests for education, state agencies, and other priorities while avoiding tax increases. The recommendations would reduce Utah's structural deficit by $20 million and leave $253 million in the state's rainy day fund.
Ireland’s EU-IMF Program: A Safe Harbor in a Perfect Storm
The document summarizes Ireland's EU-IMF program from 2010-2014 that aimed to restore financial stability and regain market access after Ireland faced severe challenges from the global financial crisis and euro crisis. The program focused on upfront actions like evaluating bank balance sheets, a clear plan for restructuring banks, and large fiscal consolidation. Euro area policies like improved financing terms and ECB commitments were also essential to the program's success. By mid-2012, Ireland began recovering as hiring and investment increased and it gradually regained market access, though work remains to fully repair the banking sector and reduce high debt levels. The IMF assessed that careful phasing of financial and fiscal reforms while protecting growth was important to program effectiveness.
CASE Network E-brief 9.2010 - Euro Crisis or Debt Crisis?
CASE Network E-brief 9.2010 - Euro Crisis or Debt Crisis?CASE Center for Social and Economic Research
The public debt crisis is not limited to Greece or to the Euro area. In fact, several developed economies face rapidly growing debt-to-GDP ratios, which raise doubts about their long-term solvency. Thus, suggesting that the Eurozone is undergoing a currency crisis or is in danger of disintegration is not the right diagnosis (or at least premature). However, if prudent fiscal policies, fiscal discipline and far-reaching structural reforms are not undertaken soon, both the EU and EMU may face serious internal tensions and obstacles to future economic growth.
Authored by: Marek Dąbrowski
Published in 2010How do we Know if the Federal Debt is Sustainable?
Discusses the sustainability of the federal debt using debt dynamics and the structural primary balance
Fiscal Policy and Public Debt
This document discusses fiscal policy in Latin American countries. It notes that international institutions traditionally advocated fiscal consolidation through austerity measures. However, some South American governments in the 2000s abandoned neoliberal policies in favor of growth with stable public policies. Data shows that these "Pink" countries experienced higher economic growth and declining public debt compared to other Latin American nations, though inequality remained an issue. While these governments had more autonomy, international credit markets still imposed conditions that limited their fiscal policy sovereignty.
The quantitative easing
A summary of Quantitative easing policy, its first implementation in Japan, then America after the crisis of 2008 and Europe after the Greece sovereign debt crisis.
EIU Webinar_European Debt Crisis_Nov 23 2010
As a result of the financial crisis and global recession public debt burdens have risen to critical levels in a number of Western European countries. Emergency loans from the EU and IMF have eased funding pressures, but have only bought the region time; painful fiscal adjustment and an improvement in competitiveness is required if the region is to enjoy a sustainable recovery.
Eastern Europe, while rebounding through exports and industrial output, will underperform its emerging-market peers in 2010. Business and consumer sentiment in the region is fragile, and its currency and bond markets are vulnerable to contagion from problems in the euro zone or a rise in risk aversion more broadly.
This presentation takes a look at the economic outlook for both Western and Eastern Europe.
Leszek Balcerowicz: Euro: problems and solutions
Presentation by Dr. Leszek Balcerowicz, Warsaw School of Economics at University of Latvia
Riga, March 19, 2013.
Bartosz Mackowiak, ADEMU, May 2017
This document summarizes a model that examines the interactions between monetary and fiscal policy in the euro area and how this contributed to the region's recent economic malaise. The model is able to reproduce key features of the euro area's weak growth, low inflation, and sovereign debt crisis when calibrated to reflect how policies are conducted. An alternative policy configuration involving coordination of monetary and fiscal policies through a centrally-operated fund issuing non-defaultable debt could have led to improved economic outcomes by making public debt crisis self-fulfilling events less likely and giving policymakers more room to respond to economic downturns in a stabilizing manner.
dollars and money system
The US economy is expected to see GDP growth between 2.7-2.9% in the next quarter. Banking sectors in both the US and Europe have strengthened with higher capitalization levels and improved financial performance for many banks. The Eurozone is projected to see 1.3% growth for 2011, similar to the US once you account for their differing population growth rates, and Germany in particular is expected to be one of the world's great growth engines. The US dollar has an inverse relationship with commodities and equities, and its value has fallen against other currencies like the Euro and Indian rupee in recent times.
Test Today
1) The Congressional Budget Office presentation discusses the challenges of estimating the federal budget and economy in light of the fiscal stimulus and ongoing recovery from recession.
2) It notes that while the recovery is underway, several factors will dampen its strength, including financial market fragility and restrained household spending.
3) A key issue is that under current policies, spending for programs like Social Security and Medicare will exceed total federal revenues by 2020, meaning significant changes will be needed to taxes or other spending.
Six-Pack, Two-Pack and the Fiscal Compact
The document discusses the Six-Pack, Two-Pack and Fiscal Compact which introduced stricter fiscal rules for EU countries. It outlines the key provisions including medium-term budgetary objectives of -1% to balance of GDP, annual improvements of 0.5% of GDP to structural balance, and reducing excess debt by 1/20th annually. It also examines macroeconomic indicators for Ireland like growth, deficits, debt levels, and concludes that increased monitoring and enforcement aims to prevent future crises but may not solve the ongoing crisis.
Don walshe economics webinar 08.12.10
The document summarizes an economics webinar discussing Ireland's budget, banks, and bailout. It notes that Ireland's creditworthiness is being questioned due to its inability to absorb banking losses and austerity measures slowing growth. If sovereign investors are forced to assume bank risk, they will charge high interest rates. As a result, any bailout should move bank risk away from domestic taxpayers. The webinar also discusses plans for a bank restructuring package involving recapitalization, restructuring, and private market funding rather than a bailout. Key issues include quickly reorganizing and selling banks, containing additional losses, and restoring creditworthiness.
A traveler’s guide_to_greece_and_romania
This 6-month project between secondary students aged 13-15 from Greece and Romania aims to raise cultural awareness and promote global collaboration. Students from the 4th Junior High of Metamorfosis in Greece and Petru Rares School in Romania will communicate via email, blogs, video chats, and social media to learn about each other's lifestyles and preferences. Their goal is to produce a travel guide for visiting each other's countries to be shared online. ICT tools like PowerPoint and websites will be used to share information about their schools and home countries.
Jacksonville FL Market - Station Switching Research
Multiple studies show that audiences for music radio stations decrease significantly during commercial breaks, with an average drop of 42%. A separate study found that 88% of the audience is retained after one commercial, but less than two-thirds remain after four commercials, and less than half stay after six or more commercials. In contrast, sports radio elicits a more engaged and attentive audience that does not decrease as much during commercials as music formats. Listeners may also switch stations during commercial breaks to avoid them, highlighting the importance of including multiple radio stations in a marketing campaign to ensure impressions and responses.
Metro Traffic 2009 Jacksonville
Presentation on how you can market your company in Jacksonville using Metro Networks traffic and information sponsorships.
Irish Innovation Policy UCC Lecture
UCC College of Science, Engineering and Food Science Annual Lecture Series. February 2012. Re-imagining Irish Innovation Policy: Reclaiming Innovation for Business
Palatul culturii
The Palace of Culture in Iasi, Romania was built between 1906-1925 and houses four major museums. It is located on the site of medieval royal courts from the 15th century and incorporates foundations from previous royal palaces from the early 19th century. Today it serves as the headquarters for the National Museum Complex "Moldova" and contains the Museum of History of Moldova, Moldavian Ethnographic Museum, Museum of Art, and Museum of Science and Technology.
More Related Content
What's hot
Quantitative easing
Quantitative easing (QE) is an unconventional monetary policy used by central banks to stimulate the economy through increasing the money supply when standard policies are ineffective. It works by having the central bank buy financial assets like treasury bonds from banks, increasing their prices and lowering interest rates. This aims to encourage borrowing and spending by businesses and households. The document outlines the history of QE programs in the US since 2008 and discusses whether they achieved their goals as well as the potential benefits like economic growth and risks like higher inflation.
Governor Herbert 2011 Budget Recommendations
Governor Gary Herbert presented budget recommendations for FY 2010 and FY 2011. For FY 2010, he outlined a $183 million budget shortfall and solutions to close that gap, including agency spending reductions and using restricted funds. For FY 2011, he identified a $510 million funding need, and recommended revenue sources such as using the rainy day fund and sales tax changes to meet budget requests for education, state agencies, and other priorities while avoiding tax increases. The recommendations would reduce Utah's structural deficit by $20 million and leave $253 million in the state's rainy day fund.
Ireland’s EU-IMF Program: A Safe Harbor in a Perfect Storm
The document summarizes Ireland's EU-IMF program from 2010-2014 that aimed to restore financial stability and regain market access after Ireland faced severe challenges from the global financial crisis and euro crisis. The program focused on upfront actions like evaluating bank balance sheets, a clear plan for restructuring banks, and large fiscal consolidation. Euro area policies like improved financing terms and ECB commitments were also essential to the program's success. By mid-2012, Ireland began recovering as hiring and investment increased and it gradually regained market access, though work remains to fully repair the banking sector and reduce high debt levels. The IMF assessed that careful phasing of financial and fiscal reforms while protecting growth was important to program effectiveness.
CASE Network E-brief 9.2010 - Euro Crisis or Debt Crisis?
CASE Network E-brief 9.2010 - Euro Crisis or Debt Crisis?CASE Center for Social and Economic Research
The public debt crisis is not limited to Greece or to the Euro area. In fact, several developed economies face rapidly growing debt-to-GDP ratios, which raise doubts about their long-term solvency. Thus, suggesting that the Eurozone is undergoing a currency crisis or is in danger of disintegration is not the right diagnosis (or at least premature). However, if prudent fiscal policies, fiscal discipline and far-reaching structural reforms are not undertaken soon, both the EU and EMU may face serious internal tensions and obstacles to future economic growth.
Authored by: Marek Dąbrowski
Published in 2010How do we Know if the Federal Debt is Sustainable?
Discusses the sustainability of the federal debt using debt dynamics and the structural primary balance
Fiscal Policy and Public Debt
This document discusses fiscal policy in Latin American countries. It notes that international institutions traditionally advocated fiscal consolidation through austerity measures. However, some South American governments in the 2000s abandoned neoliberal policies in favor of growth with stable public policies. Data shows that these "Pink" countries experienced higher economic growth and declining public debt compared to other Latin American nations, though inequality remained an issue. While these governments had more autonomy, international credit markets still imposed conditions that limited their fiscal policy sovereignty.
The quantitative easing
A summary of Quantitative easing policy, its first implementation in Japan, then America after the crisis of 2008 and Europe after the Greece sovereign debt crisis.
EIU Webinar_European Debt Crisis_Nov 23 2010
As a result of the financial crisis and global recession public debt burdens have risen to critical levels in a number of Western European countries. Emergency loans from the EU and IMF have eased funding pressures, but have only bought the region time; painful fiscal adjustment and an improvement in competitiveness is required if the region is to enjoy a sustainable recovery.
Eastern Europe, while rebounding through exports and industrial output, will underperform its emerging-market peers in 2010. Business and consumer sentiment in the region is fragile, and its currency and bond markets are vulnerable to contagion from problems in the euro zone or a rise in risk aversion more broadly.
This presentation takes a look at the economic outlook for both Western and Eastern Europe.
Leszek Balcerowicz: Euro: problems and solutions
Presentation by Dr. Leszek Balcerowicz, Warsaw School of Economics at University of Latvia
Riga, March 19, 2013.
Bartosz Mackowiak, ADEMU, May 2017
This document summarizes a model that examines the interactions between monetary and fiscal policy in the euro area and how this contributed to the region's recent economic malaise. The model is able to reproduce key features of the euro area's weak growth, low inflation, and sovereign debt crisis when calibrated to reflect how policies are conducted. An alternative policy configuration involving coordination of monetary and fiscal policies through a centrally-operated fund issuing non-defaultable debt could have led to improved economic outcomes by making public debt crisis self-fulfilling events less likely and giving policymakers more room to respond to economic downturns in a stabilizing manner.
dollars and money system
The US economy is expected to see GDP growth between 2.7-2.9% in the next quarter. Banking sectors in both the US and Europe have strengthened with higher capitalization levels and improved financial performance for many banks. The Eurozone is projected to see 1.3% growth for 2011, similar to the US once you account for their differing population growth rates, and Germany in particular is expected to be one of the world's great growth engines. The US dollar has an inverse relationship with commodities and equities, and its value has fallen against other currencies like the Euro and Indian rupee in recent times.
Test Today
1) The Congressional Budget Office presentation discusses the challenges of estimating the federal budget and economy in light of the fiscal stimulus and ongoing recovery from recession.
2) It notes that while the recovery is underway, several factors will dampen its strength, including financial market fragility and restrained household spending.
3) A key issue is that under current policies, spending for programs like Social Security and Medicare will exceed total federal revenues by 2020, meaning significant changes will be needed to taxes or other spending.
Six-Pack, Two-Pack and the Fiscal Compact
The document discusses the Six-Pack, Two-Pack and Fiscal Compact which introduced stricter fiscal rules for EU countries. It outlines the key provisions including medium-term budgetary objectives of -1% to balance of GDP, annual improvements of 0.5% of GDP to structural balance, and reducing excess debt by 1/20th annually. It also examines macroeconomic indicators for Ireland like growth, deficits, debt levels, and concludes that increased monitoring and enforcement aims to prevent future crises but may not solve the ongoing crisis.
What's hot (13)
Ireland’s EU-IMF Program: A Safe Harbor in a Perfect Storm
Ireland’s EU-IMF Program: A Safe Harbor in a Perfect Storm
CASE Network E-brief 9.2010 - Euro Crisis or Debt Crisis?
CASE Network E-brief 9.2010 - Euro Crisis or Debt Crisis?
How do we Know if the Federal Debt is Sustainable?
How do we Know if the Federal Debt is Sustainable?
Viewers also liked
Don walshe economics webinar 08.12.10
The document summarizes an economics webinar discussing Ireland's budget, banks, and bailout. It notes that Ireland's creditworthiness is being questioned due to its inability to absorb banking losses and austerity measures slowing growth. If sovereign investors are forced to assume bank risk, they will charge high interest rates. As a result, any bailout should move bank risk away from domestic taxpayers. The webinar also discusses plans for a bank restructuring package involving recapitalization, restructuring, and private market funding rather than a bailout. Key issues include quickly reorganizing and selling banks, containing additional losses, and restoring creditworthiness.
A traveler’s guide_to_greece_and_romania
This 6-month project between secondary students aged 13-15 from Greece and Romania aims to raise cultural awareness and promote global collaboration. Students from the 4th Junior High of Metamorfosis in Greece and Petru Rares School in Romania will communicate via email, blogs, video chats, and social media to learn about each other's lifestyles and preferences. Their goal is to produce a travel guide for visiting each other's countries to be shared online. ICT tools like PowerPoint and websites will be used to share information about their schools and home countries.
Jacksonville FL Market - Station Switching Research
Multiple studies show that audiences for music radio stations decrease significantly during commercial breaks, with an average drop of 42%. A separate study found that 88% of the audience is retained after one commercial, but less than two-thirds remain after four commercials, and less than half stay after six or more commercials. In contrast, sports radio elicits a more engaged and attentive audience that does not decrease as much during commercials as music formats. Listeners may also switch stations during commercial breaks to avoid them, highlighting the importance of including multiple radio stations in a marketing campaign to ensure impressions and responses.
Metro Traffic 2009 Jacksonville
Presentation on how you can market your company in Jacksonville using Metro Networks traffic and information sponsorships.
Irish Innovation Policy UCC Lecture
UCC College of Science, Engineering and Food Science Annual Lecture Series. February 2012. Re-imagining Irish Innovation Policy: Reclaiming Innovation for Business
Palatul culturii
The Palace of Culture in Iasi, Romania was built between 1906-1925 and houses four major museums. It is located on the site of medieval royal courts from the 15th century and incorporates foundations from previous royal palaces from the early 19th century. Today it serves as the headquarters for the National Museum Complex "Moldova" and contains the Museum of History of Moldova, Moldavian Ethnographic Museum, Museum of Art, and Museum of Science and Technology.
Viewers also liked (8)
Jacksonville FL Market - Station Switching Research
Jacksonville FL Market - Station Switching Research
Seamus coffey economics webinar 08.12.10
- 1. Seamus Coffey Department of Economics Budget 2011