By Mario Monti (auth.), Donald E. Fair, François Léonard de Juvigny (eds.)
The papers amassed during this quantity are these offered on the 11th Colloquium prepared by means of the Societe Universitaire Europeenne de Recherches Financieres (SUERF) which happened in Madrid in October 1983. The Society is supported via plenty of imperative banks, advertisement banks and different monetary and enterprise associations, through treasury officers and through lecturers and others drawn to financial and monetary difficulties. seeing that its institution in 1963 it has constructed as a discussion board for the trade of informa tion, examine effects and ideas, valued by means of teachers and practitioners in those fields, together with crucial financial institution officers and civil servants liable for formulat ing and utilizing financial and fiscal guidelines. an immense job of SUERF is to arrange and behavior Colloquia on sub jects of topical curiosity to individuals. The titles, locations and dates of earlier Col loquia for which volumes of the amassed Papers have been released are famous at the final web page of this quantity. Volumes weren't produced for Colloquia held at Tarra gona, Spain in October 1970 lower than the name "Monetary coverage and New increase ments in Banking" and at Strasbourg, France in January 1972 below the name "Aspects of ecu financial Union".
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Extra resources for Government Policies and the Working of Financial Systems in Industrialized Countries
3 percentage points). In this context the lack of any systematic relationships in earlier periods should be recalled. Thus the negative coefficient may indicate either that fiscal policy has become less effective (as discretionary expenditure and revenue measures generated less output growth and additional revenues than earlier) or that public expenditure has been more rigid than revenues during the less favourable cyclical conditions of the 1970s. 25. ) and considering that the share of transfer payments in total government spending was around 15 per 46 cent in 1973, this estimate does not seem too far off the mark, even though part of the cyclical response is likely to be captured by the expenditure variable.
It would go far beyond the scope of this paper to estimate these sensitivities and their variation between countries. Instead, Table 2 is presented as a very simplistic attempt to identify some of the factors which in the longer run have contributed to the rise in public sector deficits. Thus, for a sample of seventeen countries (the countries shown in Table 1 plus Australia and Portugal) the change in public sector deficits (relative to GNP) between 1967-73 and 1974-80 was regressed on corresponding changes in public expenditure (as a percentage of GNP), 45 real output growth and nominal interest rates.
Etc. 23 IV. Over-indebted governments The other major development which over the last few years has driven public finance to its limits has been the disproportionate growth of government deficits and public indebtedness. Since the middle of the 1970s, in most countries government revenues have lagged behind the rapid growth of public expenditure. An impressive example is provided by the countries of the European Community. Here the gap between revenue and expenditure rose between 1970 and 1981 on average from less than 1 per cent to 5 per cent of GNP.