FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION

The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the coun...

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Autor principal:	V. Urazayeva
Formato:	article
Lenguaje:	EN RU
Publicado:	MGIMO University Press 2014
Materias:	financial liberalization financial globalization international capital flows fiscal policy problems crises spread tax competition capital flight International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/cbdba62f17764d04b9873d9e566ca2eb
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spelling	oai:doaj.org-article:cbdba62f17764d04b9873d9e566ca2eb2021-11-23T14:50:57ZFISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION2071-81602541-909910.24833/2071-8160-2014-3-36-96-102https://doaj.org/article/cbdba62f17764d04b9873d9e566ca2eb2014-06-01T00:00:00Zhttps://www.vestnik.mgimo.ru/jour/article/view/119https://doaj.org/toc/2071-8160https://doaj.org/toc/2541-9099The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the countries which participate in global capital movement. The author especially highlights the fact that international financial liberalization often leads to economic crises and what is even more important to their rapid spread between countries due to their growing financial interdependence. The author distinguishes two groups of fiscal policy problems in conditions of international financial liberalization. The first group includes problems arising due to quick spread of the crises due to eliminating restrictions on crossborder capital flows. These are reduction in taxes and at the same time increase in budget spending, which often happens unexpectedly and substantially impedes fiscal policy. To illustrate these points the author refers to the statistics on Spain, the USA and the OECD as a whole. Moreover countries face another range of problems regardless of the business cycle phase. In the short term it is the necessity of large scale structural economic reforms to achieve the required level of financial liberalization, which often is a heavy burden on the state budget. In the long term the attention is paid to the problem of tax competition between countries, which affects the instruments of fiscal policy. The author notes that the negative consequences of global financial liberalization are relevant not only for recipient countries but for donor countries as well and emphasizes such a burning issue as "capital flight".V. UrazayevaMGIMO University Pressarticlefinancial liberalizationfinancial globalizationinternational capital flowsfiscal policy problemscrises spreadtax competitioncapital flightInternational relationsJZ2-6530ENRUVestnik MGIMO-Universiteta, Vol 0, Iss 3(36), Pp 96-102 (2014)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	financial liberalization financial globalization international capital flows fiscal policy problems crises spread tax competition capital flight International relations JZ2-6530
spellingShingle	financial liberalization financial globalization international capital flows fiscal policy problems crises spread tax competition capital flight International relations JZ2-6530 V. Urazayeva FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION
description	The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the countries which participate in global capital movement. The author especially highlights the fact that international financial liberalization often leads to economic crises and what is even more important to their rapid spread between countries due to their growing financial interdependence. The author distinguishes two groups of fiscal policy problems in conditions of international financial liberalization. The first group includes problems arising due to quick spread of the crises due to eliminating restrictions on crossborder capital flows. These are reduction in taxes and at the same time increase in budget spending, which often happens unexpectedly and substantially impedes fiscal policy. To illustrate these points the author refers to the statistics on Spain, the USA and the OECD as a whole. Moreover countries face another range of problems regardless of the business cycle phase. In the short term it is the necessity of large scale structural economic reforms to achieve the required level of financial liberalization, which often is a heavy burden on the state budget. In the long term the attention is paid to the problem of tax competition between countries, which affects the instruments of fiscal policy. The author notes that the negative consequences of global financial liberalization are relevant not only for recipient countries but for donor countries as well and emphasizes such a burning issue as "capital flight".
format	article
author	V. Urazayeva
author_facet	V. Urazayeva
author_sort	V. Urazayeva
title	FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION
title_short	FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION
title_full	FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION
title_fullStr	FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION
title_full_unstemmed	FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION
title_sort	fiscal policy problems under conditions of financial liberalization
publisher	MGIMO University Press
publishDate	2014
url	https://doaj.org/article/cbdba62f17764d04b9873d9e566ca2eb
work_keys_str_mv	AT vurazayeva fiscalpolicyproblemsunderconditionsoffinancialliberalization
_version_	1718416359514177536

FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION

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