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Characteristics of Provincial Anti-debt legislation

Province Applied to realized deficits Concrete Debt Elimination Provisions Single-year Budget Period Penalties for not achieving balance Referendum Requirements for Tax Changes Escape Clauses
Alberta Yes Yes Yes No No Yes
Saskatchewan No No No No No Yes
Manitoba Yes Yes Yes Yes Yes Yes
Québec Yes No Yes No No Yes
New Brunswick Yes No No No No Yes
Nova Scotia No No Yes No No Yes

Source: Bank of Canada Working Paper 95-17, Millar 1997

 

Table A-4

Provincial Deficits/ Surpluses 09 and 10

  budget deficit 2010 Budget deficit percent of expenditure 2009
Saskatchewan -4 -22
Manitoba -0.4 -2.5
Alberta
British Columbia 0.01 -0.02
Quebec
Prince Edward Island
Newfoundland -1
Nova Scotia 0.2
New Brunswick 3.6
Ontario

Source: TD Economics

Table A-5

Expected versus actual revenues FY2009 for US states

  Fiscal 2009 Fiscal 2010 budget Fiscal 2010 actual 09-10 Budget 09-10 Actual
AL 6.9% 0.2%
AK 6.0% -9.1%
AZ 0.8% -10.2%
AR 0.2% -5.3%
CA 11.2% 7.1%
CO 1.9% -3.2%
CT 1.9% -1.1%
DE -5.3% -9.8%
FL -5.2% -3.6%
GA 2.0% -9.8%
HA -3.1% -3.8%
ID 3.0% -6.5%
IL -5.5% -9.8%
IN -0.8% -9.3%
IA 0.1% -5.2%
KS 2.2% -3.3%
KY 11.8% -4.1%
LA -13.2% -17.6%
ME -0.5% 1.1%
MD 1.9% -5.4%
MA 3.1% 1.5%
MI -3.9% -5.7%
MN -3.3% -4.4%
MS -7.8% -9.7%
MO 4.9% -9.5%
MT -2.2% -13.7%
NE -1.8% -3.0%
NV -3.4% -11.9%
NH 2.4% -9.5%
NJ -0.6% -3.8%
NM 14.8% -3.6%
NY 0.9% -4.9%
NC 8.1% 5.6%
ND -5.2% -6.9%
OH -7.2% -4.5%
OK 6.0% -15.3%
OR 8.6% 4.4%
PA 1.1% -1.8%
RI 2.1% -4.8%
SC 0.2% 2.5%
SD 0.0% -2.0%
TN 0.5% -1.2%
TX 3.8% 1.0%
UT -3.8% -6.9%
VT -3.7% -3.7%
VA 6.8% -2.7%
WA 3.0% -4.1%
WV -1.6% -5.5%
WI 0.9% -0.6%
WY -1.4% -12.0%
avg       0.8% -4.9%

Source: Fiscal Survey of States Spring ’10

Table A-6

Expected versus actual revenues FY2009 for Canadian Provinces

  Budgeted 09-10 realised 09-10
NL -16.9% -8.5%
PEI 6.7% 5.9%
NS -1.0% -0.6%
NB -0.6% -0.3%
QC -0.4% -0.4%
ON 2.8% -0.5%
MN -0.4% -2.2%
SK -12.4% -18.6%
AB -6.7% -6.3%
BC 0.9% -3.3%
avg -2.8% -3.5%

Source: TD Economics

Bibliography

Anderson, Gary M., and United States, Advisory Commission on Intergovern-mental Relations, Fiscal Discipline in the Federal System: National Reform and the Experienceo f the States ( Washington:A CIR, 1987)

Bayoumi, Tamim, Barry Eichengreen. 1995. Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization. Staff Papers – International Monetary Fund, Vol. 42, No. 1, p. 32-48

Bohn and Inman.1996. Balanced Budget Rules and Budget Deficits: Evidence from the United States. National Bureau of Economic Research. Cambridge, MA.

Dinand and Gamkhar. 2009. “The State of American Federalism 2008-2009: The Presidential Election, the Economic Downturn, and the Consequences for Federalism.” Publius: The Journal of Federalism. Vol 39 no 3.

Dolbeck, Andrew. 2008. “Crisis Management: Economic Stimulus Plans Around the World”. Weekly Corporate Growth Report. November 10 2008.

Millar, Jonathan. 1997. The Effects of Budget Rules on Fiscal Performance and Macroeconomic Stabilization. Bank of Canada Working Paper. pp.14

National Association of State Budget Officers. December 2009. The Fiscal Survey of States. NASBO: Washington, DC.

National Governor’s Association. 2009. State Implementation of the American Recovery and Reinvestment Act, A National Governor’s Association Report, March 10, 2009

Off, Sure and Johnson. 2009. "Federal Fiscal Relief Is Working as Intended. " Center on Budget and Policy Priorities. June 29, 2009. retrieved at http://www.cbpp.org/cms/index.cfm?fa=view&id=2831

Primo,David M. 2007. Rules and Restraint, Government Spending and the Design of Institutions. Chicago: University of Chicago Press.

Sorensen, B.E., Lisa Wu, Oved Yosha. 2001. Output fluctuations and Fiscal Policy: US State and local Governments 1978-1994. European Economic Review. Vol. 45, p.1271-1310

Talvi, Ernesto, Carlos A. Vegh. 2005. Tax Base Variability and Procyclical Fiscal Policy in Developing Countries. Journal of Development Economics. Vol. 78, p.156-190

Ward and Dadayan. 2009. “State and Local Finance: Increasing Focus on Fiscal Sustainability.” Publius: The Journal of Federalism. Vol 39 no 3, pp. 455-475.

 

 

 


[1]
http://preview.bloomberg.com/apps/news?pid=newsarchive&sid=a0NWYmDtH1is

[2] http://www.imf.org/external/pubs/ft/survey/so/2009/pol020709a.htm

[3] http://www.atimes.com/atimes/Global_Economy/LF17Dj02.html

[4] http://www.nytimes.com/2010/05/21/opinion/21krugman.html

[5] http://www.ft.com/cms/s/0/786776b4-708f-11df-96ab-00144feabdc0.html

[6] http://www.nytimes.com/2010/05/21/opinion/21krugman.html

[7] http://www.ncsl.org/issuesresearch/budgettax/statebalancedbudgetrequirements/tabid/12660/default.aspx

[8] Primo, David M. 2007. Rules and Restraint: Government Spending and the Design of Institutions. Chicago: University of Chicago Press.

[9] Dinand and Gamkhar. 2009. “The State of American Federalism 2008-2009: The Presidential Election, the Economic Downturn, and the Consequences for Federalism.” Publius: The Journal of Federalism. Vol 39 no 3 pp. 369-407.

[10] National Association of State Budget Officers. December 2009. The Fiscal Survey of States. NASBO: Washington, DC. pp. 24

[11] Dolbeck, Andrew. 2008. “Crisis Management: Economic Stimulus Plans Around the World”. Weekly Corporate Growth Report. November 10 2008.

[12] http://query.nytimes.com/gst/fullpage.html?res=9F05E5D9153AF930A35752C0A96F9C8B63

[13] Ibid. pp. 375

[14] State Implementation of the American Recovery and Reinvestment Act, A National Governor’s Association Report, March 10, 2009

[15] Ibid.

[16] http://www.govtrack.us/congress/billreport.xpd?bill=h110-5140&type=cbo

[17] State Implementation of the American Recovery and Reinvestment Act, A National Governor’s Association Report, March 10, 2009

[18] ibid. pp 19.

[19] ibid.

[20] http://www.whitehouse.gov/administration/eop/cea/Estimate-of-Job-Creation/

[21] ibid.

[22] Dinand and Gamkhar. 2009. “The State of American Federalism 2008-2009: The Presidential Election, the Economic Downturn, and the Consequences for Federalism.” Publius: The Journal of Federalism. Vol 39 no 3 pp. 375

[23] http://www.nytimes.com/2009/02/17/us/politics/17repubs.html

[24] Dinand and Gamkhar. 2009. “The State of American Federalism 2008-2009: The Presidential Election, the Economic Downturn, and the Consequences for Federalism.” Publius: The Journal of Federalism. Vol 39 no 3 pp. 375

[25] http://thehill.com/leading-the-news/bredesen-says-he-may-reject-funding-2009-02-25.html

[26] http://www.nytimes.com/2009/02/21/us/21govs.html

[27] http://thehill.com/leading-the-news/bredesen-says-he-may-reject-funding-2009-02-25.html

[28] http://www.foxnews.com/politics/2009/04/08/virginia-house-rejects-m-stimulus-cash/

[29] http://assets.opencrs.com/rpts/R40368_20090304.pdf

[30] http://www.nytimes.com/2009/02/23/us/politics/23governors.html

[31] http://www.npr.org/templates/story/story.php?storyId=102430056

[32] http://www.foxnews.com/politics/2009/04/08/virginia-house-rejects-m-stimulus-cash/

[33] ibid.

[34] http://www.governor.state.mn.us/mediacenter/pressreleases/2007/PROD007931.html

[35] http://www.oregon.gov/DAS/BAM/docs/Publications/GRB0911/2009_11GRB_Summary.pdf

[36] Off, Sure and Johnson. 2009. "Federal Fiscal Relief Is Working as Intended. " Center on Budget and Policy Priorities. June 29, 2009. retrieved at http://www.cbpp.org/cms/index.cfm?fa=view&id=2831

[37] http://thecaucus.blogs.nytimes.com/2009/03/20/round-2-omb-rejects-sc-governors-stimulus-plan/

[38] http://www.budget.gc.ca/2009/glance-apercu/brief-bref-eng.asp

[39] Calculations based on 2008 GDP of both countries.

[40] http://thetyee.ca/Views/2009/02/04/BudgetBozos/

[41] Millar, Jonathan. 1997. The Effects of Budget Rules on Fiscal Performance and Macroeconomic Stabilization. Bank of Canada Working Paper. pp.14

[42] ibid. pp. 14

[43] http://www.td.com/economics/budgets/ab09.pdf

[44] http://www.gnb.ca/0160/budget/buddoc2009/index-e.asp

[45] http://www.finances.gouv.qc.ca/documents/communiques/fr/COMFR_20090513.pdf

[46] http://www.gov.ns.ca/finance/en/home/budget/default.aspx

[47] http://www.td.com/economics/budgets/ab09.pdf

[48] http://www.td.com/economics/budgets/sk09.pdf

[49]
Calculated using the Wall Street Journal’s estimated Aid to States at http://online.wsj.com/public/resources/documents/info-STIMULUS0109.html

Date: 2016-04-22; view: 696

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