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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: 873
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