Measuring compliance with the golden rule

Article Abstract:

A form of accrual accounting suited to the task of measuring the consistency of fiscal policy with the golden rule of public finance is described. The approach recommends a combination of the real capital maintenance approach and annuity depreciation. It differs from current cost accounting which has dominated public sector models of accrual accounting. It is concluded that the golden rule is more appropriately expressed as an accrual balanced budget requirement than as a requirement for the maintenance of constant net worth.

National Government Finance, Accrual Accounting, Accrual basis accounting

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Fighting international tax avoidance: the case of Germany

Article Abstract:

Germany's statutory corporate tax rate was the highest among major industrial countries during the 1980s. Recently, the country introduced corporate tax cuts in the face of growing competition from countries with low corporate tax rates. The cuts came after other measures, including the prevention of the outflow of multinationals' financial capital to tax havens and tighter limits on debt finance by foreign-owned subsidiaries, failed to enhance Germany's attractiveness as an industrial base for foreign corporations.

Corporate Tax Rates, Economic aspects, Germany, Corporate taxes, Economic policy, Tax rates

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Forecasting the public finances in the Treasury

Article Abstract:

The United Kingdom Treasury makes use of the concept of the public sector borrowing requirement in order to make forecasts about the state of public finances and economy. Error margins in such forecasts are wide due to the complexity of variables, such as consumption, profits, and unemployment. Prudence should be exercised in using forecasts due to the said errors but must also be recognized for their ability to disclose significant information about the outcome of public finances .

Management, Economic forecasting, United Kingdom. Treasury

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