Public Investment and Fiscal Adjustment in Latin American Countries
Martner and Tromben consider the solutions which may reverse the decline of public investment occurred in Latin American countries in recent decades. The paper examines public investment trends and notes that in fiscal consolidation episodes there has been a bias against public investment – although this cannot be generalised to all countries. In some countries, the fall in public investment has taken alarming dimensions. The paper evaluates the solutions which can fill the infrastructure gap without endangering fiscal sustainability. It evaluates the golden rule and the broad adoption of the accounting principles of the Government Finance Statistics Manual. However, both these solutions present some problems in the Latin American context. Martner and Tromben also evaluate the exclusion of public enterprise operations from fiscal targets, in line with EU practice, and the role of Public Private Partnerships. They stress the importance of fiscal frameworks based on structural indicators, which can limit the need for painful fiscal consolidations. Finally, they examine the possibility to expand the role of multilateral development banks.
Fiscal Adjustment in EU Countries : A Balance Sheet Approach
Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels.
A Questo do Investimento no Setor Eltrico Brasileiro: Reforma e Crise
A shared bit line cross point memory array structure is provided, along with methods of manufacture and use. The memory structure comprises a bottom word line with a top word line overlying the bottom word line. A bit line is interposed between the bottom word line and the top word line such that a first cross point is formed between the bottom word line and the bit line and a second cross point is formed between the bit line and the top word line. A material having a property, for example resistance, that can be changed in response to an input voltage is provided at each cross point above and below the bit line.