Macroeconomic Dimensions of Public Finance: Essays in Honour of Vito Tanzi

By Mario I. Blejer; Teresa Ter-Minassian | Go to book overview

NOTES
1
Practitioners of the procurement process, both on the government and the private sector sides, from a number of countries have helped establish the factual basis for this paper. I am grateful for their contributions. I also would like to thank, without implications, colleagues who have provided valuable comments on an earlier draft, namely, Gebeyehu Alemneh, Dominique Bouley, Jack Diamond, Salvador Delgado Garza, Michael Moriarty, Tej Prakash, A. Premchand, Feridoun Sarraf, Carl-Heinz Tretner, Christopher A. Yandle, and Teferra Wolde-Semait. I much appreciated the research assistance by Nadine Orosa.
2
Olivera (1967), Tanzi (1977 and 1978).
3
The collection lag is defined in Tanzi’s work as ‘the lag between the time when the liability for that tax payment is created (i.e., the time of the taxable event) and the time when the tax payment is actually made (Tanzi, 1977:162).
4
It is noted that in all cases the term ‘lag’ simply means an actual time span, irrespective of whether it is related to a legal requirement, a normal business procedure, or a delay due to inefficiency or other undesirable or unusual circumstances.
5
For the tax side, Tanzi showed that the collection delay depended on the type of tax: it was shorter for commodity taxes and longer for the taxes on income and property.
6
The time period between the approval of the budget and the early steps in the procurement process is not included in the expenditure lag. It is noted, however, that in an inflationary environment real government spending authority could be eroded during the period between budget authorization and expenditure commitment.
7
For example, if a wage agreement was concluded at the beginning of November for the following calendar year, the mid-payment under this agreement would occur 1 July, and the average expenditure lag would be eight months. It is important to note that this is an economic definition. From the more technical viewpoint of the payment process for wages and salaries, the time span between the generation of the claims (i.e., the month worked) and payment date is usually much shorter (i.e., only about one to three weeks).
8
If the government can control the rate of interest, under inflationary conditions, the real value of expenditure for interest and capital obviously can be less than was committed at the time when government acquired the debt. Because of the longer time periods involved, even moderate inflation can result in rapid depreciation of the real value of fixed-interest financial assets.
9
One of the few studies on the subject was carried out by the Direction de la Prévision by P. Demangel and others for selected investment expenditure in France (Demangel, 1981).
10
The data are based on a survey of budget and treasury officials of selected countries, by Fund and Bank staff and experts who have had the opportunity to study in some detail public expenditure management (PEM) in the field, and through a few interviews with procurement managers of sector ministries.
11
Based on information reported in the survey, relatively wide ranges are quoted, even though they exclude extreme cases. The group averages were estimated taking into account the relative weight of the expenditure categories in the total.
12
The expenditure mix typically is dominated by the wage bill in developing countries, expenditures for goods and services in middle-income countries, and transfer and entitlements in advanced countries.
13
For Argentina, it was estimated that the average collection lag in 1974 was 4.3 months including and 5.7 months excluding social security taxes (Tanzi, 1977:

-260-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Macroeconomic Dimensions of Public Finance: Essays in Honour of Vito Tanzi
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 506

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.