Touring the Trump Tower Essay Example for Free

Visiting the Trump Tower Essay On the off chance that there was such an incredible concept as an honor for the most perceived, generally celebrated, generally questionable, and most famous individual in business, without a doubt it would go, pass on to Donald Trump.â Partly in light of his inclination for big name, numerous individuals have been observer to Trump’s different triumphs and ruins, in the two his expert and individual lives.  â â â â â â â â â â But the achievement Trump is getting a charge out of at present was never given to him with a royal flair; he didn't have a name like Hilton or Ford, so he needed to depend just on his difficult work and business smarts.  He began his business out of a little office in Brooklyn, New York, with his dad, Fred.â for a long time, he shut and kept up different arrangements under the mentorship of Fred Trump, and thus sought after to make his name in Manhattan land.  â â â â â â â â â â To date, Donald Trump includes his properties in a diverse exhibit of areas in America and everywhere throughout the world, work in various changes of genuine estate.â His portfolio comprises of inns (in New York, Las Vegas, and Chicago), golf clubs (in Los Angeles, Bedminster, Westchester, West Palm Beach, the Canolian Islands, and Scotland), and gambling club resorts (in Atlantic City and the Canolian Islands). On this great rundown, he has his name trademarked in diversion (the long-running unscripted TV drama The Apprentice, and an every day radio show), model administration, and expos (counting the exceptionally well known Miss Universe pageant).â To finish the Trump signature plan of action, he has made his extraordinary line of product, going from clothing to adornments, from food and drink to home goods (www.trump.com).  â â â â â â â â â â The driving mystery behind this huge business achievement is passed on in Trump’s controlling philosophyâ€which is to get into what you love doing.â According to him, one ought not simply think of thoughts on the best way to create pay, it ought to consistently be about what one can offer that will be of an incentive to the community.â No task guide or layout can help accomplish one’s business objectives; all triumphs are the results of a solitary human characteristicâ€passion.â It is something accessible to all, and ought to be the establishment of each goal.â Passion prompts achievement and bliss, which is at last followed by cash (Gallo, 2007).  â â â â â â â â â â Perhaps the manner in which Trump has executed this belief system has not generally been on everyone’s list.â He has been called, at various occasions, a spotlight-fixated, improper egomaniac.â However, it is this sort of perspective that keeps Trump in the main part of thingsâ€he is, in all actuality, a splendid marketer.â Self-advancement and showcasing is his picked business procedure; one that has paid him well as far as brand acknowledgment and awareness.â Take one scene of his famous unscripted TV drama The Apprenticeâ€in each portion, in each challenge, one of Trump’s organizations is brought into center. This, just as the prize for the picked apprenticeâ€a work dealing with one of Trump’s numerous projectsâ€has cut the Trump name not just in the psyches of the business network yet in each TV-watching family as well.â Donald Trump copies the thinking about each entrepreneur, that of selling your item, just as yourself, well.â Trump’s promoting efforts run 24 hours every day; he has completely extraordinary confidence in being daring and decided enough to communicate one’s name, to be your own image.  â â â â â â â â â â Some of Trump’s promoting clichés demonstrate sound and firm, as follows: One can never get too much.â  â â â â â â â â â In The Apprentice, the Trump name is referenced essentially every other second; this outcomes in a barrage of messages to the crowd, who are presently subconsciously lured to recollect the name.â This equivalent rule remains constant for any showcasing or publicizing campaignâ€the more you notice your item or administration, the more it will be recalled. Sex sells, yet just to some extent.â As in The Apprentice, Trump commends showcasing thoughts that are worked along sexual undertones.â However, he knows precisely where to take a stand, and this alludes more to one’s individual taste.â Sex, when utilized awkwardly as an advertising thought, consistently bites the dust, and is then regarded unsatisfactory. If all else fails, cross-promote.â Trump accepts totally along these lines of showcasing as wellâ€as confirm by his crusade for The Apprentice.â To advance the show, he permitted brands like Pepsi, Planet Hollywood and Burger King into the fragments; thus, he tied up The Apprentice promotions with in-store advertising services.â He knew how these brands would contact a more extensive crowd, and put it all on the line (Lok, 2005).  â â â â â â â â â â To the undeveloped eye, the Trump plan of action can be overpowering and intimidating.â The greatness of the Trump name, as observed on numerous levels (on properties, on stock, in above-and beneath the-line promoting, through verbal), is nevertheless a result of a keen showcasing technique that has worked for some organizations for some years.â It’s about the brand, and how one can augment its personality.  â â â â â â â â â â Just the manner in which the Donald Trump brand has done. Works Cited Gallo, Carmine.â â€Å"The Secret Behind Trump’s Success†.â Communications, www.  â â â â â â â â â â businessweek.com, 2007. http://www.businessweek.com/smallbiz/content/nov2007/sb20071121_372575.htm Lok, Dan.â â€Å"Donald Trump’s Marketing Secrets Revealed!†Ã¢ Quick Turn Marketing  â â â â â â â â â â International Ltd., 2005.  â â â â â â â â â â http://www.euromega.com/article32.htm www.trump.com Trump, Donald (prod.)â The Apprentice.â NBC, 2004.

American Literature Nella Larsen Research Paper

American Literature Nella Larsen - Research Paper Example Proposition Statementâ II. Fundamental Idea (first control of Thesis)â Larsen utilized Helga Crane to communicate her bits of knowledge about issues of race, sexual orientation and social acknowledgment. A. Brief Background B. Supporting thought or research The hero in Quicksand reflected Larsen’s early life and battles. C. Supporting thought or researchâ Helga Crane communicated Larsen’s bits of knowledge on self-character, especially the challenges in growing up as a mulatto. D. Supporting Idea or research The sexual orientation topic was clarified by how Larsen saw parenthood as one that obliged or subjugated ladies. III. Primary Idea (second Control of Thesis)â The various methods of â€Å"passing†in Passing represented Larsen’s own battles for self-character and her bits of knowledge on every one of them. A. Brief Background B. Supporting thought or research How the procedures of going as a white lady †passing totally or only for comfort - showed the varying methodologies toward self-personality.  C. Supporting thought or researchâ There were the disappointments of Larsen’s heroes in their battles and how these mirrored her own and her contemplations in such manner. D. Supporting thought or researchâ The mission for self-way of life as communicated in Larsen’s two books was described by an interaction of race, sexual orientation and social acknowledgment. The self-character handle was viable in light of the fact that it was a subject Larsen knew about. E. Resistance Point Larsen’s foundation may not effectively mirror those encounters she described in her works. V. Conclusionâ Quicksand and Passing are the confirmations to exhibit Larsen’s view, bits of knowledge and encounters with respects the subject of self-character involved in the issues of race, sexual orientation, and social acknowledgment. A. Rundown of Arguments Raised B. Proposition Re-wordedâ C. Finishing up Statemen t: Larsen was not happy with being an individual from the dark tip top just as with the current choices accessible to her as she continued looking for self-personality, she needed more, and for this she endured some catastrophe. To begin with, she appeared to be caught by its thinness, and in light of the fact that dark encounters yearned to live in a world. Besides, the arrangements she had the option to think of were all despite everything discovered needing as showed by the disappointments of her characters. She was torn and for her entire life, she kept on battling. The writer communicated these emotions and discernments through her works and her female heroes. Examining the African American Woman: The works of Nella Larsen Nella Larsen was a renowned author and short story essayist related with the Harlem Renaissance period, which one essayist has suitably called as a time of unprecedented advancement in American dark craftsmanship and writing (Thadious, 133-145). Despite the f act that her scholarly work was constrained, it was of unprecedented quality, and earned her acknowledgment from the two counterparts and pundits today. In 1928 and 1929, Larsen distributed two books, â€Å"Quicksand† and â€Å"Passing†, separately. The two of which concentrated on the lives of African American ladies and their place in society.â She made splendid female characters in her books who battled for equivalent rights and social acknowledgment. Especially, the broad investigation committed to her characters and the multifaceted nature and authenticity they delineated are generally perceived. Through the jobs she investigated in them, she had the option to clarify the convergences of race and sex, and in doing as such, she exhibited how the conversation of dark character, which frequently confines the scope of

Bipolar Disorder

Bipolar Disorder Essay The marvel of bipolar emotional issue has been a riddle since the sixteenth century. History has demonstrated that this torment can show up in nearly anybody. Indeed, even the extraordinary painter Vincent Van Gogh is accepted to have had Bipolar Disorder Essay. Unmistakably in our general public numerous individuals live with bipolar turmoil; notwithstanding, in spite of the wealth of individuals experiencing the it, we are as yet sitting tight for unequivocal clarifications for the causes and fix. The one truth of which we are horrendously mindful is that bipolar issue seriously sabotages its casualties capacity to acquire and keep up social and word related achievement. Since bipolar confusion has such crippling indications, it is basic that we stay watchful in the journey for clarifications of its causes and treatment.Affective issue are portrayed by a buffet of side effects that can be broken into hyper and burdensome scenes. The burdensome scenes are described by exceptional se ntiments of trouble and despondency that can become sentiments of misery and weakness. A portion of the side effects of a burdensome scene incorporate anhedonia, unsettling influences in rest and craving, psycomoter impediment, loss of vitality, sentiments of uselessness, blame, trouble thinking, hesitation, and repetitive considerations of death and self destruction (Hollandsworth, Jr. 1990 ). The hyper scenes are portrayed by raised or crabby state of mind, expanded vitality, diminished requirement for rest, misguided thinking and understanding, and frequently foolish or untrustworthy conduct (Hollandsworth, Jr. 1990 ). Bipolar full of feeling issue influences roughly one percent of the populace (around 3,000,000 individuals) in the United States. It is introduced by the two guys and females. Bipolar turmoil includes scenes of insanity and melancholy. These scenes may interchange with significant sorrows portrayed by an unavoidable misery, nearly powerlessness to move, sadness, and unsettling influences in craving, rest, in focuses and driving.Bipolar issue is analyzed if a scene of lunacy happens whether gloom has been analyzed or not (Goodwin, Guze, 1989, p 11). Most normally, people with hyper scenes experience a time of melancholy. Side effects incorporate happy, far reaching, or bad tempered state of mind, hyperactivity, weight of discourse, trip of thoughts, expanded confidence, diminished requirement for rest, distractibility, and over the top association in crazy exercises (Hollandsworth, Jr. 1990 ). Rarest side effects were times of loss of all intrigue and impediment or fomentation (Weisman, 1991).As the National Depressive and Manic Depressive Association (MDMDA) has illustrated, bipolar confusion can make significant formative postponements, conjugal and family interruptions, word related misfortunes, and budgetary fiascos. This overwhelming malady causes interruptions of families, loss of employments and a huge number of dollars in cost to society. Commonly bipolar patients report that the discouragements are longer and increment in recurrence as the individual ages. Commonly bipolar states and insane states are misdiagnosed as schizophrenia. Discourse designs help recognize the two issue (Lish, 1994).The beginning of Bipolar issue ordinarily happens between the ages of 20 and 30 years old, with a second top in the mid-forties for ladies. A commonplace bipolar patient may encounter eight to ten scenes in the course of their life. In any case, the individuals who have quick cycling may encounter more scenes of insanity and wretchedness that succeed each other without a time of reduction (DSM III-R). The three phases of madness start with hypomania, in which patients report that they are lively, outgoing and decisive (Hirschfeld, 1995). The hypomania state has driven onlookers to feel that bipolar patients are ;dependent; to their insanity. Hypomania advances into madness and the progress is set apart by loss of judgment (Hirschfeld, 1995). Regularly, euphoric pretentious attributes are shown, and jumpy or fractious qualities start to show. The third phase of madness is clear when the patient encounters hallucinations with regularly jumpy topics. Discourse is commonly fast and hyperactive conduct shows now and again connected with savagery (Hirschfeld, 1995). Peruse: Englands Greatest Poet And Playwright Was Born At Essay When both hyper and burdensome manifestations happen simultaneously it is known as a blended scene. Those harassed are a unique hazard in light of the fact that there is a mix of sadness, tumult, and nervousness that causes them to feel like they ;could leap out of their skin;(Hirschfeld, 1995). Up to half of all patients with madness have a blend of discouraged states of mind. Patients report feeling dysphoric, discouraged, and troubled; yet, they display the vitality related with insanity. Quick cycling madness is another introduction of bipolar issue. Lunacy might be available with four or .

A Secret Weapon for Extended Essay Ib Samples

<h1> A Secret Weapon for Extended Essay Ib Samples</h1> <h2> Lies You've Been Told About Extended Essay Ib Samples </h2> <p>Whether there are just two books that have any association with your point, it could be excessively thin. The significant thing here is that the examination must be huge. Extra data about every component are given in the Presentation segment. While the ordinary exploration includes utilizing the insightful releases, there's a scope of various materials that may give to a fantastic broadened paper. </p> <p>You may shed center when you select a questionable theme. Guarantee your subject of decision is explicit. It will inspire you to deliver a decent work. In case you're truly adhered attempting to find a not very expansive or restricted theme, I propose endeavoring to conceptualize a point that uses an examination. </p> <p>Therefore, if there's any motivation behind why you can't have your all-encompassing article composed on time yourself, you should simply put in your request on our site, and leave the rest to us! An individual must remember that fundamental course books are very significant and they should be perused cautiously. This part is the place you can explain the idea that you're expounding on. Consider this segment additionally having two essential segments. </p> <p>Just start perusing the entirety of your content firsts. That way they are not as prone to disregard to incorporate things like a reference. Utilize snappy expressions and give the peruser an idea of what you will talk about. On the off chance that you need to develop into one of our representatives, it's conceivable to likewise partake inside this English language exposition composing challenge. </p> <p>In most of cases understudies are stood up to with a test of handling a subject and they're in predicament on which point to compose on. In here, the understudies are allowed to compose potential independent venture plans and recommendations while in transit to be successful chiefs. Here's an extraordinary guide from Purdue to help you. </p> <p>Your contentions must be sound and associated else you would end up getting confounded. Ensure you select a field that genuinely makes you inquisitive and inspired to get familiar with. A magnificent choice would pay you well later on.</p> <h2> The 5-Minute Rule for Extended Essay Ib Samples</h2> <p>Essay composing is a workmanship and not every person has special insight with words to be able to make pleasant expositions for master utilization. You won't have the option to wrench out a 4,000-word paper in a week and get an A. The Revising Stage where you can improve your draft. </p> <p>It is going to along these lines assist you with delivering a top quality loaded with content paper. It is prescribed that you generally need to try to keep a troublesome duplicate of your exposition some place so you wear not lose it anyplace. Other than the quality, we furthermore guarantee every one of our clients that they'll be given a paper that is totally liberated from a literary theft as we present every single paper to an enemy of unoriginality programming before discharge. The absolute best strategy is to check through some awesome expanded article models. </p> <p>By doing this, you will figure out how much words to remember for each passage, and you'll abstain from composing an exorbitant measure of text. Verify you are acquainted with the point. These are only a couple of the themes that might be utilized for your all-encompassing exposition. Look at the rundown of the prolonged paper subjects to pick the last title. </p> <h2> Extended Essay Ib Samples for Dummies</h2> <p>Writing is a somewhat basic class movement. An article is a somewhat normal class prerequisite. You shouldn't be scared of broadened expositions. At long last, the exposition will be submitted to IBO, where it'll be checked and evaluated. </p> <p>An stretched paper composing is basic prerequisite for those understudies taking ib programs. It is a scholastic work that is a piece of most worldwide baccalaureate degree programs. Likewise, maybe you can discover a few subjects you could be propelled to expound on. Guarantee you inquire as to whether there's any basic administrative work. </p>

Can I Write About My Family In A College Essay?

<h1>Can I Write About My Family In A College Essay?</h1><p>Have you at any point needed to expound on your family in a school article? Most of individuals will be astounded when they discover that they can expound on their family and the individuals who are near them. The main motivation for this is on the grounds that they have guardians and kin who set off for college and they grew up with the open doors for them to do so.</p><p></p><p>One significant part of composing a family paper is to keep it important. Since you will do this to show your innovativeness, it is basic that you realize how to shield it from getting excessively cliché. It is anything but difficult to become involved with trying too hard with the words, yet there is consistently space for creativity.</p><p></p><p>You need to keep the family feeling new and the family ancestry as clear as could reasonably be expected. On the off chance that you don't attempt to toss your family in the center of an emergency or make struggle, it can without much of a stretch become unsurprising. This would make it hard to hand-off data to your reader.</p><p></p><p>However, you should be certain that you compose this article utilizing the particular themes and thoughts that you have to utilize. There is nothing more terrible than a paper that sets aside excessively much effort to get past. The purpose of composing these papers is to pick up knowledge. What may be fascinating to you at that point, will never again be after the test has been completed.</p><p></p><p>You ought make an effort not to keep a particular data in your school exposition between subjects. For instance, in the event that you would expound on school for your major, you ought to be straightforward with your perusers by saying this in the primary passage. After the individual peruses your family exposition, they ought to have the o ption to peruse the remainder of the article without considering the equivalent topic.</p><p></p><p>It is likewise a smart thought to expound on similar angles that you used to mess around with when you were an understudy. The understudy in school is a similar understudy that you had when you were in secondary school, however they currently have an alternate arrangement of issues to fight with. This implies you have to discover an edge that your peruser can relate to.</p><p></p><p>Once you have composed a school article about your family and a portion of the things that you delighted in about them, you can begin to extend the subject by including all the more family occasions. At the point when you are finished with this article, you can utilize this to compose a whole exposition regarding this matter. The more you add to your family ancestry, the more your perusers will be keen on what you need to say.</p><p></p>< p>Writing a family foundation and giving instances of basic family occasions is only one little advance in recounting to your story. You should set aside the effort to be imaginative and get into the component of family that is normal in this day and age. Not exclusively will this assistance you to identify with your crowd, however it will assist with forming your future as well.</p>

The Secret to Write My Paper for Me Free

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Finding Good Topics For Research Papers For College

<h1>Finding Good Topics For Research Papers For College</h1><p>Finding great points for inquire about papers for school is a lot harder than the vast majority think. There are a couple of zones that you ought to consider when you begin to compose your papers.</p><p></p><p>The initial step is to locate a decent theme. You can't simply haphazardly pick anything you need. Pick a subject that intrigues you, that you are energetic about, and that will give a decent research understanding to you and your peers.</p><p></p><p>Research papers for school are typically composed to do a specific research task. Research themes ought to be ones that are like what you are looking into, and not something irrelevant to it.</p><p></p><p>Some instances of inquiries that can be posed in explicit research assignments are: What is your history with the subject, what are your inclinations in it, and what different ana lysts have expounded on it? This is a significant advance when you are composing your paper.</p><p></p><p>After you have discovered a decent research point, you have to compose your paper. There are a couple of tips for composing great research papers for school, yet the most significant thing is to ensure that your composing is all around inquired about and it isn't confusing.</p><p></p><p>In expansion to keeping your examination papers for school very much explored, you likewise need to save your subjects for look into papers for school basic. Try not to attempt to dive into a great deal of detail. Hold it to one to two passages and proceed onward to another topic.</p><p></p><p>As you can see, discovering great subjects for examine papers for school is truly not unreasonably hard. Simply utilize the tips recorded above and begin composing your papers.</p>

An Overview of Essay Writing Resources and Free Essay Samples Online

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Folktale Essay Samples - How to Find the Best Subjects for Your Essays

Folktale Essay Samples - How to Find the Best Subjects for Your EssaysFolktales are made up stories, but how do you choose the right folktales essay samples? You could just get to a library and pick up a book at random. That is how most people choose to go about it but that does not produce the best results.If you want your essay to stand out among all the others, you need to learn how to recognize the different folktales. So if you do not know what a folktale is, then let me tell you.A folktale is a story told from different tales. We see the same thing happen over again in different forms. In the same way, we can find the same story told in different ways. That is how you can be certain you have found the right one. Folktales will vary in their main theme, or subject matter.For example, there are stories that will involve one group of people going to a castle, another group of people trying to find something to eat in a forest, a third group looking for the prince, and a fourth gro up of people who are just trying to escape. All of these stories are common. Most of us have heard them by now.The most widely known stories are not always the ones with the most different things to do. For example, a guy named Ralphie wants to find his son. He gets the idea from a folktale in which a small girl was separated from her baby.So he goes to search for the little boy and meets the boy's grandfather. At this point, they both want the same thing: the baby. The story ends with both grandfather and grandson agreeing to meet at a certain point in the future.This is the same as saying that a certain series of events has to take place before the search world can move forward. It is not the case though that we have to find a central character and follow him throughout the entire story. No, sometimes, just a simple phrase such as 'the three of them' can give rise to different questions.There are many more examples like this that can be used to find the best subjects to write abou t for your essays. All you have to do is try to find the hidden messages embedded in the different tales.

Research Topic Ideas

<h1>Research Topic Ideas</h1><p>What are some acceptable research subjects I could for my humanism examine paper? I couldn't imagine anything better than to know whether there is a decent method to deal with troublesome subjects.</p><p></p><p>The first thing that is significant about composing is that you engage in the zones where you want to contribute and help other people. That is an exceptionally close to home thing, obviously, and may not mirror your skill on the point. Be that as it may, it very well may be entertaining! In the event that you engage in regions that are outside your specialized topic, regardless of whether they are social issues, and you will find that engaging with issues like these is a great deal of fun and an approach to meet people.</p><p></p><p>I will cover a portion of the fundamentals of research themes I could for my humanism look into paper in a second. For the time being, how about we t alk about the entire procedure of composing a sociological research paper. There are numerous thoughts you can use as a beginning stage and expand on, however the truly key to any great sociological research paper is recognizing something about the point that you can work with, and what you can compose about.</p><p></p><p>All sociological research papers are basically rundown records of a wide scope of themes, some of which are in fact futile and exceptionally perplexing, some of which are significant yet insufficient to warrant consideration, and some of which are progressively abstract and individual. When in doubt, in an examination paper, you should manage at least one topics. These are the reasons why you ought to find out about these points in your lord's postulation, regardless of whether you are taking a shot at a PhD or simply wanting to finish an ace's degree.</p><p></p><p>When you compose sociological research papers, you sh ould give clear and exact data about each subject with the goal that you will have the option to portray the genuine circumstance you wound up in just as the outcomes you acquired from the exploration. So as to hit the nail on the head, you should recall that you ought to be clear and succinct. On the off chance that you get all the subtleties wrong, it can exacerbate things than it was.</p><p></p><p>Achieving accomplishment recorded as a hard copy sociological research papers can require significant investment and practice. You need to do the entirety of your examination as you come, beginning with the expansive points and afterward stirring your way up to the particular and considerably increasingly explicit research. You should know how the examination questions ought to be replied so as to begin at the correct finish of the exploration. On the off chance that you can't respond to an exploration question in the examination field, you will probably not have the option to answer it in your sociological research paper.</p><p></p><p>The primary concern is that you won't have the option to answer the entirety of the fundamental research subjects except if you adopt an orderly strategy. At the end of the day, you need to take a gander at all the potential research themes, just as the issues they could cause, and think of a system that includes simply the best research point thoughts. Your lord's proposition will reflect how well you have done.</p>

Monetary Authority And The Natural Fiscal Authorities - Free Essay Example

INTRODUCTION Fiscal policy refers the setting of the level of government spending and taxation by the government policy makers. It is the combination of taxes and public expenditure to help dampen the swing of the business cycle and contribute to the maintenance of a growing high-employment economy free from high or volatile inflation. In the other words fiscal policy refers a policy which is an important tool for managing the affairs between government income and expenditure. It is the basic management to manage macroeconomics stability and fostering economic growth. At present a number of reform programs are used for stream line public expenditure and revenue management. The government collects large share of revenue from taxation. Public revenue consists of two parts for collection of tax. These are direct tax and indirect tax. From these two types of taxes government earns 80% of total revenue for bearing all kinds of expenditure. Without these taxes government collects revenue other sources i.e. fee, charge, toll etc. A tax is a compulsory contribution from the person to the government to defray the expense in the common interest of all without reference to special benefits E.R.A. Seligman. An economic development of a country depends on the level of fan collection. Higher the collection of tax stronger the economy. Public expenditure is another important segment of the fiscal management of the government. Expenditure includes educational expenses, welfare, defense, subsidy etc. The most significant function of government is the formulation and implementation of a sound fiscal policy. Fiscal policy influences saving investment and growth in the long run. In the short run the primary effect of fiscal policy is on the aggregate demand for goods and services. In the short run the primary effect of fiscal policy is on the aggregate demand for goods and services. Literature Review In order to analyze the game between the monetary authority and the natural fiscal authorities in monetary union the starting point is considering macroeconomic policy as conducted through two instruments, monetary and fiscal policy. It is generally accepted that the economic decisions made in one country can have significant spillover effect on other economics (Frankel and Rockett, 1986). This led to significant pressure for government to coordinate their economic policy. The issues of policy coordination between one country and other countries that cooperate across them have had a central place in the literature on the design of macroeconomic policies in the EMU. This is no surprising given that EMU is to a certain extent an à ¢Ã¢â€š ¬Ã…“experimental laboratoryà ¢Ã¢â€š ¬? representing a very interesting case study. Some of the literature review about fiscal policy has been given in the below: à ¢Ã¢â€š ¬Ã…“Fiscal policy we mean the se thing of taxes and public expenditures to help dampen the swings of the business cycle and contribute to the maintenance of a growing, high employment economy free from high or volatile inflation Keynesian approach believed that fiscal policy was like knob they could turn to control or à ¢Ã¢â€š ¬Ã…“Fine-tuneà ¢Ã¢â€š ¬? the pace of the economy. A bigger budget deficit meant more stimulus for aggregate demand, which could lower unemployment an pull the economy out of recession. A budget surplus could slow down an overheated economy and dampen the threat of inflationà ¢Ã¢â€š ¬?. (Samuelson, P.A. and Nordhus, W.D., 2006). Beetsma and Bovenberg (1998) focus their attention on the interaction between monetary fiscal policies in monetary union. They found that monetary union with decentralized fiscal policies and centralized monetary policy produces an inflationary bias and excessive spending on public goods. The main policy making suggestion deduced from their study is that fiscal coordination or fiscal centralization may discipline the macroeconomics policy in the EMU member countries. The practical response to these studies calling for tighter coordination between monetary and fiscal policies at the European level was the creation of the SGP (Stability and Growth Pact) that limited the maneuver area for fiscal authorities in their expansionary fiscal policy driven by the government deficit (Bini Smaghi and Casini, 2000). Another important thing for fiscal policy is that à ¢Ã¢â€š ¬Ã…“The fiscal policy took the driverà ¢Ã¢â€š ¬Ã¢â€ž ¢s scat in the policy formulation of the governments so as to achie ve their objectives. In modern day economics fiscal policy is quite ahead of monetary policy and other policies as an instrument in the hands of the governments to achieve their desired economic and non-economic resultsà ¢Ã¢â€š ¬?. (K.K. Dewett, 2005). In the case of a cooperative game only among the fiscal policies of the EMU member countries, in which the ECB stays outside the fear of inflationary pressure due to an excessive expansionary fiscal policy will determine very small welfare gains. Their policy implication of straightforward; the SGP might have a very strong limiting impact on the efforts for a positive or active cooperation in EMU which would lead to more output and employment but will deal with interest rates and exchanges rate disturbances, which alter the equilibrium in investment and saving in EMU (Eichengreen and von Hagen, 1996). Cooper and Kempf (2000) analyze monetary and fiscal policy interactions in a two country model, with and without a monetary union, where the monetary and fiscal authorities agree on the macroeconomic goals. When the monetary authority has leadership, a monetary union is pareto-efficient. However, if the fiscal authorities have leadership, a monetary union is Pareto efficient only if the aggregate shocks are highly correlated. The variables of monetary and fiscal policies using ordinary least square (OLS) technique and found out that monetary influences are much larger and more predictable than fiscal influences. This result was confirmed with the use of beta coefficients that changes in monetary action were greater than that of fiscal action. In essence, greater reliance should be placed on monetary actions (Ajayi, 1974). Elliot (1975) examined the relative importance of money supply changes compared to government expenditure changes in explaining fluctuations in nominal GNP. He was of the opinion that this area of study had continuing capacity to provide debate among economists. He estimated St. Louis equation with the use of OLS technique. The equation is of the form. where à ¢Ã‹â€ Ã¢â‚¬  Y represents the change in nominal GNP, à ¢Ã‹â€ Ã¢â‚¬  M represents the change in money supply while à ¢Ã‹â€ Ã¢â‚¬  E represents the change in high employment federal government expenditures. Tabellini (1986), analyzed the coordination between a single monetary authority and several independent fiscal authorities in the context of a game model, shows that policy coordination between the fiscal authorities and the common monetary authority increases the speed of convergence toward the common steady state as compared to the outcome of the non-cooperative game. We reviewed previous researches focusing on the actual situation in EMU, where countries have common currency and separate fiscal authorities that run independent fiscal policies. In this paper we searched to interpret the implication of monetary and fiscal authorities arisen from the well known and widely accepted research published in last decades. In fact from our literature review of resulted that, independently from the type of shocks, coordination between fiscal national authorities is associated with larger governmental and social benefits if above mentioned requirements for the policy coordination are met. Topic analysis Fiscal policy is a policy which is an important tool for managing the affairs between government income and expenditure. Fiscal policy uses for maintaining balance between public income and expenditure. It tends to expand the economy in the short run that is under conditions on of less than full employment. Higher spending and lower taxes tend to increase aggregate demand, output employment and inflation. Because of the financial reaction of interest rates and exchange rates the expansionary impact is reduced and may eventually disappear. Fiscal policy is the combination of taxes and public expenditure. Revenue consists (tax) of two parts. Such as: Tax revenue Non-tax revenue Tax revenue included direct tax and indirect tax. Non tax revenue included administrative revenue, commercial revenue, grants and fits revenue. The revenue is shown by a figure: Government Revenue Tax Revenue Non tax Revenue Direct tax Indirect tax Administrative Revenue Commercial Revenue Grants and Gifts Expenditure is another important segment of the fiscal management of the government. Expenditure includes educational expenses, welfare defense, subsidy, health and population control finance collection department etc. Most expenditure sector for government of defense. It the government approaches a sound fiscal policy a country can develop with rapidly. Government use budgets to plan and control their fiscal affairs. A budget represents for a given year, the planned expenditures of government programs and the expected revenues from tax system. The budget typically contains list of special programs (education, welfare, defense as well as tax sources. Budgets are of three kinds. These are : Surplus budget : A budget surplus occurs when all taxes and other revenues exceed government expenditures for a year. Deficit budget: A budget deficit incurred when expenditures exceed government taxes. Balanced budget: When revenues and expenditures are equal during a given period is called balance budget. The government budget serves major economic functions its is a device by which the government can set national priorities, allocating national output among private and public consumption and investment and providing incentives to increase or reduce output in particular sectors. From a macroeconomic point of view it is through fiscal policy that the budget affects the key macroeconomic goals. We will review the major ways in which government can employ fiscal policy and we will examine the practical shortcomings that have become apparent by actual, structural and cyclical budgets. The actual budget records the actual dollar expenditures, revenues and deficits in a given period. The structural budget includes what government revenues expenditures and deficits would be if the economy were operating at potential output. The cyclical budget is the difference between the actual budget and the structural budget. It measures the impact of the business cycle on the budget taking into account the effect of the cycle on revenues expenditures and the deficit. Objectives of fiscal policy The followings are the main objectives of fiscal policy Economic growth Full employment Price stability and Social justice Economic growth: Economic growth is nothing but an increase in the economic activities or economic variables over a period of time. Full employment: This helps the economy to move up and increases the economy. Price stability: It helps to make price stable. Social justice: The government can achieve social justice by imposing higher rate progressive taxation on the rice and giving subsidies and concession to the lower income and middle income groups. Fiscal policy work: Government directly and indirectly influence the way resources are used in the economy. The basic equation of national income accounting helps show now this happens: GDP = C+I+G+NX Here, GDP refers gross domestic product the value of all final goods and services produced in the economy. Right side shown consumption (c), (I) investment, (G) Government purchase, and (NX) Net export. This equation makes it evident that government affect economic activity (GDP), controlling à ¢Ã¢â€š ¬Ã‹Å"Gà ¢Ã¢â€š ¬Ã¢â€ž ¢ directly and influencing C.I. and NX indirectly, through changes in taxes, transfers and spending. Fiscal policy that increases aggregate demand directly through an increase in government spending is typically called expansionary or à ¢Ã¢â€š ¬Ã…“looseà ¢Ã¢â€š ¬?. By contrast fiscal policy is often considered concretionary or à ¢Ã¢â€š ¬Ã…“tightà ¢Ã¢â€š ¬? if it reduces demand via lower spending. How Fiscal policy influences aggregate Demand: The government can influence the behavior of the economy not only with monitory policy but also with fiscal policy. Fiscal policy refers to the governments choices regarding the overall level of government purchase or taxes. Changes in Government purchase: Policy makes can influence aggregate demand with fiscal policy. An increase in government purchases or a cut in taxes shifts the aggregate demand curve to the right. A decrease in government purchases or on increase in taxes shits the aggregate demand curve to the left. The multiplier effect: Multiplier effect the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and there by increases consumer spending. Multiplier = 1+MPC+MPC2+MPC3+. MPC=Marginal prosperity to consume This multiplier tells us the demand for goods and services that each dollar of government purchases generates. To simplify this equation for the multiplier recall from math class that this expression is an indefinite geometric series. For between-1 and +V1 1+X+X2+X3 + 1/(1-X) In our case, X = MPC, Thus Multiplier = 1 (1-MPC) The crowding out effect: Crowding out effect the effect in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending the effect of the increase in money demand is shown in panel (a) of + Because the fed has not changed the money supply, the vertical supply curve remains the same. When the higher level of income shits the money demand curve to the right from MD to MD2, the interest must rice from r1 to r2 keep supply and demand in Balance. This crowding out effect partially affects the impact of government purchases on aggregate demand, as illustrated in panel (b). The increase in government purchase initially shifts the aggregate demand curve from AD1 to AD2 but once crowding out takes place, the aggregate demand curve drop back to AD3. How fiscal policy might affect aggregate supply : Most economists believe that the short run macro economic affects of fiscal policy work primarily through aggregate demand. Fiscal policy can potentially also influence the quantity of goods and services supplied For instant consider the affects of tax changes on aggregate supply. One of the ten principles of economics that people respond to incentives. When government policy makers cut tax rates, workers get to keep more of each dollar they earn. So, they have a greater incentive to work and produce goods and services. If they respond to this incentive the quantity of goods and services supplied will be greater at each price level and the aggregate supply curve will shift to the right. Some economists called supply sides have argued, that the influence of tax cuts on aggregate supply is large. According to some supply-siders, the influence is so large that a cut in tax rates will stimulate enough additional production and income that tax revenue will actually increase. While the supply-sides affects of taxes are important to consider. They are usually not large enough to cause tax revenue to rise when tax rates fall. Economic development in Bangladesh: economic development is one of the most inclusive concept of development Economic development includes to the raising of the productive capacity of a country through the introduction of policies designed to enhance the productivity of land, labor and capital raise standards of living and alleviate the poverty of the inhabitants of a country. At a minimum , economics development has a growth and a distributive dimension. Since 1990 Bangladesh has seen major improvements including some development indicates such as: rates of economic growth, poverty, education, population, regulation, infant morality, and literacy. Bangladesh has been less successful manage wealth and income, inequlaties, infrastructure problems, energy supplies, and the broader management of economic development. Bangladesh could become a middle income country by 2016 it refers in a recently released up beat report (2007) to make middle income country it needs to deepen its industrial base, become more integrated into global markets and priorities urban economic development as a key driver of growth. 1975-2006 per capital GDP has more than doubled with a per capital GDP growth rate of 3.3% par-annum. 1992-2005 poverty rate declined from 58 to 40 percent. Since 1974 Bangladesh achieve food self sufficiency in rice but productivity remains low. Those most affected are the poor and landless people because their have no ability to buy. 1990s and 2000s real agricultural wage rates increased but the national information sector incomes has been decline (50% of total work force). 1990 to 2006 merchandise exports ratio increased to 6%-18%. At present garments, textiles, pharmaceuticals, food and leather are contributed 16% to national GDP up from 5% in the 1980s. At present Bangladesh has existed with energy supply inadequate, infrastructure problem and soon. Besides these problems Bangladesh develops her economy day by day. Dhaka will move up the mega-city scale to become one of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest cities by the 2020s. Urbanization is rapid and expected to reach 60% of the population by 2050. Since independence in 1971 Bangladesh try to develop her economic growth and she successes most of the sector. Many ways are followed by the government for economic growth. All of them a sound fiscal policy is the most important way for develop a country. Because of fiscal policy influence the national saving, investment, aggregate demand and supply. And saving investment, demand, supply are the main indicator to develop a country. So, rapidly a country develop are depended on a sound fiscal policy. Findings Fiscal policy is an important tool for managing the affairs relating government income and expenditure fiscal policy uses by the government for balancing between buldie income and expenditure. Fiscal policy can be defined as the conscious policy of a government so as achieve certain predetermined socio-economic objectives with the help of public revenue, public expenditure. It can also be defined as the policy of the state, so as to achieve certain desired economic and non-economic objectives, and avoid undesired effects, with the help of public revenue, public expenditure. Mrs ursulatticks, says, fiscal policy is concerned with the manner in which the different elements of public finance, while still primarily concerned with carrying out their own deficits may collectively be geared to forward the aim off economic policy public revenue consists of two parts. These are direct tax and indirect tax. From these two parts a large share of revenue is earned. For bearing the government exp enditure, Government expenditure includes educational expenses, welfare, defense, subsidy, health and population control, finance collection department, fiscal policy is controled by budget. Budget consists of surplus, deficit and balanced budget. In order to achieve long-term goals, Bangladesh needs to address the following: eliminate the budget deficit and free itself from its dependence on foreign aid; boast and diversity agricultural productivity in order to achieve food self-sufficiency; implement measures to further alleviate poverty and control the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s high population growth, Promote private investment, promote the privatization of state owned enterprises, liberalize trade, institute financial reforms and other structural adjustment, measures, and cultivate export-oriented industries, and -maximize administrative efficiency and simplify procedures. Public expenditure promotes economic development in the following way- Social and economic over heads: Economic development is handicapped in under developed country on account of the lack of the necessary infrastructure. Economic overheads like the roads and railways, irrigation and power projects are essential for speeding up economic development. Social overheads like hospitals, schools and colleges and technical institutions too are essential. Money for these things can not come out of private sources. Public expenditure has to buildup the economic and social overhead. Balanced Regional Growth It is considered desirable to bring about a balanced regional growth. This requires huge amounts for which reliance has to be placed on public expenditure. Development of Agriculture and Industry Government to incur lot of expenditure in the agricultural sector, e.g. on irrigation and power, seed forms, fertilizer factories, warehouses, etc. and in the industrial sector by setting up public enterprises like the steel plants, heavy electrics, heavy engineering, machine making factories etc. All these enterprises are calculated to promote economic development. Subsidies and Grants The central government gives grants to state government and the state government to local authorities to induce them to incur some desirable expenditure. Subsidies have also to be given to encourage the production of certain goods especially for export to earn much needed foreign exchange. The nations savings and investment balance is primarily affected by the structural budget. Effects to change government saving should focus on the structural budget because no durable change comes simply from increased taxes due to an economic boom. Policy Recommendation The discussion about the fiscal policy and management that has been occured in the previous pages involve some limitations. Owing to immobility of labour, the policy may fail in creating additional employment. Road Making, for example, cannot absorb the unemployed textil works. Besides, in a democratic state, the public may bitterly oppose heavily surplus budgets during period of prosperity and may demand tax reduction. Sufficient care well also have to be taken to ensure that the spending by the state is in such spheres only which would not have been taken up by private investors, otherwise public investment does nothing more than merely replace private investment. Moreover, public spending should not increase the difficulties of private by raining the cast of construction materials, building labour etc. So, every government most maintain some recommended policy that has been give in the below: -Raise enough revenue to finance essential expenditure without recourse to excessive public sector borrowing. -Raise the revenue in wise that might be equitable and could minimize its disincentive effects on economic activities. -Do, so in ways that do not deviate substantially from international norms. Changing public expenditure on public works and other government purchases. Changes in government contribution to the income stream trough transfer payments that is employment benefits etc. An appropriate international economy policy. Every government must maintain a sustainable fiscal policy, which includes a deficit that is manageable in the short term and the associated public debt is creats being serviceable. The case studies show that sound fiscal policy, involves much more than this. The economic function of government is not merely to maintain a stable macro environment, its primary responsibility to its citizens is to foster the general welfare. A deficit target should not be set that undermines a governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to achieve the letter. Government should encourage expenditure in productive sector and exercise austerity in public expenditure and restrain oven unproductive outlays. Conclusion Every country need fiscal policy for their economic development. The two wings of fiscal policy are government revenues and government expenditure. The governments fiscal policy can contribute to the control of inflation either by reducing private spending by increasing the taxes of on private sector or by decreasing government expenditure or combining both the elements. Automatic fiscal stabilizes help moderate economic fluctuation. The contribution discretionary fiscal policy can make in combating economic recession in more debatable. Fiscal policy is also called the control cyclical management of public finance may be operated both through public revenues and public expenditure. Between these two, the expenditure method is far more effective in stimulating business activity. Moreover the revenue method leaves the entire initiative to the business community and is also not capable of directing expenditure into changed which may be particularly desired however best results will be a chieved if both of them are combined. Fiscal policy influence the national saving, investment, aggregate demand and supply. Saving investment, demand, supply are the main indicator to develop a country. So, rapidly a country develop are depended on a sound fiscal policy.

Monetary Authority And The Natural Fiscal Authorities - Free Essay Example

INTRODUCTION Fiscal policy refers the setting of the level of government spending and taxation by the government policy makers. It is the combination of taxes and public expenditure to help dampen the swing of the business cycle and contribute to the maintenance of a growing high-employment economy free from high or volatile inflation. In the other words fiscal policy refers a policy which is an important tool for managing the affairs between government income and expenditure. It is the basic management to manage macroeconomics stability and fostering economic growth. At present a number of reform programs are used for stream line public expenditure and revenue management. The government collects large share of revenue from taxation. Public revenue consists of two parts for collection of tax. These are direct tax and indirect tax. From these two types of taxes government earns 80% of total revenue for bearing all kinds of expenditure. Without these taxes government collects revenue other sources i.e. fee, charge, toll etc. A tax is a compulsory contribution from the person to the government to defray the expense in the common interest of all without reference to special benefits E.R.A. Seligman. An economic development of a country depends on the level of fan collection. Higher the collection of tax stronger the economy. Public expenditure is another important segment of the fiscal management of the government. Expenditure includes educational expenses, welfare, defense, subsidy etc. The most significant function of government is the formulation and implementation of a sound fiscal policy. Fiscal policy influences saving investment and growth in the long run. In the short run the primary effect of fiscal policy is on the aggregate demand for goods and services. In the short run the primary effect of fiscal policy is on the aggregate demand for goods and services. Literature Review In order to analyze the game between the monetary authority and the natural fiscal authorities in monetary union the starting point is considering macroeconomic policy as conducted through two instruments, monetary and fiscal policy. It is generally accepted that the economic decisions made in one country can have significant spillover effect on other economics (Frankel and Rockett, 1986). This led to significant pressure for government to coordinate their economic policy. The issues of policy coordination between one country and other countries that cooperate across them have had a central place in the literature on the design of macroeconomic policies in the EMU. This is no surprising given that EMU is to a certain extent an à ¢Ã¢â€š ¬Ã…“experimental laboratoryà ¢Ã¢â€š ¬? representing a very interesting case study. Some of the literature review about fiscal policy has been given in the below: à ¢Ã¢â€š ¬Ã…“Fiscal policy we mean the se thing of taxes and public expenditures to help dampen the swings of the business cycle and contribute to the maintenance of a growing, high employment economy free from high or volatile inflation Keynesian approach believed that fiscal policy was like knob they could turn to control or à ¢Ã¢â€š ¬Ã…“Fine-tuneà ¢Ã¢â€š ¬? the pace of the economy. A bigger budget deficit meant more stimulus for aggregate demand, which could lower unemployment an pull the economy out of recession. A budget surplus could slow down an overheated economy and dampen the threat of inflationà ¢Ã¢â€š ¬?. (Samuelson, P.A. and Nordhus, W.D., 2006). Beetsma and Bovenberg (1998) focus their attention on the interaction between monetary fiscal policies in monetary union. They found that monetary union with decentralized fiscal policies and centralized monetary policy produces an inflationary bias and excessive spending on public goods. The main policy making suggestion deduced from their study is that fiscal coordination or fiscal centralization may discipline the macroeconomics policy in the EMU member countries. The practical response to these studies calling for tighter coordination between monetary and fiscal policies at the European level was the creation of the SGP (Stability and Growth Pact) that limited the maneuver area for fiscal authorities in their expansionary fiscal policy driven by the government deficit (Bini Smaghi and Casini, 2000). Another important thing for fiscal policy is that à ¢Ã¢â€š ¬Ã…“The fiscal policy took the driverà ¢Ã¢â€š ¬Ã¢â€ž ¢s scat in the policy formulation of the governments so as to achie ve their objectives. In modern day economics fiscal policy is quite ahead of monetary policy and other policies as an instrument in the hands of the governments to achieve their desired economic and non-economic resultsà ¢Ã¢â€š ¬?. (K.K. Dewett, 2005). In the case of a cooperative game only among the fiscal policies of the EMU member countries, in which the ECB stays outside the fear of inflationary pressure due to an excessive expansionary fiscal policy will determine very small welfare gains. Their policy implication of straightforward; the SGP might have a very strong limiting impact on the efforts for a positive or active cooperation in EMU which would lead to more output and employment but will deal with interest rates and exchanges rate disturbances, which alter the equilibrium in investment and saving in EMU (Eichengreen and von Hagen, 1996). Cooper and Kempf (2000) analyze monetary and fiscal policy interactions in a two country model, with and without a monetary union, where the monetary and fiscal authorities agree on the macroeconomic goals. When the monetary authority has leadership, a monetary union is pareto-efficient. However, if the fiscal authorities have leadership, a monetary union is Pareto efficient only if the aggregate shocks are highly correlated. The variables of monetary and fiscal policies using ordinary least square (OLS) technique and found out that monetary influences are much larger and more predictable than fiscal influences. This result was confirmed with the use of beta coefficients that changes in monetary action were greater than that of fiscal action. In essence, greater reliance should be placed on monetary actions (Ajayi, 1974). Elliot (1975) examined the relative importance of money supply changes compared to government expenditure changes in explaining fluctuations in nominal GNP. He was of the opinion that this area of study had continuing capacity to provide debate among economists. He estimated St. Louis equation with the use of OLS technique. The equation is of the form. where à ¢Ã‹â€ Ã¢â‚¬  Y represents the change in nominal GNP, à ¢Ã‹â€ Ã¢â‚¬  M represents the change in money supply while à ¢Ã‹â€ Ã¢â‚¬  E represents the change in high employment federal government expenditures. Tabellini (1986), analyzed the coordination between a single monetary authority and several independent fiscal authorities in the context of a game model, shows that policy coordination between the fiscal authorities and the common monetary authority increases the speed of convergence toward the common steady state as compared to the outcome of the non-cooperative game. We reviewed previous researches focusing on the actual situation in EMU, where countries have common currency and separate fiscal authorities that run independent fiscal policies. In this paper we searched to interpret the implication of monetary and fiscal authorities arisen from the well known and widely accepted research published in last decades. In fact from our literature review of resulted that, independently from the type of shocks, coordination between fiscal national authorities is associated with larger governmental and social benefits if above mentioned requirements for the policy coordination are met. Topic analysis Fiscal policy is a policy which is an important tool for managing the affairs between government income and expenditure. Fiscal policy uses for maintaining balance between public income and expenditure. It tends to expand the economy in the short run that is under conditions on of less than full employment. Higher spending and lower taxes tend to increase aggregate demand, output employment and inflation. Because of the financial reaction of interest rates and exchange rates the expansionary impact is reduced and may eventually disappear. Fiscal policy is the combination of taxes and public expenditure. Revenue consists (tax) of two parts. Such as: Tax revenue Non-tax revenue Tax revenue included direct tax and indirect tax. Non tax revenue included administrative revenue, commercial revenue, grants and fits revenue. The revenue is shown by a figure: Government Revenue Tax Revenue Non tax Revenue Direct tax Indirect tax Administrative Revenue Commercial Revenue Grants and Gifts Expenditure is another important segment of the fiscal management of the government. Expenditure includes educational expenses, welfare defense, subsidy, health and population control finance collection department etc. Most expenditure sector for government of defense. It the government approaches a sound fiscal policy a country can develop with rapidly. Government use budgets to plan and control their fiscal affairs. A budget represents for a given year, the planned expenditures of government programs and the expected revenues from tax system. The budget typically contains list of special programs (education, welfare, defense as well as tax sources. Budgets are of three kinds. These are : Surplus budget : A budget surplus occurs when all taxes and other revenues exceed government expenditures for a year. Deficit budget: A budget deficit incurred when expenditures exceed government taxes. Balanced budget: When revenues and expenditures are equal during a given period is called balance budget. The government budget serves major economic functions its is a device by which the government can set national priorities, allocating national output among private and public consumption and investment and providing incentives to increase or reduce output in particular sectors. From a macroeconomic point of view it is through fiscal policy that the budget affects the key macroeconomic goals. We will review the major ways in which government can employ fiscal policy and we will examine the practical shortcomings that have become apparent by actual, structural and cyclical budgets. The actual budget records the actual dollar expenditures, revenues and deficits in a given period. The structural budget includes what government revenues expenditures and deficits would be if the economy were operating at potential output. The cyclical budget is the difference between the actual budget and the structural budget. It measures the impact of the business cycle on the budget taking into account the effect of the cycle on revenues expenditures and the deficit. Objectives of fiscal policy The followings are the main objectives of fiscal policy Economic growth Full employment Price stability and Social justice Economic growth: Economic growth is nothing but an increase in the economic activities or economic variables over a period of time. Full employment: This helps the economy to move up and increases the economy. Price stability: It helps to make price stable. Social justice: The government can achieve social justice by imposing higher rate progressive taxation on the rice and giving subsidies and concession to the lower income and middle income groups. Fiscal policy work: Government directly and indirectly influence the way resources are used in the economy. The basic equation of national income accounting helps show now this happens: GDP = C+I+G+NX Here, GDP refers gross domestic product the value of all final goods and services produced in the economy. Right side shown consumption (c), (I) investment, (G) Government purchase, and (NX) Net export. This equation makes it evident that government affect economic activity (GDP), controlling à ¢Ã¢â€š ¬Ã‹Å"Gà ¢Ã¢â€š ¬Ã¢â€ž ¢ directly and influencing C.I. and NX indirectly, through changes in taxes, transfers and spending. Fiscal policy that increases aggregate demand directly through an increase in government spending is typically called expansionary or à ¢Ã¢â€š ¬Ã…“looseà ¢Ã¢â€š ¬?. By contrast fiscal policy is often considered concretionary or à ¢Ã¢â€š ¬Ã…“tightà ¢Ã¢â€š ¬? if it reduces demand via lower spending. How Fiscal policy influences aggregate Demand: The government can influence the behavior of the economy not only with monitory policy but also with fiscal policy. Fiscal policy refers to the governments choices regarding the overall level of government purchase or taxes. Changes in Government purchase: Policy makes can influence aggregate demand with fiscal policy. An increase in government purchases or a cut in taxes shifts the aggregate demand curve to the right. A decrease in government purchases or on increase in taxes shits the aggregate demand curve to the left. The multiplier effect: Multiplier effect the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and there by increases consumer spending. Multiplier = 1+MPC+MPC2+MPC3+. MPC=Marginal prosperity to consume This multiplier tells us the demand for goods and services that each dollar of government purchases generates. To simplify this equation for the multiplier recall from math class that this expression is an indefinite geometric series. For between-1 and +V1 1+X+X2+X3 + 1/(1-X) In our case, X = MPC, Thus Multiplier = 1 (1-MPC) The crowding out effect: Crowding out effect the effect in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending the effect of the increase in money demand is shown in panel (a) of + Because the fed has not changed the money supply, the vertical supply curve remains the same. When the higher level of income shits the money demand curve to the right from MD to MD2, the interest must rice from r1 to r2 keep supply and demand in Balance. This crowding out effect partially affects the impact of government purchases on aggregate demand, as illustrated in panel (b). The increase in government purchase initially shifts the aggregate demand curve from AD1 to AD2 but once crowding out takes place, the aggregate demand curve drop back to AD3. How fiscal policy might affect aggregate supply : Most economists believe that the short run macro economic affects of fiscal policy work primarily through aggregate demand. Fiscal policy can potentially also influence the quantity of goods and services supplied For instant consider the affects of tax changes on aggregate supply. One of the ten principles of economics that people respond to incentives. When government policy makers cut tax rates, workers get to keep more of each dollar they earn. So, they have a greater incentive to work and produce goods and services. If they respond to this incentive the quantity of goods and services supplied will be greater at each price level and the aggregate supply curve will shift to the right. Some economists called supply sides have argued, that the influence of tax cuts on aggregate supply is large. According to some supply-siders, the influence is so large that a cut in tax rates will stimulate enough additional production and income that tax revenue will actually increase. While the supply-sides affects of taxes are important to consider. They are usually not large enough to cause tax revenue to rise when tax rates fall. Economic development in Bangladesh: economic development is one of the most inclusive concept of development Economic development includes to the raising of the productive capacity of a country through the introduction of policies designed to enhance the productivity of land, labor and capital raise standards of living and alleviate the poverty of the inhabitants of a country. At a minimum , economics development has a growth and a distributive dimension. Since 1990 Bangladesh has seen major improvements including some development indicates such as: rates of economic growth, poverty, education, population, regulation, infant morality, and literacy. Bangladesh has been less successful manage wealth and income, inequlaties, infrastructure problems, energy supplies, and the broader management of economic development. Bangladesh could become a middle income country by 2016 it refers in a recently released up beat report (2007) to make middle income country it needs to deepen its industrial base, become more integrated into global markets and priorities urban economic development as a key driver of growth. 1975-2006 per capital GDP has more than doubled with a per capital GDP growth rate of 3.3% par-annum. 1992-2005 poverty rate declined from 58 to 40 percent. Since 1974 Bangladesh achieve food self sufficiency in rice but productivity remains low. Those most affected are the poor and landless people because their have no ability to buy. 1990s and 2000s real agricultural wage rates increased but the national information sector incomes has been decline (50% of total work force). 1990 to 2006 merchandise exports ratio increased to 6%-18%. At present garments, textiles, pharmaceuticals, food and leather are contributed 16% to national GDP up from 5% in the 1980s. At present Bangladesh has existed with energy supply inadequate, infrastructure problem and soon. Besides these problems Bangladesh develops her economy day by day. Dhaka will move up the mega-city scale to become one of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest cities by the 2020s. Urbanization is rapid and expected to reach 60% of the population by 2050. Since independence in 1971 Bangladesh try to develop her economic growth and she successes most of the sector. Many ways are followed by the government for economic growth. All of them a sound fiscal policy is the most important way for develop a country. Because of fiscal policy influence the national saving, investment, aggregate demand and supply. And saving investment, demand, supply are the main indicator to develop a country. So, rapidly a country develop are depended on a sound fiscal policy. Findings Fiscal policy is an important tool for managing the affairs relating government income and expenditure fiscal policy uses by the government for balancing between buldie income and expenditure. Fiscal policy can be defined as the conscious policy of a government so as achieve certain predetermined socio-economic objectives with the help of public revenue, public expenditure. It can also be defined as the policy of the state, so as to achieve certain desired economic and non-economic objectives, and avoid undesired effects, with the help of public revenue, public expenditure. Mrs ursulatticks, says, fiscal policy is concerned with the manner in which the different elements of public finance, while still primarily concerned with carrying out their own deficits may collectively be geared to forward the aim off economic policy public revenue consists of two parts. These are direct tax and indirect tax. From these two parts a large share of revenue is earned. For bearing the government exp enditure, Government expenditure includes educational expenses, welfare, defense, subsidy, health and population control, finance collection department, fiscal policy is controled by budget. Budget consists of surplus, deficit and balanced budget. In order to achieve long-term goals, Bangladesh needs to address the following: eliminate the budget deficit and free itself from its dependence on foreign aid; boast and diversity agricultural productivity in order to achieve food self-sufficiency; implement measures to further alleviate poverty and control the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s high population growth, Promote private investment, promote the privatization of state owned enterprises, liberalize trade, institute financial reforms and other structural adjustment, measures, and cultivate export-oriented industries, and -maximize administrative efficiency and simplify procedures. Public expenditure promotes economic development in the following way- Social and economic over heads: Economic development is handicapped in under developed country on account of the lack of the necessary infrastructure. Economic overheads like the roads and railways, irrigation and power projects are essential for speeding up economic development. Social overheads like hospitals, schools and colleges and technical institutions too are essential. Money for these things can not come out of private sources. Public expenditure has to buildup the economic and social overhead. Balanced Regional Growth It is considered desirable to bring about a balanced regional growth. This requires huge amounts for which reliance has to be placed on public expenditure. Development of Agriculture and Industry Government to incur lot of expenditure in the agricultural sector, e.g. on irrigation and power, seed forms, fertilizer factories, warehouses, etc. and in the industrial sector by setting up public enterprises like the steel plants, heavy electrics, heavy engineering, machine making factories etc. All these enterprises are calculated to promote economic development. Subsidies and Grants The central government gives grants to state government and the state government to local authorities to induce them to incur some desirable expenditure. Subsidies have also to be given to encourage the production of certain goods especially for export to earn much needed foreign exchange. The nations savings and investment balance is primarily affected by the structural budget. Effects to change government saving should focus on the structural budget because no durable change comes simply from increased taxes due to an economic boom. Policy Recommendation The discussion about the fiscal policy and management that has been occured in the previous pages involve some limitations. Owing to immobility of labour, the policy may fail in creating additional employment. Road Making, for example, cannot absorb the unemployed textil works. Besides, in a democratic state, the public may bitterly oppose heavily surplus budgets during period of prosperity and may demand tax reduction. Sufficient care well also have to be taken to ensure that the spending by the state is in such spheres only which would not have been taken up by private investors, otherwise public investment does nothing more than merely replace private investment. Moreover, public spending should not increase the difficulties of private by raining the cast of construction materials, building labour etc. So, every government most maintain some recommended policy that has been give in the below: -Raise enough revenue to finance essential expenditure without recourse to excessive public sector borrowing. -Raise the revenue in wise that might be equitable and could minimize its disincentive effects on economic activities. -Do, so in ways that do not deviate substantially from international norms. Changing public expenditure on public works and other government purchases. Changes in government contribution to the income stream trough transfer payments that is employment benefits etc. An appropriate international economy policy. Every government must maintain a sustainable fiscal policy, which includes a deficit that is manageable in the short term and the associated public debt is creats being serviceable. The case studies show that sound fiscal policy, involves much more than this. The economic function of government is not merely to maintain a stable macro environment, its primary responsibility to its citizens is to foster the general welfare. A deficit target should not be set that undermines a governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to achieve the letter. Government should encourage expenditure in productive sector and exercise austerity in public expenditure and restrain oven unproductive outlays. Conclusion Every country need fiscal policy for their economic development. The two wings of fiscal policy are government revenues and government expenditure. The governments fiscal policy can contribute to the control of inflation either by reducing private spending by increasing the taxes of on private sector or by decreasing government expenditure or combining both the elements. Automatic fiscal stabilizes help moderate economic fluctuation. The contribution discretionary fiscal policy can make in combating economic recession in more debatable. Fiscal policy is also called the control cyclical management of public finance may be operated both through public revenues and public expenditure. Between these two, the expenditure method is far more effective in stimulating business activity. Moreover the revenue method leaves the entire initiative to the business community and is also not capable of directing expenditure into changed which may be particularly desired however best results will be a chieved if both of them are combined. Fiscal policy influence the national saving, investment, aggregate demand and supply. Saving investment, demand, supply are the main indicator to develop a country. So, rapidly a country develop are depended on a sound fiscal policy.

Monetary Authority And The Natural Fiscal Authorities - Free Essay Example

INTRODUCTION Fiscal policy refers the setting of the level of government spending and taxation by the government policy makers. It is the combination of taxes and public expenditure to help dampen the swing of the business cycle and contribute to the maintenance of a growing high-employment economy free from high or volatile inflation. In the other words fiscal policy refers a policy which is an important tool for managing the affairs between government income and expenditure. It is the basic management to manage macroeconomics stability and fostering economic growth. At present a number of reform programs are used for stream line public expenditure and revenue management. The government collects large share of revenue from taxation. Public revenue consists of two parts for collection of tax. These are direct tax and indirect tax. From these two types of taxes government earns 80% of total revenue for bearing all kinds of expenditure. Without these taxes government collects revenue other sources i.e. fee, charge, toll etc. A tax is a compulsory contribution from the person to the government to defray the expense in the common interest of all without reference to special benefits E.R.A. Seligman. An economic development of a country depends on the level of fan collection. Higher the collection of tax stronger the economy. Public expenditure is another important segment of the fiscal management of the government. Expenditure includes educational expenses, welfare, defense, subsidy etc. The most significant function of government is the formulation and implementation of a sound fiscal policy. Fiscal policy influences saving investment and growth in the long run. In the short run the primary effect of fiscal policy is on the aggregate demand for goods and services. In the short run the primary effect of fiscal policy is on the aggregate demand for goods and services. Literature Review In order to analyze the game between the monetary authority and the natural fiscal authorities in monetary union the starting point is considering macroeconomic policy as conducted through two instruments, monetary and fiscal policy. It is generally accepted that the economic decisions made in one country can have significant spillover effect on other economics (Frankel and Rockett, 1986). This led to significant pressure for government to coordinate their economic policy. The issues of policy coordination between one country and other countries that cooperate across them have had a central place in the literature on the design of macroeconomic policies in the EMU. This is no surprising given that EMU is to a certain extent an à ¢Ã¢â€š ¬Ã…“experimental laboratoryà ¢Ã¢â€š ¬? representing a very interesting case study. Some of the literature review about fiscal policy has been given in the below: à ¢Ã¢â€š ¬Ã…“Fiscal policy we mean the se thing of taxes and public expenditures to help dampen the swings of the business cycle and contribute to the maintenance of a growing, high employment economy free from high or volatile inflation Keynesian approach believed that fiscal policy was like knob they could turn to control or à ¢Ã¢â€š ¬Ã…“Fine-tuneà ¢Ã¢â€š ¬? the pace of the economy. A bigger budget deficit meant more stimulus for aggregate demand, which could lower unemployment an pull the economy out of recession. A budget surplus could slow down an overheated economy and dampen the threat of inflationà ¢Ã¢â€š ¬?. (Samuelson, P.A. and Nordhus, W.D., 2006). Beetsma and Bovenberg (1998) focus their attention on the interaction between monetary fiscal policies in monetary union. They found that monetary union with decentralized fiscal policies and centralized monetary policy produces an inflationary bias and excessive spending on public goods. The main policy making suggestion deduced from their study is that fiscal coordination or fiscal centralization may discipline the macroeconomics policy in the EMU member countries. The practical response to these studies calling for tighter coordination between monetary and fiscal policies at the European level was the creation of the SGP (Stability and Growth Pact) that limited the maneuver area for fiscal authorities in their expansionary fiscal policy driven by the government deficit (Bini Smaghi and Casini, 2000). Another important thing for fiscal policy is that à ¢Ã¢â€š ¬Ã…“The fiscal policy took the driverà ¢Ã¢â€š ¬Ã¢â€ž ¢s scat in the policy formulation of the governments so as to achie ve their objectives. In modern day economics fiscal policy is quite ahead of monetary policy and other policies as an instrument in the hands of the governments to achieve their desired economic and non-economic resultsà ¢Ã¢â€š ¬?. (K.K. Dewett, 2005). In the case of a cooperative game only among the fiscal policies of the EMU member countries, in which the ECB stays outside the fear of inflationary pressure due to an excessive expansionary fiscal policy will determine very small welfare gains. Their policy implication of straightforward; the SGP might have a very strong limiting impact on the efforts for a positive or active cooperation in EMU which would lead to more output and employment but will deal with interest rates and exchanges rate disturbances, which alter the equilibrium in investment and saving in EMU (Eichengreen and von Hagen, 1996). Cooper and Kempf (2000) analyze monetary and fiscal policy interactions in a two country model, with and without a monetary union, where the monetary and fiscal authorities agree on the macroeconomic goals. When the monetary authority has leadership, a monetary union is pareto-efficient. However, if the fiscal authorities have leadership, a monetary union is Pareto efficient only if the aggregate shocks are highly correlated. The variables of monetary and fiscal policies using ordinary least square (OLS) technique and found out that monetary influences are much larger and more predictable than fiscal influences. This result was confirmed with the use of beta coefficients that changes in monetary action were greater than that of fiscal action. In essence, greater reliance should be placed on monetary actions (Ajayi, 1974). Elliot (1975) examined the relative importance of money supply changes compared to government expenditure changes in explaining fluctuations in nominal GNP. He was of the opinion that this area of study had continuing capacity to provide debate among economists. He estimated St. Louis equation with the use of OLS technique. The equation is of the form. where à ¢Ã‹â€ Ã¢â‚¬  Y represents the change in nominal GNP, à ¢Ã‹â€ Ã¢â‚¬  M represents the change in money supply while à ¢Ã‹â€ Ã¢â‚¬  E represents the change in high employment federal government expenditures. Tabellini (1986), analyzed the coordination between a single monetary authority and several independent fiscal authorities in the context of a game model, shows that policy coordination between the fiscal authorities and the common monetary authority increases the speed of convergence toward the common steady state as compared to the outcome of the non-cooperative game. We reviewed previous researches focusing on the actual situation in EMU, where countries have common currency and separate fiscal authorities that run independent fiscal policies. In this paper we searched to interpret the implication of monetary and fiscal authorities arisen from the well known and widely accepted research published in last decades. In fact from our literature review of resulted that, independently from the type of shocks, coordination between fiscal national authorities is associated with larger governmental and social benefits if above mentioned requirements for the policy coordination are met. Topic analysis Fiscal policy is a policy which is an important tool for managing the affairs between government income and expenditure. Fiscal policy uses for maintaining balance between public income and expenditure. It tends to expand the economy in the short run that is under conditions on of less than full employment. Higher spending and lower taxes tend to increase aggregate demand, output employment and inflation. Because of the financial reaction of interest rates and exchange rates the expansionary impact is reduced and may eventually disappear. Fiscal policy is the combination of taxes and public expenditure. Revenue consists (tax) of two parts. Such as: Tax revenue Non-tax revenue Tax revenue included direct tax and indirect tax. Non tax revenue included administrative revenue, commercial revenue, grants and fits revenue. The revenue is shown by a figure: Government Revenue Tax Revenue Non tax Revenue Direct tax Indirect tax Administrative Revenue Commercial Revenue Grants and Gifts Expenditure is another important segment of the fiscal management of the government. Expenditure includes educational expenses, welfare defense, subsidy, health and population control finance collection department etc. Most expenditure sector for government of defense. It the government approaches a sound fiscal policy a country can develop with rapidly. Government use budgets to plan and control their fiscal affairs. A budget represents for a given year, the planned expenditures of government programs and the expected revenues from tax system. The budget typically contains list of special programs (education, welfare, defense as well as tax sources. Budgets are of three kinds. These are : Surplus budget : A budget surplus occurs when all taxes and other revenues exceed government expenditures for a year. Deficit budget: A budget deficit incurred when expenditures exceed government taxes. Balanced budget: When revenues and expenditures are equal during a given period is called balance budget. The government budget serves major economic functions its is a device by which the government can set national priorities, allocating national output among private and public consumption and investment and providing incentives to increase or reduce output in particular sectors. From a macroeconomic point of view it is through fiscal policy that the budget affects the key macroeconomic goals. We will review the major ways in which government can employ fiscal policy and we will examine the practical shortcomings that have become apparent by actual, structural and cyclical budgets. The actual budget records the actual dollar expenditures, revenues and deficits in a given period. The structural budget includes what government revenues expenditures and deficits would be if the economy were operating at potential output. The cyclical budget is the difference between the actual budget and the structural budget. It measures the impact of the business cycle on the budget taking into account the effect of the cycle on revenues expenditures and the deficit. Objectives of fiscal policy The followings are the main objectives of fiscal policy Economic growth Full employment Price stability and Social justice Economic growth: Economic growth is nothing but an increase in the economic activities or economic variables over a period of time. Full employment: This helps the economy to move up and increases the economy. Price stability: It helps to make price stable. Social justice: The government can achieve social justice by imposing higher rate progressive taxation on the rice and giving subsidies and concession to the lower income and middle income groups. Fiscal policy work: Government directly and indirectly influence the way resources are used in the economy. The basic equation of national income accounting helps show now this happens: GDP = C+I+G+NX Here, GDP refers gross domestic product the value of all final goods and services produced in the economy. Right side shown consumption (c), (I) investment, (G) Government purchase, and (NX) Net export. This equation makes it evident that government affect economic activity (GDP), controlling à ¢Ã¢â€š ¬Ã‹Å"Gà ¢Ã¢â€š ¬Ã¢â€ž ¢ directly and influencing C.I. and NX indirectly, through changes in taxes, transfers and spending. Fiscal policy that increases aggregate demand directly through an increase in government spending is typically called expansionary or à ¢Ã¢â€š ¬Ã…“looseà ¢Ã¢â€š ¬?. By contrast fiscal policy is often considered concretionary or à ¢Ã¢â€š ¬Ã…“tightà ¢Ã¢â€š ¬? if it reduces demand via lower spending. How Fiscal policy influences aggregate Demand: The government can influence the behavior of the economy not only with monitory policy but also with fiscal policy. Fiscal policy refers to the governments choices regarding the overall level of government purchase or taxes. Changes in Government purchase: Policy makes can influence aggregate demand with fiscal policy. An increase in government purchases or a cut in taxes shifts the aggregate demand curve to the right. A decrease in government purchases or on increase in taxes shits the aggregate demand curve to the left. The multiplier effect: Multiplier effect the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and there by increases consumer spending. Multiplier = 1+MPC+MPC2+MPC3+. MPC=Marginal prosperity to consume This multiplier tells us the demand for goods and services that each dollar of government purchases generates. To simplify this equation for the multiplier recall from math class that this expression is an indefinite geometric series. For between-1 and +V1 1+X+X2+X3 + 1/(1-X) In our case, X = MPC, Thus Multiplier = 1 (1-MPC) The crowding out effect: Crowding out effect the effect in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending the effect of the increase in money demand is shown in panel (a) of + Because the fed has not changed the money supply, the vertical supply curve remains the same. When the higher level of income shits the money demand curve to the right from MD to MD2, the interest must rice from r1 to r2 keep supply and demand in Balance. This crowding out effect partially affects the impact of government purchases on aggregate demand, as illustrated in panel (b). The increase in government purchase initially shifts the aggregate demand curve from AD1 to AD2 but once crowding out takes place, the aggregate demand curve drop back to AD3. How fiscal policy might affect aggregate supply : Most economists believe that the short run macro economic affects of fiscal policy work primarily through aggregate demand. Fiscal policy can potentially also influence the quantity of goods and services supplied For instant consider the affects of tax changes on aggregate supply. One of the ten principles of economics that people respond to incentives. When government policy makers cut tax rates, workers get to keep more of each dollar they earn. So, they have a greater incentive to work and produce goods and services. If they respond to this incentive the quantity of goods and services supplied will be greater at each price level and the aggregate supply curve will shift to the right. Some economists called supply sides have argued, that the influence of tax cuts on aggregate supply is large. According to some supply-siders, the influence is so large that a cut in tax rates will stimulate enough additional production and income that tax revenue will actually increase. While the supply-sides affects of taxes are important to consider. They are usually not large enough to cause tax revenue to rise when tax rates fall. Economic development in Bangladesh: economic development is one of the most inclusive concept of development Economic development includes to the raising of the productive capacity of a country through the introduction of policies designed to enhance the productivity of land, labor and capital raise standards of living and alleviate the poverty of the inhabitants of a country. At a minimum , economics development has a growth and a distributive dimension. Since 1990 Bangladesh has seen major improvements including some development indicates such as: rates of economic growth, poverty, education, population, regulation, infant morality, and literacy. Bangladesh has been less successful manage wealth and income, inequlaties, infrastructure problems, energy supplies, and the broader management of economic development. Bangladesh could become a middle income country by 2016 it refers in a recently released up beat report (2007) to make middle income country it needs to deepen its industrial base, become more integrated into global markets and priorities urban economic development as a key driver of growth. 1975-2006 per capital GDP has more than doubled with a per capital GDP growth rate of 3.3% par-annum. 1992-2005 poverty rate declined from 58 to 40 percent. Since 1974 Bangladesh achieve food self sufficiency in rice but productivity remains low. Those most affected are the poor and landless people because their have no ability to buy. 1990s and 2000s real agricultural wage rates increased but the national information sector incomes has been decline (50% of total work force). 1990 to 2006 merchandise exports ratio increased to 6%-18%. At present garments, textiles, pharmaceuticals, food and leather are contributed 16% to national GDP up from 5% in the 1980s. At present Bangladesh has existed with energy supply inadequate, infrastructure problem and soon. Besides these problems Bangladesh develops her economy day by day. Dhaka will move up the mega-city scale to become one of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest cities by the 2020s. Urbanization is rapid and expected to reach 60% of the population by 2050. Since independence in 1971 Bangladesh try to develop her economic growth and she successes most of the sector. Many ways are followed by the government for economic growth. All of them a sound fiscal policy is the most important way for develop a country. Because of fiscal policy influence the national saving, investment, aggregate demand and supply. And saving investment, demand, supply are the main indicator to develop a country. So, rapidly a country develop are depended on a sound fiscal policy. Findings Fiscal policy is an important tool for managing the affairs relating government income and expenditure fiscal policy uses by the government for balancing between buldie income and expenditure. Fiscal policy can be defined as the conscious policy of a government so as achieve certain predetermined socio-economic objectives with the help of public revenue, public expenditure. It can also be defined as the policy of the state, so as to achieve certain desired economic and non-economic objectives, and avoid undesired effects, with the help of public revenue, public expenditure. Mrs ursulatticks, says, fiscal policy is concerned with the manner in which the different elements of public finance, while still primarily concerned with carrying out their own deficits may collectively be geared to forward the aim off economic policy public revenue consists of two parts. These are direct tax and indirect tax. From these two parts a large share of revenue is earned. For bearing the government exp enditure, Government expenditure includes educational expenses, welfare, defense, subsidy, health and population control, finance collection department, fiscal policy is controled by budget. Budget consists of surplus, deficit and balanced budget. In order to achieve long-term goals, Bangladesh needs to address the following: eliminate the budget deficit and free itself from its dependence on foreign aid; boast and diversity agricultural productivity in order to achieve food self-sufficiency; implement measures to further alleviate poverty and control the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s high population growth, Promote private investment, promote the privatization of state owned enterprises, liberalize trade, institute financial reforms and other structural adjustment, measures, and cultivate export-oriented industries, and -maximize administrative efficiency and simplify procedures. Public expenditure promotes economic development in the following way- Social and economic over heads: Economic development is handicapped in under developed country on account of the lack of the necessary infrastructure. Economic overheads like the roads and railways, irrigation and power projects are essential for speeding up economic development. Social overheads like hospitals, schools and colleges and technical institutions too are essential. Money for these things can not come out of private sources. Public expenditure has to buildup the economic and social overhead. Balanced Regional Growth It is considered desirable to bring about a balanced regional growth. This requires huge amounts for which reliance has to be placed on public expenditure. Development of Agriculture and Industry Government to incur lot of expenditure in the agricultural sector, e.g. on irrigation and power, seed forms, fertilizer factories, warehouses, etc. and in the industrial sector by setting up public enterprises like the steel plants, heavy electrics, heavy engineering, machine making factories etc. All these enterprises are calculated to promote economic development. Subsidies and Grants The central government gives grants to state government and the state government to local authorities to induce them to incur some desirable expenditure. Subsidies have also to be given to encourage the production of certain goods especially for export to earn much needed foreign exchange. The nations savings and investment balance is primarily affected by the structural budget. Effects to change government saving should focus on the structural budget because no durable change comes simply from increased taxes due to an economic boom. Policy Recommendation The discussion about the fiscal policy and management that has been occured in the previous pages involve some limitations. Owing to immobility of labour, the policy may fail in creating additional employment. Road Making, for example, cannot absorb the unemployed textil works. Besides, in a democratic state, the public may bitterly oppose heavily surplus budgets during period of prosperity and may demand tax reduction. Sufficient care well also have to be taken to ensure that the spending by the state is in such spheres only which would not have been taken up by private investors, otherwise public investment does nothing more than merely replace private investment. Moreover, public spending should not increase the difficulties of private by raining the cast of construction materials, building labour etc. So, every government most maintain some recommended policy that has been give in the below: -Raise enough revenue to finance essential expenditure without recourse to excessive public sector borrowing. -Raise the revenue in wise that might be equitable and could minimize its disincentive effects on economic activities. -Do, so in ways that do not deviate substantially from international norms. Changing public expenditure on public works and other government purchases. Changes in government contribution to the income stream trough transfer payments that is employment benefits etc. An appropriate international economy policy. Every government must maintain a sustainable fiscal policy, which includes a deficit that is manageable in the short term and the associated public debt is creats being serviceable. The case studies show that sound fiscal policy, involves much more than this. The economic function of government is not merely to maintain a stable macro environment, its primary responsibility to its citizens is to foster the general welfare. A deficit target should not be set that undermines a governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to achieve the letter. Government should encourage expenditure in productive sector and exercise austerity in public expenditure and restrain oven unproductive outlays. Conclusion Every country need fiscal policy for their economic development. The two wings of fiscal policy are government revenues and government expenditure. The governments fiscal policy can contribute to the control of inflation either by reducing private spending by increasing the taxes of on private sector or by decreasing government expenditure or combining both the elements. Automatic fiscal stabilizes help moderate economic fluctuation. The contribution discretionary fiscal policy can make in combating economic recession in more debatable. Fiscal policy is also called the control cyclical management of public finance may be operated both through public revenues and public expenditure. Between these two, the expenditure method is far more effective in stimulating business activity. Moreover the revenue method leaves the entire initiative to the business community and is also not capable of directing expenditure into changed which may be particularly desired however best results will be a chieved if both of them are combined. Fiscal policy influence the national saving, investment, aggregate demand and supply. Saving investment, demand, supply are the main indicator to develop a country. So, rapidly a country develop are depended on a sound fiscal policy.