Fifty years of fiscal planning and implementation in the Netherlands

Using real-time data from the annual budgets over the period 1958-2009, we explore budgetary planning and implementation in the Netherlands. Three fiscal policy regimes are distinguished. Our key findings are the following. First, plans are on average unbiased, although they are overoptimistic during earlier parts of our sample and overly pessimistic during the later parts of our sample, when revenues are under-projected. Second, general economic conditions and the state of the public finances are important determinants of both plans and their implementation. Third, this is also the case for political and institutional factors. Expenditure overruns are partly related to political factors, whereas cautious revenue forecasts relate to the institutional setting. Fourth, under the most recent regime of "trend-based budgeting" implementation was strongest relative to planning. In fact, this regime may contain some elements that are useful for designing national fiscal arrangements elsewhere

Fifty years of fiscal planning and implementation in the Netherlands

Using real-time data from the annual budgets over the period 1958-2009, we explore budgetary planning and implementation in the Netherlands. Three fiscal policy regimes are distinguished. Our key findings are the following. First, plans are on average unbiased, although they are overoptimistic during earlier parts of our sample and overly pessimistic during the later parts of our sample, when revenues are under-projected. Second, general economic conditions and the state of the public finances are important determinants of both plans and their implementation. Third, this is also the case for political and institutional factors. Expenditure overruns are partly related to political factors, whereas cautious revenue forecasts relate to the institutional setting. Fourth, under the most recent regime of "trend-based budgeting" implementation was strongest relative to planning. In fact, this regime may contain some elements that are useful for designing national fiscal arrangements elsewhere

Fifty years of fiscal planning and implementation in the Netherlands

Using real-time data from the annual budget over the period 1958-2009, we explore the planning and realization of fiscal policy in the Netherlands. Our key findings are the following. First, planned surpluses are on average unbiased, although they are overoptimistic during the first half of the sample and too pessimistic during the second half of the sample. The latter is the result of cautious real-time revenue estimates by the Dutch Ministry of Finance during this period. Second, real growth projections by the official Dutch forecasting agency are unbiased. This contrasts with the experience of the EU as a whole where biased growth projections represent an important source of fiscal slippage. Third, general economic conditions and the state of the public finances are important determinants of both fiscal plans and their implementation. Fourth, this is also the case for political and institutional factors. Expenditure overruns are partly related to political factors, whereas cautious revenue forecasts relate to the institutional setting. In particular, the most recent regime of the "trend-based budget policy" has worked well for fiscal discipline in the Netherlands

Fiscal planning in Europe: How to improve credibility?

Europe’s fiscal crisis has called into question the fiscal credibility of some of its largest members. This column argues that some elements in the European Commission’s reform proposals may actually weaken accountability instead of strengthening it

Belgian Report

peer reviewe

The effect of impaction and a bioceramic coating on bone ingrowth in porous titanium particles

Contains fulltext : 98422.pdf (publisher's version ) (Open Access)BACKGROUND AND PURPOSE: Porous titanium (Ti) particles can be impacted like cancellous allograft bone particles, and may therefore be used as bone substitute in impaction grafting. We evaluated the effect of impaction and of a thin silicated biphasic calcium phosphate coating on osteoconduction by Ti particles. METHODS: The bone conduction chamber of Aspenberg was used in goats and filled with various groups of coated or uncoated small Ti particles (diameter 1.0-1.4 mm). Impacted allograft bone particles and empty chambers were used in control groups. Fluorochromes were administered at 4, 8, and 12 weeks. Maximum bone ingrowth distance was evaluated by histomorphometric analysis. RESULTS: Histology of Ti particle graft cylinders showed a dense matrix with narrow inter-particle and intra-particle pores (< 100 mum), occluding the lumen of the bone chamber. Bone ingrowth distances gradually increased with time in all groups. Maximum bone ingrowth distance was higher in originally empty chambers than those with allograft bone particles (p = 0.01) and Ti particles (p < 0.001). Maximum bone ingrowth in allograft bone particles was higher than in all Ti groups (p </= 0.001). Impaction reduced osteoconduction and the coating partially compensated for the negative effect of impaction, but these differences were not statistically significant. No osteolytic reactions were found. INTERPRETATION: Osteoconduction in the bone conduction chamber was reduced more by the insertion of small Ti particles than by insertion of small allograft bone particles. The osteoconductive potential of porous Ti particles should be studied further with larger-sized particles, which may allow bone ingrowth after impaction through larger inter-particle pores

Vigilance and well-being following continuous positive airway pressure therapy in obstructive sleep apnea patients

Paroxysmal Cerebral Disorder