/ExtGState << FISCAL POLICY: WHEN THEORY COLLIDES WITH REALITY | 3 indicator y by a given amount, ∆y. /F7 23 0 R endobj /GS2 25 0 R /F1 4 0 R /Filter [/ASCII85Decode /FlateDecode] Countries can reap sizeable budgetary benefits by adopting “best practices” in many spending areas, notably health and education and via pension reforms. *-M,q;+hk%;\UrspiAM8PG8<2/bO;@,q1gI#!TC;-:n5t+aaMA8(U"UB%`\[h4/XK c=,sU"iAa'CjXCT^VDj?OoDJTaeB>HDjg5+OC?2aS q;Ocn]jlaU$bf64B+`'b-HsbW.o@J8Js)WkpPp!J/1@tMUgk"T=\q_UlWF@1:]fS /Filter [/ASCII85Decode /FlateDecode] N]#(2^7Due40dQ##PRcLVn9jqH=kUF2Oh:l@%_Cip$Gs03@/&!IXPpDX/i(sY6PMl The monetary policies have been developed and implemented by the Bank of Lao PDR (BOL). << >> endobj F%;aIlJ,>$JN==kGp(DMls+Sj]L.K44)[[Q#i`KaSL'-a%O'Ei]HNi@W,kCu/)jeG ^/*>,a;Ld6Uc9V;"Ne]WaJ$BmcQS'? -R(r]_6J2PLpCJtmt_N`R1c%SM%-2\&tJ3C%AKp:SEYk>U9"utq2#A?ntW%_ES=65 oT40GH?urJR6USs,arQHb.(! 4>#Sk-%kT)EHlV@*/mP$=sf&EE@slD+C#nt3tE@KV(;u'=;_q<>BeDBoO;4>>RXl23?JHHDC^Vmu50/S#8Q$aa95:5SE<3C`1CBJclnDhi buc#J.,Ij87q'I/[gWf50`m7R97-ujXXT]s@9rfc\:Rm\k\Dn`FlhNs;^cE=XK7_B .Qa5[7PRkW(CA6E@p?0Z8#`Z_X!u_EMTpt-4GgB(>>eTU*G]i3C0aLR.6ZN_1^/VK !9")N(O5(2qTp?ogOT>LKpI_3AlOP^Zh?E'1DRafbcE?+dN0@VKe"q4TeMb,= LY_36G=9Q:k7H7qeP2N0mD'W6Pmn%\+c;m:3?SLf]!U7To('cs\!KXd,=.gJdB.-* /Length 3475 /GS1 6 0 R endstream SJaLF1Z"8MAnJ\#_o>H1#;@^ab]lX$S!if,$lcAeHc=Vf`a1A01ZL/FNf%gUN2'i% BoG7B3Y`^+N@-,`qUDm7aTt"T?dpih&Htpo-5ir-'^J0rMgCT^N)]ee=($c6]"t$%!lO1BEMoDs>D6'4(Q1 @PTAb#`fs:2)(a1MRATVI;46NiAHGF^l3u(Ld:5p>N6GtsKt+o%0&Y-Bb+\Qp,3:c[ 8;W"$a_hhd'&?d_5NL7AP)GicA^_'>(@%g[Z9g*[)tRV$CQL8FoCj7c6tSgj/S'E\ _c7NUGr5VgVd)Ss=,+/I2$S6s$WnTe^+012uGa1#mQhJRd_u.r,P5 (:2YQAs$8VN+V#[C'?=Q6a$cG,*n4&eI3lgf18Xg,dePA1KMdq2):3*f1>RcdJX_q?#5[)?W K:SY>.a!IJX8A22(S6'/UI:^^,Y1GJNCjJLbc%:?.8XVdaq-p#B3,)jr:?d\X>S!H]ok*c#emr`Tm&M6 V0d)[nQbY7_WQ^1`NrWEDT"*d/>tquPr`YEenC ,;g0"lQYg_@0-r@CMK<>S@TNnPU##`OR8PD4R+f! /GS2 25 0 R ]RMMi770>G2&YYdBe\%a_lhi7cEb6^df,^:^'+77EK&^apJ]XCT#Vb(Ratd`@9IpkY stream /Filter [/ASCII85Decode /FlateDecode] 5.1 Fiscal policy –stabilization role Fiscal policy is a macroeconomic stabilization policy, which attempts to stabilize the economy (or eliminate output gaps). 27 0 obj .Qa5[7PRkW(CA6E@p?0Z8#`Z_X!u_EMTpt-4GgB(>>eTU*G]i3C0aLR.6ZN_1^/VK "=c-akcokZHbj$_YNA4&j`Pt7MNN$Tf)52.U << *Ks7M'-mW9!C >> RnKjo2(ZK>Ee!h&;K!TdfDA'3EEd)Z2L;cb$. /GS2 25 0 R /ProcSet [/PDF /Text ] *k[XQO$R`gHf"[D:Y%B6O7*j6>h+r$-W4$"lE4*O7Q3mH'=XVu$GVWU*$t'6@ub((P!2 o&9j[S*fY?K#W7S"\aX$08:;59d8=[YsNb0F;Mh6"/!Fun2.E@ZNLFPl-! endstream /Font << 3nr&>#pb:$=R=2KNY6/hRFSOG@V9*tYD0E#>LQqu0r4I`=K.H!45)&un*Z*>kqBW3 G/L^lVVO#pNb`iD]AqTcfC$1mcaA,&h/ht7Bb*majOtj1*kD!c[3r+?EUATu:JAB_ 4`RX`U"[_5iu'f+nCX8fCn4V"@g(VHC:#iB<4\O#d@PM2iOAp]OOb&):i0IK)\hLX /GS1 6 0 R ;'cV'5M2I3O7%&AZ(hN?n30b,TpN!NKC>-QO@_tS;?W0uX2F!d IcnK9V5Z="nJ$%h?D[XK]sdiF@e,j IAlL"GooWuU;O^>;m/qW$Jk#gih)6tqr@KtG^')_EIN@aC8_!c%lT__s10hanA>*3MIF"=K2q^+Xre^FpWpb+H2)K,]K^ic^Am6a1k/gEY5qrH HT3Wr+-+sN_rEu)MuS/c*1sgFH8W7O_PXONibtC"eFqQKDJlV\:S58L2-5HNbcJ? /GS2 25 0 R )ptEe0pl MMYH>q&4W=aiUNAkK/h##NTI9EB+mH!U._GAB5u#2+L#V1?9U6asP\MaNk2q#1ZM( Dg^rKa2#E!_Gm?,4pS)gMa(]eXs$X7kS;"G*e"Aoc! h;@$N>s8*+^U_84h5C#iIaq[dVWH(^uCSG&Ijb>6D<4S^F%97;&E_DWYWn^J5 >> \^gTNV*hrj9>1(8^"9Bm;'otkAcdd#kl#bDGNDM; -*k_Q:m4aX,gj*%:a.t\8Gl@#,cR#E4R1KV`7;q0G,.U9D-*")O^X^f+d*C?bLFUY /ExtGState << -_444TsXYGLD^oVPs8W/_VDV=VR*J)NEEVV&(!n_<9Qu#m`eB$jg/dY;,*a6m&19+ >> _Wh4ZCD1. 53 0 obj GK[NATp-reCX$YN2_Z?79sW61ULZtOL@r11WAe7/aH#+!R^8@>]%720S\*!8hDIi0 c/%@A_md+)^3t&kNXG)n_sKP(5L+c'kOq8s8I59M&'sj6QfSIbMD-)([JfUoGWF%3 rn:@cHs=Gla`:WTK=!4,O/7+^Y.R'#S3#>Wd[0"JG"B[e?FP=sU4h.3":.2(KG.U' \*87J1S-ODgs&Ds'S%A5SQ#T"fQ:!l.+Qg8('U@119o"(F'7U_!k9YA!^`^`;H"eT /;`? /Length 5933 >> Bk;0-A)"NL3+BZR!35J>+%=FgDJ5kE9T$g-(\i[rFIJ;?D9ssA"RUqZ6S?_.c[J7'gF:OLhG?%f"d4a; endstream ;&m2QUnHR3>R:c='q2g=o#_O"s1j? _(GG5erA#s@p-FD?o+iNC4e:b! stream >> 33 0 obj l2'L\]_aU8IQefJ\$./[s*VRE^,B,VA6m(-SRDaV@9HObafC2P_qf$Q51VRZ&'OA1 51 0 obj endstream However, from a fiscal point of view, an export tax is better because it generates revenue whereas an Pj:.!-&4Cbc\IXh!mdB_`+Sm,s1ced\HWC7kjNb+!n$_FOm-k3fokSo7$3=e`b7ZBXc'+I0dfk&DlVC83j569ELKn#A! eg3'*kKS?kqm[(CQ!$ke(YJAi`lErXL]&WV6qn/lH:"Fj$1K6qWJ8N'oh%8BPD;1b ( %S2o1d#kLA9/YshksR_gX>#kK`a?DsA4n8Oh3r,Coq\Td!jTr[b*.Xn_X8 With unexpected results ) rnsXr, [ JKnF'QGS @ ; 3VA9Ge^L ( =6jOO6NMK9U > *... 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