But China's increased pump-priming will ease the transition, he added.
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There was a lot of pump-priming from central banks over the last year or so.
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Renewed economic pump-priming into infrastructure and construction has, once again, turned metals demand expectations on their head.
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It was in wide use by 1933, when President Roosevelt fought the Great Depression with pump-priming stimulus.
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If this pessimistic view is right, it will take more than fiscal pump-priming to unleash the private sector.
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When in Ottawa recently the IMF's chief, Christine Lagarde said she hoped Canada's pump-priming economic policies would "go viral".
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Massive debt - standing at nearly 300 percent of GDP - and serious budgetary imbalances mean Beijing can't carry on pump priming.
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Now, like then, we have a high-tax, high-spend, high-regulation, Fed-pump-priming, standard-less dollar-manipulation policy mix.
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The bright outlook is welcome news for the BOJ, which has been pump priming the economy with massive stimulus since 2013.
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That was a time for serious pump-priming; unfortunately, we never got enough of it, thanks to scorched-earth Republican opposition.
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Whether Beijing will try to fight off destocking with yet more pump-priming monetary policy would be an important question any year.
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Known as pump-priming, this approach presumes that putting money in at the top, through corporations and businesses, will trickle down to workers.
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"It&aposs not atypical for new ecosystems to require some pump priming by the corporate incumbents that are building the products," Bernard said.
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After years of heavy pump-priming, markets worry less generous stimulus could retard the pace of growth not only in China but globally.
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After years of heavy pump-priming, markets worry that less generous stimulus could retard the pace of growth not only in China but globally.
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In a more tangible sign of pump-priming, builders and engineers started work on a revamp of a train station in southwest Beijing on Monday.
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And if China's recent record is any guide, pump-priming may result in wasteful projects and even bigger piles of bad debt that could end up throttling the economy.
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By the time that Obama had taken office, the entire Republican Party had turned against Keynesian "pump priming" and instead began whipping the country into a debt-obsessed hysteria.
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Here is a cartoon from the New Deal era satirizing Franklin Roosevelt's pump priming efforts: Trump himself has been using the phrase for longer than Trump seems to remember.
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The reason China gets such poor returns from this pump-priming is that state firms are the main beneficiaries of extra credit, at the expense of the more efficient private sector.
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Massive pump priming by the government and monetary stimulus by the central bank have failed to reflate the economy or generate much growth as Japan suffered two so-called "lost decades".
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Massive debt - standing at nearly 300 percent of GDP - and serious budgetary imbalances mean Beijing can't carry on pump priming, which analysts expect will eventually drag on growth during the year.
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So we are not going for broad based pump priming measures in general but we are spending our resources making sure that we built specific niche capabilities for our companies and our workers.
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The central bank is, in effect, underwriting public spending by buying up government bonds — an arrangement criticized as reckless by fiscal conservatives, but welcomed by others who say Japan needs the pump-priming.
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A Nexis search shows the phrase "pump priming" or its variants appeared in 1,073 news articles in major publications in 2009 alone, and they are almost all referring to economics, not water pumps.
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But a combination of earnings nerves, and some slightly stronger economic numbers which may prevent central banks from weighing in with more monetary policy pump-priming, have weakened sentiment globally in the past week.
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Government-led stimulus has been a major driver of economic growth over the past years, but the pump-priming has also been accompanied by runaway credit growth and has created a mountain of debt.
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So the overall policy impression Trump left was that he would be very happy to play a Nixon-Rockefeller Republican, with lots of public-works spending, pump-priming economic policy and attempted deal making overseas.
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Diron said China's economic recovery since late last year was mainly thanks to policy stimulus, and expects Beijing will continue to rely on pump-priming to meet its official economic growth targets, adding to the debt overhang.
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Government-led stimulus has been a major driver of economic growth over the past years in the world's second-largest economy, but the pump-priming has also been accompanied by runaway credit growth and created a mountain of debt.
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But the People's Bank of China (PBOC) has so far refrained from cutting benchmark lending rates as it did in past downturns, suggesting policymakers are treading more carefully in pump-priming an economy that is laden with debt from past credit sprees.
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China is likely to lean more on fiscal pump-priming to support the economy this year, as the central government has been struggling to channel more credit into small and private firms that are vital for growth and jobs, policy insiders said.
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The flurry of punitive trade blows from the Trump administration in recent weeks and little sign of compromise from either side have left many investors doubtful of a sustained turnaround for shares in the near term, even with Beijing's pledges to support the economy and pump priming in the financial system.
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In the 1930s, President Herbert Hoover was accused of "pump priming", and President Franklin D. Roosevelt used the term favorably. On March 26, 2020, the United States Senate passed a $2 trillion stimulus package in response to the COVID-19 pandemic with Donald Trump's support.
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Given the powerful economic pump-priming effect of historic preservation, public programs to foster preservation can realize sizable economic development gains often at little or no cost to the taxpayer. The Heritage Foundation also has an educational role and undertakes or sponsors events, publications and other projects designed to promote the value of our built heritage.
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Gillard came to office in the aftermath of the global financial crisis of 2007–2008. Government receipts fell during the international downturn and the Rudd Government had employed pump priming expenditure. Upon taking over as leader of the Labor Party on 24 June 2010, Gillard said she could "assure" Australians that the Federal Budget would be in surplus in 2013. The Government continued to promise this outcome until December 2012.
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With a $4 million spending budget to attract performances in its inaugural season, the CCPA's sold out opening night welcomed crooner Frank Sinatra for three nights, helping establish the Cerritos Center as a premier venue in the Southland. The city council realized that it would take several seasons to build up an audience to make the Cerritos Center self-supporting, so a $2 million subsidy or pump-priming fund was budgeted to augment the annual $3 million from ticket sales and pay operating costs and performers.
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Hence, according to Canlas, pump priming through government spending was immediately ruled out due to the deficit. Ramos therefore resorted to institutional changes through structural policy reforms, of which included privatization and deregulation. He sanctioned the formation of the Legislative-Executive Development Advisory Council (LEDAC), which served as a forum for consensus building, on the part of the Executive and the Legislative branches, on important bills on economic policy reform measures (4). The daily brownouts that plagued the economy were also addressed through the enactment of policies that placed guaranteed rates.
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Chance UK was set up by policeman Russ Horne who was working in Islington in 1995. He worked with young offenders, and noticed that many of the children he encountered went on to be early entrants to the youth justice system. He started with the belief that with better role models, people who nurtured the child's best qualities and believed in them, young people could be steered away from a life of criminal and anti-social behaviour. A small amount of pump-priming funding, just £28,000 to cover the first years costs, was received from the Cripplegate Foundation and Sir John Cass Foundation.
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The engine's downward power stroke raised the pump, priming it and preparing the pumping stroke. At first the phases were controlled by hand, but within ten years an escapement mechanism had been devised worked by of a vertical plug tree suspended from the rocking beam which rendered the engine self-acting. A number of Newcomen engines were successfully put to use in Britain for draining hitherto unworkable deep mines, with the engine on the surface; these were large machines, requiring a lot of capital to build, and produced about 5 hp. They were extremely inefficient by modern standards, but when located where coal was cheap at pit heads, opened up a great expansion in coal mining by allowing mines to go deeper.
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"Bible Bill" preached that the capitalist economy was rotten because of its immorality; specifically it produced goods and services but did not provide people with sufficient purchasing power to enjoy them. This could be remedied by the giving out money in the form of "social credit", or $25 a month for every man and woman. This pump priming was guaranteed to restore prosperity, he prophesied to the 1600 Social Credit clubs he formed in the province. Alberta's businessmen, professionals, newspaper editors and the traditional middle-class leaders protested vehemently at Aberhart's ideas, which they described as crack-pot, but they did not seem to offer solution of the problems faced by Alberta's workers and farmers and spoke not of the promised land ahead.
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At the outset of Joseph Estrada's presidency, the Asian financial crisis that characterized the period prompted the national leadership to take a second look at the country's economic policies and strategies. To maintain macroeconomic stability in light of the effects of the economic turmoil, the government had to raise domestic demand by sustaining expenditures and pump- priming the areas of public infrastructure and social services. It had to adopt an expansionary fiscal policy by allowing a reasonable level of cyclical deficit to be financed largely through foreign borrowing while offsetting the negative impact of the deficit by introducing structural reforms in the budget process. During this period, from mid-1998 to end of 2000, the DBM continued to introduce budgeting reforms that were meant to improve cash management, reduce uncertainty in the allotment and cash flow, and enhance transparency and accountability.
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Inversely, Keynesian-type pump-priming techniques (stimulus techniques) aiming to boost consumer demand, may increase neither ordinary consumer expenditure nor productive investments by very much, if they just enrich the administrators of the stimulus program and financial institutions, and if the extra subsidy given to citizens and organizations is in reality largely spent on paying off or rescheduling/refinancing debt. In a globalized, leveraged economy, even if local consumer expenditure does rise, it does not mean automatically that local productive investment will increase also - the main effect of increased consumer spending may only be to boost imports, and not to develop the local economy. In reality, as capitalist development advances, the share of non-productive accumulation in total accumulation keeps growing, as shown by capital market dataMcKinsey Global Institute, Mapping global capital markets: Fifth annual report. Washington, D.C.: McKinsey & Company, October 2008.
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