Page 38 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.70, # 2, 2013, pp. 32-67
Hashim Al-Ali: An integrated macro-fiscal forecasting model and its application for
the Bangladesh economy

options from simulations, and result-oriented macroeconomic-fiscal models. It is when short,

medium and long term development programmes are articulated from the results of macroeconomic-
fiscal models’ simulation, that governments are considered to be planning or budgeting with facts;

otherwise such governments are referred to as planning without quantified facts.
Having said that, the followings is the articulated macro-fiscal forecasting model for the

Bangladesh economy. The Model’s systems of equation, their mathematical sequences and their
economic-fiscal and development rationales, are based on the author’s written and submitted

modelling work early 2012, which contained the proposed structure of the appropriate macro-

fiscal forecasting model, for the economy [See Al-Ali, Hashim “The Structure and Features of the Proposed
Macro-Fiscal Forecasting Model for the Bangladesh Economy”, Technical Report Number -3-, Macroeconomic Wing (MEW),
Ministry of Planning (MOF), January, 2012, Dhaka.].

3. The Integrated Macro-Fiscal Model’s Formulation, Schematic Structural Framework

and Causal-Chain
The two charts below depicting the integrated macro-fiscal modelling theme and its

various variables and markets interrelationships and causal-chain.
Chart -1-

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