This paper analyses the impact of various macroeconomic shocks - including aggregate demand, supply, monetary policy, real exchange rate, and budget deficit deviation shocks - on Romania's economy using a VAR model with Bayesian inference. The study captures the period following the adoption of...

The first section provides a brief review of developments in key macroeconomic variables since 2000. These include the usual target variables of economic growth, inflation, external balance and employment as well as intermediate target variables of fiscal balance, savings and investment. Section...

The natural, equilibrium, or neutral Interest rate - or short r* - has been controversial among economists ever since it was introduced almost 150 years ago. As a conceptual tool that cannot be directly measured but only estimated by models, its value depends on the relevance for explaining...

Domestic sovereign bonds have become a growing source of government financing in Emerging Market and Developing Economies (EMDEs). This paper investigates the role of fiscal policies in determining domestic bond yields, and how this relationship varies depending on the debt structure....

In recent years, because of the 2008 financial crisis and the evolution of the sovereign debt markets, there has been a significant increase in interest in understanding the factors that determine the risk premium, becoming a key indicator of the financial stability of countries, and a measure...

This paper rethinks development finance in Tajikistan through the lens of fiscal sociology, arguing that sustained reliance on foreign aid and external borrowing may weaken state-society trust and erode institutional legitimacy. Anchored in the political economy of development finance, the paper...