This paper provides evidence on the debt limits and fiscal space for some Latin American emerging economies under the fiscal fatigue approach (Ghosh et al., 2013). We propose the spline technique to estimate each government's reaction function and the sovereign risk premium endogenous to the...

This paper assesses Costa Rica's public debt sustainability empirically using three complementary approaches: the calculation of the debt-stabilizing primary fiscal balance obtained from the government's intertemporal budget constraint, the estimation of the parameters of a fiscal policy...

As is well understood, the values inherent in the dominant neoclassical economic paradigm are self-interest and optimisation. These are the values that guide individuals and policymakers in advanced capitalist economies in their economic decision making. As a consequence, the economics...

This paper aims at understanding the implication of pension debt on fiscal policy in Tanzania. The paper employed a modified projected benefit obligation (PBO) approach for a period between 2010 and 2018. The results of the paper indicate a mismatch between benefit payments and members'...

This study has employed (bounds) Autoregressive Distributive Lag (ARDL) cointegration and Granger causality tests to empirically establish the relationship between budget deficits, money supply and inflation in Tanzania during the period 1967-2018. The study established inflation, money supply...

This paper analyses the determination of prices within a Kaleckian and Minskian framework. In the Minskian model, public deficit generates mark-up inflation, a result that resembles Neo-Keynesian models of growth. In the Kaleckian model, an increase in aggregate demand is not absorbed by...

A national budget needs funding with the sources being either domestic or foreign. Foreign sources of funding seem to dominate the Kenyan context. This paper argues that a country with a national budget dependent on foreign aid can be held hostage by the holders of the purse strings. Further,...