This paper assesses the economic implications of existing fiscal rules in Poland, Switzerland and Germany. In the analysis we establish economic relationships between output, government revenues and expenditures estimating a VAR model on US data for the years 1960–2015. Imposing fiscal...

[This paper reexamines the question of the India's growth takeoff using newer data and time series analysis. By carefully accounting for structural breaks and stationarity issues and using a longer times series, we address the lacuna in previous econometric investigations into the Indian...

On the basis of an empirical application for Germany, we compare two methods for measuring fiscal sustainability, the Generational Accounting approach and the OECD-Method. We show that both methods can be transferred into each other. Therefore the indicators belonging to one method can be used...

Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of...

Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of...

The current economic crisis has hit all European countries hard, but some are much more severely affected others. The problems manifest in European peripheral countries, especially Ireland, Spain, and Greece, have roots in domestic policy mistakes. However, the European context of these policy...

The paper discusses the effectiveness of independent fiscal institutions -- or fiscal councils -- in taming the deficit bias that emerged in the 1970s. After a review of the main theoretical arguments and recent trends about fiscal councils, we develop a stylized model showing how a fiscal...

We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact over the medium-run of the degradation of health and human capital caused by the pandemic and its aftermath, exploring the trade-offs between...

The recent financial crisis had a significant impact global economy and fiscal transparency all over the world. International Monetary Fund and other international institutions are concern about fiscal policy, fiscal reforms and fiscal transparency among its member countries. The aim of this...