A key objective of fiscal policy is to maintain the sustainability of public finances and avoid crises. Remarkably, there is very limited analysis on fiscal crises. This paper presents a new database of fiscal crises covering different country groups, including low-income developing countries...

Die Bundesregierung ist derzeit nicht nur bemüht, die Vereinbarungen aus dem Koalitionsvertrag umzusetzen, sondern plant darüber hinaus weitere Gesetzesvorhaben. Doch gleichzeitig lässt das Wachstum der Steuereinnahmen nach. So übersteigen die resultierenden Mehrausgaben den...

We study the fiscal policy reactions of municipalities in the German state of North Rhine-Westphalia to an unanticipated spending shock. The implementation of a horizontal transfer system led to additional contributions for selected municipalities. Using the quasi-random assignment, we examine...