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Fiscal deficits under financial pressure and insolvency: Evidence for Italy, Greece and Spain
Trachanas, Emmanouil; Katrakilidis, Constantinos - In: Journal of Policy Modeling 35 (2013) 5, pp. 730-749
This article attempts to re-evaluate the sustainability of the fiscal deficit as well as the long-run macroeconomic relationship between government spending and revenues for three South-European economies under financial market pressure and insolvency; Italy, Greece and Spain. The empirical...
Persistent link: https://www.econbiz.de/10010703102
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Asymmetries in the revenue–expenditure nexus: A tale of three countries
Paleologou, Suzanna-Maria - In: Economic Modelling 30 (2013) C, pp. 52-60
Germany. The symmetric ECM provides support for the fiscal synchronization hypothesis of revenues and expenditures in both …
Persistent link: https://www.econbiz.de/10011048849
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Managing and Harnessing Volatile Oil Windfalls
Van Den Bremer, Ton; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2012
Three funds are necessary to manage an oil windfall: intergenerational, liquidity and investment funds. The optimal liquidity fund is bigger if the windfall lasts longer and oil price volatility, prudence and the GDP share of oil rents are high and productivity growth is low. We apply our theory...
Persistent link: https://www.econbiz.de/10011084534
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Capital Taxation and Ownership when Markets are Incomplete
Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2007
This paper analyzes the theoretical and quantitative implications of optimal capital taxation in the neoclassical growth model with aggregate shocks and incomplete markets. The model features a representative-agent economy with proportional taxes on labor and capital. I first consider the case...
Persistent link: https://www.econbiz.de/10005829854
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The tax-spend nexus in Nigeria: evidence from asymmetric modeling
Olalekan Bashir Aworinde*; Ogundipe, Mushay Adeniyi - In: Journal of Developing Areas 49 (2015) 1, pp. 39-51
This paper examines the relationship government expenditures and revenues in Nigeria by reposing the implicit …-2012. First, the results suggest that revenues and expenditures are cointegrated and that the adjustment process of the budgetary … revenues and expenditures. Third, the long-run results show that revenues and expenditures respond to budgetary disequilibrium …
Persistent link: https://www.econbiz.de/10011213272
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Debt Overhangs: Past and Present
Reinhart, Carmen; Rogoff, Kenneth S; Reinhart, Vincent R. - National Bureau of Economic Research (NBER) - 2012
We identify the major public debt overhang episodes in the advanced economies since the early 1800s, characterized by public debt to GDP levels exceeding 90% for at least five years. Consistent with Reinhart and Rogoff (2010) and other more recent research, we find that public debt overhang...
Persistent link: https://www.econbiz.de/10011227915
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Europe's New Fiscal Rules
Barnes, Sebastian; Davidsson, David; Rawdanowicz, Łukasz - Economics Department, Organisation de Coopération et … - 2012
Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called “six pack” to upgrade the Stability and Growth Pact to a new Treaty incorporating the “fiscal...
Persistent link: https://www.econbiz.de/10011007418
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Sovereign Debt Risk Premia and Fiscal Policy in Sweden
Leeper, Eric; Bi, Huixin - National Bureau of Economic Research (NBER) - 2010
This paper takes a step toward providing a general equilibrium framework within which to study the nub of the current fiscal debate around the world: what are the tradeoffs between short-run stabilization and long-run sustainability when the perceived riskiness of government debt depends, in...
Persistent link: https://www.econbiz.de/10008619296
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Economic and Monetary Union in Europe and Constraints on National Budgetary Policies
Bovenberg, A. Lans; Kremers, Jeroen J. M.; Masson, Paul R. - In: IMF Staff Papers 38 (1991) 2, pp. 374-398
The pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an economic and monetary union in Europe are reviewed. The issue is approached from three angles: the influence of EMU on budget discipline, intergenerational equity and intertemporal...
Persistent link: https://www.econbiz.de/10008915010
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Fiscal Prospects and Reforms in India
Herd, Richard; Hill, Sam; Koen, Vincent - Economics Department, Organisation de Coopération et … - 2011
Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...
Persistent link: https://www.econbiz.de/10009364448