government level remains prudent with cautious execution of the government budget. …

their contingent liabilities. When these liabilities are called, budget costs can be large, as evidenced by the United …

Security Administration. If the current unified budget framework, which includes Social Security trust fund flows, is retained …

This paper develops a political-economy model of the budget process focusing on the common pool problem of the public … budget. We show that the externality arising from the fact that public spending tends to be targeted at individual groups in … reduced by introducing elements of centralization in the budget process, that is, institutional structures that strengthen a …

substantially above its current level could be a desirable objective and that a large federal budget surplus could be needed to that …

changes in tariff revenue, and through the sensitivity of the budget to induced changes in the exchange rate and in the level … and distribution of income and employment. This paper discusses the effects of liberalization on the budget, which may … liberalization even if longer-term benefits could be realized. Long-run budget gains are more likely when the tax and transfer …