significant increase in total government expenditures, and in particular spending on public goods in education and health. We show …

regions, coupled with increased expenditure demands, led to substantial state budget deficits. State fiscal institutions, such … as "no deficit carryover" rules and tax and expenditure limitations, appear to have real effects on the speed and nature …

debt-GDP ratios decline as the variability of revenues increases, primary balances and current expenditures follow cyclical … expenditures exceeds that of private expenditures by a wide margin. This paper proposes a model of a small open economy with … incomplete markets that can rationalize this behavior. In the model a fiscal authority makes optimal expenditure and debt plans …

government's future expenditures, including the servicing of its outstanding official debt, be covered by its government's future … receipts when measured in present value. The difference between the present value of a country's future expenditures and its … expenditure needs are not. Moreover, Russia is aging and facing massive obligations from its pension system and other age related …

-debt ratio and the government expenditure-debt ratio are also nonstationary but their difference, the primary surplus-debt ratio … adjustment to tax and expenditure shocks occurs primarily through mean-reversion in tax and expenditure growth, with a negligible …

are: i) on average fiscal expansions are the results of increases in expenditures, particularly of transfer programs …