This paper computes the fiscal stance in a small open economy and asses its position to relevant macroeconomic variables in order to protect the macroeconomic stability and promote development. Since 2006 change in income and tax structure shifts the implementation of fiscal policy, increasing...

The paper reviews studies analysing the relationship between infrastructures and economic performance. Four different approaches are separately considered along an ideal path from theory-based to data-oriented models: the production function approach, the cost function approach, growth-models,...

This paper investigates the impact of fiscal policy on profits using panel data for 19 high-income OECD countries during the period 1975-1999. We estimate a profit equation in which profits depend on a set of fiscal variables. Our empirical method is based on a consistent treatment of the...

We provide a comprehensive survey of the recent literature on the link between productive government expenditure and economic growth. Starting with the seminal paper of Robert Barro (1990) we show that an understanding of the core results of the ensuing contributions can be gained from the study...

This paper describes the methods used to construct an index to measure the maritime potential of nations. This prototype uses a limited number of variables to measure (a) the locational advantage of having a long coastline in comparison to the landmass (Maritime Potential Index MPI) , (b) the...

The infrastructure (transport) is essential for the economic development of a region. If we are taking into consideration the tourism industry and other tourist activities, the importance of the infrastructure is higher, due to the fact that the attractiveness is increased by the comfort and the...

Fiscal positions of African countries have improved significantly during the past decade. Higher economic growth, better terms of trade, improved donor support notably through debt relief and better control of expenditure contributed to this improvement. But at the same time government revenue...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription...

Economic growth is one of the most important issues discussed worldwide. Its dynamics over time seem to be crucial from the perspective of the ability of poor countries to catch up with highly developed economies. As can be easily noticed in world statistics, both GDP per capita and GDP growth...