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Calmfors, Lars - 2011

The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory,...

Persistent link: https://www.econbiz.de/10013128042

3-Step Analysis of Public Finances Sustainability : The Case of the European Union

Afonso, António - 2008

We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF specific panel unit root test to investigate the mean-reverting behaviour of general government expenditures and revenues ratios. Secondly, we apply the bootstrap panel...

Persistent link: https://www.econbiz.de/10012770443

Fiscal Transfers and Fiscal Sustainability

Potrafke, Niklas - 2014

We examine whether US and German state governments pursue sustainable fiscal policies taking into account fiscal transfers. Using panel data techniques we investigate whether the debt-to-GDP ratio had a positive influence on the primary surplus (Bohn-model). We show that including/excluding...

Persistent link: https://www.econbiz.de/10013055378

Fiscal Autonomy and Fiscal Sustainability : Subnational Taxation and Public Indebtedness in Contemporary Spain

Larin, Benjamin; Suessmuth, Bernd - 2021

This study assesses fiscal sustainability in contemporary Spain at the regional level. Spain consists of 17 autonomous regions, two fiscal regimes differing in taxing autonomy, and two path-dependent types of communities with more and less legislatively recognized autonomy. Three of the 17...

Persistent link: https://www.econbiz.de/10013315619

Market Structure and the Cost of Capital

Arouri, Mohamed El Hedi; Rault, Christophe; Sova, Robert; … - CESifo - 2013

We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model …

Persistent link: https://www.econbiz.de/10010877642

The Swedish Fiscal Policy Council : Watchdog with a Broad Remit

Calmfors, Lars - 2012

The Swedish Fiscal Policy Council (FPC) set up in 2007 is one example of the recent international trend to create independent fiscal watchdogs. The FPC has established itself as an important participant in the Swedish economic policy discussion. The FPC has small resources and a broad remit...

Persistent link: https://www.econbiz.de/10013111364

An Alternative Conditional Asymmetry Specification for Stock Returns

Brännäs, Kurt; Nordman, Niklas - CESifo - 2001

The paper advances the log-generalized gamma distribution as a suitable generator of conditional skewness. Based on the NYSE composite daily returns an asMA-asQGARCH model along with skewness dynamics is estimated. The results indicate a skewness that varies between sizeable negative skewness...

Persistent link: https://www.econbiz.de/10005765680

The Economics of Insurance, its Borders with Finance and Implications for Systemic Regulation

Thimann, Christian - CESifo - 2015

international finance is ‘what is insurance and where does insurance end?’ This paper aims to elaborate on the economics of … insurance and its borders with general finance. It argues that the classification challenge by regulators partly stems from … terminological confusion between insurance activities and more general financial activities. Insurance and finance both use the same …

Persistent link: https://www.econbiz.de/10011165510