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Calmfors, Lars; Wren-Lewis, Simon - 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/10009011182

Taking the Lord's name in vain : the impact of connected directors on 19th Century British banks

Grossman, Richard S.; Imai, Masami - 2014

investigate whether the appointment of well-connected directors enhanced equity value for bank shareholders. Our analysis of panel … data shows that the appointment of connected directors did not increase the rate of return on bank equity. In fact, we find … that the appointment of MPs to directorships had negative effects on bank equity returns. Our event-study analysis …

Persistent link: https://www.econbiz.de/10010465141

Proprietary public finance : on its emergence and evolution out of anarchy

Skaperdas, Stergios - 2011

Proprietary rule, whereby the state is owned by a ruler who maximizes tax revenues minus the costs of governing, is a useful ideal type that describes many of the states that have ever existed. The study of proprietary rule and its public finance, however, is comparatively scarce. I argue that...

Persistent link: https://www.econbiz.de/10009153844

The impact of changes in second pension pillars on public finances in central and Eastern Europe

Égert, Balázs - 2012

This paper studies the impact of recent changes in second pension pillars of three Central and Eastern European Countries. The paper seeks to answer the following questions: i) what is the impact on the sustainability of Poland's pension system of the decrease in the pension contribution going...

Persistent link: https://www.econbiz.de/10009533961

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/10009488889

Aging, social security design, and capital accumulation

Dedry, Antoine; Onder, Harun; Pestieau, Pierre - 2015

This paper analyzes the impact of aging on capital accumulation and welfare in a country with a sizable unfunded social security system. Using a two-period overlapping generation model with potentially endogenous retirement decisions, the paper shows that the type of aging, i.e. declining...

Persistent link: https://www.econbiz.de/10011392492

Bubbles and crashes in a behavioural finance model

De Grauwe, Paul; Grimaldi, Marianna - 2004

We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a...

Persistent link: https://www.econbiz.de/10011401333

Democratization and the size of government : evidence from the long 19th century

Aidt, Toke; Jensen, Peter Sandholt - 2013

We study the consequences of franchise extension and ballot reform for the size of government in Western Europe between 1820 and 1913. We find that franchise extension exhibits a U-shaped association with revenue per capita and a positive association with spending per capita. Instrumental...

Persistent link: https://www.econbiz.de/10009709428

Fiscal transfers and fiscal sustainability

Potrafke, Niklas; Reischmann, Markus - 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/10010260027

Public choice and public finance : a survey

Blankart, Charles B. - 2016

Persistent link: https://www.econbiz.de/10011444481

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