and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear … ill-prepared to handle. The transitional hazards are of considerable theoretical as well as policy interest: the best way … consider the past and prospective fiscal adjustments of the EMU 11, and suggest these might pose future difficulties for …

This paper presents and applies an integrated framework to assess the consistency between fiscal deficits and other … rate for which no fiscal adjustment would be necessary. The financeable deficit is defined as the deficit that does not … and output growth. The model can assess the impact on the relation between fiscal adjustment and sustainable inflation …

Fiscal indiscipline is a feature of many developed countries. It is generally accepted that the source of the … that taxpayers must assume. As a result, democratically elected governments are led to postpone tax collection, or to cut … spending. Solving the fiscal discipline problem requires internalizing this externality. This calls for adequate institutions …

Fiscal indiscipline is a feature of many developed countries. It is generally accepted that the source of the … that taxpayers must assume. As a result, democratically elected governments are led to postpone tax collection, or to cut … spending. Solving the fiscal discipline problem requires internalizing this externality. This calls for adequate institutions …

Fiscal indiscipline is a feature of many developed countries. It is generally accepted that the source of the … that taxpayers must assume. As a result, democratically elected governments are led to postpone tax collection, or to cut … spending. Solving the fiscal discipline problem requires internalizing this externality. This calls for adequate institutions …

Fiscal indiscipline is a feature of many developed countries. It is generally accepted that the source of the … that taxpayers must assume. As a result, democratically elected governments are led to postpone tax collection, or to cut … spending. Solving the fiscal discipline problem requires internalizing this externality. This calls for adequate institutions …

Fiscal indiscipline is a feature of many developed countries. It is generally accepted that the source of the … that taxpayers must assume. As a result, democratically elected governments are led to postpone tax collection, or to cut … spending. Solving the fiscal discipline problem requires internalizing this externality. This calls for adequate institutions …

Fiscal indiscipline is a feature of many developed countries. It is generally accepted that the source of the … that taxpayers must assume. As a result, democratically elected governments are led to postpone tax collection, or to cut … spending. Solving the fiscal discipline problem requires internalizing this externality. This calls for adequate institutions …

wealth Jamaica was the most unequal place in the pre-modern world. Furthermore, all of these characteristics applied to the …

for explaining differences in their subsequent economic development. Barbados and Jamaica provide a striking counter … 1960 to 2002, Barbados' GDP per capita grew roughly three times as fast as Jamaica's. Consequently, the income gap between … Barbados and Jamaica is now almost five times larger than at the time of independence. Since their property rights and legal …