The level and composition of public expenditures and revenues both have implications for economic development, as shown … distribution-friendly expenditures in a crisis. …

debt above 60 percent or deficits above 3 percent of GDP. We find that the proposed framework would require ambitious … fiscal adjustment: on average, more than 2 percent of GDP over the medium term, in addition to the adjustment that is already … framework. We also find that for most countries with debt above 60 percent of GDP, these adjustment requirements are driven by …

. The pre-crisis declines in CESEE debt/GDP ratios were largely the consequence of a very favourable relationship between …

path, we show that public debt and capital taxation play very distinct roles in dealing with the overaccumulation problem …

heterogeneous-agents and incomplete markets (HAIM) hypothesis to justify a high debt-to-GDP ratio have been extensively studied. Two … dynamic relationship between optimal debt and optimal taxation remains unclear in HAIM models, especially considering that the …