This study develops a reform proposal for the future revenue system of the EU budget. The findings strongly reject the idea that a reform based on an EU tax-based own resource would remedy current problems. Against the background of the status quo analysis the authors present a reform model...

This paper exploits the introduction of the right of referenda at the local level in the German state of Bavaria in 1995 to study the fiscal effects of direct democracy. In the first part of the paper, we establish the relationship between referenda activity and fiscal performance by using a new...

Emerging markets (EM) face their fifth consecutive year of slowing growth and a possibly longer period of sluggish performance than previously thought. This paper presents a comprehensive analysis of the nature of and the appropriate policy responses to the growth slowdown in EM. It reports...