This paper aims to discuss the so-called Guano era from a financial analysis perspective. The target is set on the “Dreyfus contractâ€, as far as it meant a “turning point†in Peruvian’s fiscal policy. The sad end of such story was the Pacific’s war. As a...

The aim of the paper is to evaluate the redistributive and stabilizing functions of the Spanish budget through the automatic stabilizers, applying methodologies developed by the literature about the economic effects of the fiscal federations. An analysis at an autonomous region level for the...

Peru is experiencing a deep political and fiscal decentralization process, especially since 2002. The newly created regional governments now share power and resources with the existing municipal governments as well as with the national or central government. The national government has...

El objetivo de este trabajo es analizar el impacto que la entrada de inmigrantes tendrá sobre las cuentas de las Administraciones Públicas andaluzas y sobre la sostenibilidad a largo plazo de las actuales políticas de gasto público en Andalucía. Para ello, realizamos diferentes simulaciones...

This paper is aimed to provide a consistent theoretical framework for the decision making process of a consumer-investor in an environment of risk and uncertainty with constant volatility. In this research, the Wiener and Poisson processes play an essential role in modeling market risk and...

The optimal flat-rate fiscal structure is calculated in a two-sector endogenous growth model of the Mexican economy. Government expenditures would be financed by an income tax rate. If capital and labor income can be taxed at distinct rates, the optimal tax rate on wages would be zero. Holding...