The literature on estimating macroeconomic effects of fiscal policy requires suitable instruments to identify exogenous and unanticipated spending shocks. So far, the instrument of choice has been military build-ups. This instrument, however, largely limits the analysis to the US as few other...

The article deals with problem of forming of Pareto non-optimal norms of mutual behavior of investors and government in the process of decision-making related to financing of reduction of risks of investment activity in economy. The game-theoretical analysis suggests that inefficiency of arising...

In many developing countries, government cash management is misperceived as synonymous to budget execution, accounting control, or debt management, instead of as a practice that aims to cost-effectively manage government cash positions, including their risks. They often neglect the significant...

We draw out implications of the identifiable victim effect - the greater sympathy shown toward identifiable than statistical victims - for public finance. We first review research showing (1) that people respond more strongly to identifiable than statistical victims even when identification...

This paper examines the merits of the British budget management system that was inherited in Anglophone African countries and which has changed substantially in the United Kingdom since the 1960s. It considers whether the disappointing budgetary performance in Africa is due to weaknesses in the...

This paper provides a new examination of the adequacy of households? saving for retirement. We develop a stochastic, life-cycle simulation model in which people save both for retirement and as a precaution against uncertain future earnings and uncertain lifespan. The model shows that, even among...

A költségvetési kiadások szerkezetének radikális átrendezésével járó államháztartási reformot jelentős társadalmi és politikai ellenállás fogadta. Míg az érdekeikben sértett csoportok elégedetlenségében nincs semmi meglepő, paradox jelenség, hogy sokszor azok is...

The goal of the paper is to analyse the influence of fiscal policy on the national savings in the Czech Republic and Slovakia. In other words, the authors are about to compare the theory of Barro Ricardian equivalence in the conditions of the Czech and Slovak economy. Firstly, the authors...

It is high time we rediscovered the role of the financial cycle in macroeconomics. In the environment that has prevailed for at least three decades now, it is not possible to understand business fluctuations and the corresponding analytical and policy challenges without understanding the...

In this paper we use structural VAR model to analyze dynamic effects of fiscal shocks on economic activity in Croatia from 2000Q1-2012Q2. Due to the fact that Croatia is a small open economy we assume that shocks of foreign origination can have notable effects on its performance. Therefore,...