Performance based budgeting reform in its latest stage continues to evolve after resurgence in popularity resulting from the Clinton Administration's National Performance Review and the international new public management (NPM) movement. Performance based budgeting is sometimes viewed with...

We model EU countries? bank ratings using financial variables and allowing for intercept and slope heterogeneity. We find that country-specific factors (in the form of heterogeneous intercepts) are a crucial determinant of ratings. Whilst ?new? EU countries typically have lower ratings than...