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In the last two decades the economic policy of several developing countries has often been characterized by perverse cycles of unsustainable policies and attempts at stabilization. A common feature of models designed to show how these delays in stabilizations can be explained in a way that is...
Persistent link: https://www.econbiz.de/10009472207
In several countries policymakers are striving to improve the budget balance. Trivially, this can be done by raising taxes and/or cutting expenditures. But the two strategies are not equivalent. In this paper, we investigate several issues referring to the relationship between the fiscal stance,...
Persistent link: https://www.econbiz.de/10009472208
This paper presents a model where income distribution and redistributive fiscal policy interact to affect the budget deficit and the pattern of net borrowing of a country. According to the standard representative agent paradigm, a small open economy should smooth consumption by borrowing from...
Persistent link: https://www.econbiz.de/10009472209
A fiscal program that redistributes income from rich to poor individuals indirectly redistributes tax revenues from regions hit by a favorable shock to regions hit by an unfavorable one. Centralized fiscal redistribution has therefore been advocated as a way to insure individuals against...
Persistent link: https://www.econbiz.de/10009472210
Economics
Persistent link: https://www.econbiz.de/10009432039