El presente documento estima la curva de rendimiento del overnight index swap (OIS) del área del euro —considerada como la curva de rendimiento libre de riesgo en la eurozona—utilizando un modelo afín de la estructura temporal de los tipos de interés. Para ello, ampliamos el procedimiento...

The Farm Income, Financial Conditions and Government Assistance data book is a compendium of mainly historical data series from several sources. This information is compiled together to provide a comprehensive view of the situation in primary agriculture and the expenditures that governments are...

Economic growth is one of main factors of economic development. It is true that development process affected not only by economic factor such as natural resources, capital accumulation, organization, technological progress, labour specialization, and production scale but also by non economic...

Este trabajo estima el efecto agregado dinámico de shocks exógenos a dos componentes clave del gasto público en Estados Unidos, las transferencias de renta y el gasto gubernamental en bienes y servicios. La estrategia de identificación instrumenta los shocks estructurales al gasto público...

The idea of a flat tax, a tax levied at a single rate, has become an increasingly discussed and implemented fiscal strategy across Europe and the rest of the world. Estonia, Latvia, and Lithuania adopted flat tax systems in 1994 and 1995, making them the first modern countries to adopt flat...

Developing country fiscal policy outcomes documented in data point to stark differences compared with developed ones. Most prominent difference is the excessive volatility of government consumption and transfer payments and their positive correlation relative to output. This seemingly...

Since the abolition of its Apartheid regime in 1994, South Africa has launched a massive program of education, which has been financed through resources representing on average 21% of the national budget or 7% of GDP. Today, the GDP share of public spending on education is 1.3 times the average...

The subject of the relationship between state budget and trade balance is important as economic subject, not only at the level of developing countries, but also at of advanced ones, too. Such importance emerged clearly when 1980s witnessed in United States of America a deficit in both state...

This paper contributes to the literature on foreign aid by exclusively explaining a donor’s motivation for foreign external assistance. The underlying framework focuses on recipients’ needs for foreign aid to address income inequality as and when growth occurs. A tax-subsidy policy is...

The twenty-two papers collected in this volume illustrate the itinerary of Henry Tulkens, an applied theorist, on the occasion of his retirement from teaching. The collection is structured in four parts: I. Decentralized resource allocation processes for public and private goods - II....