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This paper develops a framework to decompose the change in New Zealand's public debt ratio into four component effects: the primary balance, real GDP growth, real interest rates, and exchange rates. We study New Zealand's debt dynamics over three periods: the decade after the Global Financial...
Persistent link: https://www.econbiz.de/10012115723
This paper models both the supply and demand of Australian non-commodity exports. We derive long-run export demand relationships from first principles. On the demand side, the paper finds a relatively low substitution elasticity between Australian exports and a broad basket of foreign produced...
Persistent link: https://www.econbiz.de/10012144180
The financial crisis and recession have left a legacy of unusually large fiscal deficits and growing sovereign debt levels in most advanced economies. The paper uses recent research from the IMF to throw light on two questions: how much fiscal space is available to advanced countries before they...
Persistent link: https://www.econbiz.de/10011430862
On 11-12 May 2011, SUERF and the Belgian Financial Forum, in association with the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) organized the 29th SUERF Colloquium “New Paradigms in Money and Finance?” All the papers in the present SUERF Study are based on...
Persistent link: https://www.econbiz.de/10011689952
Fiscal rules are argued to be important for sound and sustainable fiscal policies and have been increasingly adopted over the last 20 years. However, as increased fiscal pressure and fiscal risks urge countries to address the public debt legacy left by recent economic crises, fiscal rules come...
Persistent link: https://www.econbiz.de/10014374769
business tax with a value added tax. The PRC taxation system requires readjustment and local governments have begun to focus on … taxation system; establishing a standardized and predictable transfer payment system by introducing block transfer payments and …
Persistent link: https://www.econbiz.de/10011688643
We assess the drivers of fiscal sustainability in Portugal during the period 1999Q4-2021Q4. We resort to expanding window and Schlicht (2003, 2021)'s time-varying approaches to construct the responses of government revenues to government expenditures and the responses of the primary government...
Persistent link: https://www.econbiz.de/10014469476
The aftermath of the global financial crisis of 2007-08 underlined the importance of maintaining fiscal space and fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their fiscal conditions generally improved rapidly thereafter,...
Persistent link: https://www.econbiz.de/10010397252
reaction and use of most distortionary type of taxation to finance the additional debt burden in the future. Going forward …
Persistent link: https://www.econbiz.de/10012422112
Persistent link: https://www.econbiz.de/10012422148