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The increased access of African countries to international capital markets has put public debt sustainability once again high on the continent´s policy agenda. Utilizing the "stabilizing primary balance" approach, we find that the primary balances exceeded those required to keep public debt at...
Persistent link: https://www.econbiz.de/10011348247
Despite the growing public debate on fiscal surprise during election periods in jurisdictions where the democratic dispensation is young, comprehensive empirical works to this effect in the case of Africa are hard to find. This study, therefore, sought to contribute to the debate on two counts....
Persistent link: https://www.econbiz.de/10015074975
Fiscal positions of African countries have improved significantly during the past decade. Higher economic growth, better terms of trade, improved donor support notably through debt relief and better control of expenditure contributed to this improvement. But at the same time government revenue...
Persistent link: https://www.econbiz.de/10010327775
The literature on growth theory is rich with models attempting to explain growth differences among countries. Several variables have been proposed many of which were found to be positively related to growth. However, a major problem with these models is that the factors explaining growth are...
Persistent link: https://www.econbiz.de/10012503004
How do modern fiscal states arise? Perhaps the most dominant explanation, based on the European experience, is that democratic institutions that limited the extractive power of states-exemplified by the 1688 Glorious Revolution in England-paved the way for the rise of fiscal capacity and...
Persistent link: https://www.econbiz.de/10013204780
Average gross general government debt-to-GDP ratios in advanced economies have almost reached their highest levels since WWII. Moreover, growing fiscal risks emerge from adverse fiscal-financial linkages and aging societies. Policy-makers should take advantage of the current economic recovery...
Persistent link: https://www.econbiz.de/10014521528
Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe … national saving responds nonlinearly to fiscal policy when a large and persistent consolidation is undertaken. I show that …
Persistent link: https://www.econbiz.de/10010260473
Many countries, especially developing ones, follow procyclical fiscal policies, namely spending goes up (taxes go down) in booms and spending goes down (taxes go up) in recessions. We provide an explanation for this suboptimal fiscal policy based upon political distortions and incentives for...
Persistent link: https://www.econbiz.de/10010261343
The paper builds a simplified model describing the economy of a currency union with decentralised national fiscal policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the size of deficit taking into account the two main rules...
Persistent link: https://www.econbiz.de/10010272870
Until the early 1990s, the discussions on fiscal policy primarily centered on the functions of economic stabilization, income redistribution and resource allocation. Long-term growth was not usually viewed as an end itself, and fiscal policy was often not sufficiently tailored to the different...
Persistent link: https://www.econbiz.de/10010326589