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...

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...

The purpose of this article is to identify changes in the development of national fiscal rules in response to the crisis, in terms of the new economic governance in the EU. In-depth analysis was carried out on the example of the three countries that have the highest Fiscal Rule Strength Index,...

In this paper, the author considers sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the "good equilibrium" is the only stable equilibrium under some quite general assumptions,...

In this paper, the author considers the sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the weight assigned to the lenders' interest by the borrowing government at the time of...

Since the mid-1980s Uganda has had debt strategies, which clearly laid down procedures for negotiating new loans and emphasized commitment to reduce the stock of debt arrears. Over this period, the country went through six Paris Club negotiations and debt reduction operations. Uganda became the...

This paper considers some aspects of the effects of fiscal policy on macroeconomic adjustment in developing countries. First, the paper reviews the notion of the fiscal deficit in the particular context of developing countries. It then spells out the conditions under which the internal and...

To date, government procurement has been effectively carved out of the main multilateral rules of the WTO system. This paper examines the systemic and other ramifications of this exclusion, from both an economic and a legal point of view. In addition to relevant elements of the WTO Agreements,...