One of the most important open macroeconomic issues, during the current global economic recession, concerns the sustainability of persistent budget and trade deficits as well as possible interactions between them. These deficits are most crucial due to severe debt servicing costs, faced by...

In recent years, the emergence of rising budget deficit is the main reason forcing economists to investigate the reasons for changes in fiscal balances. The purpose of the paper is to investigate the relationship between budget deficit and macroeconomic fundamentals using data from Azerbaijan....

This paper tries to briefly analyze the characteristics of fiscal policy in the context of the actual crisis. We start from the ongoing discussion regarding the role of fiscal policy during the economic and financial crisis. We then focus on the case of CEE countries and on Romanian economy and...

This paper will examine the sustainability of the central budget and its relation to the financial stability in the case of Indonesia. The standard model of fiscal sustainability is modified to cover some financial variables. The empirical estimates are done by employing several aspects of the...

The purpose of budget rules can be explored from the perspective of the expected results, obtained by their enforcement. On one hand, they are meant to improve or at least maintain certain levels of the budgetary deficit and public debt. On the other hand, they can help or limit the economic...

In the context of the increasing budget deficit and public debt, on one hand, and the need to restore economic growth without compromising financial stability and fiscal sustainability on long term, on the other hand, governments must undertake severe measures concentrated especially on...

Chaos theory reveals structure in aperiodic, dynamic systems. The number of nonlinear business cycle models use chaos theory to explain complex motion of the economy. The basic aim of this paper is to provide a relatively simple chaotic economic growth model that is capable of generating stable...

Commercial banks are typical hierarchical organizations, in which the multipleprincipal-agent problem exists and induces serious internal collusive corruption. This article analyzes the collusive corruption between credit supervisors and credit managers in bank credit activities, through three...

Disclosure of private medical information allows insurance companies to better predict medical expenditures. The premiums the companies charge the insured employees reflect these expenditures. This paper studies incentives of employees to disclose their medical information. I find that healthier...