The first generation of Latvian public venture capital programmes was launched in 2005 and so far five programmes have either been launched or are being planned. Given that the explicit focus from the side of the policy maker has been to supply the Latvian venture capital market with capital,...

Global energy demand continues to grow. Crude oil production is stagnating, coal's production cost is rising fast on the back of carbon pricing, electricity generating capacity is getting old and nuclear power has its own environmental and political issues. In addition there is the concern about...

This paper discusses dynamic tax smoothing with financial instruments within a two-period deterministic framework where the interest rate is endogenously determined and affected by fiscal policy. The analysis focusses on the timing of taxes and how the interest rate affects the costs for tax...

This paper investigates the real effects of debt or tax financing of a given level of government consumption. The paper starts with a survey of the theoretical literature, ranging from Ricardian to Keynesian models. The conclusion from the survey is that the real effects of budget deficits are...

This paper uses a stochastic overlapping generations model to answer the following question: How does the way the government structure its debt affect the term structure of interest rates? The analysis shows that the critical factor in determining the impact of public debt management on the term...