The paper discusses the functioning of automatic fiscal stabilisers in Estonia. The aim of the research is to evaluate government budget sensitivity to economic fluctuations and thereby assess the importance of automatic fiscal stabilisers in Estonia. Specifically we are interested in whether...

The euro zone peripheral countries face a profound sovereign debt crisis threatening the very existence of the euro as we know it. Therefore, the study of the various factors contributing to this crisis is of the utmost importance. Given the set of the twelve initial member States, the euro zone...

The main purposes of this paper are twofold: a) to determine if there are significant differences on the determinants of public expenditures and tax revenues between the so-called PIGS and the remaining Eurozone member states; b) to uncover possible explanations for the different situations in...

This paper examines varies areas of India´s fiscal policy, in particular fiscal discipline, the structure of government spending, the tax system and fiscal federalism. It describes reforms over the past decades which, as part of the overall economic reform agenda, helped lifting the Indian...

The financial crisis and economic downturn are going to weigh on fiscal positions in OECD countries over the short to medium-term, both through the operation of automatic stabilisers and the enactment of discretionary fiscal stimulus packages. However, the strategic policy options facing OECD...

There are two important aspects to take into account while analysing fiscal policy effects on economic growth. First, it should be made clear whether Keynesian short-run or classical long-run effects are the object of interest. Second, the relations between different fiscal and macroeconomic...

This paper gives an outline of the evolution of fiscal policy in Georgia. Starting in the mid-1990s, the authors break the recent Georgian history into two main periods, separated by the Rose Revolution of 2003. The first period was marked by some first efforts to generate and stabilize tax...

Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy...

The eurozone faces a profound sovereign debt crisis threatening the very existence of the euro. As a result, the recovery of the world economy has become more uncertain. Therefore, the study of the foundations of this crisis is of the utmost importance. Three of the countries involved, Portugal,...

The main purposes of this paper are twofold: on the one hand, to determine if there are significant differences of regime on public expenditures, total revenues and tax revenues between the so-called PIGS and the remaining Eurozone member states and, on the other hand, to uncover possible...