This paper evaluates the macroeconomic effects of simultaneously implementing fiscal consolidation and competition-friendly reforms in a country of the euro area by simulating a large-scale dynamic general equilibrium model. We find, first, that the joint implementation of reforms has additional...

Fiscal health of subnational governments is a priority area of concern in the contemporary policy debate in India. The central government has recently announced that Kerala, Punjab and West Bengal are fiscally unsound at the level of general category states. The study reviews this projection by...

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,...

Since 1991, public finance of the Colombian Central Government reveals an explosive pattern in the burden in terms of GDP of interest payments of public debt, reaching levels over 4%. This behavior is deeply connected with a debt financing public policy based on issuing public debt in the...

The paper attempts to empirically explore the transmission mechanism regarding the short-term impact of public debt and growth. We examine and evaluate the direct effect of higher indebtedness on economic growth for countries in the EU which are in the epicentre of the current sovereign debt...

In this paper, we investigate the issues regarding the stabilization of public debt and its decrease down to 60 per cent of GDP for selected European Union countries using the primary balance derived from the public debt dynamic model as a leading indicator. We find that there is a high...

How much can governments shift the cost of government expenditure from today’s voters to tomorrow’s generations of immigrants, without resorting to taxation that is explicitly discriminatory? I demonstrate that if their societies are absorbing continuous flows of new immigrants, we should...

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...

Рассмотрены основные направления и предложены механизмы координации денежно-кредитной и налогово-бюджетной политики в посткризисный период, обоснованы...

Как известно, в декабре 2009 г. Законодательное Собрание области приняло закон «Об областном бюджете на 2010 год». Бюджет сформирован по консервативному сценарию,...