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We explore the underlying determinants of the macroeconomic effects of fiscal policy and tax and social security reform using the IMF's Global Fiscal Model (GFM). We show that the planning horizon of consumers, access to financial markets, and the elasticity of labor supply, as well as the...
Persistent link: https://www.econbiz.de/10013110695
We explore the underlying determinants of the macroeconomic effects of fiscal policy and tax and social security reform using the Global Fiscal Model (GFM). We show that the planning horizon of consumers, access to financial markets, and the elasticity of labor supply, as well as the...
Persistent link: https://www.econbiz.de/10012778511
We examine how Moody's ratings scale recalibration in 2010, which has been linked to higher county-level government spending and income, affects income and population distributions. We find that the recalibration decreases median and average per capita income and increases income inequality and...
Persistent link: https://www.econbiz.de/10012864669
The purpose of this paper is to assess whether expenditure decentralization has contributed to weakening fiscal performance in Europe. Using a panel of EU15 countries for the period 1995-2011, we estimate three econometric models and ask the following questions: (1) does the form of spending...
Persistent link: https://www.econbiz.de/10013085613
This article uses unique voting data on 331 federal propositions to estimate voter preferences in Swiss cantons. We document that preferences vary systematically with canton characteristics. In particular, cantons whose voters are more conservative, less in favor of redistribution and less...
Persistent link: https://www.econbiz.de/10014062880
The aftermath of the global financial crisis of 2007-08 underlined the importance of maintaining fiscal space and fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their fiscal conditions generally improved rapidly thereafter,...
Persistent link: https://www.econbiz.de/10010397252
The federal government is headed toward a financial crisis as a result of chronic overspending, large deficits, and huge future cost increases in Social Security and Medicare. Social Security and Medicare would be big fiscal challenges even if the rest of the government were lean and efficient,...
Persistent link: https://www.econbiz.de/10014204619
There is scant analysis on the causal relationship between fiscal capacity and social protection expenditure in the developing world. We investigate the causal relationship between fiscal capacity of the state and social protection expenditure, hypothesizing that fiscal capacity is necessary but...
Persistent link: https://www.econbiz.de/10011627695
The aftermath of the global financial crisis of 2007-08 underlined the importance of maintaining fiscal space and fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their fiscal conditions generally improved rapidly thereafter,...
Persistent link: https://www.econbiz.de/10009782133
The aftermath of the global financial crisis of 2007-08 underlined the importance of maintaining fiscal space and fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their fiscal conditions generally improved rapidly thereafter,...
Persistent link: https://www.econbiz.de/10013077581