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This paper compiles the Intertemporal Public Sector Balance Sheets for all G7 countries and examines their relationship with government borrowing costs. In 2018, all G7 countries have negative Intertemporal Net Financial Worth (INFW), falling short of their intertemporal budget constraint. A...
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We study the fiscal policy reactions of municipalities in the German state of North Rhine-Westphalia to an unanticipated spending shock. The implementation of a horizontal transfer system led to additional contributions for selected municipalities. Using the quasi-random assignment, we examine...
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. Through both a comparative perspective and an explorative case study of Italy, this paper asks two research questions. Firstly …, it asks who holds government debt in Spain, France, Germany, and Italy. I focus in on Italy to provide, to the author …’s knowledge, the first highly disaggregated view of the holding structure of public debt. Secondly, for Italy I study …
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