This is the first study that analyzes whether budget balance expectations are anchored and whether budget balance rules effectively anchor expectations. To this end, we use a unique data set which covers budget balance expectations in 17 countries that implemented a budget balance rules. While...

There is a growing empirical literature studying whether fiscal rules reduce borrowing costs. Nevertheless, it remains an open question whether these rules are effective genuinely or just because they mirror fiscal preferences of politicians and voters. In our analysis of European bond spreads,...

The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...

We investigate the political determinants of risk premiums which sub-national governments in Switzerland have to pay for their sovereign bond emissions. For this purpose we make use of financial market data from 288 tradable cantonal bonds in the period from 1981 to 2007. Our main focus is on...

Um den nachfolgenden Generationen ein funktionsfähiges Staatswesen übergeben zu können, ist eine Konsolidierung der öffentlichen Finanzen unumgänglich. Zu diesem Ergebnis kamen die Teilnehmer der Konferenz von Bertelsmann Stiftung, ifo Institut und International Monetary Fund im November...

Public Administration/Governance and the Economies of Southeastern Europe -- Greek Political Economy in the Post-crisis Period 2010–2019 -- Social Capital and Income Inequality in OECD Countries: Casuality Evidence -- The Jungle of Sustainability Frameworks and Standards: Evidence from...