The goal of this study is to analyze the evolution of government gross debt as a % of the GDP and government deficit as a % of the GDP across European countries. In particular, this study compares the evolution of government gross debt as a % of the GDP of European countries within and outside...

This paper explores how the Stability and Growth Pact may cope with the future costs of population ageing in the European Union. Clearly, population ageing has forced countries to reform their pension systems, and will continue to do so, both by reducing the generosity of pension arrangements...

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...

In all Member States social security systems are used to help secure social goals such as protection against poverty. In the majority of European Union (EU) countries public schemes also play a core role in securing levels of pension benefits and health services that to a reasonable degree allow...

In all Member States social security systems are used to help secure social goals such as protection against poverty. In the majority of European Union (EU) countries public schemes also play a core role in securing levels of pension benefits and health services that to a reasonable degree allow...

In some ways, a 2012 symposium on “Dilemmas of State Debt” may seem a bit behind the news curve. At the end of 2010, municipal bond markets were in a deep funk. Analysts predicted that countless municipalities and perhaps one or more of the United States might default on their debt...

Eurobonds sind seit langem als Instrument zur Lösung der europäischen Staatsschuldenkrise in der Diskussion. Allerdings können sie in Hinblick auf Haftungsausdehnung, Umfang, Besicherung, Konditionierung und institutionell-rechtliche Formen sehr unterschiedlich ausgestaltet werden. Der Autor...

With the adoption of a common currency the degree of substitution between financial instruments supplied by EMU Member States to finance their national debts has risen. Providing the market for euro-denominated government securities with a large volume of similar financial instruments is likely...

The adoption of a common currency raised the degree of substitution between financial instruments supplied by EU Member States to finance their national debts. In this framework, our paper looks at a particular determinant of liquidity-related spreads in euro-area government bonds. Simultaneous...

Research on government e-procurement suggests the existence of price savings ranging from 5% to 20% of the total value of public purchases, which also account for a significant part of GDP. Nevertheless, there is no clear view about the consequences of that saved money. This paper points out,...