We examine the cross-country dispersion in fiscal outcomes during 2007-2009. In principle, international differences in fiscal policy may be related to differences in optimal fiscal positions, funding constraints, political economy factors and fiscal control problems. We find that the decline in...

We examine the cross-country dispersion in fiscal outcomes during 2007-2009. In principle, international differences in fiscal policy may be related to differences in optimal fiscal positions, funding constraints, political economy factors and fiscal control problems. We find that the decline in...

The article explores the legislative and regulatory responses to the global financial crisis, from a US-EU comparative perspective, focusing on the measures dealing with banks' and financial intermediaries' distress. A dual-stage approach in both legal systems is identified: the first, aiming to...