This paper investigates the major drivers of the public debt growth in 184 countries. Our analysis consists in a cross-country survey, which is conducted on the basis of the improved compilation of datasets on the central government debt for 2013. In order to differentiate between...

If Sweden becomes member of the European currency union, the conditions for fiscal policy will change. The stabilization policy objectives will, however, hardly change with a membership. At the same time it is not clear if the need for stabilizing the Swedish economy will increase or decrease....

This paper investigates the relationship between fiscal performance in 28 sub-Saharan African countries over the 1980-91 period with movements in the exchange rates, the terms of trade, and other macroeconomic aggregates. It finds that the tax base in most of these countries is heavily dependent...

We welfare rank various tax-spending-debt policies in a New Keynesian model of a small open economy featuring sovereign interest-rate premia and loss of monetary policy independence. When we compute optimized state-contingent policy rules, our results are: (a) Debt consolidation comes at a...

Per effetto della crisi economica che si è realizzata con particolare intensità nel corso del 2009, molte economie avanzate hanno intrapreso percorsi di risanamento fiscale. Nell'ambito di tali misure un ruolo non trascurabile è rappresentato dagli interventi di riduzione della spesa per il...

We study optimized monetary and fiscal feedback policy rules. The setup is a conventional New Keynesian DSGE model calibrated to match data from the euro area. Our aim is to welfare rank alternative tax-spending policy instruments used for shock stabilization and/or debt consolidation when, at...

G-Cubed is a multi-country, multi-sector, intertemporal general equilibrium model that has been used to study a variety of policies in the areas of environmental regulation, tax reform, monetary and fiscal policy, and international trade. It is designed to bridge the gaps between three areas of...

This paper shows that the adoption of fiscal rules (FRs) decreases the use of capital controls and increases international financial integration. This result is robust to alternative measures of fiscal rules, capital controls, and international financial integration; it is also robust to...

The sustainability of the Nigerian fiscal deficit along with the role of the dynamics of government revenues and spending in adjusting the size of the deficit is examined using annual data from 1961 to 2014. After allowing for structural breaks, the study finds evidence of a cointegration...