Economic situation of the government described by the indicators of the national accounts is currently underthe spotlight of the professional public. The indicators have its relevance to considerations of the fiscal sustainability and the European Monetary Union enlargement. However, awareness...

The literature on socio economic implications of fiscal decentralization (FD) has recently been expanding, though only very few studies to day have looked at its macroeconomic effects. This paper investigates the relationship between FD and budget deficits. Using various measures of both...

Since 1975, Viet Nam has gradually decentralized more fiscal responsibilities to local authorities. This study has two objectives: (i) to take stock of the current institutional framework for intergovernmental fiscal relations in Viet Nam, and (ii) to empirically assess the debt sustainability...

Recent theoretical research suggests that financing sub-national governments’ expenditure out of own revenue sources is linked to more responsible budgeting, because the financial implications of spending decisions then are internalized within a jurisdiction. We test this proposition...

In its upcoming budget, Quebec must stay on a tough road to fiscal balance.This study examines how Quebec's fiscal balance has deteriorated. By 2009, after 10 years of balanced budgets, the province faced an unsustainable structural deficit which, if left unchecked, would reach a staggering $12...

The release of the final draft of the Consultative Committee (Con-Com) to Review the 1987 Constitution, officially designated as “Bayanihan Federalism”, has spurred vigorous debate, with much discussion focusing on the fiscal repercussions of moving towards a federal form of government. This...

This paper aims to develop a detailed analysis of quasi-fiscal deficits and subsidies, and their impact on Armenia's fiscal performance in the second part of the 90-s. Based on the flow-of-funds approach, we estimate the magnitude of the quasi-fiscal deficits and the incidence of quasi-fiscal...

Since 1975, Viet Nam has gradually decentralized more fiscal responsibilities to local authorities. This study has two objectives: (i) to take stock of the current institutional framework for intergovernmental fiscal relations in Viet Nam, and (ii) to empirically assess the debt sustainability...

The phenomenon of chronic, excessive budget deficits in western democracies has brought on many explanations and interpretations in both the empirical and theoretical literature. However, popular political economy and/or public choice textbooks present those explanations not in an integrated...