This paper reviews recent trends in fiscal performance in Brazil, estimates fiscal reaction functions for the consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The empirical analysis, based on monthly data for the period...

This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to...

The subject of this paper is four Balkan countries (Albania, Serbia, Macedonia, and Montenegro) that are determined to join the European Union. More particularly, it looks at their work towards accomplishing the political, legal and economic requirements for the EU. Thus, the legislation with...

The federal budget revenues by H1 2019-end moved up by 0.4 p.p. of GDP against the same period of the previous year, first of all, due to increased VAT rate from 18 to 20%. Simultaneously, expenditures have contracted by 0.9 p.p. of GDP. As a result, the federal budget was executed with surplus...

In May 2020, regions' own tax and non-tax consolidated budget revenues decreased by 19.8% as compared with May 2019; this is a continuation to a large extent of the April trends when regions' budget revenues were hit hard by the crisis and restrictive measures. At the same time, financial injections...

The draft law “On the Federal Budget in 2019 and the 2020-2021 Planned Period” suggests a budget maneuver in favor of productive expenditures. The federal budget is to become the main source of growth of the Russian economy in the next three years. There are problems related to the budget...

In 2018, the federal budget revenues moved up by 2.4 p.p. of GDP against 2017 not least because of the oil and gas revenues which grew by 2.2 p.p. of GDP and the expenditures contracted by 1.7 p.p. of GDP compared to the previous year. The federal budget limitation due to the budgetary rules has...

At the period-end of Q1 2020, the federal budget ran a slight surplus, however it was a temporary result because oil and gas revenues go into the budget in a timely manner and they record a downturn against Q1 2019. Non-oil and gas revenues although went up but that was due to the fact that they...

There have been attempts to resurrect the fiscal theory of the price revel (FTPL). The original FTPL rests on a fundamental compounded fallacy: confusing the intertemporal budget constraint (IBC) of the State, holding with equality and with sovereign bonds priced at their contractual values,...

There have been attempts to resurrect the fiscal theory of the price revel (FTPL). The original FTPL rests on a fundamental compounded fallacy: confusing the intertemporal budget constraint (IBC) of the State, holding with equality and with sovereign bonds priced at their contractual values,...