The recent boom and bust in commodity prices has raised concerns about the impact of volatile commodity prices on Latin American countries' fiscal positions. Using a novel quarterly data set-which includes unique country-specific commodity price indices and a comprehensive measure of public...

Since the early 1990s the issue of fiscal transparency has attracted increasing attention from international institutions, governments, and NGO's concerned with budgets and fiscal policy reform. This Article offers a critical analysis of the meaning and purposes of fiscal transparency in light...

Forty-nine of the U.S. states have balanced budget requirements, and every state acts as though bound by such constraints. These constraints create fiscal volatility - the states must either cut spending or raise taxes during economic downturns, while doing the opposite during upturns. This...

The paper analyses the medium-term objectives (MTOs) recently adopted by the EU Member States as a reference for the multilateral budgetary surveillance, assessing the ability of the new MTOs to promote long-term fiscal sustainability. The paper calibrates the (yet undisclosed) algorithm for...

Current surpluses in the U.S. have been achieved by a combination of a strong economy, low interest rates, and sharp cuts in defence spending. These surpluses follow a period (the eighties) of rather exceptional budget deficits. This paper investigates the origin, size, and expected future...

The Commentary released today its 2011 federal Shadow Budget with a five-step plan to end the flow of red ink in Ottawa ahead of the government's five-year timeline. In this paper, the authors show how Ottawa can return to budget surpluses in four years through more ambitious spending restraint...

Tax measures announced in the latest Quebec budget strike a balance between good economic outcomes and attention to fairness in how tax burdens are shared. The author assesses Quebec's budget measures according to their impacts on the tax burden and how well provincial taxes match citizens'...

Illinois has a chronic, structural fiscal problem so huge that it cannot be eliminated by increases in economic growth alone, increases in taxes alone, or—alas— aggressive pension changes alone.1 In early December 2013 the General Assembly passed, and Governor Quinn quickly signed, a major...

В работе анализируется адаптация бюджетной политики в Российской Федерации к условиям кризиса в 2008-2009 гг. Анализ основных параметров и направлений...