The economy operates simply and naturally. Employees produce products and services, which function as pay for their labour and other input factors. A huge problem arises here: how does society work collectively and in doing so reap the benefits of specialisation and cooperation? How should the...

The paper establishes empirically the temporal causality and long run relationship between government expenditures and government revenues for the case of Guinea-Bissau - a low income country under stress (LICUS) in Africa. A simple macroeconomic model is developed to lay out the hypothesis of a...

This chapter, “The Bottom-Up Recovery: A New Deal in Banking and Public Finance,” published in 2014 in an edited volume by Oxford University Press entitled, When Government Helped: Learning from the Successes and Failures of the New Deal, analyzes the federal government's responses to...

This article investigates the causal linkage between budget deficit, monetary mass and inflation in the transition economies. It is focused on the impact of public expenditures growth on money supply growth, and it does not take in account the amount of budget deficit. We test the new hypothesis...

Since 1991, public finance of the Colombian Central Government reveals an explosive pattern in the burden in terms of GDP of interest payments of public debt, reaching levels over 4%. This behavior is deeply connected with a debt financing public policy based on issuing public debt in the...

The purpose of budget rules can be explored from the perspective of the expected results, obtained by their enforcement. On one hand, they are meant to improve or at least maintain certain levels of the budgetary deficit and public debt. On the other hand, they can help or limit the economic...