The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public finances that contribute to explaining the current stance...

The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public finances that contribute to explaining the current stance...

We provide a test of the sustainability of the Spanish government deficit over the period 1850-2000, from the estimation of a cointegration relationship between government expenditures and revenues derived from the inter-temporal budget constraint. The longer than usual span of the data allows...

The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public finances that contribute to explaining the current stance...

The process of public sector restructuring, known in the economic literature as the New Public Management (NPM), came to a deadlock as the global financial and economic crisis broke out in 2008. The expansion of cheap credit, market dereglementation and asset securitization, speculative bubbles,...

The process of public sector restructuring, known in the economic literature as the New Public Management (NPM), came to a deadlock as the global financial and economic crisis broke out in 2008. The expansion of cheap credit, market dereglementation and asset securitization, speculative bubbles,...

In this paper we provide a formal test of Barro's tax-smoothing model, using Spanish data covering the period 1850-2022. First, we found that the tax-tilting component has been very important for the Spanish government and is a symptom of the existence of a public deficit bias that has existed...

In this paper we provide a formal test of Barro's tax-smoothing model, using Spanish data covering the period 1850-2022. First, we found that the tax-tilting component has been very important for the Spanish government and is a symptom of the existence of a public deficit bias that has existed...

The purpose of this article is to identify changes in the development of national fiscal rules in response to the crisis, in terms of the new economic governance in the EU. In-depth analysis was carried out on the example of the three countries that have the highest Fiscal Rule Strength Index,...

The U.S. is beset by weak economic growth, ballooning debt and stubbornly high unemployment but the collapse of the housing bubble that spurred the 2008-2009 global financial crisis was more a consequence than a cause of what is wrong. The real culprit was and remains poor policymaking in the...