This paper studies the main channels through which interest rate normalization has fiscalimplications in the United States. While unexpected inflation reduces the real value ofgovernment liabilities, a rising policy rate increases government financing needs because ofhigher interest payments and...

The article provides a discussion on results of extensive empirical research conducted in 2016 on a sample of 495 local government authorities, using the CAWI questionnaire technique supported by the CATI survey. The results thus obtained were verified in statistical terms and then critically...

Both the United Kingdom and the United States face similar budget pressures over their national retirement programs, shortfalls in individual savings, and a rapid decline of traditional private defined benefit pension plans. In both the U.K. and the U.S., major stumbling blocks to reform have...