This paper examines the evolution of Australian fiscal policy and the fiscal policy framework over the past quarter century. Following the early 1980s recession, a sustained fiscal consolidation saw the general government budget balance (for all levels of government) move from a deficit of 3 1/2...

It is often argued that the United States cannot continue for long to run current account deficits of their current size of 5 per cent of Gross Domestic Product (GDP). This article questions this conventional wisdom by examining the implications were the United States to continue to run current...