After the outbreak of the global financial crisis, some governments in the EU experienced serious fiscal problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance in the EU countries before and after the outbreak of the crisis. Fiscal reaction...

This paper provides an empirical analysis of the Macroeconomic Imbalance Procedure (MIP). It explores the relationship between sovereign bond yields spreads and the variables contained in the MIP scoreboard using quantile regressions. Results suggest that MIP indicators can explain the behavior...

With the announcement to intervene on financial markets to restore the monetary transmission mechanism, the ECB has attenuated the pressure of the markets on the endangered peripheral countries of the Eurozone. Critics argue that by eliminating the markets' disciplining interest mechanism,...

The objective of this paper is to test the existence of Ricardian Equivalence in Lesotho using annual data for two sample periods, 1980-2014 and 1988-2014. This proposition is important and has crucial implications for tax policy. Household consumption, government debt, government expenditure,...

The relevance of tourism revenue to their respected GDP is comparable in Croatia and the Czech Republic. Aside from having comparable levels of tourism dependency in respect to the percentage of tourism revenue in GDP, there are very few significant structural similarities between the economies...

The aim of this paper is to analyze the relation between maturity structure, sovereign bond yields and sovereign risk in the Economic and Monetary Union for the period of 1990-2013. The results confirm the existence of an inverse relationship between sovereign bond yields, sovereign risk and the...

Geringfügige Steuermehrbelastungen, die auf die kalte Progression bei der Einkommensteuer zurückzuführen sind, werden vom Steuerzahler kaum wahrgenommen. Überschreiten die kumulierten Mehrbelastungen allerdings nach einigen Jahren eine kritische Schwelle, entsteht gewöhnlich ein politischer...

Die räumlichen Ungleichheiten in Deutschland und ihre politischen Auswirkungen haben die öffentliche Aufmerksamkeit wieder verstärkt auf die Gleichwertigkeit der Lebensverhältnisse gelenkt. Nachdem in den letzten Jahrzehnten der 'Aufbau Ost' ein zentraler Schwerpunkt war, öffnet sich...

This study empirically investigates the relationship between economic growth and several factors (investment, private and government consumption, trade openness, population growth and government debt) in Greece, where imbalances persist several years after the financial crisis. The results...

The economic and financial crisis which has affected the world economy since 2008 raised a question mark regarding the viability of the Economic and Monetary Union and the future of the euro. The main objective of this paper is to identify the amplitude of the effects of the economic crisis on...