Since the 2008 financial crisis burst, public finance accounts in developed economies have been continuously deteriorating; both fiscal and monetary policies are reaching their limits, while unemployment rates are soaring and GDP growth is fragile, if not inexistent. The aim of this article is...

G-Cubed is a multi-country, multi-sector, intertemporal general equilibrium model that has been used to study a variety of policies in the areas of environmental regulation, tax reform, monetary and fiscal policy, and international trade. It is designed to bridge the gaps between three areas of...

The paper analyses initiatives undertaken to contain the impact of the sovereign debt crisis and improve economic governance in emu and examines further some fundamental questions about emu’s sustainability looking at emu’s performance for far and at its main strengths and weaknesses. A...

In contrast to industrialized countries, emerging market economies are characterized by pro- or acyclical monetary policies and high output volatility. This paper argues that those facts can be related to a long-run feature of the economy – namely, its institutional quality (IQL). The paper...

The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...

The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...

This paper investigates the relationship between fiscal performance and movements in the exchange rates, the terms of trade, and other macroeconomic aggregates in 28 sub-Saharan African countries over the 1980-91 period. It finds that the tax base in most of these countries is heavily dependent...

L’objet de cet article est de présenter les principales conclusions du panel, organisé lors des VIIIe « Journées » de la Fondation Banque de France pour la recherche en économie monétaire, bancaire et financière le 21 juin 2010, sur le thème des stratégies de politique monétaire...

The macromodel estimates the short and medium-term economic implications of the internal policies and the international environment. This version of the Romanian macromodel incorporates the experience accumulated through the utilisation of its previous forms - either experimental (tested during...

This paper proposes indicators to assess government debt sustainability in the medium and long term. We follow the methodological approach by Bohn (2008) and distinguish three channels that contribute to sustainable government finances: economic growth, real interest payments and fiscal...