We investigate for Germany the positive correlation between the corporate savings glut in the non-financial corporate sector and the current account surplus from a capital account perspective. By employing sign restrictions our findings suggest that mostly labor market, world demand and...

The chapter tests the stages of development hypothesis for the balance of payments (SDH) in the years 1992-2016. We use data for 80 economies that are divided into five income groups. The research method includes regression. Our study yields yet limited support for SDH. The curve representing...

In 1988, the 'new' Brazilian Federal Constitution increased municipalities' responsibilities. One of those responsibilities is to conduct spending which the main goal is population welfare. Considering the possibility of specific local welfare expenditures, individuals tend to migrate to cities...

Scotland is engaged in a lively and on-going debate on greater fiscal autonomy and independence, which is politically controversial, especially in respect of tax-varying powers. The Scottish Parliament has the power to make a balanced-budget adjustment in public expenditure by varying the basic...