The financial crisis and recession have left a legacy of unusually large fiscal deficits and growing sovereign debt levels in most advanced economies. The paper uses recent research from the IMF to throw light on two questions: how much fiscal space is available to advanced countries before they...

This volume includes five self-contained chapters in the fields of public debt and fiscal transfer schemes. After an introduction to the topic, chapter 2 shows that the institutional setting of fiscal policy making needs to be considered when assessing the sustainability of fiscal policy. Using...

This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...

Die demographische Alterung tritt in Deutschland aktuell in eine akute Phase, die unter dem derzeit geltenden Recht zu großen finanziellen Anspannungen in den gesetzlichen Sozialversicherungen führt und mittelbar auch Risiken für die Entwicklung des Bundeshaushalts erzeugt. Dies wird im...

Der demografische Alterungsprozess, der in Deutschland aktuell in eine akute Phase tritt, erzeugt Risiken für die langfristige Tragfähigkeit der öffentlichen Finanzen. Die im Auftrag des Bundesministeriums der Finanzen erstellte Studie leistet Vorarbeiten für den Sechsten...

WAMZ countries have accumulated high levels of public debt less than two decades after the massive debt forgiveness effected under the Highly Indebted Poor Countries (HIPC) initiative. This has raised sustainability concerns as rising debt levels have the potential to create negative spillover...

Achieving fiscal convergence between countries of a monetary union helps in the design and implementation of policies to strengthen macroeconomic convergence, which mitigates the contagion effects of macroeconomic instability and ensures the long-term viability of the proposed union. This paper...

In this paper, we describe key problems of the current EU's fiscal framework and offer constructive options for its reform. A comprehensive reassessment of the rules is necessary, as the development of the rules has reached an impasse for both political and technical reasons. In our view, Europe...

Achieving fiscal convergence between countries of a monetary union helps in the design and implementation of policies to strengthen macroeconomic convergence, which mitigates the contagion effects of macroeconomic instability and ensures the long-term viability of the proposed union. This paper...

Corporate investment is crucial for productivity growth. When economic growth is sluggish and productivity growth weak, the government is likely to compensate the shortage of tax revenues with debt. The aim of this research is to study the connection between public indebtedness and productivity...