We investigate the effects of fiscal transparency and political polarization on the prevalence of electoral cycles in fiscal balance. The recent political economy literature on electoral cycles identifies such cycles mainly in weak and recent democracies. In contrast, we show, conditioning on a...

The paper discusses the stabilizing potential of fiscal policy in a dynamic general-equilibrium model of monetary union. We consider a small open economy inside the currency area. We analyze the demand and supply effects of direct taxation, indirect taxation and government spending and derive...

Total environmental expenditure in Bulgaria and the share of the public sector is analysed and compared with the necessary investments for compliance with the EU environmental standards. The main problems in the management of public financial resources for environmental management are identified...

Specialization patterns in a dynamic Heckscher-Ohlin (HO) model with endogenous capital accumulation are examined in the presence of free international lending and borrowing. Without free international lending and borrowing it is known that, whereas the less (time-) patient country decumulates...

This note studies the sustainability of primary budget deficits in a situation where the public sector has also incurred debt to the private sector. It shows that if the rate of pure time preference is small relative to the population growth rate, if public consumption constitutes a modest...

Fiscal policy in New Zealand has seen a consolidation of the Government’s position and continuing refinements to the institutional framework and Budget processes. The key institutional change has been the introduction of the Fiscal Responsibility Act 1994. The paper sets out the background to...

The fiscal gap calculates the change in fiscal policy settings needed to achieve a particular debt target at some point in the future. This working paper calculates fiscal gaps for New Zealand under a range of scenarios, including alternative spending growth, debt targets and interest rates. A...

Este artículo se ocupa de la conveniencia de una regla fiscal de balance estructural paraColombia. En primer lugar (sección A) se examina el papel y la racionalidad de las reglasfiscales y se estudia el tema de su diseño. La sección (B) está dedicada al examen de laregla fiscal Chilena y...

Resumen: este artículo hace una revisión de la literatura publicada entre 1990 y 2006 sobre el análisis económico del conflicto armado interno colombiano. Presenta, en su primera parte, los esfuerzos analíticos que la economía viene realizando de las acciones indebidas de los agentes; en...

La estimación del balance estructural es fundamental para el actual debate sobre la viabilidad de la política fiscal como regla, ya que sirve como discriminador del déficit causado por decisiones de política fiscal y por inflexibilidades del sector público, del déficit originado por...