Aus Sicht der bonitätsschwachen Länder des Euroraums ist die Forderung nach Eurobonds verständlich. Denn die damit verbundene nominale Zinskonvergenz hätte den Effekt, dass die Zinsen der unsolideren Länder merklich sinken. Im Gegenzug müsste Deutschland, würde es in Zukunft Eurobonds...

A social market economy, together with corrective government activities, allows citizens to achieve the highest possible welfare with limited resources. Income and welfare, however, tend to be very unequally distributed in society. Most theories of justice call for some redistribution for a more...

Recently the popularity of fiscal rules has been increasing also due to the impact of macroeconomic and financial shocks on fiscal sustainability. This paper reviews supranational and national fiscal rules implemented in the Visegrad countries (V4). Namely, we base the review and comparison of...

La relazione presenta nella Parte I un quadro della struttura, sviluppo e crescita della spesa pubblica in Italia a partire dal 1951 nelle sue principali componenti funzionali e per livello di governo; ne analizza la dinamica in relazione alla crescita del PIL e al ciclo economico. Nella Parte...

As an innovator in the financial system, China was the first to use paper currency. Eventually the form of currency was held responsible for devastating inflation and was abandoned during the Ming Dynasty. Going forward in time, uprisings and discontent have emphasized the importance of...

The fallout from the global economic downturn of 2008-09 is a continuing source of stress on families and a constraint on government policies. How can social policies contribute to a quick and equitable recovery from the crisis and how can they best respond to the difficulties that households...

This paper examines the solvency of the Greek fiscal policy. Employing a cointegrated VAR as a benchmark, evidence of a long-run link between revenues and spending is presented, although intertemporal solvency is violated. Utilizing Granger-causality tests, a test for fiscal adjustment...

This paper examines some of the issues associated with the aid donor process arising from the theory of agency or principal-agent models and endogenous policy determination. The principals may be viewed as legislators and the agents as the aid agency. In addition to adverse selection and moral...

This paper analyses fiscal policy for several economies in Latin America, from the early nineties to the 2009 crisis. We present original estimates of cyclically-adjusted public revenues for Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Peru and Uruguay implementing the standardised...

When it was adopted in 1997 the stability and growth pact was considered as one of the cornerstones of the European monetary union. However, against the background of the economic downturn starting at the turn of the century, this perception changed and some observers criticised the pact for...