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The relationship between public expenditure and aggregate income has long been debated in economic literature. According to Wagner, expenditure is an endogenous factor or an outcome. On the other hand, Keynes considered public expenditure as an exogenous factor to be used as a policy instrument...
Persistent link: https://www.econbiz.de/10015224234
Using time-series techniques and panels data, the paper analyses for the EU countries in the period 1970-2009 the existence and shape of the “BARS curve” (Barro, Armey, Rahn, and Scully), connecting the size of Government (measured by the share of public expenditure on GDP) to the rate of...
Persistent link: https://www.econbiz.de/10015224235
In the paper the author represents the system dynamic model of taxes income and it action results. The system dynamic is one from systems research methods, which analyses the systems in time depending from structure of system elements and their mutual influence, including reasons connections,...
Persistent link: https://www.econbiz.de/10015224498
We study the dynamics of U.S. public debt in a parsimonious VAR. We find that including debt feedback ensures the stationarity of debt while standard VARs excluding debt may imply an explosive debt path. We also find that the response of debt to inflation or interest shocks is not robust and...
Persistent link: https://www.econbiz.de/10015225115
Policy has not been completely rehabilited by crisis events and its efficiency is dubious ; In Euro Zone, monetary policy has … been a problem that fiscal policies are not able to solve ; In Euro Zone, public debts are a big problem that monetary …
Persistent link: https://www.econbiz.de/10015227069
The budgeting process has been recently reformed in Italy (L. 196/2009) in order to improve control of budget and transparency in the provision of clear information on government fiscal policy. Indeed, the general government final expenditures often deviate significantly from the initial...
Persistent link: https://www.econbiz.de/10015227896
Rapidly rising deficits at both the federal and state and local government levels, along with long-term financing problems in the Social Security and Medicare programs, have triggered a one-sided austerity-focused class war in the US. Similar class conflicts have broken out around the globe. A...
Persistent link: https://www.econbiz.de/10015228003
Due to the ongoing crisis, several reforms have been implemented at the EU-level, which are tilted towards strengthening the budget discipline of EMU member states. These reforms underlie the view that government profligacy is the main culprit of the crisis. Consequently, a fiscal compact that...
Persistent link: https://www.econbiz.de/10015228244
This paper examines the hypothesis of fiscal sustainability for 8 Latin American countries. Using panel data models, we determined whether the revenue and primary expenditure of governments are sustainable in the long run. We used second generation panel data unit root and cointegration tests,...
Persistent link: https://www.econbiz.de/10015228341
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...
Persistent link: https://www.econbiz.de/10015228648