A tanulmányban a Magyarország gazdasági stabilitásáról szóló 2011. évi CXCIV. törvényben szereplő, 2015-ben hatályba lépő adósságszabályt vizsgáljuk. Az elemzés a Kopits-Symansky [2001] által definiált nyolcas kritériumrendszerből három értékelési szempont alapján...

The factors influencing the real exchange rate are an important issue for a country’s price competitiveness, which is especially relevant to those countries belonging to a monetary union. In this paper, we analyse the relationship between fiscal policy and the real exchange rate for the case...

Las marcadas restricciones constitucionales y legales, provenientes de la Carta Política de 1991, explican en buena medida las serias dificultades que enfrenta Colombia para contener su creciente gasto público, actualmente bordeando el 18% del PIB a nivel del gobierno central. A su vez, su...

En este documento, se describe el comportamiento de la inversión, así como su composición de acuerdo al tipo de activos y a los sectores institucionales; encontrando que efectivamente, se puede establecer una relación, no necesariamente causal, entre la inversión y el crecimiento...

The efficient government finance will increase economic growth and thereby income distribution. This research has been formulated an efficiency theory of production and finance. This research compared the government expenditure patterns into two situations. One, when a government borrows and...

This paper utilizes a small-scale econometric model to study the dynamics of the Irish debt-to-GDP ratio. The role of world GDP growth, domestic GDP growth, real effective exchange rate, interest rate and primary balance is analyzed in the debt dynamics. We find that the Irish economy will...

In this paper, we put forward a neo-Kaleckian model of growth and dsitribution. We introduce two different types of public expenditure: government consumption expenditure and public provision of capital; and we study the effects on equilibrium capacity utilisation and growth. Two different cases...

This paper investigates the fiscal pressure from demographic change in relation to the labour marketspace for fifty countries that cover 75% of the world population. The pressure-to-space indicator ranks Poland, Turkey and Greece high. Apart from Turkey and India, developing countries rank low...

We investigate the time varying relation between hours and technology shocks using a structural business cycle model. We propose an RBC model with a Constant Elasticity of Substitution (CES) production function that allows for capital- and labor-augmenting technology shocks. We estimate the...

What determines the sustainability of sovereign debt? In this paper, we develop a model where myopic governments seek electoral popularity but can nevertheless commit credibly to service external debt. They do not default when they are poor because they would lose access to debt markets and be...