The aim of this paper is to investigate the vulnerability of fiscal policy in the case of 10 Central and Eastern European countries. We use a newly introduce indicator named Cumulative Excess of the Primary Balance (CEPB) which shows the deviations of current fiscal policy from a fiscal rule...

This paper introduces a methodological innovation into Generational Accounting. By incorporating cyclically-adjusted balances into the forward-looking budget projections underlying the concept we isolate pure policy effects, which render comparisons of the fiscal sustainability indicators...

A number of institutional and non-institutional factors, not only economically rational but also political and historical, have risen in the long after war debate about the public sector's expansion, size and structure. Obvious inefficiencies, mounting resistance to further increases of tax...