Municipality budgets in Germany finished the fiscal year 2013 in total with a surplus of 1.7 bn euro. In addition, the current year their overall budget will conclude with a surplus. However, there are huge differences in the situation of local budgets. Numerous local authorities have serious...

Bu çalışmada 2008 finansal krizinin Avrupa Birliği’nin kamu borcuna etkisi ve Avrupa borç krizi ile kredi temerrüt swapları ilişkisi incelenmiştir. 2008 krizi karmaşık ve yüksek hacimli türev ürünleri kapsaması nedeniyle diğer krizlerden ayrılmaktadır. Türev piyasasında en...

After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...

Summary for non-specialistsThis paper uses a multi-region dynamic general equilibrium model with collateral constrained households and residential investment to examine the effectiveness of fiscal policy. The presence of credit constrained households makes fiscal policy a more powerful tool for...

The poor state of public finances in many countries has led to calls for fiscal consolidation. In practice, implementing concrete consolidation measures appears to meet with public resistance, suggesting that the success of consolidation efforts strongly depends on the popularity of the chosen...

This paper is designed to analyze the impact of public debt on economic growth in the case of Indonesia over the period of 1999-2009. First, we explore the literature of the debt dynamics as well as fiscal sustainability. Second, we develop a fiscal model of economic growth. Finally, we estimate...

The objective of this paper is to determine the difference, if any, between North and South in the Euro Area, by testing the influence of current account and private sector debt on the general government debt. We used panel data analysis for the period 2000 - 2011 and the results showed that...

Under the circumstances of markets volatility persistence, the global financial balances deteriorated during the post-crisis period. In the case of advanced countries, the bailout of the private banking system by public or multilateral financial intervention, instead of leading to financial...

The present scientific work aims at establishing the connection between the sustainability and the management of public debt both as hot stringent issues, and as strategic components of the state public policies. The authors analyze the relationship between public debt and some macroeconomic...

During the last three decades there has been an almost continuous undermining of the public interest by private interests operating either outside or inside Greek public administration. The result of this infiltration has been a gradual loss of bureaucratic autonomy to pursue the public...