Hans-Michael Heitmuller The financing of public funds has become a strongly competitive business. Within the EU, national boundaries for this sphere have been formally removed as well as important hindrances to the trade of goods and services. Deregulation and technological innovations have...

In this paper we provide a formal test of Barro's tax-smoothing model, using Spanish data covering the period 1850-2022. First, we found that the tax-tilting component has been very important for the Spanish government and is a symptom of the existence of a public deficit bias that has existed...

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...