We assess the effect of fiscal rules on sovereign bond yields over the short and medium-term, for 34 advanced countries and 21 emerging market economies, over the period 1980-2016. Our results, based on impulse response functions, show that the dynamic impact of fiscal rules on bond yields is...

In 2012, 22 EU countries signed the Fiscal Compact, an intergovernmental agreement aimed at backing EU fiscal rules with national arrangements. The main objective of the Compact was to strengthen compliance. Based on a survey of national independent fiscal institutions, we take a closer look at...

This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to...

1. The Local Budget as a Complex System—Concepts and Definitions -- 2. Fiscal Sustainability in the Short and Long Runs -- 3. The Revenue Module -- 4. The Expenditure Module -- 5. Debt -- 6. Economic Development -- 7. The Feedback Loop -- 8. Sustainability and Bliss -- 9. Conclusions and...

Among EU countries, Romania suffered a relatively shallow recession in the COVID-19 crisis, aided by macroeconomic easing. A strong recovery is projected in 2021. The new government is committed to balance continued pandemic-related support with the start of a medium-term fiscal consolidation...