The American system of political economy surely faces a fiscal crisis illustrated by but not limited to a trend of growing deficits and debt that cannot continue. What can’t continue won’t continue. In what fashion change occurs will be governed by forthcoming interactions between power and...

This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both the federal and regional government. Results for the German Länder show that lower tier...

Kajikawa examines the role of public expenditure control in Japanese fiscal consolidation. After outlining recent fiscal developments, he discusses the control of two types of expenditure: project and programme. The former comprises investment and current spending for the implementation of...

This paper analyses Greek fiscal sustainability from a retrospective and a prospective view. Implications of Greek fiscal (un)sustainability are discussed. In the empirical analysis econometric testing of Greek government solvency during the period 1985-2008 is combined with a scenario analysis...

In the context of crisis in Europe and of relative heyday in Latin America that was experienced at the beginning of this decade, we talk about the need for fiscal rules as a common formula to be implemented in these two worlds. It is needed here the role of this instrument and places it within...

This paper reviews the debate over fiscal rules and specifically balanced-budget requirements with regards to sub-national (state/regional) government. It will be argued that fiscal rules, if properly designed, can play an important role in balancing the relations between central and...

This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both federal and regional government. Results for the German Länder show that lower tier governments...

We examine whether US and German state governments pursue sustainable fiscal policies taking into account fiscal transfers. Using panel data techniques we investigate whether the debt-to-GDP ratio had a positive influence on the primary surplus (Bohn-model). We show that including/excluding...

Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy...