Budget reliability is the first pillar of Public Expenditure and Financial Accountability (PEFA). In this study, we construct an expansion of the PEFA government response accuracy indicator and test its decomposition, with an application to the government budgets and state general accounts of...

The economic slow-down of several States in India including Gujarat during the later half of 90s has caused considerable disturbance in the State's fiscal equilibrium. The fiscal deficit has more than doubled during last five years and government's debt has jumped up from 17 percent of GSDP to...

Discounting of cash flow is the operation widespread in financial sector. But it is applied only to the corporate finance. In the article the opportunity of discounting of incomes and charges of the state budget is investigated. Besides in the article the opportunity of application of rules of...

This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower growth, global imbalances, and a number of domestic...

Until the early 1990s, the discussions on fiscal policy primarily centered on the functions of economic stabilization, income redistribution and resource allocation. Long-term growth was not usually viewed as an end itself, and fiscal policy was often not sufficiently tailored to the different...

Overall, this paper presents a white swan that seems to confirm the hypothesis of Alesina/Tabellini/Campante (2008). Fiscal policy in many developing countries is procyclical. Specifically, the former may explain monetary policy failures associated with problems of political agency. And in this...

Andhra Pradesh is one of the pioneering States to earnestly initiate economic and fiscal reform at the Subnational level in India. Prior to the 1996 reform program, the State's budgetary position was under severe stress as in many States in India. The economic growth was below potential,...

Until the early 1990s, the discussions on fiscal policy primarily centered on the functions of economic stabilization, income redistribution and resource allocation. Long-term growth was not usually viewed as an end itself, and fiscal policy was often not sufficiently tailored to the different...