This study examines the fiscal sustainability of SAARC and Asian Growth-Triangle countries using Fisher and IPS tests of panel unit root and Pedroni test of panel cointegration. The tests are applied to the relationships, in terms of GDP ratios, between, i) the debt and primary surplus, and ii)...

This paper investigates whether a fiscal stimulus implies a different impact for flexible and rigid labour markets. The analysis is done for 11 advanced OECD economies. Using quarterly data from 1999 to 2013, I estimate a panel threshold structural VAR model in which regime switches are...

The rationale of this study is to examine the effect of fiscal policy variables on economic growth in Nigeria. The fiscal policy variables considered in the study include government gross fixed capital formation, tax, government expenditure, budget deficit as well as external debt. The study...

Last two decades were a period of significant discussion concerning determinants of effectiveness of fiscal policy. After some cases of expansionary episodes of fiscal consolidations in eighties of XX century, an intensive international research on the possibility of non-Keynesian effects of...

This paper analyses in a VAR framework with debt feedback effects of fiscal policy over 1999q1-2013q4 in five Central and East European economies: Slovakia, Czech republic, Hungary, Slovenia and Lithuania. The results are compared to two alternative specifications, a model without debt feedback,...

Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.

Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.

The EMU assigns a marginal role to economic policy and relies on the idea that, if prices are kept constant, there will be an automatic convergence towards long-run equilibrium income. These beliefs represent the theoretical underpinnings of fiscal and monetary policy strategies in Europe. In...

This paper analyzes the effects of fiscal policy in Italy by employing a database containing two statistical novelties: quarterly fiscal variables on accrual basis and a time series estimate of tax evasion for the period 1981:1-2006:4. Following Revenue Agency suggestions, we use in a VECM the...

This study examines the Russian public finance system. It provides a description of the main fiscal reforms introduced by the Government from the moment of the USSR dissolution, which enabled a reduction in the economy’s dependency on nonrenewable resources. The study presents the fiscal...