In 2022, the nominal growth of all the main parameters of the enlarged government budget (hereinafter — EGB) led to their dynamics in shares of GDP in relation to the previous year to have a multidirectional nature: revenues decreased by 0.6 p.p. of GDP to its lowest level in recent years of...

Fiscal sustainability remains a paramount challenge for small economies with high debt and greater vulnerability to climate change. This paper applies the model-based sustainability test for fiscal policy in a panel of 16 Caribbean countries during the period 1980-2018. The results indicate that...

Most EU member states will adopt fiscal rules that refer to cyclically-adjusted borrowing limits. Under the standard cyclical adjustment procedure, trend increases in public debt based on cyclical components are prevented if the real-time output gaps used to calculate cyclical components balance...

This paper describes and quantifies fiscal risk in advanced and developing economies. Forecast errors in GDP growth explain nearly half of fiscal risk in advanced economies. However, errors in growth forecasts are less important in explaining fiscal risk in low- and middle-income countries. Most...

Generational accounting is a relatively recent methodology that measures the fiscal burden government policies impose on future generations. Comparing the fiscal burden of future generations to the burden levied on current newborns yields the generational imbalance. Micro data from the Household...

In view of the growing attention paid to the role of fiscal governance in budgetary outcomes, this paper tries to shed light on the link between the recent Greek fiscal crisis and aspects of fiscal governance. It reviews fiscal developments in Greece over the last decade and challenges the...

In this article, we point out requirements for potential output estimates used for cyclical adjustment in the German debt brake. Further, we propose supplementing the cyclical component in the debt break with an error term - regardless of the specific potential output estimation approach. The...

The budget system revenues of the Russian Federation in 2020 shrank by Rb3.4 trillion in real terms compared to the previous year, or by 8.6% at constant prices (Table 6) on the back of reduced oil and gas revenues. For this reason, the proportion of oil and gas revenues in the total budget...

The Partnerships pillar of the 2030 Agenda for Sustainable Development cuts across all the goals focusing on the mobilisation of resources needed to implement the agenda. Thailand’s “sufficiency economy philosophy” encourages the prioritisation of long-term sustainability over short-term...