We review the application of cyclically balanced budget rules in Switzerland and Chile. The budgets of these countries, drawn up based on the cyclical balance rule, have improved their primary indicators of fiscal sustainability (the level of public debt, primary surplus)

This paper assesses the adequacy and effectiveness of the WAEMU fiscal framework along three pillars that have proven to effectively support fiscal discipline in monetary unions—common fiscal rules (including adequacy of numerical ceilings as well as elements of design and enforcement), shared...

This paper estimates a fiscal policy reaction function in order to investigate the links between financial and real estate market movements and fiscal policy outcomes. An increase in asset prices affects in a positive and significant manner primary balances, with the response reflecting both an...

This paper examines the effect of asset price volatility on fiscal policy stance. We find that asset price volatility affects the volatility of discretionary fiscal policy in a positive and significant manner, which according to Fatas and Mihov (2003) has negative repercussions on output...

This paper examines the links between asset price movements and fiscal adjustments. Our findings suggest that a pick up in asset prices increases the probability of initiating a fiscal adjustment, but it does not necessarily lead to a sustainable correction of fiscal imbalances. However, higher...

Purpose This study investigates the dynamic causality linkages between fiscal deficits and selected macroeconomic indicators in a panel of five East African Community countries. Design/methodology/approach The research design is based on panel cointegration tests, panel cross-section dependence...

At the end of the first seven months of 2022, growth in revenues of the consolidated budgets of the RF regions was outpacing the growth in budget expenditures and the inflation rate, indicating that regions maintained a sufficient level of financial sustainability. As for the structure of...

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...

Das Urteil des Bundesverfassungsgerichts vom 15. November 2023 zum zweiten Nachtragshaushalt 2021 hat die Haushaltsplanung der Bundesregierung durcheinandergewirbelt. Der Nachtragshaushalt wurde als nicht mit der Schuldenbremse vereinbar angesehen. Das Urteil hat nicht nur Auswirkungen auf den...

The European Union's constitutional balanced-budget amendment, the Stability and Growth Pact (SGP), dictates that EU member states keep their budget deficits within three percent of GDP and that government debt be kept at or below 60 percent of GDP. After 20 years, unintended consequences of the...