Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...

This article aims to suggest a research agenda that reconciles the macroeconomic policy with the development policy. It starts with the structural analysis of Brazilian economy in historical perspective and identifies the structural constraints to economic development in Brazil. The current...

The EU multilevel governance is a theoretical standpoint that allows us to measure the costs of nowadays European integration. This article addresses current issues of the EU institutional Agenda regarding the logic beyond the changing nature of the economic climate. Our contribution aims to...

Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global crisisoften referred to as the Great Recession"there is grave concern that progress made in poverty...

This paper examines the fiscal and monetary policy options available to the People's Republic of China (PRC) as a sovereign currency-issuing nation operating in a dollar standard world. The paper first summarizes a number of issues facing the PRC, including the possibility of slower growth and a...

This paper reviews the design and operation of the Chilean fiscal rule in the past 30 years. Using different empirical approaches, we assess its impact on fiscal procyclicality, public debt, and public investment. While there has been substantial progress in building a modern institutional...

The study decomposes the sources of Chinese growth by first making a distinction between technological progress and technical efficiency in the growth accounting framework, and then identifying a series of reform programmes, such as urbanization, structural change, privatization, liberalization,...

This article aims to suggest a research agenda that reconciles the macroeconomic policy with the development policy. It starts with the structural analysis of Brazilian economy in historical perspective and identifies the structural constraints to economic development in Brazil. The current...

This paper studies the effects of asymmetries in re-election probabilities across parties on public policy and its subsequent propagation to the economy. The struggle between opposing groups – that disagree on the composition of public consumption – results in governments being endogenously...

We explore a political economy model of labor subsidies, extending Meltzer and Richard's median voter model to a dynamic setting. We explore only one source of heterogeneity: initial wealth. As a consequence, given an operative wealth effect, poorer agents work harder, and if the agent with...