This paper studies the effects of asymmetries in re-election probabilities across parties on public policy and their subsequent propagation to the economy. The struggle between groups that disagree on targeted public spending (e.g., pork) results in governments being endogenously short-sighted:...

Cohesion policy micro-efficiency is determined by institutional or absorption capacity of recipient regions and Member States which, in turn, co-determines the policy's macro-economic impact. The analysis shows that cohesion policy is not perceived as an quot;EU receipts maximising...

The World Bank, the International Monetary Fund and European Bank for Reconstruction and Development together comprise the foundation of the global and European economic system and are extremely close in the intertwinement of their ideologies, purposes and operations, even though EBRD is not...

The role of foreign aid in the growth process of developing countries has been a topic of intense debate. Foreign aid is an important topic given its implications for poverty reduction in developing countries.Since the second World War, foreign aid has been one of the most prominent policy tools...

Tax elasticity and buoyancy estimates are the dynamic tools for measuring the tax performance. The main objectives of the study are to explore the tax system performance of Zimbabwe through the traditional tax ratio trends, dynamic measures tax buoyancy and tax elasticity. The study has applied...

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...

Dollarisation can be a path to economic stability and growth if managed properly. Governments which end up dollarising only do so as a last resort. This paper used both explanatory and empirical approach to explore the nature of currency substitution and dollarisation in Zimbabwe. The paper also...

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 crisis - often referred to as “the Great Recession” - there is grave concern that progress made in...

Liquidity may be a serious challenge to growing nations especially in the absence of foreign aid or other necessary assistance like access to borrowing. This paper introduces the Invisible Reserves Theory which states that, “A country that is locked in a depression during the absence of...