This paper proposes the design of an Early Warning System (EWS) to evaluate the possibility of public debt crisis in Mexico. For the EWS construction we use the signal detection theory based on non-parametric statistics and exploratory data analysis. We generated a mainly classified index, which...

The trust is, by definition, a hybrid between rights in rem and rights in personam. It is also an English legal concept that distinguishes the English common law from the Roman law tradition of continental Europe. The trust is largely absent in the classical writings of Karl Marx and Max Weber...

We deal with the problem of outsourcing the debt for a big investment, according two situations: either the firm outsources both the investment (and the associated debt) and the exploitation to a private consortium, or the firm supports the debt and the investment but outsources the...

The paper tests selected long-standing hypotheses about why voters support or oppose fiscal consolidation. Deviating from most of the empirical literature which mainly focuses on cross-sectional and time series evidence, this paper employs data from a public opinion survey that has been...

Understanding debt and its historical trends is important, as the level of debt provides one measure of the strength of public finances. Levels of public sector borrowing fluctuate in line with the economic cycle and the budget position. This paper briefly describes the various measures of debt...

This paper analyzes the interactions between government's indebtedness, sovereign default risk and the size of the informal sector. We test an underlying theory that suggests that in societies with limited tax enforcement, the presence of informality constrains the set of pledgeable fiscal...

This paper studies a simple stochastic two-period general equilibrium exchange model with money, an incomplete market of nominal assets, and a competitive banking system, intermediate between consumers and a Central Bank. There is a finite number of agents, consumers and banks. Default is not...

This article analyzes the consequences of environmental tax policy under public debt stabilization constraint. A public sector of pollution abatement is financed by a tax on pollutant emissions and/or by public debt. In the same time, households can also invest in private pollution abatement...

This article provides an overview of the main models of fiscal policy followed by the former communist countries, which today belong to the European Union. After a detailed analysis of the structure of revenues and expenses made by each of these states, the article reviews its compliance with...

The poor state of public finances in many countries has led to calls for fiscal consolidation. In practice, implementing concrete consolidation measures appears to meet with public resistance, suggesting that the success of consolidation efforts strongly depends on the popularity of the chosen...