This paper aims at presenting a simple model of local decision-making based on the hypothesis of “constrained” monopoly power on the part of local governments. It adds the contribution of the principal-agent theory by assuming that: (a) monopolistic behavior is constrained by voters’...

Fiscal sustainability requires that governments respect the intertemporal budget constraint at present value. We test the cointegration between public expenditures and revenues as ratios of GDP as a condition for the sustainability of budgetary policies in the European Union.

This paper aims at presenting a simple model of local decision-making based on the hypothesis of “constrained” monopoly power on the part of local governments. It adds the contribution of the principal-agent theory by assuming that: (a) monopolistic behavior is constrained by voters’...

This paper analyses the number of terrorist attacks and their outcomes in the period 1997-2004. We investigate the hypotheses that deprivation is the underlying cause of terrorism and that geopolitical contexts cannot be ignored. The results from econometric OLS cross-country testing of these...