Despite the Founding Fathers' careful planning, the reason for the public's lack of confidence in Congress is that elections, like the institutional checks and balances of federalism and separation of powers, are necessary but not sufficient to ensure that Congress acts in the best interests of...

Austerity is a concept that is often used in the public debate. It refers to fiscal policy measures that reduce government spending and raise taxes for the purposes of closing a government budget deficit. This paper analyzes the concept in the context of the current European economic crisis and...

Over the past several decades, public debt has increased substantially in many OECD countries, particularly in the aftermath of recessions. The extent of this increase and the resulting debt levels varied across countries, partly reflecting differences in average budget balances. Despite rising...

Russian Abstract: По итогам января-марта 2021 г. профицит федерального бюджета оказался меньше, чем в докризисном первом квартале 2020 г. После 2020 г. в бюджетной системе был...

Consecutive years of primary deficits have led to mounting public debt of almost 50% of GDP, one of the fastest increases in Latin America over the last decade. Government attempts to restore fiscal health have been undermined by a gridlocked Congress. While only minor reforms have been enacted...

Años consecutivos de déficits primarios han conducido a una creciente deuda pública de casi el 50% del PIB, uno de los aumentos más rápidos en América Latina en la última década, y los intentos del gobierno para restablecer la salud fiscal se han visto socavados por la paralización en...

Ireland’s banking crisis, one of the most severe in the OECD area, and the associated economic recession have taken a heavy toll on public finances. Large public deficits have accumulated since 2008 and net public debt, which had been eliminated, has soared once again. The rapid deterioration...

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...

Russian Abstract: Поступления доходов в федеральный бюджет опережают плановые объемы как по нефтегазовой компоненте, так и по ненефтегазовой составляющей: по итогам...

Russian Abstract: По итогам первого полугодия 2021 г. доходы федерального бюджета превысили уровень аналогичного периода 2019 г., достигнув 20,9% ВВП. Основной вклад в этот...