Andhra Pradesh is one of the pioneering States to earnestly initiate economic and fiscal reform at the Subnational level in India. Prior to the 1996 reform program, the State's budgetary position was under severe stress as in many States in India. The economic growth was below potential,...

The economic slow-down of several States in India including Gujarat during the later half of 90s has caused considerable disturbance in the State's fiscal equilibrium. The fiscal deficit has more than doubled during last five years and government's debt has jumped up from 17 percent of GSDP to...

Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy...

The study provides a detailed review of the past fiscal trends in India, analyzes the current fiscal situation at the Centre and the States and attempts to project the likely alternative scenarios for the future. The study identifies the possible corrective measures that need to be taken to...

Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy...

Celem artykułu jest przedstawienie istoty tax expenditures jako wydatków zaliczanych do tzw. off-budget expenditures oraz pokazanie konsekwencji budżetowych ich stosowania w Polsce. Realizacja tak sformułowanego celu wymagała przeprowadzenia porównań z zakresu teoretycznych koncepcji tax...

This paper provides an overview of the evolution of macroeconomic thought from 1936, the year John Maynard Keynes published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of the business cycle during the postwar period. The paper...

This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper...

We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary–fiscal regime. The chapter concludes with directions in which...

This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper...