Using the government's intertemporal budget constraint, we quantify the contribution of returns paid on the U.S. government's debt portfolio to the evolution of the debt-to-GDP ratio. We show that announcements of unconventional monetary policy measures by the Federal Reserve between 2008.IV and...

There are few if any technical problems involved in reversing the unconventional monetary policies - quantitative easing, credit easing and enhanced credit support - implemented by central banks around the world as short-term nominal interest rates became constrained by the zero lower bound. The...

It is well known fact that all good things, as also bad things, come to an end and business cycles pass through good and bad economic times. Economically 2010 was a year of transition from economic recession to recovery. Economies were improving in some countries and industries were showing...

In this paper we explore the impact of fiscal austerity on three different dimensions of public opinion (overall life satisfaction and confidence, attitude towards national authorities, and European institutions). Based on a panel of 26 EU countries, we find that, overall, fiscal consolidation...

This review of public finance in developing countries covers tax advice and practice during the past half century, principles of good public finance, some key issues in development finance during the period, fiscal decentralization and some important open questions. Thinking about good tax...

The ongoing trend of decentralising governance responsibilities to the sub-national level in many countries in sub-Saharan Africa (SSA) is likely to continue in the near future. In order to achieve its objectives, it will be crucial that this transfer of responsibilities will be matched by equal...

UNICEF initiated a multi-country initiative to better understand the dynamics of investing in human capital in the Eastern and Southern Africa region (ESAR). The project sought to identify potential opportunities for governments to increase expenditure on the sectors that matter most for...

This paper discusses major fiscal issues faced by the previously centrally planned economies in their transition to market economies. It focuses on three main topics: (a) the extent to which the budget deficit should be a guide to policy; (b) the reforms that must be carried out in tax...

Greek Abstract: Το κεφάλαιο επικεντρώνεται στην εξέταση της εξέλιξης του κοινωνικού κράτους στην Ελλάδα από το δεύτερο μισό του 20ού αιώνα και εφεξής επιδιώκοντας...