The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules...

We assess the drivers of fiscal sustainability in Portugal during the period 1999Q4-2021Q4. We resort to expanding window and Schlicht (2003, 2021)'s time-varying approaches to construct the responses of government revenues to government expenditures and the responses of the primary government...

The purpose of budget rules can be explored from the perspective of the expected results, obtained by their enforcement. On one hand, they are meant to improve or at least maintain certain levels of the budgetary deficit and public debt. On the other hand, they can help or limit the economic...

The unprecedented rise and persistence of large-scale budget deficits in many developed and developing nations during the past three decades has caused great concern. The widespread presence of such deficits has proved difficult to explain. Their emergence in otherwise diverse nations defies...

Intro -- A GUIDE TO THE ECONOMICS AND FISCAL PERFORMANCE OF THE FEDERAL GOVERNMENT (1976-2007) -- CONTENTS -- INTRODUCTION -- GROSS DOMESTIC PRODUCT -- FEDERAL GOVERNMENT REVENUES -- FEDERAL GOVERNMENT SPENDING -- FEDERAL BUDGET DEFICITS AND SURPLUSES -- U.S. NATIONAL DEBT -- U.S. NATIONAL DEBT...

An in-depth analysis of Belgium's public finance in the recent pastPrior to the outbreak of the financial crisis in 2008 Belgium's fiscal balances and debt ratios seemed to be on a firm consolidation path. Today, however, Belgium is facing a major budgetary challenge, albeit to some extent...

The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, medium-term risks remain high. Fiscal vulnerabilities have increased as a consequence...