In this paper we address the following four questions: is it reasonably correct to assume that the government is benevolent and competent? Has state intervention through taxation and transfers negative effects on individual incentives? In a context of limited information, are political failures...

The paper aims to analyze the causes that have led to rising the public debt of Romania between 2008-2013. Although it is below the level set out in the Maastricht Treaty, in Romania, the public debt has grown at a fast pace. Also consider the public debt according instruments, currency and type...

Using national account data, we define corporate balance sheet adjustment episodes as periods during which major increases in non-financial corporations’ net lending/borrowing are experienced. An analysis of such episodes in Germany and Japan, and a more systematic exploration of a sample of...

Рассматриваются методика и аналитические процедуры формирования и использования регионального фонда финансовой поддержки муниципальных районов (городских...

This working paper advances research on inequality with unique, new data on income distribution in 61 countries, including 20 Latin American countries, to explore the effects of political parties on redistribution. First, consistent with a central, but still contested, assumption of the...

The paper uses a two-sector DSGE model with nominal and real rigidities to analyse the stabilising properties of fiscal policy rules in a small open economy in monetary union. The focus is on the potential of budgetary-neutral rules that adjust the composition of government purchases between...

<Para ID="Par1">This paper summarizes current EU austerity programs and discusses various fiscal policy reform proposals under consideration. It points out political and theoretical problems with these proposals and makes the case for fiscal consolidation through spending reduction rather than tax cuts. The...</para>

Implementation of fiscal consolidation by advanced economies in coming years needs to take into account the short and long-run interactions between economic growth and fiscal policy. Many countries must reduce high public debt to GDP ratios that penalize longterm growth. However, fiscal...

We investigate the relation between changes in tax composition and long-run economic growth using a new dataset covering a broad cross-section of countries with different income levels. We specifically consider 69 countries with at least 20 years of observations on total tax revenue during the...

The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issues covered include: (i) the growing complexity of the European framework and ways...