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This paper analyses trends in and driving forces of the revenue composition of sub-central governments (SCG).
This pilot study presents indicators that assess sub-central government (SCG) spending power by policy area. Traditional indicators are often misleading as they underestimate the impact of central government regulation on sub-central spending patterns.
To investigate the possible impact of terms of trade gains on the real economy, this paper estimates normalised quadratic input demand and output supply functions for the Brazilian economy during 1997-2008.
To shed further light on this issue in the context of emerging market economies, this paper uses Brazilian data to estimate the determinants of the current account in a smooth transition vector autoregressive (ST VAR) setting.
The aim of this paper is to analyze the relation between the volatility of government consumption and country size. The results are robust to different time and country samples, different econometric techniques and to several sets of control variables.
Euro Area entry calls for more fiscal flexibility to absorb cyclical shocks that cannot be dealt with by the common monetary policy. At the same time fiscal consolidation must not be put at risk, especially given rising ageing related costs.
This paper analyzes the effects of fiscal convergence on business cycle volatility and growth. Our empirical results are economically and statistically significant, and robust.
The aim of this paper is to assess the ability of social spending to smooth output shocks and to provide stabilization. The results show that overall social spending is able to smooth about 16 percent of a shock to GDP.
Korea has one of the lowest tax burdens in the OECD area, reflecting its small public sector. However, rapid population ageing will put upward pressure on government spending.
This overview paper examines the financial crisis in light of past country experience and economic theory and sets out some preliminary policy recommendations.