This paper investigates the impact of the moderate growth of government borrowing on debt sustainability in 11 Russian regions over about 10 years, starting in 2010. The current study aims to assess the debt sustainability of the Russian region's budget by determining Euclidean distance budget...

In this paper, we explore the effects of India's federal structure on state-level fiscal responsibility. Drawing from a 1991-2018 dataset, we argue that higher levels of transfer and borrowing dependence (soft budget constraints) from the central government facilitate lower levels of fiscal...

We postulate a general salience framework where agents are biased in their perception about the impact of consumption on their (intertemporal and otherwise) budget constraints. Three applications are provided. First, we trace and illustrate the consequences of applying this salience framework to...