This paper studies heterogeneity in the fiscal reaction function for European Union members by resorting to the unconditional quantile regression estimation. Based on annual observations spanning from 2005 to 2018, the results point to significant asymmetries concerning the fiscal response...

This paper intends to examine the extent of the fiscal contribution of immigrants to Korea. According to this analysis, the aim is to derive implications pertaining to the direction of Korea’s immigration policy as a response to fiscal problems caused by population aging. For this purpose, a...

The paper reviews the economic risks associated with regimes of high public debt through DSGE model simulations. The large public debt build-up following the 2009 global financial and economic crisis acted as a shock absorber for output, while in the recent and more severe COVID19-crisis, an...

This paper studies how the currency composition of public debt affects debt sustainability in developing countries. We show empirically that the debt-to-GDP ratio tends to grow at a faster rate when countries with a high share of foreign currency debt face a currency depreciation. The paper also...

This paper provides long- and short-run tax buoyancy estimates for a group of 12 Caribbean countries over the period 1991-2017. Using panel regressions , the study found that the long- and short-run tax buoyancy estimates are statistically greater than one. However, the results vary by tax...

This paper assesses debt sustainability in Guatemala. Debt stability has been achieved at very low expenditure levels, at the expense of adequate provisioning of public goods and services and a widening gap in social development and infrastructure. Since fiscal outcomes are not independent from...

The German government recently adopted a large number of changes in migration legislation related to asylum seekers and refugees who have immigrated since 2015. While some reforms may have more socio-political impacts, most also have fiscal implications. This work analyses the effects of...