South Africa's public debt has tripled since the global financial crisis and is not expected to stabilize over the medium term under staff's baseline. Cross-country evidence suggests that fiscal rules anchored in debt ceilings can be helpful in supporting fiscal adjustments aimed at reducing...

Marginal rates of contribution (MRC), i.e., the rates at which additional revenues are skimmed via larger contributions or lower transfer receipts, quantify the incentives of a fiscal equalization scheme. The present paper is the first to calculate marginal rates of contribution for the Laender...

In the last decade, two major disruptions - the Great Recession and the Covid sanitary crisis - hit the world economy and gave rise to a battery of government measures. In Portugal, after the fiscal consolidation efforts implemented to tackle the severe sovereign debt crisis that accompanied the...