We use discounted cash flow analysis to measure a country's fiscal capacity. Crucially, the discount rate applied to projected cash flows includes a GDP risk premium. We apply our valuation method to the CBO's projections for the U.S. federal government's deficit between 2022 and 2051 and debt...

We use discounted cash flow analysis to measure a country's fiscal capacity. Crucially, the discount rate applied to projected cash flows includes a GDP risk premium. We apply our valuation method to the CBO's projections for the U.S. federal government's deficit between 2022 and 2051 and debt...

The Federal Government’s spending and borrowing cushioned the impact of COVID-19 on Canada’s economy, but have put national finances on an unsustainable path. The upcoming budget must make tough choices to put Canada on a path back to fiscal stability. As the health crisis abates, Canada...

The pandemic has highlighted and amplified the economic, social and health vulnerability of many Canadians. There is much that should be done. But how much can be tackled without risking large costs in the future? And what are the most effective and efficient approaches? Canadians should weigh...

In theory, the management of public funds by Canada’s senior governments – federal, provincial and territorial – reflects the preferences of Canadians, expressed through their elected representatives. In practice, however, the revenues and expenses of senior governments – and the...

In 2021, the federal budget was implemented with a small surplus, which is an important achievement after a deficit of 3.8% of GDP a year before. It became feasible owing to two factors: oil and gas revenues returned to the precrisis level in nominal terms, while non-oil and gas revenues saw...

Participatory budgeting offers the promise of social accountability through citizens’ engagement in public sector budget allocations. The international evidence suggests that participatory budgeting initiatives can help produce more efficient and equitable budget allocations, but that the most...

Achieving gender equality remains a significant challenge, that has only deepened with the on-set of the COVID-19 pandemic. Gender budgeting (GB) can help promote gender equality by applying a gender perspective to fiscal policies and the budget process. This paper takes stock of GB practices in...

Based on results for Q3 2021, tax and non-tax revenues of consolidated budgets of RF constituent entities increased markedly as compared with the same period of 2019. In 2021, the pattern of regional consolidated budgets’ expenditures does not differ very much from the pre-pandemic one, which...