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The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...
Persistent link: https://www.econbiz.de/10013223574
Security, Medicare and Medicaid with investment based accounts would permit the higher future spending on health care and … reduce future deficits without increasing marginal tax rates or reducing the rewards for saving, investment, and risk taking …
Persistent link: https://www.econbiz.de/10013137028
Political institutions can affect corruption. We use audit reports from an anti-corruption program in Brazil to construct new measures of political corruption in local governments and test whether electoral accountability affects the corruption practices of incumbent politicians. We find...
Persistent link: https://www.econbiz.de/10013160152
Political corruption is considered a major impediment to economic development, and yet it remains pervasive throughout the world. This paper examines the extent to which government audits of public resources can reduce corruption by enhancing political and judiciary accountability. We do so in...
Persistent link: https://www.econbiz.de/10012986289
instead prefer auditing only intermediate actions. However, if the principal cannot commit to inefficient allocations …
Persistent link: https://www.econbiz.de/10012977283
This paper shows that in American states balanced budget rules are effective in enforcing fiscal discipline but they have no costs in terms of increased output variability. More specifically, we show that tighter fiscal rules are associated with larger average surplus and lower cyclical...
Persistent link: https://www.econbiz.de/10013322308
This paper starts from two sets of facts about Continental Europe.The first is the steady increase in unemployment since the early 1970s. The second is the evolution of the capital share, an initial decline in the 1970s, followed by a much larger increase since the mid-1980s. The paper then...
Persistent link: https://www.econbiz.de/10014158147
This paper presents five theoretical openness-and-growth links that can account for trade-induced investment-led growth …, cross-country data suggests that openness influences growth only via its effect on investment, and suggests that openness … promotes investment in all countries whatever the capital-intensive of their exports (contrary to predictions of the old …
Persistent link: https://www.econbiz.de/10014158621
examine the implications of exchange rates for time series of sectoral investment. Both theoretically and empirically we show … that investment responsiveness to exchange rates varies over time, positively in relation to sectoral reliance on export … differences in investment endogeneity across high and low markup sectors, with investment in low markup sectors significantly more …
Persistent link: https://www.econbiz.de/10014158798
Ten years ago, donors committed $1.5 billion to a pilot Advance Market Commitment (AMC) to help purchase pneumococcal vaccine for low-income countries. The AMC aimed to encourage the development of such vaccines, ensure distribution to children in low-income countries, and pilot the AMC...
Persistent link: https://www.econbiz.de/10014101579