The implementation of a golden rule of public investment as a necessary institutional reform and an important step aimed at overcoming the constraints imposed by the new European Economic Governance are proposed. The rule is widely accepted in traditional public finance and can deliver both...

Economic recovery plans make up a important part of the wide-ranging package of measures that economic policy-makers worldwide have taken in response to the financial and economic crisis. More specifically, the EU Member States have either approved or announced fiscal measures to boost economic...

This paper studies why public finances in Sweden have remained very strong during the current financial crisis. Unlike almost all other European countries, Sweden has had budget surpluses and a government debt ratio around 40 percent of GDP during the recent crisis. We attribute this to two...

This paper aims to examine the influence of the fiscal and budgetary policy to the labour market and how to determine the movement of filled employment positions from one period to another, the gross job creation, the gross job destruction, the job reallocation and the average job vacancies. The...

May 2022 marked the 90th anniversary of the end of Heinrich Brüning's term as Reich Chancellor. To this day, the economic effects of Brüning's extreme austerity measures remain unclear. However, new data and calculations have made an initial quantification of the economic consequences of...

The current stabilization policy adopted by many Latin Americancountries demands a restrictive monetary policy coupled with aconservative fiscal policy. While these policies have been adapted to suturefinancial fragilities, they have not been able to significantly improve thelevels of structural...

This paper presents an empirical analysis of excessive deficit spells in the European Union using transition data methods. Probabilities of transition between excessive and nonexcessive deficit states are estimated with time-varying macroeconomic covariates as explanatory variables. The...

In the short term, the primary effects of a fiscal adjustment most frequently cause a downturn in economic output, although it may also produce stimulating, secondary effects, as well. In relation to this, with the help of an estimated model based on Hungarian data, we analysed how the...

In this paper the authors recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. They note that it would not be possible to copy that procedure exactly nowadays, primarily because most debt/credit relationships are intermediated via financial...