In 2001, Chile was one of the first countries in the world to adopt a structural balance fiscal rule. This paper provides the foundations of the choice of the rule, its methodological design and its initial estimates for the period 1987-2000. The paper also includes a discussion about the use of...

Defining the welfare state is not a simpleminded task. Actually, there are numerous definitions which try to reflect at least some of the basic characteristics of the welfare state or its objectives and its functions. For some, there is primarily an institutional parameter, for others there are...

This paper measures fiscal credibility in Senegal from 1993 to 2013. Empirical tests developed by Hamilton and Flavin (1986), Trehan and Walsh (1991) and Quintos (1995) are performed on Senegalese data to assess fiscal sustainability. Results show that the intertemporal budget constraint is...

In 2021, the World Bank rated Nigeria fifth on its list of ten nations with the biggest debt exposure. This was coming at a time when Nigeria was using 97% of its revenues to service outstanding debt, a cause for concern for the multilateral organization. Nigeria owes the International...

After two years of fiscal stress during 2019-20 and 2020-21, state finances in India improved in 2021-22 with the recovery of the Indian economy after the COVID-19 pandemic. However, based on analysis of the Revised Estimate and Provisional Estimate (based on the Monthly Key Indicator Database...

Cash management is simply defined as making the right amount of money available at the right time and the right place to meet the government's obligations in the most cost-effective way. The main features of modern cash management are centralized government bank accounts and establishment of a...

The convergence criterions nessesary for the entrance of EU-member to European Monetary Union are divided to monetary and fiscal area. To fiscal criterions (after Pact of Stability and Growth) belong the low long-run deficit of public budget in the maximum 3 % of GDP and maximal public debt 60 %...

Several reforms marked the fiscal management in Africa in the past decades. The Public Financial Management Systems in many African countries are greatly affected by problems regarding the budget preparation process, its execution and its control. The Medium Term expenditure Framework (MTEF) has...

Several reforms marked the fiscal management in Africa in the past decades. The Public Financial Management Systems in many African countries are greatly affected by problems regarding the budget preparation process, its execution and its control. The Medium Term expenditure Framework (MTEF) has...