In both developed and developing countries, there are basically two main sources of economic instability: exogenous shocks and inappropriate policies. Exogenous shock (terms-of-trade shocks, natural disasters and capital flow reversals) can throw an economy into disequilibrium and therefore...

The cyclically adjusted budget balance (CAB) plays a key role in the EU fi scal surveillance framework. It started off in a supporting role in the shadow of the headline defi cit and, before long, turned into the linchpin of the rules of the Stability and Growth Pact. The steep ascent was driven...

In the paper the author represents the system dynamic model of taxes income and it action results. The system dynamic is one from systems research methods, which analyses the systems in time depending from structure of system elements and their mutual influence, including reasons connections,...

This study aimed to analyze the intentionally fiscal position of the governments of developing countries. Our results suggest that a significant proportion of developing countries adopts counter-cyclical positions. However, forecasting errors weak their positions. Results lead to conclude that...

This note shows that the Italian Mini BOTs proposed in 2019 bore the potential neither to become Italian legal tender nor to practically increase Italian government debt, but to practically cause a mere reduction in taxation and thence in government spending or transfers. Since the Eurozone...

Unlike many analysis of tax effects on consolidated household/government debts in a monetary union, this paper builds up analysis from a consolidated budget constraint, instead of starting from a model. By a monetary union, it is assumed that all nations in the union share same currency. Also,...

Unlike many theoretical analysis of tax effects on household debts in a monetary union, this paper builds up analysis from a household budget constraint, instead of starting from a model. By a monetary union, it is assumed that all nations in the union share same currency. Also, if taxes are...

Unlike many theoretical analysis of tax effects on household debts in a monetary union, this paper builds up analysis from a household budget constraint, instead of starting from a model. By a monetary union, it is assumed that all nations in the union share same currency. The size of tax...

The region comprising Central America, Panama and Dominican Republic is on path towards a favorable economic environment, characterized by higher growth in the United States (its main trade partner), lower oil prices, and still low financing costs. This environment represents a window of...

Credit quality has long been associated with the level of indebtedness. But the sole fact that there are countries with high creditworthiness and large stocks of debt suggests that indebtedness is just one of many factors which determine credit quality. In this paper we investigate the role that...