This paper estimates the dynamic aggregate effect of exogenous shocks to two key components of public expenditure in the United States: government income transfers and government spending. The identification strategy positions the structural shocks to public expenditures in an SVAR framework...

This paper attempts to analyze the role of taxes on property in containing asset bubbles and its consequent recessionary impact, by developing a framework, wherein the housing market is conceived as consisting of several sub-markets i.e. rental housing market, house resale market, new...

This study analyzes the State Budget (APBN) 2017 of Indonesia in Islamic economic perspective. The state budget is prepared using the rules of public economics consisting of state revenues, state expenditures, and budget financing has the posture of the budget, the issues of fiscal policy, and...

To what extent do bond market reactions to an unexpected deficit shock depend on state-specific politics? To answer this question, we calculate German state bond spreads over government benchmark paper using information from Datastream for the period 2006-2010. We test for a variety of...

All governments spend money. The classic “guns vs butter” debate illustrates the subject matter of this essay well: to what end do governments in developed nations spend their funds? Trends in public expenditure is a topic of particular interest in the aftermath of the year 2020, when many...

The goal of this article is to analyze the impact of equity tax shields, that were allowed in Austria from 2000 to 2004, on the capital structure of Austrian firms, both at book values and at market values. We see that the choice of the leverage ratio determines whether or not one can find an...

The objective of this paper is to provide a perspective on the current financial state of the U.S., with the aid of more than two dozen charts depicting key trends. A marked change in U.S. consumer behavior – shifting from a policy of moderate personal savings to a more-heavily...

An assessment is presented of whether Greece's current plight is a harbinger of similar adverse conditions likely to directly impact the United States in the intermediate- to long-term future.Long-term deficits projected for 2020 and beyond, under the assumption that the economy is in full...

The eurozone sovereign debt crisis, characterized by enormous debt burdens faced by its weakest economies, has also induced a parallel credit crunch and illiquidity concerns for European banks. Bank holdings of sovereign debt issued by peripheral eurozone countries have dropped in value and are...

The eurozone, composed of 17 countries which have adopted the euro as their currency, has been struggling with an apparently-intractable crisis over the enormous debts faced by its weakest economies and by countries impacted by the bursting of the housing boom in the past global recession of...