This paper incorporates a bubble term in the standard FTPL equation to explain why countries with persistently negative primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed-form solutions in which idiosyncratic risk on capital...

The year 2000 was a turning point in Croatian history, marked by closing the chapter of the war and the first phase of transition. With that, the country turned its attention to the "second transition,"the principle goal of which is to place Croatia on a path to the European Union (EU). While...

The year 2000 was a turning point in Croatian history, marked by closing the chapter of the war and the first phase of transition. With that, the country turned its attention to the "second transition,"the principle goal of which is to place Croatia on a path to the European Union (EU). While...

The first three chapters of the PFR review the core fiscal policy and revenue mobilization issues. Chapter 1 discusses the fiscal landscape, fiscal framework, and progressivity of fiscal policy. Chapter 2 looks at the footprint of quasi-fiscal activities, which affects the overall fiscal stance...

The main objective of this book is to develop a strategy and policy measures to enhance the formalization of the shadow economy in order to improve the competitiveness of the economy and contribute to economic growth; it explores these issues with special reference to Serbia. The size and...