The paper compares fiscal cyclicality across regions and countries from 1960 to 2016. It finds that more than half of … 170 countries analyzed in seven regions had, in more recent years, limited fiscal space, and that their fiscal policy was … expenditure. We construct a limited-fiscal-capacity statistic, measured by public debt–average tax revenue ratio and its …

Second World War, testing budgetary systems and causing most of their governments to move into intense crisis mode. Policy … significant adjustments to fiscal policy regimes. How governments reacted to the crisis, which was manifested differently in each … jurisdiction, had significant political implications for sitting governments and led to reforms of fiscal policy and budgetary …

The paper compares fiscal cyclicality across regions and countries from 1960 to 2016. It finds that more than half of … 170 countries analyzed in seven regions had, in more recent years, limited fiscal space, and that their fiscal policy was … expenditure. We construct a limited-fiscal-capacity statistic, measured by public debt−average tax revenue ratio and its …

outpacing the growth in budget expenditures and the inflation rate, indicating that regions maintained a sufficient level of … financial sustainability. As for the structure of expenditures, those expenditures on the national economy are increasingly … regional commercial debt with budget loans contributed both to the reduction of debt servicing costs and to the general …