Two theses are presented and discussed throughout the paper. First, the limits on public deficits with the Stability and Growth Pact (SGP) do not correspond to the imposition of restrictive fiscal policies, but instead to the abandonment of an ultimate goal of economic policy: full employment....

The end of the 19th century was marked by several events which were extremely important to Portugal. The consequences of these events would later be responsible for the fall of the Monarchy and, thus, for the birth of the Republic. The first Republic was officially proclaimed on the 5th October...

Modelin the local and central government behaviours to assess the welfare/efficiency/equity impacts of fiscal decentralization. Static optimization; simulation The relative welfare and efficiency effects of fiscal decision mechanisms (defined as social planners optimum choice of fiscal...

The past two decades have witnessed many episodes of economic reform across the developing world. Although initiated with popular enthusiasm, sustaining and completing these reform packages has turned out to be much more difficult, with policymakers having to `walk the line' between success and...

Since the latter half of 1990s, it has been discussed that many developing countries are going to face serious population aging problem while these economies are still underdeveloped and not adequately prepared against aging yet in terms of institutional reform such as social security. As the...

The Euro area recent evolution have seen the appearance of large interest rate spread in highly indebted countries. What are the determinants of these spreads beyond mere speculation? Panel regressions linking for Euro area Members the spread with respect to German rates to fiscal variables like...

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In the current context where the limited role for monetary policy instruments apparently endows fiscal policy with higher effectiveness, European fiscal policy authorities are rather constrained by the fact of most countries being struggling against recessions together with the need to put...