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...

Official estimates of the budgetary effects of proposed federal legislation generally exclude behavioral responses that would have macroeconomic effects. In my view, including such effects — an approach known as “dynamic scoring” — in estimates for certain proposals would improve the...

Child Responsive Budgeting (CRB) is a specifically targeted Public Finance Management (PFM) tool to integrate the concerns pertaining to children in the policy planning and budgetary frameworks. This is particularly relevant in the present humanitarian crisis caused by the spread of COVID-19...

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...

The paper examines the development of Italy's public finances after the consolidation period 1992-97, which secured participation in the European Monetary Union from the outset. The quot;structuralquot; developments in the main budgetary components are assessed, excluding the effects of the...

Beyond its damage to Canadians’ health and their economy, COVID-19 strained public finances, and both highlighted and exacerbated gaps in governments’ accountability to legislators and voters.Spending by all senior governments jumped in the 2020/21 fiscal year – up 7 percent on average...

This study analyses financial sustainability of the Finnish public sector. Current tax rates are unlikely to yield sufficient tax revenue for financing public expenditure under an ageing population. The estimate of the sustainability gap is 2 1/2 per cent of GDP, for the period 2010 - 2060. The...

This paper aims to assess the impact of the second-generation numerical fiscal rules on the effectiveness of public debt management in the Member States of the European Union. The research was conducted using dynamic panel models on a sample of 27 EU Member States over the period 2008-2021. The...

The paper is an attempt to throw light on the Fiscal Responsibility and Budget Management (FRBM) Act 2003 was introduced with a view to curb large deficits. The Act came into effect on July 5, following the issue by the Finance Ministry made under the Act. But in light of the changed economic...