After three difficult years, a new phase of mining-led growth that began in late 2022 has helped Mongolia emerge from a period of acute macroeconomic imbalances. Despite improvements in fiscal and macroeconomic outcomes, some vulnerabilities persist. Mongolia has experienced repeated boom-bust...

This paper analyzes Liechtenstein's fiscal framework, highlighting its successful consolidation following the global financial crisis. The study examines the budget balance rule that anchors fiscal policy, benchmarking key fiscal indicators against European peers. Findings reveal Liechtenstein...

South Africa's public debt has tripled since the global financial crisis and is not expected to stabilize over the medium term under staff's baseline. Cross-country evidence suggests that fiscal rules anchored in debt ceilings can be helpful in supporting fiscal adjustments aimed at reducing...

Deutschland benötigt bis 2030 zusätzliche öffentliche Ausgaben in Höhe von 782 Mrd. Euro für die Modernisierung. Bislang fehlt der deutschen Politik dafür ein verlässlicher Finanzierungsrahmen; diskutiert werden stets eine grundlegende Reform der Schuldenbremse oder Einsparungen. Beide...

This paper explores the Taxation system in the Republic of Kosovo. It researches the need and reasons for the optimal taxation system that the Republic of Kosovo should develop as part of the proposed Taxation reform (based on recommendation). The Republic of Kosovo is the newest country in...

Deutschland benötigt bis 2030 zusätzliche öffentliche Ausgaben in Höhe von 782 Mrd. Euro für die Modernisierung. Bislang fehlt der deutschen Politik dafür ein verlässlicher Finanzierungsrahmen; diskutiert werden stets eine grundlegende Reform der Schuldenbremse oder Einsparungen. Beide...

In the last decade, two major disruptions - the Great Recession and the Covid sanitary crisis - hit the world economy and gave rise to a battery of government measures. In Portugal, after the fiscal consolidation efforts implemented to tackle the severe sovereign debt crisis that accompanied the...

Marginal rates of contribution (MRC), i.e., the rates at which additional revenues are skimmed via larger contributions or lower transfer receipts, quantify the incentives of a fiscal equalization scheme. The present paper is the first to calculate marginal rates of contribution for the Laender...

The Doctrine of the Mean in Budgeting -- The Noble Man adheres to the mean; the petty -- The mean is the highest virtue. Few are those who can maintain it for long -- The Way is not practiced, and I understand why -- How unfortunate that the Way is not pursued -- Emperor Shun possessed great...

Mit Ende 2023 läuft das bestehende Paktum über den Finanzausgleich aus. Derzeit laufen Verhandlungen zwischen Bund, Ländern und Gemeinden über dessen zukünftige Ausgestaltung. Letzte Änderung wurde im Jahr 2017 vorgenommen, danach wurde coronabedingt der Finanzausgleich verlängert. Aber...

We study the optimal one-shot tax reform in the standard incomplete markets model where households differ in their wealth, earnings, permanent labor skill, and age. The government can provide transfers by raising tax revenue and has several tax instruments at its disposal: a flat capital income...

Do gender differences matter for politicians’ budgetary behaviour when confronted with an exogenous change in the institutional framework? After the 2013 Spanish municipal reform, municipalities with more than 20,000 inhabitants were no longer responsible for managing the provision of social...

Do gender differences matter for politicians' budgetary behaviour when confronted with an exogenous change in the institutional framework? After the 2013 Spanish municipal reform, municipalities with more than 20,000 inhabitants were no longer responsible for managing the provision of social...

The need for larger public investment in Europe drew attention to its role in the EU fiscal governance. The current reform proposal of the European Commission aims to incentivize higher public investment by softening deficit rules, likely at the cost of incurring higher deficits. If fiscal rules...

The last 25 years has seen a transformation in how early years education and childcare is approached in England. The establishment and subsequent expansions of a "free entitlement" to funded early education and childcare have seen early years spending quadruple over the last 25 years, and a...

This paper examines the evolution of the New Zealand tax system from 1845 to 1876. The key to this period is the New Zealand Constitution Act 1852 (UK), which was devised by the Governor, Sir George Grey, and which divided the Colony into six provinces. There were hardly any roads, so allowing...

Do gender differences matter for politicians' budgetary behaviour when confronted with an exogenous change in the institutional framework? After the 2013 Spanish municipal reform, municipalities with more than 20,000 inhabitants were no longer responsible for managing the provision of social...

Mit Ende 2023 läuft das bestehende Paktum über den Finanzausgleich aus. Derzeit laufen Verhandlungen zwischen Bund, Ländern und Gemeinden über dessen zukünftige Ausgestaltung. Letzte Änderung wurde im Jahr 2017 vorgenommen, danach wurde coronabedingt der Finanzausgleich verlängert. Aber...

This Public Expenditure and Revenue Review (PERR) identifies Burkina Faso's key public spending and revenue challenges and proposes solutions to develop more effective and transparent fiscal policies. The review, carried out by a World Bank team with inputs from the Government of Burkina Faso,...

The European Commission's April 2023 proposals for the reform of European Union fiscal governance revolve around the principles of fiscal sustainability and national ownership. While the criterion of sustainability is at the centre of the proposals, its practical implications for the assessment...

We evaluate the aggregate effects of a change in tariffs on the US and world economies when tariff revenue is used to enact fiscal reform. Our model combines a standard international model of fiscal policy with taxes and a dynamic model of trade participation and tariffs that allows for...

The fiscal framework needs in practice to achieve a balance between, on the one hand, effective budgetary rules that allow governments to commit to sound policies and, on the other, judgements and discretion in how these are applied so that the framework adequately reflects the complexity of the...

The fiscal framework needs in practice to achieve a balance between, on the one hand, effective budgetary rules that allow governments to commit to sound policies and, on the other, judgements and discretion in how these are applied so that the framework adequately reflects the complexity of the...

The EU's fiscal framework needs reform. While existing fiscal rules have had some impact in constraining deficits, they did not prevent deficits and debt ratios that have threatened the stability of the monetary union in the past and that continue to create vulnerabilities today. The framework...

Does exposure to crises reduce the citizens' trust in a country's president? Are individuals willing to accept fiscal reforms and make personal economic sacrifices if it would help the country to leave the crisis faster? We take advantage of two survey panels in Argentina and Uruguay, with a...

The aim of this paper is to contribute to the ongoing debate regarding the reform of the EU fiscal framework, with a special focus on fiscal sustainability for Greece. Our key policy proposals for the EU fiscal rules draw on lessons from past experience, the conclusions of relevant studies and...