Economic rents have long been identified as an efficient tax base. In addition, the recent
literature documents that rent income is highly concentrated and that rents are quickly …

Numerical fiscal rules implemented at the national level in member countries of the
European Union offer useful information on possible reasons for the growing reliance on …

ABSTRACT A large empirical literature has found that fiscal policy in developing countries is
procyclical, in contrast to high-income countries where it is countercyclical. The idea that …

During the last three decades government debt has increased in most developed countries.
During the same period we have also observed a significant liberalization of international …

What is the optimal fiscal policy response to a recession when the government is subject to
sovereign risk? We study this question in a model of endogenous sovereign default with …

Developing countries have typically pursued procyclical macroeconomic policies, which
tend to amplify the underlying business cycle (the “when-it-rains-it-pours” phenomenon) …

The literature has argued that developing countries are unable to adopt countercyclical
monetary and fiscal policies due to financial imperfections and unfavourable political …

We study the cyclicality of fiscal policy to oil and gas revenue in emerging and developing
energy-exporting countries. We build a unique oil and gas fiscal revenue database for 30 …

Four stylized facts motivate this paper:(i) business cycle movements are wider in emerging
countries (EC) than in developed ones;(ii) EC experience greater economic policy …

Using a new tax database for 28 countries and a variety of econometric methods, this paper
contributes to the debate on the effects of fiscal policy on economic activity in a number of …