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Poland's road to the euro proved bumpy and its early status as a euro pacesetter developed into one of euro laggard. So why, prior to the sovereign debt crisis, did Poland remain among the group of Central and East European countries that had not yet adopted the euro? What are the political barriers for euro adoption in Poland? This paper argues that domestic factors such as the existence of veto points, public opinion, central bank institutional features, and the role of political elites are key to answering the research questions. With the euro crises, the domestic problems were accompanied by declining public support for euro adoption along with an unfavorable external environment that is pushing euro adoption further away. Adapted from the source document.

The fiscal federalism and public choice literatures stress that government bailouts should be ruled out as they increase the probability that jurisdictions will incur unsustainable debt levels or take excessive risk (moral hazard problem). The recent problems in the euro area seem to confirm this view. However, in the Netherlands, the law explicitly stipulates that local governments which are unable to balance their books will receive a bailout grant. Surprisingly, this does not seem to create problems. Few local governments apply for bailout, and the amounts they receive are modest. We analyse the Dutch case and investigate possible explanations for this apparent anomaly. Our results challenge the dominant view in the literature. It is possible to avoid fiscal irresponsibility by means other than a no-bailout policy. Adapted from the source document.

As a not quite 25 years ago collapsed the real socialist world in itself, seemed the triumph of democracy Western-type the 'end of history' - the title of the programmatic work Francis Fukuyama - to be inserted is. Since then a lot has happened: the democratic transformation of large parts of Central and Eastern Europe in the 1990s, but opposite movements since the turn of the millennium; a rapidly progressing globalization; the financial and sovereign debt crisis in Europe and much of the world since 2008; Democratization movements in the Arab world, the so-called Arab Spring; not to mention the Anschlage of 11 September 2001 in the United States and their consequences. All this has serious implications for had and democracy. Adapted from the source document.

The aim of the article is to explore how the results of the U. S. subprime mortgage crisis influenced economic policy of governments in highly developed countries. It analyses consequences of a state intervention especially for government budgets and a rise of government debts. Then the article discusses the point of view of the Austrian school. Austrian economists argue a state is not an economic subject and its fiscal policy is very dangerous for effective allocation of the available resources of production's factors. They advocate a society with a small government and liberal economic policy. The author believes that Austrian approach to economic problems is more realistic and more pertinent than the approach of those, who demand more government intervention. Adapted from the source document.

Mexico's financial system today enjoys the resilience that can only be gained through a decades-long rollercoaster ride. Things went from boom to bust in the seventies and eighties, followed by a foreign debt crisis and repeated devaluations, then more inflation, then renewed growth and soaring trade in the early years of this century thanks to the North American Free Trade Agreement. Mexico took a particularly severe buffeting in the international financial crisis, not because of any inherent weakness in the financial system but because the high degree of trade integration with the United States magnified the impact. But sound economic policies have helped pull the country back on track. Now financial institutions are looking for robust excellent growth. Adapted from the source document.

Did the debt‐​ceiling deal passed in May reflect a new congressional focus on spending restraint? Or was it a fluke win by House conservatives that will unravel as Congress addresses spending this fall?

This report discusses the congressional budget process, which consists of the consideration and adoption of spending, revenue, and debt-limit legislation within the framework of an annual concurrent resolution on the budget.

Contents
1 Zimbabwe: Who's next?3 Mozambique: Flood‐relief, debt‐relief5 Kenya: Duet for donors6 Somalia: Hope for the North7 Chad: All change8 Pointers: Ghana, Angola/UN, Morocco/W.Sahara & Tunisia

Catherine May expresses her opposition to Congress' tentative approval of increasing the public debt limit by $6,000,000,000 while simultaneously raising the pay of high-ranking government officials, including Members of Congress.

Jurisdiction — Territorial — Over Aliens Abroad — Service of Writs or Notice Thereof — Actions for Debt Against Aliens Resident Without the Jurisdiction — Conditions under which the Courts of New Zealand will Entertain such Proceedings.

Mr. Cannon writes from Philadelphia to Samuel Sherwood for his assistance in collecting rent on a house he owns in New York City. Mr. Sherwood responds asking for more details about the debt.

Increases in life expectancy together with the decreases in fertility rates are predicted to make financing of public pension systems hard in an environment which some Eurozone member countries have had serious problems in their public finance, in the coming 50 years. European Union member countries, which have very different pension systems, have made pension reforms for sustainability of their pension systems such as increasing retirement age gradually, linking retirement age or benefits with changes in life expectancy, increasing the share of occupational and personal pensions in pension systems by taking into account the ageing and the negative effects of global financial crisis and the ongoing Eurozone sovereign debt crisis on public finance. This paper examines the pension systems in the European Union and evaluates the financial sustainability of pension systems in consideration of pension expenditures, ageing and the Eurozone sovereign debt crisis. Findings demonstrated that recent pension reforms by some European Union countries have mitigated the financial burden of pension systems, but further measures should be taken for the financial sustainability of pension systems. ; peer-reviewed

Easy global liquidity conditions, stronger risk appetite and a retrenchment in cross-border bank lending led to a surge in emerging market firms' bond issuance in international markets (what we term "The Bon(d)anza"). Using firm-level data for five large Latin American economies, we provide evidence of a significant change in companies' external funding strategies and liability structures after 2010, as well as in the balance sheet risks that firms face. We find that stepped up bond issuance was mostly aimed at re-financing rather than funding investment projects, as firms extended the average