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We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an over-spending externality. While the social cost of spending is the return to investment, governments care mostly about the (depressed) interest rate they face. In other words, the crowding out effects of public spending are partly "exported" to the rest of the union. We argue that it may be hard for the union to deal with this externality through the design of fiscal rules, which are bound to be shaped by the preferences of the median country and not by efficiency considerations. We also analyze how this overspending externality - and the unions ability to deal with it effectively changes when the union is financially integrated with the rest of the world. Finally, we extend our model by introducing a zero lower bound on interest rates and show that, it financial frictions are severe enough, the union is pushed into a liquidity trap and the direction of the spending externality is reversed. At such times, fiscal rules that are appropriate during normal times might backre.

This paper studies whether the degree of women's representation in Swedish local councils affects local public expenditure patterns. To empirically address this question, I first analyze the differences in preferences between men and women expressed by elected local council representatives using survey data. This enables me to make precise predictions about the effects of women's representation on spending. The subsequent panel study on the composition of public spending supports the predictions that increased representation of women in the local council increases spending on childcare and education relative to elderly care. [Copyright Elsevier B.V.]

This paper studies whether the degree of women's representation in Swedish local councils affects local public expenditure patterns. Theoretically, the individual preferences of elected representatives may have an impact on public expenditure if full policy commitment is not feasible. To empirically address the question, I first analyze the preferences expressed by elected local council representatives using survey data. This permits me to make precise predictions about the effects of women's representation on spending. The subsequent panel study on the composition of public spending in Swedish municipalities supports the predictions derived from the survey.

Blockchain technology and its industrial use cases can be detected worldwide. It is time for the state to think about the blockchain as an opportunity to reduce costs and build trust in the public spending. The paper and the presentation give an overview on how the state can apply the distributed ledger technology (DLT) and blockchain technology in the public administration: there are several countries with best practices already, and even more are in the introduction phase of opening to Industry 4.0 in the public services as well.
On the field of FinTech area the state has great responsibility to regulate (or at least define) the phenomena of cryptocurrencies, that is already in use for more than 10 years now without any responsible governmental acts. Within this topic the Central Bank Digital Currency projects are also discussed in the paper, which are supported by IMF, and declared as the next natural step forward on financial markets.
Keywords: blockchain, DLT, SDG, public spending

Examines the influence of public sector unions on government spending; US.

Politicians seeking reelection need voters to know what they have done for them. Thus, incentives may arise to spend more money where media coverage is higher.We present a simple model to explain the allocation of public spending across jurisdictions contingent on media activity. A politician seeking to maximize the probability of reelection will shift more money to jurisdictions where an extra dollar raises more votes because a larger share of the electorate is informed about his policy. The main prediction of the model is that media activity is higher in the core areas of media markets. This implies higher spending levels there and lower spending levels in remote jurisdictions. Empirical support for this prediction is found using United States data on county-level federal grant allocation, Designated Market Areas and the location of licensed television stations. ; peerReviewed