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178 p ; After some time of learning, the techniques of financing a town proves to be efficient during the " Second Empire ". But during the " Third Republic " St Etienne is satisfied with a shortsighted and timid management : the unfinished and mediocre public equipments show that. Since 1945 a complete change in the methods of management leads, after a time of euphorical renewal followed by a severe economical crisis, to a kind of irresponsability. Moreover financial system becomes too intricate and enigmatic, it can no longer warrant local democracy. A possible solution to the crisis of local finances could be based on a return to the initial principle : a district, an elected person, a budget. ; Après un temps d'apprentissage les mécanismes du financement des affaires municipales prouvent leur efficacité pendant le Second Empire. Mais sous la IIIe République Saint-Etienne se contente d'une gestion pusillanime et à courte vue ; les équipements publics inachevés et médiocres en portent la marque. Le changement radical des méthodes de gestion depuis 1945 conduit, après une période euphorique de renouveau que suit une sévère crise économique, à une forme d'irresponsabilité. Le système financier devient au surplus trop complexe et illisible, il ne peut plus garantir la démocratie locale. Une solution envisageable à la crise des finances locales pourrait reposer sur le retour au principe fondateur : une circonscription, un élu, un budget.

Countries around the world are increasingly recognising that the effective revenue system is the most important factor for economic development. Factors effecting revenue potential measured as the revenue to GDP has been one of the most important issues that concerns to policy-makers from last three decades. Many developing countries face difficulties in generating sufficient revenues for public expenditure. In some countries budget deficits and the unproductive use of public expenditures have narrow the vital investments in both human resources and basic infrastructure that are necessary for providing base for sustainable economic growth and development. Too much dependence on foreign financing may cause problems of debt sustainability; therefore developing countries will need to depend substantially on domestic revenue generation. There is a large body of literature on tax revenue potential in developing countries [Bahl (1971); Tanzi (1987); Leuthold (1991); and Stotsky and Mariam (1997); Gupta (2007)]. However, there is few studies that examine institutional and governance quality as a factor influencing tax collection and tax revenue potential. According to Tanzi and Davoodi (1997) and Gupta (2007) these factors are responsible for low tax collection in developing countries by allowing citizens inappropriate tax exemptions and enabling tax evasion due to bad tax administration. Therefore, a precondition for ensuring adequate revenue collection is a legitimate and responsive institutions following the rule of law with control on corruption and having high quality bureaucracy to administer. Studies also confirm that a strong political will to reform is required for successful reform process [Bird (2004)]. Alm, et al. (2003) suggest that tax records of countries are reflection of their political or societal institutions.

Versión en línea del registro antes de la inclusión en un número ; Online versión of record before inclusión in an issue. ; The aim of this paper is contributing to fill the gap between the macroeconomic effects of policy reforms and the microeconomic and social ones, considering simultaneously both kind of impacts. Regarding fiscal adjustments, concern about the sustainability of public deficit and debt resulting from the Great Recession led governments to adopt austerity measures in most European countries. Our analysis considers the redistributive effects of such adjustments for the Spanish economy by simulating a hypothetical reduction of public deficit and distinguishing between spending cuts and tax hikes. In terms of analytical approach, a Computable General Equilibrium (CGE) model and a microsimulation model are integrated to include the general equilibrium effects of these measures as well as the effects on income distribution. The results contribute to the growing but limited literature on the distributional effects of fiscal consolidations by showing that policymakers have to choose between more inequality or more poverty. ; Open Access funding provided thanks to the CRUE-CSIC agreement with Springer Nature. Javier De Miguel-Vélez acknowledges the fnancial support from Ministerio de Educación, Cultura y Deporte (grant number ECO2016-75204-P) and from Junta de Extremadura European Fund of Regional Development (GR18124). Jesús Pérez-Mayo acknowledges the fnancial support from Junta de Extremadura and the European Fund of Regional Development (GR18106) Pilar Campoy-Muñoz and M. Alejandro Cardenete acknowledge the fnancial support from Junta de Andalucía Research Group (Climamodel SEJ-511). ; peerReviewed

Purpose – The aim of the research is to assess the capacity of Polish local governments to finance investments in the EU 2021–2027 multiannual financial framework. Due to the importance of local governments as public investors, their capacity to finance invest-ments, which are largely development projects, is an important factor in increasing the international competitiveness of the entire country.Research method – The research consists in the construction of a forecasting model and then preparation of cash flow forecasts for all local governments in Poland. Four forecast scenarios made it possible to estimate the impact of changes in individual assumptions on the size of the investment capacity of local governments.Results – Forecasts indicate some symptoms of the local government finance crisis and the risk of its aggravation. Maintaining a faster growth rate of current expenditure than cur-rent revenue, with investment needs resulting, inter alia, from the necessity to absorb the EU funds, will lead to an unprecedented increase in debt. This relates primarily to poviat -cities responsible for the implementation of a significant part of public development projects. Originality / value / implications / recommendations – The study was based on the authors' method of forecasting financial processes in each local government (excluding voivodships). Its results allow the formulation of important conclusions. It was shown that in the case of a large number of local governments, the implementation of investments at the current level will be possible only on condition of a significant reduction in the growth of current expenditures. However, with regard to cities with poviat rights, it may be necessary to change the financing system itself.

Within three self-contained studies, this dissertation studies the impact and interactions between different macroeconomic policy measures in the context of financial markets empirically and quantitatively. The first study of this dissertation sheds light on the financial market effects of unconventional central bank asset purchase programs in the Eurozone, in particular sovereign bond asset purchase programs. The second study quantifies the direct implications of unconventional monetary policy on decisions by German public debt management regarding the maturity structure of gross issuance. The third study provides novel evidence on the role of private credit markets in the propagation of public spending toward private consumption in the U.S. economy. Across these three studies a set of different time-series econometric methods is applied including error correction models and event study frameworks to analyze contemporaneous interactions in financial and macroeconomic data in the context of unconventional monetary policy, as well as vector auto regressions (VARs) and local projections to trace the dynamic consequences of macroeconomic policies over time. ; Die vorliegende Dissertation untersucht in drei in sich geschlossenen Studien die Effekte und Wechselwirkungen verschiedener makroökonomischer Politikmaßnahmen an den Finanzmärkten empirisch und quantitativ. Die erste Studie dieser Dissertation beleuchtet dabei die Finanzmarkteffekte unkonventioneller geldpolitischer Programme - insbesondere Staatsanleihekäufe - der Europäischen Zentralbank. Die zweite Studie untersucht und quantifiziert die direkten Auswirkungen unkonventioneller Geldpolitik auf Entscheidungen des deutschen öffentlichen Schuldenmanagements hinsichtlich der Laufzeitenstruktur neuemittierter Wertpapiere. Die dritte Studie liefert neue Erkenntnisse über die Rolle der privaten Kreditmärkte bei der Transmission öffentlicher Ausgaben für den privaten Konsum in der US-Wirtschaft. Im Rahmen der enthaltenen Studien wird eine Reihe verschiedener zeitreihenökonometrischer Methoden angewandt, darunter Fehlerkorrekturmodelle und Ereignisstudien zur Analyse simultaner Wechselwirkungen von Finanz- und makroökonomischen Daten im Kontext unkonventioneller Geldpolitik sowie Vektor-Autoregressionen (VARs) und lokale Projektionen, um die dynamischen Folgen makroökonomischer Politiken im Zeitablauf zu verfolgen.

Cuando en el verano de 2007 se percibieron los primeros síntomas de la crisis económica que se avecinaba, pocos eran los que aventuraban el papel central que adquiriría la política fiscal en la gestión de la misma. La Unión Europea, que a partir del Tratado de Maastricht había fijado unas reglas cuantitativas de actuación para las cuentas públicas -en consonancia con los postulados del Consenso de Washington-, las reformó en 2005, justo un par de años antes de que se desencadenara la crisis, imprimiéndoles un sesgo menos rígido y permitiendo un mayor margen de maniobra para la política fiscal. En este contexto marcado por la crisis económica y la existencia de unas pautas de actuación para sector público, se desarrolla la respuesta planteada por la Unión Europea para luchar contra la recesión. Al análisis de la vertiente fiscal de dicha respuesta va destinado este trabajo. ; When in the summer of 2007 the current crisis began, very few analysts thought about the relevance of fiscal policy to its solution. The European Union which had fixed rules for Public Budget and Debt after Maastricht Treaty – following the spirit of Washington Consensus – decided to reform them in 2005, just a couple of years before the crisis unleashed, adopting a more flexible philosophy. In this framework, with both the economic crisis and the rules settled for the public finances, the European Union adopted some measures to fight against the recession. This paper tries to analyze the fiscal policy side of the EU response to the economic downturn. ; Sociedad de Economía Mundial

La Francia de Nicolás Sarkozy aparece como uno de los principales impulsores del debate sobre la consagración constitucional de la «regla de oro» del equilibrio presupuestario, planteado en toda la Europa del euro como respuesta a la crisis económica y a la difícil situación en los mercados de las deudas públicas nacionales. Sin embargo, y pese a que tal principio aparezca en la Constitución gala desde la última reforma de 2008, la mayoría considera necesarias algunas modificaciones constitucionales adicionales para asegurar su puesta en práctica, algo que la oposición rechaza. Ello ha suscitado una fuerte polémica, impidiendo hasta el momento su aprobación, y permite augurar que el bloqueo actual no podrá superarse, al menos, hasta la doble elección (presidencial y legislativa) que ha de celebrarse en los próximos meses.Nicola Sarkozy's France is one of the main promoters of the public debate on the need to include in the Constitution the «golden rule» of balanced budget, posed throughout the European euro area as an instrument to fight against the economic crisis and the storm affecting the international markets with respect to the national public debts. Nonetheless, even though this principle was introduced in the French Constitution in the last 2008 reform, the present political majority considers that new constitutional changes are needed to make possible its implementation, something which the political opposition strongly denies. As a result of this opposition, these new reforms have not been approved up to now, and the debate seems likely to be blocked, at least until the next (presidential and legislative) elections, which have to be held this year.

Cuando en el verano de 2007 se percibieron los primeros síntomas de la crisis económica que se avecinaba, pocos eran los que aventuraban el papel central que adquiriría la política fiscal en la gestión de la misma. La Unión Europea, que a partir del Tratado de Maastricht había fijado unas reglas cuantitativas de actuación para las cuentas públicas -en consonancia con los postulados del Consenso de Washington-, las reformó en 2005, justo un par de años antes de que se desencadenara la crisis, imprimiéndoles un sesgo menos rígido y permitiendo un mayor margen de maniobra para la política fiscal. En este contexto marcado por la crisis económica y la existencia de unas pautas de actuación para sector público, se desarrolla la respuesta planteada por la Unión Europea para luchar contra la recesión. Al análisis de la vertiente fiscal de dicha respuesta va destinado este trabajo. --- ; When in the summer of 2007 the current crisis began, very few analysts thought about the relevance of fiscal policy to its solution. The European Union which had fixed rules for Public Budget and Debt after Maastricht Treaty – following the spirit of Washington Consensus – decided to reform them in 2005, just a couple of years before the crisis unleashed, adopting a more flexible philosophy. In this framework, with both the economic crisis and the rules settled for the public finances, the European Union adopted some measures to fight against the recession. This paper tries to analyze the fiscal policy side of the EU response to the economic downturn. ; Sociedad de Economía Mundial

In the 1960s and 1970s academicians, economists and politicians favored state ownership over private ownership in the production and provision of goods and services. By the end of the 1980s, however, there was a reversal of public policy from state domination of the production and provision of goods and services to private ownership and operation. This was due in part to what the World Bank referred to as "state failure", which was characterized by inefficient service delivery, unprofitable SOEs, high government debt, and stagnant economic growth rates. Accordingly, privatization caught on in many countries as a policy tool to foster efficiency, encourage investment, free public resources for investment in infrastructure and social programs to enhance economic growth and distributional equity. In recent years, however, privatization has come under attack. The main criticism being that privatization results in the abuse of market power and social welfare losses. The perception of most people in the developing countries is that privatization usually benefits the rich at the expense of the poor in society. This study therefore is an attempt to empirically examine the claims and counter claims of the impact of privatization on economic growth and income distribution in developing countries. The study sample is made up of 80 developing countries that privatized their state-owned enterprises between 1991 and 2002. The findings of the study indicate that privatization did not have a significant impact on economic growth, but had differential effects on the distribution of income. The results of the study, however, suggest that country-specific characteristics, including good governance may be more important in promoting growth and reducing income inequality than any economic policy per se.

We all know from international experience that higher incomes and higher investments in the economy, as well as longevity are mainly observed in countries with effective and fair state institutions where functionaries move up the career ladder thanks to their personal merits and where there are clear rules of promotion. In these states, citizens are equal before the law while state strategy and the juridical base remain free from the influence of those who pursue their own interests and where independent civil society and the media add to the cabinet's accountability. Today Kyrgyzstan, as well as all the other relatively poor CIS members, should go on with their reforms: if slowed down, coupled with the continued accumulation of foreign debts, they run the danger of sliding into even greater poverty. According to a group of international experts who analyzed the social and economic situation in our republic, its irrational public administration is the main obstacle on the road to reform and a source of the still growing shadow economy and corruption. Administrative reform designed to make the system more rational and more transparent is urgently needed. No economic growth and no effective efforts at combating poverty are possible without improving the quality of public administration. Without this foreign aid will remain useless. The paper based on information supplied by a group of international experts looks at international anticorruption experience, identifies the causes of this evil and the spheres of its manifestations, speaks about the tasks the government of the Kyrgyz Republic is facing, and assesses the real state of affairs in this sphere.

This report explores how expenditure on public sector pension is endangering fiscal sustainability for the Government of Khyber-Pakhtunkhwa, a problem that is common among national and subnational governments within and outside of Pakistan.

After a century of political centralization in Colombia, the first public election of city mayors in 19861 began a decentralization trend, which was later reinforced by a constitutional reform in 1991. Subnational governments (departments and municipalities) were made responsible for the planning and management of social and economic development in their jurisdictions. Administrative and political reforms were accompanied by fiscal decentralization, including the transfer of central government revenues. Since 1991 the growth of fiscal transfers has accelerated. Departments and municipalities are now responsible for public health, education, water supply, and sanitation expenditures through earmarked transfers. Out of the total amount of central government expenditures (21.8 percent of GDP (Gross Domestic Product) in 2008) almost one-quarter represent regional transfers (5 percent of GDP), which finance half of all regional expenditures (10.2 percent of GDP). The purpose of this paper is to describe the budget process reform implemented in Medellin, and to analyze its actual performance and evaluate its success. The reform is changing the way public resources are allocated and executed, while gradually institutionalizing supply and demand-side practices beyond the government's political cycles. This paper describes and analyzes how the Results-oriented budgeting (RoB) was designed and implemented, and the achievements of the system to date, in terms of resource allocation and the policy-making process.

This note looks specifically at how the government used Public Finance Management (PFM) policies to help address the enormous short-term challenges of a fragile situation in the aftermath of the 2006 crisis. The government capitalized on a rapid increase in oil revenues and through administrative measures that delegated more responsibility for spending decisions to line ministries, achieved a rapid increase in the rate of public spending on cash transfers, goods and services and public works. This note starts by summarizing the evolving challenges of the post-independence PFM system, the fragility of 2006/07, and the changed fiscal outlook following the surge in petroleum revenue. It then looks at the government's PFM policies that helped it to address urgent demands and successfully restore short term stability. The note concludes by drawing possible lessons from this period for other post-conflict situations.

The thesis, focusing on the profession of huissier de justice, takes a threefold approach: the definition of an issue that raises questions about the context of public action in Belgium, a theoretical discussion to understand the relevant models, and a multi-faceted empirical analysis. The latter is made up of a two-pronged investigation based on questionnaires (for a longitudinal overview), observations from participants on the ground, semi-structured interviews and an analysis of official and internal documents. This has helped gain an understanding of the recent and current situation for huissiers, revealing a professional group that is under constant strain between market and state regulation. In addition, the state has never expressed any interest in modifying the status of this profession, preferring instead to engage in occasional, in-depth and haphazard negotiations. Over the years, the scope of the role has reduced, as have the methods available to the people who exercise it. The profession fluctuates between the economic role of recovering debts, the social role involved in mediation, and the legal role required by the tasks (including in particular some that involve coercion) laid down by the justice system. As the role of huissier is fairly vague, and often regarded as a bit of a dirty job, the people who carry out this profession are questioning its purpose and its future, as well as how they should act towards their competitors and the powers that be (in other words, politicians). ; La thèse, relative à la profession d'huissier de justice, repose sur une triple approche : la définition d'une problématique qui interroge le contexte de l'action publique en Belgique, un travail de discussion théorique pour saisir les modèles pertinents qui s'y rapportent, ainsi qu'une démarche empirique multiple. Cette dernière se compose d'une double enquête par questionnaires (pour une visée longitudinale), d'observations participantes du terrain, d'entretiens semi-directifs ainsi que de l'analyse de documents ...