This paper presents a comprehensive cross-country database of fiscal space, broadly
defined as the availability of budgetary resources for a government to service its financial …

ABSTRACT The Great Recession and the Global Financial Crisis have left many developed
countries with low interest rates and high levels of public debt, thus limiting the ability of …

Existing empirical estimates of US nationwide tax multipliers vary from close to zero to very
large. Using narrative measures as proxies for structural shocks to total tax revenues in an …

This paper investigates the impact of expansionary fiscal shocks on inflation, using a large
panel of 140 countries over the period 1970–2022. We find evidence that expansionary …

The paper contributes to the discussions on fiscal governance in Europe. It takes stock of
recent reforms, identifies areas for further progress, and discusses a menu of policy options …

This paper provides an analysis of the cyclical stance of fiscal policy in Latin America. Its
contributions include developing a new measure of the cyclicality of fiscal policy, careful …

Una vez superada la crisis financiera de finales del siglo pasado, Ecuador se adentró en
una prolongada etapa de crecimiento económico que permitió reducir la incidencia de la …

This chapter analyses the role of net fiscal transfers in mitigating the impact of regional
shocks on subnational public finances in federations. It focuses on the extent of risk-sharing …

This paper reviews the current discussions, methods, and practices surrounding the
estimation of reasonable proxies for the underlying fiscal position, a useful anchor for fiscal …

This article presents a systematic analysis of the availability and use of fiscal space in
emerging and developing economies. We report two major results. First, emerging and …