The database allows estimating structural fiscal balances for 20 countries in the region under different assumptions regarding the output gap and commodity structural prices. It is a unique database o
This paper examines the essence of the public finance system, its structural components, and its role in a market economy. Concepts such as the state budget, extra-budgetary funds, and public credit a
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they
The global outlook is becoming increasingly challenging. Substantial increases in barriers to trade and heightened policy uncertainty will have marked adverse effects on growth prospects if they persi
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