Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-2 Consolidated Balance Sheets as of March 31, 2005 and 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-3 Consolidated Statements of Income for the Fiscal Years ended March 31, 2004, 2005 and 2006 . . . . . . . . . F-4 Consolidated...

The COVID-19 pandemic has taken its toll on the economies of EU member states. While policymakers have been faced with rising government spending in an effort to combat health crisis, this led unprecedented levels debt and budget deficits. Debt sustainability severely affected by decreasing fiscal space, there are significant concerns that a crisis is looming horizon for EU. current study aims ...

Abstract Existing literature suggests that fiscal space matters for the policy response to financial crises. High public debt levels limit countries capacity pursue macroeconomic and stabilization policies resume growth after severe crisis downturns. We examine involved channels through which dynamics of a distress, namely sovereign market access policymakers’ views, in panel 30 OECD period 198...

What is “power”? Most people have an intuitive notion of what it means. But scientists have not yet formulated a statement of the concept of power that is rigorous enough to be of use in the systematic study of this important social phenomenon. Power is here defined in terms of a relation between people, and is expressed in simple symbolic notation. From this definition is developed a statement...

To finance basic pro-poor services, the Government of Ghana must mobilize more public revenue. But tax reform has been highly controversial in Ghana. An attempt to introduce VAT in 1995 failed after widespread protests. Although a second attempt to introduce VAT in 1998 succeeded, strong resistance to tax reform remains, and the total tax base remains narrow and over-dependent on petroleum taxe...

Very diverse responses of monetary and fiscal policies have been observed around the world in the post global financial crisis period of 2010-2014. Our paper explores (i) whether the strategic interaction between the central bank and government can explain this diversity, and (ii) what lessons about the institutional design of the two policies can be learnt from it. Particular attention is paid...

The Okada & Samreth (2012, EL) and Asongu (2012, EB; 2013, EEL) debate on ‘the effect of foreign aid on corruption’ has had an important influence in policy and academic circles. This paper provides a unifying framework by using investment and fiscal behavior transmission channels in 53 African countries for the period 1996-2010. Findings unite the two streams of the debate and broadly suggest ...

This paper uses the old Keynesian representative agent model developed by Roger E. A. Farmer [Expectations, Employment and Prices. New York: Oxford University Press (2010)] to answer two questions: (1) Do increased government purchases crowd out private consumption? (2) Do increased government purchases reduce unemployment? Farmer compared permanent tax-financed expenditure paths and showed tha...

We provide a multiperiod model of political competition in which voters imperfectly observe the electoral promises made to other voters. Imperfect observability generates an incentive for candidates to offer excessive transfers even if voters are homogeneous and taxation is distortionary. Government spending is larger than in a world of perfect observability. Transfers are partly financed throu...