and Silent Elephants: The Legitimacy of the Court of Justice Through the Eyes of National Courts’, in Adams Maurice, de Waele Henri et al.(eds), Judging Europe’s Judges , Hart Publishing, Oxford, 197-234.
• Cartabia Marta, 1990, ‘The Italian Constitutional Court and the Relationship Between the Italian Legal System and the European Community’, Michigan Journal of International Law , XII(1): 173-203.
• Chiti Edoardo and Teixeira Pedro Gustavo, 2013, ‘The Constitutional Implications of the European Responses to the Financial and PublicDebt Crisis
Roberts, M. L (1994). An Experimental Approach to Changing Taxpayers’ Attitudes towards Fairness and Compliance via Television. The Journal of the American Taxation Association, 16(1), 67-86.
Roshidi, M. A., Mustafa, H., & Asri, M. (2007). The Effects of Knowledge on Tax Compliance Behaviors among Malaysian Taxpayers. Business and Information, 4.
Saima, U., & Uddin, M. K. (2017). The Relationship between Budget Deficit and PublicDebt in Bangladesh: A Vector Error Correction Model (VECM) Approach. Imperial Journal of Interdisciplinary
). Interpreting the latent dynamic factors by threshold FAVAR model. Working Paper 622, Bank of England.
UEDA, K., & VALENCIA, F. (2014). Central bank independence and macro-prudential regulation. Economics Letters, 125(2), 327-330. DOI: 10.1016/j.econlet.2013.12.038
WOODFORD, M. (1996). Control of the publicdebt: A requirement for price stability?
Working Paper 5684, National Bureau of Economic Research.
WOODFORD, M. (2011). Simple analytics of the government expenditure multiplier.American Economic Journal
The no-ponzi condition states that the discounted stream of taxes must equal the current value of outstanding government debt plus stream of government expenditures. Publicdebt has no specific role in the analysis apart from making the government budget constraint more realistic.
It is necessary to have one “adjusting” or endogenous variable in the government budget constraint in order to have a well-behaving system of model equations. Following a standard practice in the literature, when taxes
, Accounting and Financial Management 26 1 165 180
Bernoth, K., & Wolff, G. (2008). Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia. Scottish Journal of Political Economy 55(4), 465–487.
Bernoth K. Wolff G. 2008 Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia. Scottish Journal of Political Economy 55 4 465 487
Biondi, Y. (2016). Accounting representations of publicdebt anddeficits in European central government accounts: An exploration of anomalies and contradictions
Janusz Kudła, Katarzyna Kopczewska, Agata Kocia, Robert Kruszewski and Konrad Walczyk
revenues: capital income and consumption. Consumption is only indirectly linked to capital by its net remuneration. The government budget constraint is complemented with bonds revenue. We analyse the problem of determining the capital-consumption tax mix with the possibility of publicdebt issuance. It means that the optimisation problem has to be set by the government, not by economic agents. The government’s choice is limited by the fiscal solvency rule and possible income shifting hindering tax collection. We strive to determine some features of the long
Benny Geys, Friedrich Heinemann and Alexander Kalb
/Moesen 2009b ; Kalb/Geys/Heinemann 2012 ). Following this 'common standard' has the advantage that our results remain comparable with these studies. As our prime input variable (C), we employ total current primary expenditures in the municipality in 2001. This includes all spending in the current budget except interest and amortization repayments from local publicdebts. Although including these debt service costs does not affect the results in any significant manner; details available upon request. Spending from the capital budget is ignored as decisions to invest in
last few years met with an unstable banking system, the growth of fiscal deficit, publicdebt, and unemployment. To tackle this situation, the European Union pressured the Portuguese government to adopt austerity measures, which were eventually agreed with the Troika (International Monetary Fund, European Central Bank, and European Commission) in 2011 under the requirement of a €78 billion bailout package ( Caldas 2012 ; OECD 2015 ). The main goal of the Memorandum of Understanding on Specific Economic Conditionality (MoU) between Portugal and the Troika was to
budget should therefore have, inter alia , budget items that record all assets and the cost of consuming them over time, existing potential liabilities and interest on publicdebts. To enhance accountability within government entities, accrual budgeting and accrual accounting are simultaneously handled in such a way that ensure a symmetry in accrual financial reporting, by recording the budget implementation the way it is authorized ( Blöndal, 2003 ; Nsangou & Awasom, 2015 ).
Whole of Government Accounting (WGA), which is parallel to joined-up government integrated
Kristin Wagner-Krechlok, Dennis Hilgers and Helge C. Brixner
. among political and administrative decision-makers. One of the spokespersons on budgetary policy, for instance, emphasises the importance of reporting on the corporation Hamburg in its entirety because the state’s interests in private and public entities entail financial risks that have a potential effect on the observance of laws limiting the amount of publicdebts. Constitutional law requires the German federal states to balance their budgets without resort to credits from the year 2020 onwards. In addition, the budgetary act of Hamburg requires that the expenses