Focal Interest
Focal Interest

Fiscal policy

  1. Unfunded fiscal shocks were not the main driver of Japan's inflation
    Analysis of how fiscal shocks influenced inflation in Japan over four decades, revealing demand and monetary factors rather than fiscal imbalances as primary drivers.
  2. Fiscal contraction linked to lower NPLs in the long run
    Study shows fiscal consolidation reduces non-performing loans long-term but increases them temporarily, using bank data from Guyana. Oil prices and efficiency matter most.
  3. Fiscal discipline shapes how central bank independence affects inflation volatility
    Explore how central bank independence and transparency affect inflation volatility in small open economies like Tunisia through game theory and empirical analysis.
  4. Off-balance-sheet finance reshapes green industrial policy in Europe
    How EU fiscal constraints drive off-balance-sheet financing in green industrial policy, enabled by techno-political coalitions bridging technical expertise and political influence.
  5. Oil revenue shocks affected Russia differently after 2014
    Subsample analysis reveals structural breaks in Russia's oil revenue shock transmission mechanisms post-2014, showing reversed fiscal policy effects and strengthened monetary policy inflation.
  6. Asia plays a marginal role in debt-for-nature swaps
    Explore why Asia accounts for only 13% of debt-for-nature swaps despite high debt and environmental needs. Discover which Asian economies are positioned for future transactions.
  7. Why Higher Trend Inflation Makes Monetary Policy More Costly in South Africa
    Fiscal DSGE analysis for South Africa showing higher trend inflation increases costs via price dispersion; lower trend inflation reduces these costs.