ABSTRACT This study examines the dynamic interplay between public debt, corruption, and economic growth in 36 Sub‐Saharan African (SSA) countries over the period 2000–2022. Utilizing a two‐step System Generalized Method of Moments (GMM) estimator to address endogeneity concerns, we assess both the individual and interactive effects of public debt and corruption on economic growth. Robustness checks employing fixed‐effects, random‐effects, and leverage‐distance diagnostic techniques confirm the stability of our estimates. The findings reveal that both public debt and corruption independently exert statistically significant negative effects on economic growth. However, their interaction yields a counterintuitive result: in contexts characterized by high levels of corruption, public debt is positively associated with short‐term growth, suggesting the presence of a nonlinear relationship. Specifically, we identify a corruption threshold—4.90 on the logarithmic scale of the Corruption Perceptions Index—above which debt‐financed spending may temporarily boost output by circumventing bureaucratic inefficiencies. These results underscore the complex policy challenges facing SSA economies, where weak institutional environments constrain effective fiscal policy implementation. While the analysis does not endorse corruption, it highlights the relevance of second‐best policy considerations in governance‐fragile settings. Achieving sustainable and inclusive growth in the region requires comprehensive reforms aimed at reducing corruption, enhancing institutional capacity, improving fiscal governance, and ensuring the efficient utilization of public debt. Strategic investment and cross‐sector collaboration will be critical to building resilient and equitable development pathways.

This study aims to analyze the dynamics of fiscal policy through government spending and tax revenue in accelerating economic growth in South Sulawesi Province, with household consumption as a mediating variable. The research approach used is quantitative with a causal associative design. The data used are panel data from 24 regencies and cities in South Sulawesi over the past ten years, analyzed using path analysis. The results show that both government spending and tax revenue have a positive and significant influence on household consumption and regional economic growth. The most important finding of this study reveals that household consumption plays a significant mediator in channeling the impact of fiscal policy towards strengthening Gross Regional Domestic Product (GRDP). This indicates that the effectiveness of government intervention in spurring economic growth depends heavily on its ability to stimulate public purchasing power. Therefore, local governments are advised to optimize spending in productive sectors and maintain price stability to strengthen household consumption as the primary driver of the regional economy.

Renewable energy investments, climate mitigation technologies, productive capacity and fiscal policy challenges: Responsible resource production and consumption implications from top-10 resource exporting economies.

Blessing or burden? The role of natural resources, energy inflation, and fiscal policy in shaping hydrogen energy storage in the era of ICT

An inventory of policy levers to reduce low value care: Results of a rapid scoping review.

Fiscal subsidy policies and enterprise R&D investment: Sustainable exploration of China’s new energy vehicle industry

This research aims to develop a complex system of managerial decision-making support, which includes an economic-mathematical model of maximizing the salary share in the company’s revenue, consistent with the financial interests of business owners and the state, analyzing the sensitivity of the maximum wage share to key parameters of the model, and developing software based on MS Excel and PTC Mathcad Prime 3.1. The research methodology included system analysis, non-linear programming, sensitivity analysis, and dynamic system modeling linking time-related changes in wages, labor productivity, enterprises’ reinvestment, and financial stability. Modeling results showed that a balanced policy allows employees to increase wages by 59.83% and net profit by 2.97. The return on sales increased by 2.28 times, and government revenues from taxes and social contributions increased by 58.78%. The maximum sustainable share of wages in revenue reaches 54.73%, which is 9.83% higher than the base indicator. The novelty of the research lies in the development and practical implementation of an economic and mathematical model that maximizes the share of wages in the company’s revenue while balancing the financial results of employees, owners, and the state within the framework of the Russian fiscal system. JEL Classification: C44, I11, J31, M21.

Voluntary tax compliance remains a critical challenge in Nigeria, where trust in tax authorities and the fiscal system significantly shapes taxpayers’ willingness to comply. This study investigates the effects of public trust on voluntary tax compliance in Nigeria. The study employed a survey research design and a population consisting of all taxpayers in six states. The Cochran formula was used for sample size determination. Primary and secondary sources of data collection were utilised, and the primary data were derived from a structured questionnaire following validity and reliability tests. The responses received from the administered questionnaires to participants were analysed using descriptive statistics, correlation matrix and multiple regression analysis. The findings from the hypothesis testing reveal a significantly positive association between procedural trust, distributive trust, committed trust, intentional trust and interpersonal trust on voluntary tax compliance in Nigeria. The study further showed that tax knowledge exerts meaningful and statistically significant effects on voluntary tax compliance in Nigeria. The study concludes that procedural and distributive factors enhance taxpayers’ perceptions of fairness, while intentional and interpersonal trust strengthen confidence in tax officials’ motives and interactions. Committed trust further reinforces long-term taxpayer authority links. Additionally, tax knowledge plays a crucial role in improving taxpayers’ understanding of their obligations, thereby increasing compliance willingness. Consequently, the study highlights that fostering a trustworthy tax environment and improving tax literacy are essential strategies for enhancing voluntary tax compliance in Nigeria.

The policy of Fiscal Discipline in most Arab countries, especially in Iraq, has been characterized by the absence of oversight and non-‎commitment to the application of the relevant standards and indicators in a correct and meaningful manner, mainly due to financial and ad-‎ministrative corruption and the absence of regulatory and legal regulation. This analytical study aims to evaluate the indicators of Fiscal ‎Discipline policies in Iraq and identify the most important obstacles that represent an obstacle to the progress of this policy and the difficul-‎ties it has been exposed to in the past and what it may be exposed to in the future by studying the indicators of Fiscal Discipline in Iraq and ‎showing their impact on economic activity.

This study analyzes the concepts of ka (家, family) and ho (戶, household) in Silla society using population data from the Silla Village Register (Silla chonrak munseo, 新羅村落文書). In Silla, the family (ka, 家) functioned as a natural social unit formed through kinship and marriage, whereas the household (ho, 戶) was an administrative unit constructed by the state for taxation and fiscal management. Household registers and genealogies both record information on individuals and families, but they differ fundamentally in authorship and purpose. Genealogies, compiled by descendants, reflect a family-centered understanding of social relations, while household registers were state-produced fiscal documents designed to record and control demographic changes within specific localities, including births, deaths, and migration. The Silla Village Register(新羅村落文書), the only extant ledger-type document from the Silla period, contains detailed population data such as total population figures, age-based population categories, demographic change, and population mobility. The document demonstrates that the Silla state organized households as units of taxation, identified taxable populations, compiled household registers, and administered them through systematic documentary practices. In this process, natural families were incorporated as fiscal units, and their social stratification was institutionalized through the household ranking system (hodeungje, 戶等制). This study argues that the Silla household registration system was not an abstract administrative construct detached from social reality, but rather a system grounded in the structure of natural family units.

This study aims to analyze the impact of the replacement of the Minister of Finance on the performance of the Jakarta Composite Index (JCI). Using the event study methodology, this study examines abnormal returns and trading volume activity within an 11-day period (D-5 to D+5) surrounding the announcement. The results reveal significant differences in impact. Sri Mulyani's re-inauguration triggered positive abnormal returns, reflecting market optimism (a positive surprise) driven by her credibility and track record among investors. Conversely, the appointment of Purbaya Yudhi Sadewa was followed by negative abnormal returns and high volatility, indicating a wait-and-see attitude and market uncertainty regarding the profile and competence of the new Minister of Finance in managing fiscal policy. These results confirm that market response is not solely determined by the official change event, but rather by the individual's credibility, performance track record, and the surrounding economic-political situation

The agricultural sector plays a strategic role in improving economic sustainability and responding to environmental challenges. A sustainable agricultural approach based on the integration of coffee and dairy cattle is a potential solution to these challenges. This study aims to analyze financial feasibility by comparing two types of coffee and dairy cattle integration farming systems, namelytype 1 (existing coffee-dairy cattle integration) and type 2 (improved integration). The difference between the two types lies in the connectivity of input and output use in the integration system. The method used is financial feasibility analysis with investment criteria indicators in the form of NPV, IRR, Net B/C, and payback period. The research was conducted in Boyolali Regency. The resultsof the financial feasibility analysis show that the improved coffee and dairy cow integration type (type 2) is financially superior to type 1, with an NPV of IDR 1,714,402,922.83 and an IRR of 22%, far exceeding type 1 (IRR of 16%), with a payback period of 6 years and 8 months. This financial benefit came from lower costs for feed, energy, and fertilizer, as well as big economic gains from diversifyingproducts that came from making better use of waste. Using biodigester technology to turn biomass into energy is another way to cut down on greenhouse gas emissions from manure waste. These findings provide a strong basis for encouraging the implementation of improved coffee and dairy cow integration through a series of fiscal incentive policies and farmer assistance.

Background/Objectives: Sugar-sweetened beverage (SSB) consumption has been linked to obesity, metabolic diseases, and rising healthcare costs. This study aimed to assess the impact of a 20% excise tax on SSBs in Brazil on obesity/overweight prevalence, seven musculoskeletal and cardiovascular diseases, and related healthcare costs, with their associated impacts on health inequalities. Methods: Using 2017/2018 Brazilian Household Budget Survey data for baseline consumption and own- and cross-price elasticities for taxed beverages, we estimated changes in caloric consumption for the entire population and for lower- and upper-income quartiles. The PRIMEtime dynamic individual-level simulation model projected body weight changes, lifetime Quality-Adjusted Life-Years (QALYs), healthcare costs (discounted at 5%), and disease cases (20-year horizon). Results: A 20% excise SSB tax was projected to reduce obesity prevalence by 1.7 percentage points in men and 1.5 percentage points in women, from baseline rates of 19.8% and 23.6%, respectively. Lifetime gains were estimated at 17,878 QALYs per million men and 12,181 per million women, alongside healthcare cost savings of Int$520 million. Impacts varied by income, with smaller health gains in the lowest quartile and higher among the wealthiest. Over 20 years, the tax could avert 1784 cases of type 2 diabetes mellitus/100,000 adults (52% in men) and 1070 cases of ischemic heart disease/100,000 adults (80% in men). Conclusions: A 20% excise SSB tax in Brazil could yield large health and cost benefits. With the recent approval of the Selective Tax under Complementary Law 214/2025, Brazil has a timely opportunity to translate these projected benefits into effective public health policy.

This study aims to empirically examine the simultaneous effects of external debt and fiscal deficit on inflation in Indonesia using time series data from 1994 to 2023. The background of this research is the tendency of developing countries to face inflationary pressures not only from monetary factors but also from fiscal policies and reliance on external financing. The novelty of this study lies in its integrative approach that combines two strategic fiscal variables within a single empirical model an approach that is rarely examined simultaneously in the context of Indonesia. The method employed is Ordinary Least Squares (OLS) regression with robust standard errors and the Johansen cointegration test to identify long-term relationships among variables. The results indicate that external debt has a positive and significant effect on inflation, while the fiscal deficit is statistically insignificant. These findings suggest that inflationary pressures in Indonesia are more dominantly influenced by external factors rather than domestic fiscal deficits. Therefore, prudent management of external debt and a synergy between fiscal and monetary policies are crucial to maintaining price stability in the long run.

This study examines the determinants of inflation volatility in Tunisia, focusing on central bank independence (CBI), economic transparency, and macroeconomic fundamentals. Although CBI is widely regarded as essential for monetary credibility, its effectiveness depends on its institutional framework. Our contribution is twofold. First, we develop a theoretical framework based on game theory to illustrate how the effectiveness of economic transparency and CBI shapes the welfare of both the central bank and the private sector in the presence (or not) of fiscal policy. Second, we use a binary threshold nonlinear autoregressive distributed lag (NARDL) model to capture long-run relationships and a Markov-switching GARCH (MS-GARCH) framework to model volatility dynamics. As a continuous measure, CBI has no significant impact on volatility. Paradoxically, high de jure independence in a binary regime is associated with a slight increase in inflation fluctuations. This indicates that legal independence alone is insufficient without fiscal discipline or effective coordination between the monetary and fiscal authorities. Notably, under fiscal pressure, greater CBI substantially reduces inflation volatility, highlighting the need for a coherent macroeconomic framework. Economic transparency generally increases short-term volatility but stabilizes inflation when supported by credible fiscal signals. Among the macroeconomic fundamentals, volatility in broad money is strongly destabilizing, whereas fluctuations in industrial production and the real exchange rate are largely insignificant. Government spending and exposure to external shocks, including import prices and geopolitical risks, further amplify this volatility. The observed negative trend over time reflects gradual improvements owing to policy reforms. Policy recommendations emphasize the establishment of genuinely independent and credible monetary institutions, enhancing coordination with fiscal policy, improving communication strategies, and strengthening risk management.

This study examines how economic policies influence the purchasing decisions of Sri Lankan consumers in the motor vehicle market. Monthly new vehicle registrations are used as a proxy for overall consumer demand. Data on vehicle registrations, along with monetary, fiscal, and socio-economic indicators from 2017 to 2023, were collected from multiple sources, including the Central Bank of Sri Lanka, Sri Lanka Customs, the Department of Motor Traffic, and the Sri Lanka Tourism Development Authority. The analysis employs several econometric techniques, including the Johansen cointegration approach, the Vector Error Correction Model (VECM), and Wald causality tests, to examine relationships among the variables. The findings indicate that consumer demand for motor vehicles is closely associated with key monetary policy variables, selected fiscal indicators, and socio-economic stability, particularly in the long run. Real interest rates, motor vehicle tax revenue, and the government wage index exert significant negative effects on vehicle demand in the long term. The VECM results show that deviations from long-run equilibrium adjust at a rate of 46.8 per cent per month, implying stabilisation within approximately 1.1 months. Overall, monetary factors exert a stronger influence on vehicle purchasing behaviour than fiscal policies, highlighting the importance of monetary stability and socio-economic improvements in policy formulation.

This research examines the impact of positive crude oil revenue shocks on Russia’s macroeconomic policy and economic development, analyzes the effects of macroeconomic policy on the economy, and compares these effects across two subsamples (2005–2013 and 2015–2019). The study proves that the full 2005–2019 model fails to capture the transmission responses of policy and macroeconomic variables after the significant structural shift in the post-2014 period, while subsample models each provide a better fit and more accurate results. Our empirical research provides the following insights: First, after 2014, fiscal expansion shifted from an anti-inflationary tool to an inflationary driver as well as a depreciating force on the national currency. Second, after 2014 the monetary policy’s tight stance became explicitly anti-inflationary compared with its direct opposite effects before 2014. Third, after 2014, the central bank’s more dominant inflation-targeting regime tightened the constraints on fiscal policy. Fourth, the Russian Federation’s economic dependence on oil diminished after 2014. Finally, macroeconomic policy (government expenditure and key interest rate) shifted from procyclical to countercyclical in response to oil revenue shocks after 2014.

This study aims to examine the impact of taxes received and exports on the Gross Domestic Product (GDP) in Denmark from 1994 to 2023. Using a quantitative method involving multiple linear regression models, this study examined the simultaneous relationship of the two independent variables with economic growth. The data source was taken from the World Bank Indicators and analyzed following various steps of testing classical assumptions. The results of the regression show that both exports and tax revenues exert a positive and significant influence on GDP, with an R-squared value of 0.9821 indicating that the model can explain almost 98% of GDP variations. Additional tests such as VIF, Breusch-Pagan, Durbin-Watson, and Ramsey RESET were applied to assess the validity of the model. The results of the test indicated that there were no problems with multicollinearity or heteroscedasticity, although there were signs of autocorrelation that could be overcome through data processing. Overall, the results of this study confirm the importance of fiscal policy and the export sector in driving long-term economic growth in Denmark.

Abstract This study examines the long-run relationship between public debt and the stability of the banking sector in Nigeria, with a particular focus on the moderating influence of the rule of law. Employing cointegration techniques such as FMOLS, DOLS and CCR, the analysis reveals that public debt significantly destabilizes the banking system, whereas institutional quality contributes to enhanced stability. However, the interaction between debt and the rule of law becomes negative. This indicates that excessive indebtedness may undermine the advantages of institutional strength. These findings highlight the necessity of prudent fiscal management in conjunction with robust legal and institutional frameworks to ensure financial stability.

Abstract Utilizing a quasi‐natural experiment design, we identify an exogenous cut in local taxes accompanied by an equivalent reduction in local government spending, and we estimate the impact of these exogenous changes on income. We exploit a unique regional dataset that combines local income data with local voting outcomes on current expense tax levies. Taxes and the associated spending change abruptly at the 50 percent vote share cutoff below which a tax levy fails to pass. This cutoff determines which observations serve as controls and which receive treatment: a reduction in local taxes and government spending. Voting percentages around the cutoff are a source of exogenous variation, with observations around this quasi‐randomly assigned and very similar across characteristics. We find that balanced budget reductions in taxes and spending cause a large drop in local incomes in the first two years after the vote, suggesting that government expenditure effects on income are larger than fiscal revenue effects. The cumulative government spending multiplier of a balanced‐budget change in spending for our baseline is a sizable 1.5. This effect of local tax‐financed government spending is prominent in low‐income and high‐poverty areas, suggestive of mechanisms related to the share of liquidity‐constrained agents.