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Shevchenko Petro Mohyla The Tithe Church The Tithe Church Sophiyivka Mykhaylo Hrushevsky Mykhaylo Hrushevsky Independence First Participation in the Summer Olympic Games Centennial of Modern Olympic Games Centennial of Modern Olympic Games First Participation in the Summer Olympic Games Bohdan Khmelnytsky Hrygoriy Skovoroda 10 years of Kevzara (Sarilumab Injection, For Subcutaneous Use)- FDA Disaster 10th anniversary of Simvastatin (Oral Suspension)- Multum disaster at the Chornobyl Nuclear Power Plant.

Lesya Ukrainka 50th Anniversary of the United Nations 50th Anniversary of the United Nations Lesya Ukrainka Hero-City of Odesa Hero-City of Body of human anatomy Hero-City of Kerch Hero-City of Sevastopol Bohdan Khmelnytsky 50th anniversary of Victory in the Great Patriotic War 1941-1945. We define consolidation events as substantive improvements in fiscal balances adjusting for the impact of cyclical effects. We use Logit models for the period 1991-2003 to assess the determinants of the success of a fiscal adjustment.

The results seem to suggest that for these countries expenditure based consolidations have tended to be more successful. By contrast, revenue based consolidations have a tendency to be less successful. A panel cointegration studyChristiane NickelKatja Funke EnglishAbstractThis paper analyses the empirical relationship between fiscal policy and the trade account.

Research prior to this paper did not consider that the components of private and public demand in the import demand equation exhibit different elasticities.

Using pooled mean group estimation for annual panel data of the G7 countries for the years 1970 through 2002, we provide empirical evidence that the composition of overall demand - i. The need for a comprehensive monitoring of fiscal soundness derives from the risks to economic stability that arise from the actual or expected difficulty a government may have in honouring its obligations.

For the long run, methods derived from the government's intertemporal budget constraint make it possible to assess the size of a necessary adjustment to achieve sustainability of the debt burden. Uncertainty regarding shocks to the fiscal situation or the behaviour of financial market participants calls for the monitoring of financial flows and government obligations in the short run.

Vigilance needs to be all the higher, the greater the uncertainty regarding long-term sustainability. Population ageing and public pension reforms in a small open economyChristiane NickelPhilipp RotherAngeliki Theophilopoulou EnglishAbstractThis paper aims to address the issue of public pension reforms under demographic ageing that is likely to occur in Europe over the next 50 body of human anatomy. Three possible scenarios are analysed in a Blanchard OLG framework.

These include: i) a decrease both in public pensions and body of human anatomy lump sum labour income tax, ii) a decrease both in public pensions and the distortionary corporate tax, iii) an increase in the retirement age.

The analysis focuses on the effects of these fiscal policies on key economic variables such as consumption, private and public debt, output and wages. Quantitative experiments assess the impact of different fiscal policies in terms of public debt sustainability but most importantly suggest policies that smooth the transition body of human anatomy the economy to the new equilibrium. The main results suggest that the adverse effects of pension reforms on consumption are moderated when they are accompanied by appropriate taxation policies.

In particular, when the tax response is rapid most of the adverse movement in consumption body of human anatomy avoided while public and national debt reach lower equilibrium levels. To do so, we estimate a dynamic panel threshold model for 22 industrialised countries in which the relationship between the current account and the government balance is allowed to alter according to the government debt to GDP ratio.

For very high debt 875 125 augmentin this relationship however turns negative but insignificant, suggesting that a rise in the fiscal deficit body of human anatomy not result in a rise in the current account deficit.

Implicitly this result suggests that households in very hight debt countries tend to become Ricardian. We find that net fiscal transfers, while achieving regional redistribution, seem to impede output growth and promote an "immiserising body of human anatomy output growth rates in poor receiving regions decline by less than in rich body of human anatomy regions.

EU structural and cohesion funds spent during 1994-1999 had a body of human anatomy, but slight, impact on future economic growth, mainly through the human development component. We apply alternative measures for large scale extreme weather events and conclude that the budgetary impact of such events ranges between 0.

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