Fiscal sustainability across government tiers

This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both the federal and regional government. Results for the German Länder show that lower tier governments bear a relatively smaller part of the burden of debt consolidation, if they consolidate at all. Most of the fiscal adjustment occurs via central government debt. In contrast, both the US federal and state levels contribute to consolidation of public finances.

Hipertextualidad, multimedialidad, interactividad y publicidad en la prensa digital internacional. El caso de ‘Le Monde’, ‘USA Today’, ‘Clarín’ Y ‘The Telegraph'

Aquest treball té com a objecte l’anàlisi de la implantació de la hipertextualitat, la multimedialitat, la interactivitat i la publicitat com a elements vertebradors de la premsa digital internacional. Primerament, es descriuen de forma teòrica els meritats elements. A continuació, es presenten els resultats de l’estudi empíric desenvolupat, analitzant els anteriors factors, sobre quatre capçaleres digitals internacionals. Finalment, concloem que la implantació de les variables estudiades es troba en fase d'expansió, tot i que encara lluny del nivell òptim d'explotació; també que els diaris europeus són més proclius a fomentar l'ús de la hipertextualitat, mentre els americans prefereixen la multimedialitat; que els principals problemes a superar seran les formes tradicionals de pensar i treballar així com la falta d'inversió generalitzada i, per acabar, que el futur passarà per continuar en la línia de treball sense oblidar-se d'evolucionar.

Les Droits de l’homme la démocratie et l’Etat de droit dans l’action extérieure de l’Union européenne. Transversalité et pluralité des instruments

Les droits de l’Homme, la Démocratie et l’Etat de droit sont des valeurs fondatrices de l’Union Européenne et constituent des objectifs fondamentaux de son action extérieure. Leur promotion et leur protection se révèlent nécessaires au regard des systèmes institutionnels et politiques profondément instables de certains Etats tiers et des nombreuses violations des Droits de l’Homme et des principes démocratiques à travers le monde que ce soit de la part d’Etat tiers ou d’autres entités ou personnes. Pour ce faire, l’Union dispose de différents moyens d’actions qu’elle exerce à travers des mesures incitatives et également restrictives.

Testing the FTPL across government tiers

Control on regional government budgets is important in a monetary union as lower tiers of government have fewer incentives to consolidate debt. According to the Fiscal Theory of the Price Level; unsustainable non-Ricardian fiscal policies eventually force monetary policy to adjust. Hence, uncoordinated and non-regulated regional fiscal policies would therefore threaten price stability for the monetary union as a whole. However, the union central bank is not without defense. A federal government that internalises the spillover effect of non-Ricardian fiscal policies on the price level can offset non-Ricardian regional fiscal policies. A federal government, which taxes and transfers resources between regions, may compensate for unsustainable regional fiscal policies so as to keep fiscal policy Ricardian on aggregate. Following Canzoneri et al. (2001), we test the validity of the Fiscal Theory of the Price Level for both federal and regional governments in Germany. We find evidence of a spillover effect of unsustainable policies on the price level for other Länder. However, the German federal government offsets this effect on the price level by running Ricardian policies. These results have implications for the regulation of fiscal policies in the EMU.

Fiscal sustainability across government tiers: an assessment of soft budget constraints

This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both the federal and regional government. Results for the German Länder show that lower tier governments bear a relatively smaller part of the burden of debt consolidation, if they consolidate at all. Most of the fiscal adjustment occurs via central government debt. In contrast, both the US federal and state levels contribute to consolidation of public finances.