Focal points and fiscal discipline. ACES Cases No. 2013.2

Many studies suggest that balanced budget rules can restrain sovereign debt and lower sovereign borrowing costs, even if those rules are never enforced in court. Typically, this is explained as a result of a legal deterrence logic, in which the threat of judicial enforcement deters sovereigns from violating the rules. By contrast, we argue that balanced budget rules work by coordinating decentralized punishment of sovereigns by bond markets, rather than by posing a credible threat of judicial enforcement. Therefore, the clarity of the focal point provided by the rule, rather than the strength of its judicial enforcement mechanisms, determines its effectiveness. We develop a formal model that captures the logic of our argument, and we assess this model using data on US states. We then consider implications of our argument for the impact of the balanced budget rules recently imposed on eurozone states in the Fiscal Compact Treaty.

Water Island study : summary report and fiscal analysis.

Study undertaken by Dept. of Commerce, Virgin Islands in response to a request from the U.S. Dept. of Interior.

Tax lists and transporation receipts from Theadelphia,

Cite as: P.Col. II

English reports in law and equity: containing reports of cases in the House of Lords, Privy Council, courts of equity and common law; and in the admiralty and ecclesiastical courts; including also cases in bankruptcy and crown cases reserved.

Mode of access: Internet.

Equity and the engineer.

Mode of access: Internet.

New York laws affecting business corporations, containing the Business corporations law, General corporation law, Stock corporation law, applying provisions of the Tax law, including the Stock transfer tax act, and the Uniform stock transfer act and a synoptic analysis. Revised to May 10, 1924.

Mode of access: Internet.

A complete compilation of the laws of Minnesota : relating to township organization and the duties of town officers, embracing the tax law and laws relating to schools, including the laws in force to the close of the eleventh session of the legislature, 1869, with the appropriate forms and notes of judicial decisions.

Mode of access: Internet.

Corporate profits : profits before tax, profits tax liability, and dividends.

"May 1985."

Energy equity and the elderly in the 80's [microform] : hearing before the Special Committee on Aging, United States Senate, Ninety-sixth Congress, second session ....

G.P.O. sales statement incorrect in pt. 2 of publication.

A treatise upon some of the general principles of the law : whether of a legal, or of an equitable nature : including their relations and application to actions and defenses in general : whether in courts of common law, or courts of equity : and equally adapted to courts governed by codes /

Mode of access: Internet.

English reports in law and equity : containing reports of cases in the House of Lords, Privy Council, Courts of Equity and Common Law; and in the Admiralty and Ecclesiastical Courts, including also cases in bankruptcy and crown cases reserved, [1850-1857]

Includes indexes.

Reports of cases argued and determined in the Court of Exchequer, at law and in equity, and in the Exchequer Chamber in equity and in error.

Lettered: English exchequer reports.

Biennial report of ... Auditor of the State of New Mexico for the ... and .. fiscal years ending ... /

Report year ends Nov. 30.

Annual report of the State Tax Commissioner and the State Board of Equalization and Assessment.

Description based on: 18th (1938).

State and local ratio studies, property tax assessment, and transfer taxes.

Item 148-A.