Nominal Anchors under Fiscal Dominance: Foreign-Rate Transmission and Monetary Policy in a Small Open Economy

External Inflation Exposure and Fiscal Policy Under the Dollar Peg: Evidence from GCC Economies

The six Gulf Cooperation Council (GCC) economies share a dollar peg and heavy hydrocarbon dependence, yet their inflation paths diverge sharply over time. Because the peg imports US monetary policy and forecloses nominal adjustment, GCC inflation plausibly reflects imported price pressure, oil revenue cycles working th...

Dynamic Simulation of Fiscal Consolidation: Do Rapid Adjustments Become Self-Defeating?

Cost of Debt Financing and Corporate Investment in the EU-27: Deleveraging and Profit Buffers Under Monetary Tightening

The sharp rise in nominal interest rates after 2022 constitutes a substantial test for European non-financial corporations after a prolonged period of exceptionally cheap debt. This paper examines how the cost of debt financing—proxied by the lagged, ex post real long-term sovereign yield, interpreted throughout as an...

Fiscal Dominance and Monetary Policy Effectiveness in a Resource Dependent Economy: An Econometric Analysis of Algeria (2020 - 2025)

This article examines whether fiscal dominance attenuates monetary policy transmission in Algeria, a hydrocarbon dependent economy, during the period 2020-2025. The study combines a macro-structural overview for 2020-2025 with a monthly reduced form investigation for January 2022 to December 2024. Fiscal dominance is p...

Fiscal policy and long-run inflation dynamics: evidence from a major emerging market economy*

Fiscal Reaction Functions, Snowball Effects and Structural Constraints in Japan, 1980–2023

This article re-examines sovereign debt sustainability within a modern macro-financial framework that distinguishes mechanical debt arithmetic from policy-driven fiscal behaviour. While a negative interest–growth differential ( r – g < 0) is a necessary condition for debt stabilization in the canonical debt ident...