Given the contradiction between the current demands for sustainability and the way the financial system works, this paper explores in a retrospective and a prospective view the Romanian Public Finance Sustainability, highlighting the major challenges and vulnerabilities. For the retrospective part, we concentrate mainly on empirical tests on Romanian government solvency between the period 1986- 2016, by applying unit root and co-integration tests. To gain a better, general understanding of the behavior of policy-makers, in the second part we use a scenario analysis of budgetary adjustment in the short and medium run under alternative hypotheses. The results provide a formal proof that policy makers decisions face critical and complex questions and the way in which they manage fiscal stimuli have a direct implication on the sustainability of the country and on the lax implementation of fiscal policy.

The COVID-19 pandemic crisis has brought about unprecedented economic and social consequences worldwide. The implementation of isolation measures, including national and international travel restrictions, significantly affected contact-intensive sectors such as tourism. During this lockdown period, Information and Communication Technology (ICT) was crucial in maintaining connectivity and enabling remote activities. Governments across the world implemented discretionary measures to mitigate the crisis's adverse effects on economic activity. This paper aims to analyze whether the level of ICT adoption and the importance of tourism influence the fiscal policy efforts pursued by governments. Based on the results of a linear regression analysis for 154 countries, the findings suggest that in countries with higher international tourism receipts, the governments had to promote higher fiscal stimulus. At the same time, ICT development diminished the efforts of the fiscal policy response to the crisis since it facilitated economic resilience. The findings of this study can contribute to understanding how governments responded to the pandemic crisis and the factors that influenced their fiscal policy decisions.

This paper uses a Vector Autoregression (VAR) model and linear regression to analyze the effects of aggressive monetary policies (such as RRR cuts and interest rate reductions) and fiscal measures (like government bond issuance) on household wealth in China, with a focus on housing assets. A comparative analysis with Japan is conducted to explore the transmission mechanisms and the policies’ impacts on housing prices, wealth distribution, and economic growth. The findings highlight the significant role of monetary and fiscal interventions in shaping the housing market dynamics across different economic contexts.

This research identifies the resilience factors of tax centers in Cameroon. To do so, we use binary logistic regression on data collected from tax revenue mobilization centers (TRMC). the results show that the digitization of the tax system and leadership are factors in absorbing the crisis. Access to electricity and staff at the center are the recovery factors for the level of revenue after the crisis. We recommend that public institutions improve the digitalization processes of tax administrations. The transmission channels of digitization such as access to electricity and telecommunications networks must be ensured in the tax centers. Furthermore, we propose to increase the number of tax centers or to build tax kiosks to reduce the distance between taxpayers and their centers of attachment.

The main focus of this paper is to analyze the effect of local public finance on spatial land use through economic models and empirical evidence from Israel. The theoretic models extends the Alonso-Mill-Muth model by incorporating local public finance. The first finding is that steady population growth provides a channel for land capitalization through the mechanism of long term land property right. This implies a possible conflict of interest if ownership of land leasing revenue and the ad valorem property tax are not consistent. The empirical section examines one of the implications derived from the models highlighting a possible inconsistency between central and local governments due to land ownership centralization. This causes local tax revenue inequality among Israeli municipalities. Statistical evidence shows that cities with a larger share business land use can generate more tax without assistance from the central government, and are therefore more fiscal independent. Fiscal status has a significant effect on the planning time of residential construction. Municipalities with higher local tax revenues have shorter planning time(higher probability of acceptance) conditional on the plan’s size and other features.

The resource curse indicates that economic growth performs poorly in countries with significant natural resources. Nevertheless, certain countries rich in energy managed to protect their resource riches in the long run. It is necessary to enforce effective policies in resource-rich countries to fully leverage the advantages which can come from the abundance of natural resources. This study aimed to evaluate how oil-rich countries would avoid resource flows by successful fiscal and management policies. By taking the guidance of Norway and implementing fiscal policy focused on tax rules on its oil management, it is proposed that oil-exporting countries benefit significantly. The framework attempts to mitigate this resource curse and utilise oil revenues in the interest of the country.

This paper discusses the management of public expenditures in Indonesia in State Budget 2017. The data collected from fiscal policy documents, especially about government spending plans in 2017, and then be reviewed by policy analysis, the theory of public expenditures, and the theory of public goods, and compared with the theory of public expenditure in Islamic economics. Public expenditure management in Indonesia has implemented a distribution system that divided public expenditure for central government expenditures, transfers to the regions, and the village fund. In terms of fiscal policy, public expenditure priorities to support the achievement of sustainable economic growth, job creation, poverty reduction, and the reduction of gaps in the welfare of the whole community. In Islamic economics, public expenditure is used to meet the needs of the community based on the principles of general interest derived from the shari'a. Public expenditure on Indonesia's government as an effective tool to divert economic resources and increase the income of society as a whole, and focused on the embodiment of the people's welfare.

One of the factors leading to the slow decline in poverty in Indonesia is the lack of government at-tention to reduce income inequality. Fiscal policy and economic growth can effectively reduce poverty after lowering income inequality, so the inequality channel must be considered. Socioec-onomic and infrastructure differences between provinces can influence the effectiveness of eco-nomic growth and fiscal policy in reducing poverty. This study aims to assess the effects of eco-nomic growth and fiscal policy on spending and taxes on direct and indirect poverty reduction through lowering income inequality and how these variables influence poverty by province. This study employed secondary data, including panel data for 2010-2023 from 34 provinces in Indo-nesia, which were analyzed using an autoregressive cross-lagged SEM model. The study finds that economic growth and fiscal policy on spending on education and health are statistically sig-nificant in reducing poverty directly in non-Java but do not affect it through income inequality. Taxes increase income inequality, and the social safety net does not reduce poverty outside Java. Increased spending on education and health should continue, with improvements in targeting so-cial safety nets and tax reforms needed to make the system more progressive and reduce inequality

The overarching vision of Society 5.0 seeks to integrate technology to enhance the quality of life and address social issues, with the primary goal of creating human-centered communities, which nowadays represent the inhabitants of Smart Cities. In this context, this work addresses the design of a modular strategic platform for the smart supervision of public expenditure, to be used by the Directorate of Information, Analysis, and Immediate Reaction (DIARI) of the General Comptroller of the Republic (CGR) of Colombia as a significant contribution towards the country’s transition into the Society 5.0. The design was performed by conducting a detailed literature review on fiscal control; a comprehensive analysis of the legal, organizational, and technological aspects of the country and the CGR; and developing six functional modules focused on topics such as continuous learning, strategic decision-making, distinctive value, strategic achievements, capacity building, and organization, within a three-year implementation plan, through a participatory approach. This plan aims to integrate the platform to enable real-time monitoring, early detection of irregularities, and increased transparency in the management of data and public resources. The strategic platform for the DIARI of the CGR is useful for Smart Cities and the transition into Society 5.0 since it ensures efficient public expenditure management, enhancing transparency and citizen empowerment through modern technologies, data analytics, and active participation in governance processes.

The financial performance of local governments is closely related to the economic growth of a region. Strong financial performance provides a solid foundation for sustainable economic development. This study analyses the relationship between local government financial performance, capital expenditure, and sustainable economic growth in Banten Province. A quantitative approach was employed, using secondary data from Regional Revenue and Expenditure Budgets and economic growth statistics. Purposive sampling was utilised, and data analysis was conducted using Path Analysis. The findings reveal that several financial ratio variables significantly impact economic growth directly and indirectly through capital expenditure as a mediating variable. Directly, the independence ratio, effectiveness ratio, efficiency ratio, fiscal decentralisation ratio, dependency ratio, and capital expenditure significantly influence economic growth. The independence and effectiveness ratios have a positive impact, indicating that improvements in these variables directly foster economic growth. However, the efficiency and fiscal decentralisation ratios have a negative impact, suggesting that increases in these variables may reduce economic growth. Indirectly, through capital expenditure, the independence, effectiveness, dependency, and compatibility ratios significantly affect economic growth, with the independence ratio being the most dominant. Conversely, the fiscal decentralisation and efficiency ratios do not show significant indirect effects, indicating that capital expenditure is not an effective mediator for these variables.

This paper examines certain implications from the literature on Tiebout’s model of local gov-ernment service provision, particularly Hamilton’s extension of the model to include local control of land use and property taxation. Our empirical analysis focuses on the use of fiscal zoning to lower property tax rates, a topic that has not been addressed in the extensive Tiebout literature. Using data for over 100 municipalities in the Miami, Florida, metropolitan area, we specify property tax rates as a function of fiscal zoning measures, other municipal characteristics, and tax mimicking. We conclude that single-family zoning is by far the most important variable ex-plaining municipal property tax rates.

The purpose of this paper is to show how the self-exciting threshold autoregressive (SETAR) model could be an appropriate econometric framework for characterizing the dynamics of the U.S. public debt/GDP ratio after the Bretton Woods collapse. Our preferred SETAR specifications are capable in capturing the main stylized facts of the U.S. public debt/GDP ratio between 1974 and 2024. In addition, the estimated SETAR models are consistent with several theoretical frameworks that seek to explain the behavior of the U.S. public debt/GDP ratio before and after the Global Financial Crisis (GFC). Finally, the paper provides some arguments on why the previous studies that use the exponential smooth threshold autoregressive (ESTAR) models, or SETAR-type models for the first differences of the U.S. public debt/GDP ratio, are potentially mis-specified, both on econometric and economic grounds.

The growth of state transfers to equalize regional development disparities affects the stability of the state's financial system. The research aims at determining how the mechanism of horizontal alignment of fiscal imbalances between local budgets affects the stability of financial system of Ukraine. To assess the asymmetry of the alignment formula, we use a quasi-experimental strategy of analyzing potential scenarios, we calculate base grants (for recipient municipalities) and reverse grants (for donor municipalities) for 1439 municipalities in Ukraine. Then we conduct counterfactual experiments, where we change the calculation subject, the number of budgets in calculation and the calculation period. Under different calculation scenarios, we determine whether the alignment mechanism has positive or negative affect on the stability of the public finance system based on the criterion of non-accumulation of budgetary debt. We establish that the current system of horizontal fiscal alignment in Ukraine overstates the fiscal capacity of communities, artificially inflating the indicators of the performance of the imbalance alignment system reform and distorting the overall picture of public finance stability. The alignment system, designed to mitigate unevenness in socio-economic community development, actually exacerbates it. The mechanism for calculating community fiscal capacity, which underlies horizontal financial alignment, requires an improved approach to determining the calculation subject and further reform.

Climate change represents a prevalent challenge confronted by humanity, and with cities being one of the regions most heavily impacted by such change, enhancing their climate resilience is paramount in adapting to and mitigating the associated risks and losses. This article evaluates the climate resilience of 270 major cities in China by creating an urban climate resilience indicator system centered on exposure, vulnerability, and resilience. The article analyses the spatial and temporal evolution trend of climate resilience in Chinese cities, as well as the source of regional differences using Kernel density analysis and the Dagum Gini coefficient decomposition. The article then explores the influence of financial investments on urban climate resilience, considering the moderating effect of urbanization rate.

Fiscal control and monitoring of public management are issues of great importance and relevance, as they focus on preventing and mitigating corruption, thus benefiting governments in their management and performance, and thus citizens. Given the large amount of data involved in the management and functioning of a government, it is pertinent to apply data analysis methods to contribute to fiscal control. This paper aims to investigate data management for this purpose, starting with a bibliometric study to demonstrate the relevance and pertinence of the current study. It examines existing data collection techniques that may facilitate such control, data storage considering its nature and the possibilities that contribute to this end, and data processing through techniques that allow obtaining adequate information for further analysis and decision making. The necessary architecture and interoperability between systems is also discussed, as the existence of large amounts and types of data in governments makes it crucial to promote these practices for accurate and truthful analysis. Finally, data visualization is addressed since this topic is highly relevant as it allows for the identification of anomalies, where proper visualization promotes appropriate analysis and thus informed decision making. This work is useful for modern audit and fiscal control entities, since data capture, storage, processing, interoperability, and visualization are crucial elements that collectively enhance the ability to supervise public expenditure effectively, ensuring that public funds are managed with the highest standards of transparency, accountability, and efficiency.

This study investigates the impact of Government Consumption (GC) on Saudi Arabia’s GDP during major economic crises from 1969 to 2022, with a focus on periods marked by fluctuations in oil and non-oil revenues. By integrating these revenue streams, the research provides a more comprehensive analysis of fiscal policy effectiveness during economic downturns. Using an Autoregressive Distributed Lag (ARDL) model, the study reveals the complex role of Government Consumption (GC) in stabilizing and stimulating the Saudi economy amidst revenue volatility.Key findings indicate that while GC does not significantly influence GDP in the short term, its long-term effectiveness varies across different crises. Specifically, GC has acted as a buffer against immediate economic shocks during certain crises while providing a stimulus for economic recovery in others. For instance, during the 2020 COVID-19 pandemic, timely fiscal measures significantly boosted GDP, underscoring the importance of adaptive and proactive fiscal policies. Conversely, the 2014-2016 oil price collapse demonstrated that GC alone was insufficient to counteract economic downturns, emphasizing the need for diversified revenue strategies.These findings underscore the dual role of GC in economic stabilization and recovery. During the COVID-19 pandemic, GC played a crucial role in both mitigating negative economic impacts and supporting recovery efforts, showcasing its effectiveness in times of global disruptions. This demonstrates GC's capability as an immediate buffer against economic shocks and a stimulus for economic recovery. In contrast, during the 2014-2016 oil price collapse, GC was less effective, indicating the limitations of relying solely on government spending without broader economic diversification. This highlights the necessity of diversified revenue strategies to complement fiscal measures for long-term economic resilience.The robustness of the findings was ensured through various diagnostic tests, including checks for autocorrelation, heteroskedasticity, and stationarity of residuals. The absence of significant autocorrelation and heteroskedasticity, along with the stationarity of differenced variables, confirms the validity of the econometric models used.The study contributes to the discourse on fiscal policy in oil-dependent economies by illustrating the critical role of diversified revenue strategies and adaptive fiscal measures in enhancing economic resilience. Recommendations are offered for policymakers to optimize fiscal strategies, ensuring robust economic recovery and long-term stability in volatile markets. This research highlights the necessity for Saudi Arabia to refine its fiscal policies towards greater economic diversification and stability.

This paper studies the impact of fiscal subsidies on the sustainability of China’s rural pension system. We first provides an overview of China’s rural pension system and explains the formulas used to calculate the pension payments. We then examines how fiscal subsidies, in forms of basic pension, incentive pension, and matching subsidy, affect participation rates and individual contributions. Our study shows that the rural residents’ participation rates can be improved significantly by increasing basic pension or by providing incentive pension, but not by matching subsidy. However, none of these fiscal subsidies has significant effects on the amount of individual contributions. Overall, our results imply that incentive pension is an effective mechanism in encouraging rural residents to participate in the pension programs, but current level of matching subsidies are not sufficient enough to improve participation or increase contributions. Our study suggests the needs to increase the fiscal subsides in China’s rural pension system, and can provide useful implications in designing the effective pension system for rural residents.

The evaluation of measurement uncertainty of natural gas properties calculated from composition data is an essential aspect of fiscal metering in the trade of natural gas. In particular in gas allocation, it is essential to have a reliable value for the uncertainty. This need is also reflected in the current edition of ISO 6976, the standard for computing natural gas properties, which follows much more closely the requirements of the “Guide to the expression of uncertainty in measurement”. A critical aspect in the uncertainty evaluation of natural gas properties is the fact that the amount fractions of the components of natural gas are always correlated after normalisation. A novel algorithm is provided to recover these correlations from the normalised fractions and associated standard uncertainties. The standard uncertainties are reproduced within 2 , which is acceptable for uncertainty calculations. The correlation coefficients obtained from the recovery algorithm agree with the ones obtained by normalisation. The algorithm requires only the data commonly stored by the natural gas industry as input and it enables providing values and credible associated uncertainties for natural gas properties calculated from composition.

This study examines the causal relationships between interest rates in the Korean financial market using a vector error correction model (VECM) and a Bayesian network. The Bayesian network, a novel approach in this context, identifies two distinct transmission channels: one led by call rates (reflecting monetary policy) and another by 10-year Treasury bond yields (reflecting fiscal policy). While the call rate channel aligns with traditional views, affecting bank lending rates, corporate bond spreads, and commercial paper rates, the 10-year Treasury yield channel highlights a separate fiscal policy transmission mechanism, influencing commercial paper rates indirectly through 30-year Treasury yields and directly impacting merchant bank lending rates. This finding suggests that fiscal intervention could potentially interfere with monetary policy, emphasizing the need for coordinated macroeconomic policy measures. The study also emphasizes the role of 10-year Treasury bonds as a benchmark in the Korean bond market, reflecting medium- to long-term economic outlooks and serving as the underlying asset for various derivatives.

Existing research lacks studies that explore the impact of government fiscal support on the high-quality development of regional economy and society from the perspective of livelihood-based infrastructure construction. The investigation in this paper explores the economic and social effects of government fiscal support behavior from the perspective of livelihood infrastructure construction. On the basis of the TOPSIS-Entropy Method, this paper constructs an evaluation indicator that closely conforms to the denotation and requirements of high-quality development and then carries out empirical regressions in combination with government expenditure on people's livelihood to verify the theoretical hypothesis, whose transmission mechanism and moderating effect are further empirically tested. The results reveal that increasing government expenditure on people's livelihoods can effectively improve regional high-quality development, but the marginal improvement degree varies with different periods and locations. The mechanism test proves that the regional consumption level plays a significant part in the mediating effect, accounting for 24.27% of the total effect. Urbanization is also the critical impetus for regional high-quality development and positively moderates the promotion effect of people's livelihood fiscal expenditure. Our study presents a theoretical basis and policy inspiration for improving residents' quality of life and welfare level and improving people's livelihood in the midst of high-quality economic development.

The impacts of inflation on international finance are generally reflected in the decline of buying power, risks of investment and deposit loss from currency devaluation. For the purpose of optimized allocation and management of asset values, i.e., annual income or research grants, a framework of a three-level model for static financial management is presented to maximize banking interests, bonuses, and the remaining balance after spending necessary expenditures. Meanwhile, in retrospect to higher-level financial inflation, strategies of dynamic investment, i.e., posing regular tests of flipping coins, exploiting variations of the currency exchange rate, as well as applying the theory of broad money, are presented to increase the appreciation rate of net assets in and post the era of COVID-19. Quantitative evaluations in case studies verify the feasibility of improving the financial situation, indicating broader applications for budgeting and investing when US inflation rate is below 3.0%. Besides, combining approaches of static and dynamic strategies, the expected annual growth rate of individual zero-risk asset investment is predicted as within the range of 8.30~9.62% according to budgeted appreciation on net assets in 12 months, which is capable of overcoming negative impacts from higher level annual inflation, i.e., those as highest as 8.01% in the Year 2022.

In exploring the intricacies of financial analysis, this study delves into the efficacy of traditional financial ratios versus cash flow ratios in foreseeing a company's fiscal well-being. By harnessing the PRISMA 2020 framework, an exhaustive and systematic dissection of diverse scholarly articles was embarked upon. The quest was to unearth the more reliable predictor of financial stability among these two sets of ratios. With a methodical examination of academic writings, this inquiry juxtaposed various models, scrutinizing their foresight capabilities. The revelations were telling; cash flow ratios emerged as more potent forecasters compared to their traditional counterparts. Intriguingly, models that blend both ratio types showed a marked improvement in predictive accuracy, hinting at a synergistic effect. This underscores the insight that while traditional ratios are informative, their amalgamation with cash flow ratios yields a richer, more rounded grasp of a company’s fiscal state. Conclusively, for stakeholders, especially investors, adopting this dual-ratio approach is pivotal for enlightened decision-making. This research enriches the financial analysis domain by spotlighting the salience of cash flow ratios, advocating for their integration with conventional methods for a sharper financial health appraisal.