This study aims to analyze the cyclicality of fiscal policy under state finances law in Indonesia. The Indonesian government officially enacted 2003 and 2004 Laws on State Finances, it regulates rules covering amount budget deficit balanced rules. rule is expected encourage become countercyclical provide buffering deal with various economic shocks. uses quarterly time-series data from 2001 2019...

In this paper, we investigate the relationship between balance sheet size and leverage (i.e., pro-cyclicality) pro-cyclicality of systemic risk using three measures such as ΔCoVaR (Adrian Brunnermeier (2016)), MES (Acharya et al. (2017)), SRISK (Brownlees Engle (2016)). We conduct an extensive panel data analysis a sample 264 Chinese listed financial institutions (43 commercial banks, 74 financ...

This paper discusses the fiscal impact of COVID-19 crisis across levels government. It contrasts composition revenues and expenditures different government their main institutional differences. For revenues, an error correction model is used to estimate short-term elasticities government, showing that subnational governments’ (SNGs) are less sensitive economic downturns than central governments...