The thesis evaluates a need of the Fiscal compact measures, its adequacy and impacts on the Eurozone namely based on evaluation of indebtedness of selected member states. The evaluation is carried out by the empirical-analytic research, where the euro zone is analyzed from the perspective of the theory of optimal monetary area, the issue of member countries indebtedness and impacts of indebtedness on the entire euro zone. The thesis also evaluates the existing instruments of fiscal discipline and their deficiencies and new Fiscal compact as an instrument for stabilization and correction. The thesis examines the accuracy of the initial hypothesis that the Fiscal compact as an instrument of fiscal discipline is entirely essential measure of the future euro area functioning. It had been proven that a monetary union can not effectively operate without the long-term fiscal union.

The author works with the increasing constitutionalization process of Tax Law in the country as starting point; then, makes an analysis of tax concept evolution from a general tax law theory point of view. Afterwards, explains Tax Law Constitutionalization specifying main communicating vessels between Constitutional and Tax Law. Finally, highlights the most important values and goals related with taxing and constitutional control implementation by the Tax Court. / El autor toma como punto de partida el proceso de constitucionalización creciente del derecho tributario de nuestro país para luego, desde la óptica de la teoría general de esta rama del derecho, realizar un análisis de la evolución del concepto de tributación. Seguidamente, nos explica la constitucionalización del derecho tributario, detallando los principales vasos comunicantes entre el derecho constitucional y el tributario actualmente. Finalmente, resalta los valores y fines constitucionales más importantes relacionados con la tributación y la aplicación del control constitucional por el Tribunal Fiscal.

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La crise financière mondiale qui a débuté en 2008, et la crise des dettes souveraines en zone euro qui l'a suivie, ont successivement forcé les macroéconomistes à repenser leur cadre conceptuel. Cette thèse est une modeste contribution aux efforts colossaux déployés par les macroéconomistes à travers le monde pour faire face à ce défi: renforcer la compréhension de l'utilisation optimale des outils de politique économique non conventionnels. A cette fin, elle est construite en deux parties. Chaque partie vise à explorer au plan théorique un "contexte macroéconomique-type" au sein duquel des outils de politique économique non conventionnels ont été employés ces dernières années. La première partie, intitulée "Politique Non Conventionelle Optimale en Economie Ouverte", analyse l'utilisation optimale d'instruments de politique économique non conventionels par une banque centrale en économie ouverte. En présence de frictions financières qui modifient la manière dont la politique monétaire affecte l'économie, ou en présence de chocs exogènes qui mettent en défaut la "divine coïncidence", cette partie décrit comment un banquier central devrait combiner un instrument de politique monétaire non conventionnelle et la politique monétaire conventionnelle à des fins de stabilisation macroéconomique. La seconde partie, "Politique Budgétaire Optimale en Union Monétaire", adopte le point de vue du gouvernement d'un pays situé en union monétaire (typiquement la zone euro). Un tel pays ne disposant d'une politique monétaire autonome (au plan national), cette partie étudie la possibilité pour un tel pays d'utiliser la politique budgétaire comme un outil de stabilisation, et décrit l'utilisation optimale des dévaluations fiscales en réponse à des chocs exogènes idiosyncratiques. / The 2008 global financial crisis and the subsequent euro area sovereign debt crisis successively forced macroeconomists to reassess this conceptual framework. This thesis is a modest contribution to the huge efforts undertaken by macroeconomists following the crisis to meet this challenge, i.e. to develop some insights about the optimal use of unconventional policy tools. To do so, this thesis is twofold. Each part intends to explore from a theoretical perspective a fundamental macroeconomic situation that called for the use of unconventional policy instruments in the recent years. The first part, ”Optimal Unconventional Policy in An Open Economy” analyzes the optimal use of unconventional policy instruments by the central bank in an open economy framework. Assuming that the presence of financial frictions changes the way monetary policy affects the economy, or that the occurence of exogenous shocks breaks the ”divine coincidence”, this part describes how a central bank should combine an unconventional policy instrument and conventional monetary policy to favor macroeconomic stabilization. The second part, ”Optimal Fiscal Policy in a Currency Union”, takes the standpoint of the governement of a country located in a currency union (typically the euro area). Such a country being deprived of monetary policy autonomy, this part considers the opportunity of using fiscal policy as a stabilization tool, and describes the optimal use of fiscal devaluations following idiosyncratic exogenous shocks.

El presente documento investiga el impacto que tiene el tamaño de la economía informal en el riesgo soberano de los países miembros de la Alianza del Pacífico, cuyas economías presentan características similares y niveles altos de informalidad. De esta manera, se pretende analizar un factor que no ha sido estudiado ampliamente como determinante del riesgo soberano en países emergentes latinoamericanos. Para cumplir con el objetivo, se realiza una estimación econométrica de datos panel con efectos fijos donde se encuentra que el tamaño de la informalidad es un determinante significativo de mayores niveles en la tasa de interés real, el diferencial entre las tasas de interés activa y pasiva de las economías, el diferencial entre el rendimiento de los bonos soberanos nacionales frente a los bonos estadounidenses y el endeudamiento público, lo que se traslada en un incremento del riesgo soberano a través de un perjuicio en la política fiscal y estabilidad financiera de los países. / This document investigates the impact of the size of the informal economy on the sovereign risk of the member countries of the Pacific Alliance, whose economies have similar characteristics and high levels of informality. In this way, it is intended to analyze a factor that has not been widely studied as a determinant of sovereign risk in emerging Latin American countries. To meet the objective, an econometric estimation of panel data with fixed effects is carried out, where it is found that the size of informality is a significant determinant of higher levels in the real interest rate, the differential between the active and passive interest rates of economies, the differential between the yield of national sovereign bonds compared to US bonds and public indebtedness, which translates into an increase in sovereign risk through damage to the fiscal policy and financial stability of the countries. / Trabajo de investigación

After a 100-year history, traditional zoning practices are being challenged as a contributing factor in a number of social, heath and economic problems facing cities in the United States. In this context, form based codes have emerged as a possible alternative way for cities to guide development. Growing out of the New Urbanist movement, form based codes frequently mix uses, allow for a greater variety of housing types and encourage development that is both denser and more compact. Despite an established literature which links land-use regulations, and zoning in particular, to fiscal outcomes, the impacts that form based codes have on public finance in the growing number of cities which have adopted them has yet to be fully investigated. The goal of this research is to examine if and how form based codes alter property tax and sales tax generation in the cities that adopt them. To examine the relationship between form based codes and public finance a series of two multivariate regression analyses were conducted using historic property and sales tax data. The first regression analysis was performed using the full list of 122 cities which have adopted form based standards from between 1984 and 2009. In an attempt to limit the diversity of sample cities and improve the ability to generalize results a second regression analysis was performed using a smaller list of 47 cities with populations between 50,000 and 200,000 thousand that had adopted form based standards between 1984 and 2009. The results of the first analysis established that a statistically significant positive relationship existed between the presence of form based standards which were implemented citywide and observed property tax revenue both in total and on a per capita basis. Similarly, a statistically significant positive relationship between the presence of form based standards implemented at the neighborhood level and total property tax revenue was observed. No significant relationship was found between the presence of neighborhood level standards and per capita property tax revenue. Further no significant relationship was found between form based standards and sales tax revenue. In general, these findings support the theory that form based codes and the development they allow, does alter the amount of property tax a city collects, but does not support the theory that form based codes affect sales tax revenues by facilitating the development of a more conducive urban, walkable environment or for any other reason. The results of the second regression analysis using data from cities with populations between 50,000 and 200,000 showed a significant positive relationship between the presences of citywide form based standards and total property tax revenue and per capita property tax revenue. Analysis of sales tax data showed a positive relationship between total sales tax revenue and the presence of form based standards at the neighborhood level. No other significant relationship between form based standards and sales tax revenue was observed. Similar, to analysis of all cities, the results for cities with population of 50,000 to 200,000 support the theory that form based codes and the development they allow does alter the amount of property tax a city collects, and that form based codes do not affect sales tax revenues except in the case of codes adopted at the neighborhood level, where a generally positive relationship was identified at the 10% confidence interval. Following this multivariate regression analysis, a case study of Saratoga Springs, New York was completed. Located in the far reaches of the Albany Metropolitan Area, Saratoga Springs developed as a popular tourist destination in the mid 1800’s. After experiencing economic decline in line with that of its peer cities in the mid to late 20th century, Saratoga Springs has experience a boom and now boast some of the highest home values in Upstate New York. In 2003 the city was one of the first in country to adopt form based standards, which have guided a significant amount of development in the city’s historic downtown as the city re-emerged as a popular tourist destination. Since the adoption of form based standards in Saratoga Springs both property tax and sales tax receipts have doubled.

Malgré les importants programmes économiques et financiers entrepris à la fin des années 80 et l’adoption du Pacte de convergence en 1999, les taux de croissance des Etats de l’UEMOA restent en deçà du niveau minimal de 7% requis pour la réalisation des Objectifs du Millénaire pour le Développement (OMD). Cette faiblesse du rythme de croissance conduit aujourd’hui à s’interroger sur l’efficacité des politiques économiques et en particulier, sur le rôle que devraient jouer les autorités publiques à travers la politique budgétaire. Nous analysons, à partir des données empiriques, le caractère procyclique de la politique budgétaire dans la zone UEMOA, en testant les éventuels retournements liés à l’adoption du Pacte de convergence. Ensuite, dans un deuxième temps, nous estimons à travers un modèle VAR structurel, l’impact dynamique des chocs budgétaires sur les fluctuations de l’activité économique des pays de l’UEMOA et leurs canaux de transmission. En dernier lieu, nous exposons d’abord les limites de l’approche utilisée par le FMI pour le calcul des contributions de la politique budgétaire à la croissance économique ; puis, nous proposons un modèle d’évaluation des effets de long terme de cette politique sur la croissance, tout en montrant les risques liés aux coupes budgétaires sur les investissements publics. Les résultats de cette thèse suggèrent l’adoption de règles budgétaires qui tiennent compte de la situation conjoncturelle de chaque pays, la rapidité dans l’action gouvernementale pour remédier à l’inertie des finances publiques et le renforcement des investissements publics productifs afin de mieux soutenir la croissance économique / Despite significant economic and financial programs undertaken in the late 80s and the adoption of the convergence Pact in 1999, the growth rate of Economic and Monetary Union of West Africa (EMUWA) countries remain below the minimum level of 7% required for the achievement of Millennium Development Goals (MDGs). This low growth rate now leads to questions about the effectiveness of economic policy and, in particular, on the role to be played by public authorities through fiscal policy. We analyze empirical data through, the procyclicality of fiscal policy in the EMUWA and we test the possible reversals related to the adoption of the convergence Pact. Then, in a second step, we estimate from a structural VAR model, the dynamic impact of fiscal shocks on fluctuations in the economic activity of the EMUWA countries and their transmission channels. Finally, we discuss the limitations of the approach used by the International Monetary Fund (IMF) to calculate the contributions of fiscal policy to economic growth; then, we propose an evaluation of the long-term effects of this policy model on growth, while showing the risks of cuts on public investment.The results of this thesis suggest the adoption of fiscal rules that take into account the economic situation of each country, the speed in government action to overcome the inertia of public finances and strengthening of productive public investments to better support economic growth

Even though major advances in economic theory and modelling have in some cases furthered our understanding of how the economy works, the system as a whole has become more complex. If policymakers had perfect knowledge about the actual state of the economy, the various transmission mechanisms as well as the true underlying model, monetary intervention would be greatly simplified. In reality, however, the monetary authorities have to contend with considerable uncertainty in relation to the above-mentioned factors. This said, uncertainty has mostly been neglected in both the theoretical and empirical literature focusing on monetary policy analysis. Nonetheless, findings from a review of theoretical literature that does exist on this topic suggest that optimal central banks act more conservatively when faced with uncertainty. Similarly, empirical findings from the literature also favour conservatism. However, there is some evidence to suggest that this is not always the case. These results suggest that central banks do not always act optimally when faced with uncertainty. The limited number of industrial country cases examined prevents any generalised view from emerging. If anything, the literature findings suggest that central bank behaviour differs across countries. This thesis aims to contribute to the empirical literature by studying the effects of uncertainty on monetary policy in the developing country case of South Africa. In simplest terms, the thesis seeks to establish whether or not the South African Reserve Bank (SARB) responded optimally to uncertainty as suggested by theoretical models thereof. To this end, the thesis employs a theoretical model which resembles a structural rule-based approach. The optimal interest rate rule was derived given a set of structural equations relating to demand, the Phillips curve and the real exchange rate. To incorporate uncertainty, it is assumed that the coefficients are dependent on the variances of the exogenous variables, namely inflation, the output gap and the exchange rate. The uncertainty adjusted model allows us to investigate whether monetary policy is more aggressive or passive when uncertainty about the relevant exogenous variable increases. Inflation, output gap and exchange rate uncertainty estimates were derived through GARCH-model specifications related to the structural equations as defined in the theoretical model. The investigation considered both indirect and direct uncertainty effects with a sample period stretching from 1990 to 2011. The findings reported in this thesis provide strong evidence in support of the notion that uncertainty plays a significant role within the South African monetary policy landscape and contributes towards explaining the SARB’s actions. Furthermore, the results suggest that the SARB did in fact act optimally in responding more conservatively to target variable fluctuations on average. Also, the findings could potentially strengthen the case for inflation targeting as a monetary policy regime, as the results indicate a marked decline in the effects of uncertainty under inflation targeting than before. / Economics / D. Com. (Economics)

We assess the effects of austerity announcements on investors' perception of the government's solvency across the financial cycle. To do so, we construct a unique news dataset utilizing a newswire database which consists of governmental and parliamentary approvals of austerity measures for 11 European countries. We also follow more regular statements of governmental representatives towards austerity measures. The effects are studied on 10-year sovereign bond yield spreads vis-à-vis Germany during the period 01:2000-12:2019. Implementing pooled OLS regressions, we find significant decreasing effects in the pre-crisis period especially for the GIIPSH group (Greece, Ireland, Italy, Portugal, Spain, and Hungary) and decreasing although not significant effects in the post-crisis period. The crisis period manifests itself with increased surprise effects of announcements. The markets adopted announcements of the GIIPSH group as signals of deteriorating solvency which led to further increases of yield spreads. On the other hand, prudent countries (Czechia, France, Netherlands, Poland, and Slovakia) enjoyed a low sensitivity to their announcements across the cycle. Finally, we find that markets react rather on final announcements of austerity measures than to comments expressed by national representatives....

During the Great Recession of 2007 and 2008, liquidity and credit dried up, threatening the stability of financial institutions, particularly the banking firms. Traditional source of funds from the last resort, the Discount Window of the Federal Reserve System, failed to remedy the liquidity problem. To assuage the liquidity and credit problem, the Federal Reserve System established several emergency lending facilities and provided unprecedented amount of loans to the banking industry. Using a dataset published by Bloomberg LLP in the aftermaths of the financial crisis, which contains daily loan balances from the Fed, I conduct an event study to test whether financial markets are efficient in reflecting all public, anticipated and classified information in security prices. The most important contribution of this dissertation to the finance discipline and literature is the investigation and analysis of the Fed’s unprecedented loans to the banking industry during the Great Recession and the market reaction to it. The second major contribution of this study is the empirical test of strong form efficient market hypothesis, which has not been feasible due to legal data challenges. This dissertation has other contributions to the finance discipline and banking research. First, I develop an algorithm for measuring the amount of borrowing by banks. Second, I introduce a new “loan balance” ratio to traditional list of bank financial ratios. Third, I use event study methodologies to allow for cross-correlation, heteroscedasticity and event induced-variance change in studying US banks’ performance during the Great Recession.