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This paper provides a conceptual overview of economists' attempts to learn about the effects of taxes on extractive resources. The emphasis is on research methods and techniques, with no attempt to provide a comprehensive tabulation of previous empirical results or policy conclusions regarding preferred tax instruments or systems. We argue, in fact, that the nature of such conclusions largely depends on the researcher's choice of modeling framework. Many alternative frameworks and approaches have been developed in the literature. Our goal is to describe the differences among them and to note their strengths and limitations.

This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between advanced and developing economies. Fiscal transparency is measured by an index based on the IMF's Reports on the Observance of Standards and Codes (ROSCs). We find that fiscal transparency has a positive and significant effect on ratings, but it works through different channels in advanced and developing economies. In advanced economies the indirect effect of transparency through better fiscal outcomes is more significant whereas for developing economies the direct uncertainty-reducing effect is more relevant. Our results suggest that a one standard deviation improvement in fiscal transparency index is associated with a significant increase in credit ratings: by 0.7 and 1 notches in advanced and developing economies respectively.

Institutions that aim to constrain policy discretion in order to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in fiscal councils – independent watchdogs active in the public debate – has grown rapidly in recent years. In this paper, we present the first cross-country dataset summarising key characteristics of fiscal councils among International Monetary Fund members. The data document a surge in the number of fiscal councils since the 2008–09 economic and financial crisis, and also illustrate that well-designed fiscal councils are associated with stronger fiscal performance and better macro-economic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate and the monitoring of compliance with fiscal policy rules.

The Austrian government is about to introduce a new fiscal management framework. The first step is to introduce a medium-term budgetary framework, including an expenditure rule. The paper focuses on this first step. The purpose is to describe and evaluate the Austrian model in light of other countries' experiences with their frameworks. An attempt is made to identify features that have proven to be effective elsewhere and that can be applied to the Austrian case. The paper also identifies potential challenges and possible trade-offs when implementing the framework.

The main objective of this research is to analyze the complex interdependencies between economic growth, measured by GDP per capita, fiscal performance, and investment in physical capital. The analysis of how these variables influence each other, both in the long and short term, was conducted using the econometric Vector Error Correction Model (VECM). By testing hypotheses confirmed in the specialized literature regarding the relationships between tax revenues, public expenditures, and capital formation, the paper aims to contribute to the development of the academic foundation that supports policymakers and authorities in promoting effective and sustainable economic policies. To this end, we investigated how efficient taxation can stimulate economic growth, as well as the impact of an excessive fiscal burden on economic motivation. In addition, the relationships between tax revenues and public expenditures, the impact of economic growth on capital formation, and the influence of fiscal performance on government borrowing and long-term economic stability were examined. The existence of cointegration relationships among the variables suggests that they evolve along a common long-term equilibrium path, despite short-term fluctuations, with the results outlining the contribution of public expenditures and tax revenues to supporting a sustainable trajectory of real GDP. Shocks to fiscal pressure generate propagated effects on other economic components, including GDP and investment, demonstrating the systemic nature of fiscal transmission. The variance decomposition highlighted the significant contribution of fiscal variables to the evolution of net liquidity and fiscal pressure, indicating their importance in macroeconomic dynamics. Therefore, the formulation of effective economic policies must take into account the complexity of the relationships among economic variables. A balance between taxation, public expenditures, and investment in physical capital is essential for ensuring sustainable economic growth, while fiscal policy must be adapted to respond promptly to economic shocks in order to maintain long-term macroeconomic equilibrium.