The govern-
ment's response to external shocks, i.e. the April budget revision...2002 2003 2004 2005 2006 20092007 2008
16
Macroeconomic Environment
The...
Exchange Rate
Balance of Payments
Money Marke t and Interest Rates
State Budget...for a long
period (currently they are slightly
Interest Rates and State...
Although the related financial transactions are
not included in the budget, they...Claims on central government and funds are loans and overdue
claims on the...
The budget con-
straint faced by the residents in country j at time t, after history...}
t S
t
t s t
B s ,s
+ ∈
∞
+
=1
1
0
, to maximize (2)
subject to the...
