economic
activity and restrictions of the growth on the expenditure side of the budget...but this is partly the result of value added tax payments
into the government...
However, low cyclical sensitivity of the budget doesn’t mean that a lower safety...exert
downward pressure on long yields, reducing the costs of financing the...
Data
In our analysis we use micro data from the Households budget survey (HBS...100.00 100.00 100.00
Source: authors' calculations based on the Household...
