We present a detailed analysis of the dynamical regimes observed in a balanced network of identical quadratic integrate-and-fire neurons with sparse connectivity for homogeneous and heterogeneous in-degree distributions. Depending on the parameter values, either an asynchronous regime or periodic oscillations spontaneously emerge. Numerical simulations are compared with a mean-field model based on a self-consistent Fokker-Planck equation (FPE). The FPE reproduces quite well the asynchronous dynamics in the homogeneous case by either assuming a Poissonian or renewal distribution for the incoming spike trains. An exact self-consistent solution for the mean firing rate obtained in the limit of infinite in-degree allows identifying balanced regimes that can be either mean- or fluctuation-driven. A low-dimensional reduction of the FPE in terms of circular cumulants is also considered. Two cumulants suffice to reproduce the transition scenario observed in the network. The emergence of periodic collective oscillations is well captured both in the homogeneous and heterogeneous setups by the mean-field models upon tuning either the connectivity or the input DC current. In the heterogeneous situation, we analyze also the role of structural heterogeneity.