Essays On Fiscal Policy And Public Debt Sustainability

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Essays on Fiscal Policy and Public Debt Sustainability

Author : Pierre Aldama
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Essays on Fiscal Policy and Public Debt Sustainability by : Pierre Aldama

Download or read book Essays on Fiscal Policy and Public Debt Sustainability written by Pierre Aldama and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contributes to the analysis of public debt sustainability and fiscal rules. It starts from the multiple empirical evidence that points to the existence of unsustainable fiscal regimes during which fiscal policy does not increase its primary surplus following an increase of public debt. Do unsustainable fiscal regimes necessarily threaten the long-run sustainability of public debt? If not, how long can fiscal policy be periodically unsustainable without being globally unsustainable? The first chapter answers theoretically this question and proposes a Regime-Switching ModelBased Sustainability (RS-MBS) test. We study a Markov-switching fiscal policy rule, which displays an unsustainable fiscal regime, and derive sufficient conditions for the No-Ponzi Game condition and for a globally stable public debt-to-GDP ratio. The second chapter proposes an empirical application of the RS-MBS to France's fiscal policy between 1962 and 2013. It shows that taking into account regime switches can overturn former results and conclude that France's public debt has been sustainable overall the period. The third chapter considers another case of unsustainable regime, when fiscal policy is constrained by the fiscal limit, and studies the effect of public debt maturity on the debt limit. We show that longer debt maturities do not increase the stochastic default threshold when sovereign default is triggered by bad productivity shocks. Finally, the fourth chapter proposes a critical appraisal of the fiscal architecture of the EMU, based on a literature survey about fiscal sustainability, monetary-fiscal interactions and fiscal rules in monetary unions.

Essays on Fiscal Policy and Public Debt Sustainability

Author : Lin Lang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)

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Book Synopsis Essays on Fiscal Policy and Public Debt Sustainability by : Lin Lang

Download or read book Essays on Fiscal Policy and Public Debt Sustainability written by Lin Lang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Quantifying the Sustainability of Public Debt

Author : Cansın Kemal Can
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1527570789
Total Pages : 156 pages
Book Rating : 4.5/5 (275 download)

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Book Synopsis Quantifying the Sustainability of Public Debt by : Cansın Kemal Can

Download or read book Quantifying the Sustainability of Public Debt written by Cansın Kemal Can and published by Cambridge Scholars Publishing. This book was released on 2021-06-09 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite its beneficial aspects, public debt can be hazardous for macroeconomic performance should it reach unrepayable levels as a consequence of snowballing explosive trends. Failure to monitor the existing trend in public debt in order to detect such divergences from the stable path, and the lack of an adaptive public financial management can potentially culminate in a public debt crisis whose disruptive economic impacts can permeate all sectors of the economy very swiftly. However, public debt sustainability is a vague concept with no straightforward operational definitions. In addition, its multi-faceted nature is an impediment for the implementation of real-world appraisal of the fiscal posture from a stability viewpoint. As such, quantifying the public debt sustainability is essential for overhauling the fiscal policies so as to avoid a potential debt crisis stemming from malfunctioning fiscal policies. This book provides the reader with a practical and straightforward framework that outlines a tool for undertaking public debt sustainability analysis. In order to guide further empirical investigations, the discussion in this book is underpinned by a real-world application of the model which highlights the practical aspects of the tool with reference to time-varying empirical evidence from a developing country.

Public Debt, Sustainability and Economic Growth

Author : Alfred Greiner
Publisher : Springer
ISBN 13 : 3319093487
Total Pages : 284 pages
Book Rating : 4.3/5 (19 download)

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Book Synopsis Public Debt, Sustainability and Economic Growth by : Alfred Greiner

Download or read book Public Debt, Sustainability and Economic Growth written by Alfred Greiner and published by Springer. This book was released on 2014-10-14 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for models with complete labor markets as well as taking into account labor market imperfections. The focus in this book is on fiscal policy issues, but it also deals with monetary policy aspects. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.

Restoring Public Debt Sustainability

Author : George Kopits
Publisher : OUP Oxford
ISBN 13 : 0191665428
Total Pages : 300 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis Restoring Public Debt Sustainability by : George Kopits

Download or read book Restoring Public Debt Sustainability written by George Kopits and published by OUP Oxford. This book was released on 2013-10-17 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions represents the first comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances through real-time monitoring of the soundness of budgetary policymaking. The chapters, authored by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs. Consequently, useful lessons and implications are drawn for the design and practical operation of such institutions. The timeliness of the volume is underscored by the potential role of fiscal watchdogs in containing the public debt crisis that has engulfed a number of countries. Indeed, the recent proliferation of these institutions has been in response to the need for enhancing policy credibility of highly indebted governments in financial markets and, more generally, for strengthening the quality of economic governance. The first part of the book deals with key analytical and institutional issues: the political environment, the scope and limits of these institutions, the delegation of monetary policymaking to an independent body, and the implications of rising public indebtedness. The second part contains case studies of institutions that, for the most part, were born as a result of domestic political developments. The third part presents the experience of institutions whose origins can be traced directly or indirectly to an earlier or a recent financial crisis. The chapters are written from a multidisciplinary - economic, financial, political, legal - perspective, intended for academics, researchers, and practitioners alike.

Essays on Government Growth, Fiscal Policy and Debt Sustainability

Author : Jan Kuckuck
Publisher :
ISBN 13 :
Total Pages : 522 pages
Book Rating : 4.:/5 (914 download)

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Book Synopsis Essays on Government Growth, Fiscal Policy and Debt Sustainability by : Jan Kuckuck

Download or read book Essays on Government Growth, Fiscal Policy and Debt Sustainability written by Jan Kuckuck and published by . This book was released on 2014 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Public Debt Sustainability Under Uncertainty

Author : Rossen Rozenov
Publisher : International Monetary Fund
ISBN 13 : 1475587023
Total Pages : 28 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Public Debt Sustainability Under Uncertainty by : Rossen Rozenov

Download or read book Public Debt Sustainability Under Uncertainty written by Rossen Rozenov and published by International Monetary Fund. This book was released on 2017-03-13 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper offers an approach to assessing the sustainability of public debt taking into account the effect of fiscal policy on output, as well as uncertainty in the model parameters and system dynamics. Uncertainty is specified in general terms, and the analysis is based on the notion of invariant sets. Examples are provided to illustrate how the method can be applied in practice.

Essays on Fiscal Policy and the Pricing of Sovereign Debt

Author : Fraser William Knox
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (141 download)

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Book Synopsis Essays on Fiscal Policy and the Pricing of Sovereign Debt by : Fraser William Knox

Download or read book Essays on Fiscal Policy and the Pricing of Sovereign Debt written by Fraser William Knox and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays which relate to the conduct of fiscal policy and the pricing of sovereign debt. The first chapter examines the credibility of official budgetary projections produced by the fiscal authorities of EU member states, as required under the provisions of the Stability and Growth Pact. Drawing upon existing studies, evidence is presented which demonstrates that these official projections are characterised by optimism bias, i.e. announced budgetary adjustments persistently falls short of those observed in practice. This chapter contributes to the existing literature by identifying a systematic link between the magnitude of this optimism bias and the degree of fragmentation which characterises the government: whereby greater fragmentation of this type coincides with a tendency to submit more optimistic projections. Numerical fiscal rules are then considered as a mechanism for improving the credibility of these projections and it shown that budgetary strictures of this form have been effective in reducing the optimism bias which emerges when government fragmentation increases. The second chapter investigates the relative importance of systematic risk and conventional fiscal indicators in characterising the default risks of EMU member states and as potential explanations of pricing disparities which exist between public debt securities issued by these countries. Using both a portfolio approach and Fama and Macbeth cross-sectional regressions it is demonstrated that measures of systematic default risk (approximated by an issuer's default beta) and fiscal indicators overlap in the manner of risks which they represent. It is also shown that the common variation which exists between these alternate measures is relevant in explaining difference in the excess returns on EMU public debt securities in sample periods which both include and exclude the recent sovereign debt crisis. The third and final chapter uses a panel data model to examine yield spreads on ten-year public debt securities issued by EMU sovereign nations from 2005 to 2012. Existing studies have highlighted that there are (at times) substantial discrepancies between the spreads implied this class of model and the value of spreads observed in practice, particularly since the advent of the sovereign debt crisis in late 2009. Evidence of this nature has been used to substantiate arguments that financial markets have incorrectly priced the relative risks associated with these securities given that their prices cannot be related to an assumed fundamental basis. In this chapter I present an alternative account of evolutions in EMU yield spreads during the crisis which focuses upon the scale of macroeconomic imbalances characterising certain member states and their implications for public debt sustainability. It is shown that once these factors are taken into account up to 83% of the observed variation in yield spreads can be explained over this period. These results re-establish the importance of fundamentals in understanding market based perceptions of sovereign default risk during the crisis.

Essays in Debt Sustainability, Effects of Institutional Changes on Fiscal Policy in the Euro Area and Consumption Responses to a Shock in Public Salaries

Download Essays in Debt Sustainability, Effects of Institutional Changes on Fiscal Policy in the Euro Area and Consumption Responses to a Shock in Public Salaries PDF Online Free

Author : Václav Ždárek
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis Essays in Debt Sustainability, Effects of Institutional Changes on Fiscal Policy in the Euro Area and Consumption Responses to a Shock in Public Salaries by : Václav Ždárek

Download or read book Essays in Debt Sustainability, Effects of Institutional Changes on Fiscal Policy in the Euro Area and Consumption Responses to a Shock in Public Salaries written by Václav Ždárek and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fiscal Policy and Long-Term Growth

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344658
Total Pages : 257 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund

Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.

Essays on Fiscal Policy, Public Debt and Financial Development

Author : Alfredo Schclarek Curutchet
Publisher :
ISBN 13 :
Total Pages : 105 pages
Book Rating : 4.:/5 (185 download)

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Book Synopsis Essays on Fiscal Policy, Public Debt and Financial Development by : Alfredo Schclarek Curutchet

Download or read book Essays on Fiscal Policy, Public Debt and Financial Development written by Alfredo Schclarek Curutchet and published by . This book was released on 2006 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Quantifying the Sustainability of Public Debt

Author : CANSIN KEMAL. CAN
Publisher : Cambridge Scholars Publishing
ISBN 13 : 9781527569850
Total Pages : pages
Book Rating : 4.5/5 (698 download)

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Book Synopsis Quantifying the Sustainability of Public Debt by : CANSIN KEMAL. CAN

Download or read book Quantifying the Sustainability of Public Debt written by CANSIN KEMAL. CAN and published by Cambridge Scholars Publishing. This book was released on 2021-08 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite its beneficial aspects, public debt can be hazardous for macroeconomic performance should it reach unrepayable levels as a consequence of snowballing explosive trends. Failure to monitor the existing trend in public debt in order to detect such divergences from the stable path, and the lack of an adaptive public financial management can potentially culminate in a public debt crisis whose disruptive economic impacts can permeate all sectors of the economy very swiftly. However, public debt sustainability is a vague concept with no straightforward operational definitions. In addition, its multi-faceted nature is an impediment for the implementation of real-world appraisal of the fiscal posture from a stability viewpoint. As such, quantifying the public debt sustainability is essential for overhauling the fiscal policies so as to avoid a potential debt crisis stemming from malfunctioning fiscal policies. This book provides the reader with a practical and straightforward framework that outlines a tool for undertaking public debt sustainability analysis. In order to guide further empirical investigations, the discussion in this book is underpinned by a real-world application of the model which highlights the practical aspects of the tool with reference to time-varying empirical evidence from a developing country.

Sustainability of Public Debt

Author : Reinhard Neck
Publisher : MIT Press (MA)
ISBN 13 : 9780262280495
Total Pages : 280 pages
Book Rating : 4.2/5 (84 download)

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Book Synopsis Sustainability of Public Debt by : Reinhard Neck

Download or read book Sustainability of Public Debt written by Reinhard Neck and published by MIT Press (MA). This book was released on 2008 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, governments have built up substantial public debt, which is often accompanied by a growing public sector and fiscal policies that neglect long-term considerations. The contributors to this CESifo volume consider whether the development of public debt in the United States and six EU countries is sustainable--that is, whether fiscal policies in these countries can be continued without creating the potential for government bankruptcy. The sustainability of public debt presents a challenge not only to public policy design but also to economic theory. This collection is the first book-length analysis of the theoretical foundations of public debt sustainability concepts and their application to the empirical study of actual budgetary policies. Conditions for public debt sustainability are derived and applied to various institutional environments. Country studies cover the United States, Italy, the Netherlands, Austria, Denmark, the United Kingdom, and Switzerland, with special emphasis in the EU chapters on the fiscal criteria for entrance into the European Monetary Union and the Stability and Growth Pact. The contributors find that in most countries, fiscal policy turns out to be sustainable in the long run and that all countries (with the possible exception of Italy) were able to return to a sustainable path after a period of unsustainability.ContributorsTorben M. Andersen, Roel M. W. J. Beetsma, Henning Bohn, Marco Buti, Sylvester Eijffinger, Lars P. Feld, Daniele Franco, Emma Galli, Olaf de Groot, Gottfried Haber, Jakob de Haan, Andrew Hughes Hallett, Svend E. Hougaard Jensen, Gebhard Kirchg�ssner, Reinhard Neck, Fabio Padovano, Lars Haagen Pedersen, Jan-Egbert Sturm, Koen Vermeylen Reinhard Neck is Professor of Economics at Klagenfurt University, Austria. Jan-Egbert Sturm is Professor of Applied Microeconomics and Director of KOF Swiss Economic Institute at the ETH Zurich.

What is a Sustainable Public Debt?

Author : Pablo D'Erasmo
Publisher :
ISBN 13 :
Total Pages : 77 pages
Book Rating : 4.:/5 (921 download)

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Book Synopsis What is a Sustainable Public Debt? by : Pablo D'Erasmo

Download or read book What is a Sustainable Public Debt? written by Pablo D'Erasmo and published by . This book was released on 2015 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of what is a sustainable public debt is paramount in the macroeconomic analysis of fiscal policy. This question is usually posed as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (i.e. whether fiscal solvency conditions hold). We identify critical flaws in the traditional approach to evaluate debt sustainability, and examine three alternative approaches that provide useful econometric and model-simulation tools to analyze debt sustainability. The first approach is Bohn's non-structural empirical framework based on a fiscal reaction function that characterizes the dynamics of sustainable debt and primary balances. The second is a structural approach based on a calibrated dynamic general equilibrium framework with a fully specified fiscal sector, which we use to quantify the positive and normative effects of fiscal policies aimed at restoring fiscal solvency in response to changes in debt. The third approach deviates from the others in assuming that governments cannot commit to repay their domestic debt, and can thus optimally decide to default even if debt is sustainable in terms of fiscal solvency. We use these three approaches to analyze debt sustainability in the United States and Europe after the recent surge in public debt following the 2008 crisis, and find that all three raise serious questions.

Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis

Author : Internationaler Währungsfonds
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis by : Internationaler Währungsfonds

Download or read book Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis written by Internationaler Währungsfonds and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modernizing the framework for fiscal policy and public debt sustainability analysis (DSA) has become necessary, particularly in light of the recent crisis and rising sustainability concerns in some advanced economies. While recognizing the inherently challenging nature of such analysis, this paper highlights areas where improvements are needed and makes both general and specific proposals on how this could be achieved. It also proposes to move to a risk-based approach to DSAs for all market-access countries, where the depth and extent of analysis would be commensurate with concerns regarding sustainability, while a reasonable level of standardization would be maintained.

Essays in Public Economics

Author : Beatrice Mäder
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (15 download)

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Book Synopsis Essays in Public Economics by : Beatrice Mäder

Download or read book Essays in Public Economics written by Beatrice Mäder and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis contains three essays in public economics. The first two chapters are concerned with the sustainability of government finances. The third chapter examines the effect of physician coverage on infant mortality. The first chapter investigates the effect of parliamentary supermajority voting requirements for the adoption of new expenditures on government spending. I analyse the introduction of supermajority voting rules in three Swiss cantons in the 1990s. I consider total current expenditures as well as spending on security, education and social security. This allows to investigate whether higher voting quorums lead to substitution effects between goods mainly public and goods mainly private in nature. The results suggest that supermajority voting rules in a legislature have no effect on expenditures independent of the necessary voting quorum and the expenditure type. The second chapter aims to calculate maximum sustainable debt ratios in advanced economies. We estimate a model based on countries' economic fundamentals. The model incorporates feedback effects between interest rates and debt ratios, allows for multi-period debt and considers different fiscal policy scenarios. Simulation methods are used to solve the model. We apply the model to a sample of 17 advanced economies. Our simulation results suggest that in a number of industrial countries a continuation of current fiscal policies is not compatible with long-run debt sustainability. The third chapter examines the effect of physician coverage on infant mortality and the incidence of common childhood diseases. We utilise historical data and variation in the regional physician density provided by discriminatory policies in Germany in 1933, when Jewish physicians were expulsed from health insurance schemes and subsequently emigrated in large numbers. The results indicate that increasing the supply of physicians can substantially reduce infant mortality, stillbirth.

Sovereign Debt

Author : S. Ali Abbas
Publisher : Oxford University Press
ISBN 13 : 0192591398
Total Pages : 288 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis Sovereign Debt by : S. Ali Abbas

Download or read book Sovereign Debt written by S. Ali Abbas and published by Oxford University Press. This book was released on 2019-10-21 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude -for better and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject. Sovereign Debt brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic. It explores debt management with debt sustainability; debt reduction policies with crisis prevention policies; and the history with the conjuncture. It is a foundation text for all those interested in sovereign debt, with a particular focus real world examples and issues.