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Government Budget Deficits In Large Open Economies
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Book Synopsis Sustaining Domestic Budget Deficits in Open Economies by : Farrokh Langdana
Download or read book Sustaining Domestic Budget Deficits in Open Economies written by Farrokh Langdana and published by Routledge. This book was released on 1989-12-07 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: In both the UK and USA economies the budget deficit remains a central weakness. In the light of this problem this book presents a consistent economic framework for analysing the effects and implications of large bond-financed deficits.
Book Synopsis Government Budget Deficits in Large Open Economies by : Willem H. Buiter
Download or read book Government Budget Deficits in Large Open Economies written by Willem H. Buiter and published by . This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of the Government Budget Constraint by : Stanley Fischer
Download or read book The Economics of the Government Budget Constraint written by Stanley Fischer and published by World Bank Publications. This book was released on 1989 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real and Financial Adjustments to Fiscal Deficits in Growing Open Economies by : Michael M. Hutchison
Download or read book Real and Financial Adjustments to Fiscal Deficits in Growing Open Economies written by Michael M. Hutchison and published by . This book was released on 1985 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Government Deficits in Large Open Economies : The Problem of Too Little Public Debt by : Willem H. Buiter
Download or read book Government Deficits in Large Open Economies : The Problem of Too Little Public Debt written by Willem H. Buiter and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Government Budget Deficits in an Open Economy by : Shuanglin Lin
Download or read book Government Budget Deficits in an Open Economy written by Shuanglin Lin and published by . This book was released on 1989 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sustainability and Optimality of Public Debt by : Michael Carlberg
Download or read book Sustainability and Optimality of Public Debt written by Michael Carlberg and published by Physica. This book was released on 1995-02 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public debt seems to be one of the great issues of the nineties. The United States have turned from the largest creditor of the world to the largest debtor, due to dramatic budget deficits. The European Union tries to build dams against the flood, see the treaty of Maastricht. And in Germany, public debt tends to explo de, doubling within a few years. The reason for this is the immense cost of Ger man unification. I had many helpful talks with my colleague Michael Schmid (now at Bam berg). In addition, Michael Brauninger and Philipp Lichtenauer carefully discus sed with me all parts of the manuscript. Last but not least, Doris Ehrich typed the manuscript as excellently as ever. I would like to thank all of them. Contents INTRODUCTION 3 5 BRIEF SURVEY OF THE LITERATURE PART I. CLOSED ECONOMY 9 CHAPTER I. SOLOW MODEL 11 1. Fixed Deficit Ratio 11 1. 1. Simple Model 11 1. 2. Short-Run Equilibrium 12 1. 3. Long-Run Equilibrium 14 1. 4. Optimal Deficit Ratio 18 1. 5. Optimal Saving Ratio 20 1. 6. Stability 21 1. 7. Shocks 23 1. 8. Budget Surplus 29 1. 9. Numerical Example 32 1. 10. Summary 37 2. Fixed Tax Rate 38 2. 1. Simple Model 38 2. 2. Short-Run Equilibrium 39 2. 3. Long-Run Equilibrium 40 2. 4. Stability 45 2. 5. Shocks 48 2. 6. Optimal Tax Rate 56 2. 7. Optimal Saving Ratio 57 2. 8. Numerical Example 58 2. 9.
Book Synopsis Capturing Four Budget Deficit Theories in a Simple Graphical Model by : Jens Peter Siebel
Download or read book Capturing Four Budget Deficit Theories in a Simple Graphical Model written by Jens Peter Siebel and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The phenomenon of chronic, excessive budget deficits in western democracies has brought on many explanations and interpretations in both the empirical and theoretical literature. However, popular political economy and/or public choice textbooks present those explanations not in an integrated framework but are instead focusing on one special motif to create budget deficits at a time. This is probably owed to the fact that the 'standard' explanations of budget deficit are based on more or less complex economic models which require intertemporal optimization. The analysis of these models is usually technically demanding which leads to the fact that the basic principles of budget deficits and public debt are by and large taught to graduate students only. As an alternative approach we propose a simple graphical model which combines four of the most important political-economic explanations of budget deficits. The non-technical and intuitive setup helps to increase the awareness of undergraduate students with basic microeconomic knowledge. The theories which are in the focus of interest in our model are the following: The first one is the theory of government as a 'Leviathan' in the sense of Brennan and Buchanan (1980), according to which a government tries to extract an extra rent from its citizens by raising tax revenues and budget deficits in excess of what would be needed in order to finance the provision of public goods. The second and third theories belong to the family of strategic deficit theories and can be distinguished according to the groups at which the strategy is aimed. On the one hand, strategic deficits can be aimed at voters in order to secure electoral victory (second theory) either in the next election (e. g. Lizzeri (1999)) or the one after the next (e. g. Lockwood et al. (1996)). On the other hand, strategic deficits can be used by governments in order to constraint the spending decisions of possible successors (e.g. Tabellini and Alesina (1990) or Persson and Svensson (1989), third theory). The latter authors present the appealing idea of a “stubborn” conservative government (Persson and Svensson 1989, 338) which leaves high deficits in order to constrain the liberal successor's public spending and apply this to the fiscal policy of the Reagan administration in the US. Unfortunately these game-theoretic models require analytical skills which tend to go beyond the abilities of most undergraduate students. Finally, the fourth theory deals with the phenomenon of tax competition, which prevents governments from rising taxes excessively as this could lead to a capital flight diminishing the overall welfare of an economy (Alesina and Tabellini, (1990)). We used the model successfully in lectures in macroeconomics in open economies at undergraduate level. Anecdotal evidence from within the lessons suggests that the intuitive way of approaching the deficit topic is not only attractive to the students but also tends to reduce the antipathy against analytically demanding economic models.
Book Synopsis Fiscal Policy and the Current Account by : International Monetary Fund
Download or read book Fiscal Policy and the Current Account written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-05-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the fiscal balance by 1 percentage point of GDP is associated with a current account improvement of 0.2–0.3 percentage point of GDP. This association is as strong in emerging and low-income countries as it is in advanced economies; and significantly higher when output is above potential.
Book Synopsis Tax and Spending Shocks in the Open Economy by : Mathias Klein
Download or read book Tax and Spending Shocks in the Open Economy written by Mathias Klein and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We present evidence on the open economy consequences of US fiscal policy shocks identified through proxy-instrumental variables. Tax shocks and government spending shocks that raise the government budget deficit lead to persistent current account deficits. In particular, the negative response of the current account to exogenous tax reductions through a surge in the demand for imports is among the strongest and most precisely estimated effects. Moreover, we find that the reduction of the current account is amplified when the tax reduction is due to lower personal income taxes and when the government increases its consumption expenditures. Historically, a much larger share of current account dynamics has been due to tax shocks than to government spending shocks.
Book Synopsis Deficits and Intergenerational Welfare in Open Economies by : Torsten Persson
Download or read book Deficits and Intergenerational Welfare in Open Economies written by Torsten Persson and published by . This book was released on 1984 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with public debt in open economies, extending Diamond's overlapping generations model to deal with a small openeconor as well as an international eciuilibrium of two large economies. It focuses on the intergenerational welfare redistributions caused by an increase in the public debt triggered by a period of government budget deficit, and shows that these effects are markedly different in open and closed economies. The interplay between the deficits in the government budget and the current account is also analyzed. Here, it is shown how a single period with a deficit in the government budget can be followed by a seciuence of periods with a deficit in the current account
Book Synopsis How Real is the Federal Deficit? by : Robert Eisner
Download or read book How Real is the Federal Deficit? written by Robert Eisner and published by Simon and Schuster. This book was released on 2010-05-11 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eisner argues that the federal deficit as currently measured is inaccurate and misleading. When inflation is properly accounted for, he points out, a dramatically different picture of the deficit occurs. In light of these new deficit figures, Eisner challenges current eco nomic theory and interpretations of our recent past. He finds that the deficit has not been as large as recently measured and that efforts to reduce the deficit may do more harm than good. This book will spark serious debate among economists and policymakers. The clarity of its arguments and strength of its evidence are convincing. Strongly recommended for academic and large public libraries. Richard C. Schim ing, Economics Dept., Mankato State Univ., Minn. Copyright 1986 Reed Business Information, Inc.
Book Synopsis The Deficit Myth by : Stephanie Kelton
Download or read book The Deficit Myth written by Stephanie Kelton and published by PublicAffairs. This book was released on 2020-06-09 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
Book Synopsis Macroeconomics by : Robert James Gordon
Download or read book Macroeconomics written by Robert James Gordon and published by Addison Wesley. This book was released on 1998 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: The real-world applications, examples and theories cited in this textbook on Macroeconomics place economic issues in an international context.
Book Synopsis The Effectiveness of Fiscal Policy in Stimulating Economic Activity by : Richard Hemming
Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Book Synopsis Guidelines for Public Expenditure Management by : Mr.Jack Diamond
Download or read book Guidelines for Public Expenditure Management written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 1999-07-01 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.
Book Synopsis How Big (Small?) are Fiscal Multipliers? by : Ethan Ilzetzki
Download or read book How Big (Small?) are Fiscal Multipliers? written by Ethan Ilzetzki and published by International Monetary Fund. This book was released on 2011-03-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we find that (i) the output effect of an increase in government consumption is larger in industrial than in developing countries, (ii) the fisscal multiplier is relatively large in economies operating under predetermined exchange rate but zero in economies operating under flexible exchange rates; (iii) fiscal multipliers in open economies are lower than in closed economies and (iv) fiscal multipliers in high-debt countries are also zero.
