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Government Ponzi Games And Debt Dynamics Under Uncertainty
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Book Synopsis Government Ponzi Games and Debt Dynamics Under Uncertainty by : Mr.Carlo Cottarelli
Download or read book Government Ponzi Games and Debt Dynamics Under Uncertainty written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1991-12-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the conditions for sustainability of debt roll-over schemes under uncertainty. In contrast with the requirements identified in recent research, we show that a necessary and sufficient condition for sustainability of such schemes is that the asymptotic interest rate on government debt be lower than the asymptotic growth rate of the economy, a natural extension of a familiar criterion in a deterministic framework. However, we also show that for realistic parameter values, Ponzi games that are sustainable in the long run may display explosive patterns over relatively long horizons. This may explain why governments may be reluctant to play Ponzi games even when they are feasible in the long run.
Book Synopsis Government Ponzi Games and Debt Dynamics Under Uncertainty by : Leonardo Bartolini
Download or read book Government Ponzi Games and Debt Dynamics Under Uncertainty written by Leonardo Bartolini and published by . This book was released on 2006 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the conditions for sustainability of debt roll-over schemes under uncertainty. In contrast with the requirements identified in recent research, we show that a necessary and sufficient condition for sustainability of such schemes is that the asymptotic interest rate on government debt be lower than the asymptotic growth rate of the economy, a natural extension of a familiar criterion in a deterministic framework. However, we also show that for realistic parameter values, Ponzi games that are sustainable in the long run may display explosive patterns over relatively long horizons. This may explain why governments may be reluctant to play Ponzi games even when they are feasible in the long run.
Book Synopsis Government Ponzi Games and Debt Dynamic Under Uncertainty by : L. Bartolini
Download or read book Government Ponzi Games and Debt Dynamic Under Uncertainty written by L. Bartolini and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Efficiency, the Rickless Rate and Debt by : Olivier J. Blanchard
Download or read book Dynamic Efficiency, the Rickless Rate and Debt written by Olivier J. Blanchard and published by . This book was released on 2001 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a dynamically efficienct economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of production economies with zero growth, this paper shows that such Ponzi games may be infeasible even when the average rate of return on bonds is negative, and may be feasible even when the average rate of return on bonds is positive. The paper then reveals the structure which underlies these examples. Keywords: Dynamic efficiency, pareto optimality, bubbles, Ponzi games, public debt, riskless rate.
Book Synopsis Dynamic Efficiency and Debt Ponzi Games Under Uncertainty by : Olivier Blanchard
Download or read book Dynamic Efficiency and Debt Ponzi Games Under Uncertainty written by Olivier Blanchard and published by . This book was released on 1990 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Efficiency, the Riskless Rate and Debt Ponzi Games Under Uncertainty by : Olivier J. Blanchard
Download or read book Dynamic Efficiency, the Riskless Rate and Debt Ponzi Games Under Uncertainty written by Olivier J. Blanchard and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a dynamically efficienct economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of production economies with zero growth, this paper shows that such Ponzi games may be infeasible even when the average rate of return on bonds is negative, and may be feasible even when the average rate of return on bonds is positive. The paper then reveals the structure which underlies these examples.
Book Synopsis Dynamic efficiency, the riskless rate, and debt ponzi games under uncertainty by : Olivier Blanchard
Download or read book Dynamic efficiency, the riskless rate, and debt ponzi games under uncertainty written by Olivier Blanchard and published by . This book was released on 1992 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Government Ponzi Games and Debt Dynamics Under Uncertainty by : Mr.Leonardo Bartolini
Download or read book Government Ponzi Games and Debt Dynamics Under Uncertainty written by Mr.Leonardo Bartolini and published by International Monetary Fund. This book was released on 1991-12 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the conditions for sustainability of debt roll-over schemes under uncertainty. In contrast with the requirements identified in recent research, we show that a necessary and sufficient condition for sustainability of such schemes is that the asymptotic interest rate on government debt be lower than the asymptotic growth rate of the economy, a natural extension of a familiar criterion in a deterministic framework. However, we also show that for realistic parameter values, Ponzi games that are sustainable in the long run may display explosive patterns over relatively long horizons. This may explain why governments may be reluctant to play Ponzi games even when they are feasible in the long run.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451956940 Total Pages :220 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers, Volume 39 No. 1 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers, Volume 39 No. 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1992-01-01 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on exchange rate economics. Two main views of exchange rate determination have evolved since the early 1970s: the monetary approach to the exchange rate (in flexible-price, sticky-price, and real interest differential formulations); and the portfolio balance approach. In this paper, the literature on these views is surveyed, followed by a discussion of the empirical evidence and likely future developments in the area of exchange rate determination. The literature on foreign exchange market efficiency, exchange rates and “news,” and international parity conditions is also reviewed.
Book Synopsis Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Rules—Anchoring Expectations for Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-11 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
Book Synopsis Market Discipline by : Mr.Timothy D. Lane
Download or read book Market Discipline written by Mr.Timothy D. Lane and published by International Monetary Fund. This book was released on 1992-06-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under what circumstances can market forces prevent unsustainable borrowing? Effective market discipline requires that capital markets be open, that; information on the borrower’s existing liabilities be readily available, that no bailout be anticipated, and that the borrower respond to market signals. This paper explores the implications of these conditions, and reviews some relevant empirical evidence.
Download or read book Sovereign Debt written by S. Ali Abbas and published by Oxford University Press, USA. This book was released on 2019 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book 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.
Download or read book The Euro Crisis written by P. Arestis and published by Springer. This book was released on 2012-04-05 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed and informed analysis of the current crisis facing the eurozone, examining the root causes and exploring the possible outcomes and uncertain future of the European Union and its currency. Chapters include case studies of Portugal, Ireland, Spain and Greece, as well as broader comparative perspectives.
Book Synopsis Market Behaviour and Macroeconomic Modelling by : Simon Kuipers
Download or read book Market Behaviour and Macroeconomic Modelling written by Simon Kuipers and published by Springer. This book was released on 1998-11-12 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market Behaviour and Macroeconomic Modelling discusses several state-of-the-art developments in the modelling approach to market behaviour in macroeconomic modelling. Leading experts in this field, deal with the implications of market imperfections in commodity markets, capital markets and labour markets for macroeconomic modelling and stabilization policy. They demonstrate that incorporating market imperfections leads to very different policy recommendations than those derived from the standard perfect competition model.
Book Synopsis Stabilizing an Unstable Economy by : Hyman P. Minsky
Download or read book Stabilizing an Unstable Economy written by Hyman P. Minsky and published by McGraw Hill Professional. This book was released on 2008-05-01 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781589064539 Total Pages :410 pages Book Rating :4.0/5 (645 download)
Book Synopsis Dollars, Debt, and Deficits by : International Monetary Fund
Download or read book Dollars, Debt, and Deficits written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-09-01 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the challenges facing the international monetary and financial system, as well as the future role of the Bretton Woods institutions in addressing those challenges. The volume is based on the proceedings of a 2004 conference cosponsored by the Banco de Espana and the International Monetary Fund to commemorate the 60th anniversary of the Bretton Woods meetings in July 1944. The chapters look at global imbalances, exchange rate issues, debt in emerging economies, and innovations in private and multilateral lending.
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.
