Bunching At 3 Percent The Maastricht Fiscal Criterion And Government Deficits
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Bunching At 3 Percent The Maastricht Fiscal Criterion And Government Deficits
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Author : Francesca G Caselli
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-03
Bunching At 3 Percent The Maastricht Fiscal Criterion And Government Deficits written by Francesca G Caselli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-03 with Business & Economics categories.
This paper estimates the effects of the Maastricht treaty’s fiscal criterion on EU countries’ general government deficits. We combine treatment effects methods with bunching estimation, and find that the 3 percent deficit rule acts as a “magnet”, increasing the number of observations around the threshold, while reducing the occurrence of both large government deficits and surpluses. After the rule is adopted, the distribution of government deficits among EU countries displays 20 percent excess mass around the deficit ceiling compared to a counterfactual distribution in which countries have the same observable characteristics but without the fiscal rule. Most of the bunching response comes from a reduction in the number of high deficit observations. We also find that the average treatment effect on fiscal deficits is positive and statistically significant. Finally, we derive country-specific impacts under a rank invariance assumption and find that all EU countries have seen their fiscal position improve on average as a result of the deficit rule.
Excessive Deficits
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Author : Willem H. Buiter
language : en
Publisher:
Release Date : 1992
Excessive Deficits written by Willem H. Buiter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Budget deficits categories.
The Motives To Borrow
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Author : Antonio Fatás
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-10
The Motives To Borrow written by Antonio Fatás and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-10 with Business & Economics categories.
Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation.
Sovereign Debt
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Author : S. Ali Abbas
language : en
Publisher: Oxford University Press
Release Date : 2019-10-21
Sovereign Debt written by S. Ali Abbas and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-21 with Business & Economics categories.
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.
Green Growth In South Asia
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2023-10-03
Green Growth In South Asia written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-03 with Business & Economics categories.
Notwithstanding global growth weakness and financial pressures, growth in South Asia is expected to remain robust, supported by slower fiscal consolidation than in other EMDEs, strong public investment, and a recovery as financial stress has subsided. Policy challenges include, in the short-term, preserving financial stability and restoring fiscal sustainability and, in the long-term, rekindling investment, and managing an energy transition. Currently, the energy intensity of South Asian economies is almost twice the global average—despite a decline over the past two decades that was almost entirely driven by firm-level, within-sector cuts in energy intensity. The potential benefit of regulatory policies, information interventions, and financial support to help accelerate the diffusion of these technologies, as well as the possibility that these could also lend broader support for countries' development objectives. The transition away from fossil fuels may have considerable labor market impacts. A wide range of policies, including better access to high-quality education, finance, and markets; improved labor mobility; and strengthened social safety nets, will be needed to facilitate the adjustment in labor markets while protecting vulnerable workers.
Public Debt Sustainability
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Author : Barry W. Poulson
language : en
Publisher: Rowman & Littlefield
Release Date : 2022-01-04
Public Debt Sustainability written by Barry W. Poulson and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-04 with Business & Economics categories.
As countries recover from the coronavirus pandemic, they are confronted with an even more challenging debt crisis. Xavier Debrun argues in the foreword that in deciding where we go from here that there is no longer a consensus regarding the optimum design and enforcement of fiscal rules. Rather we must address a series of questions and challenges to the conventional wisdom. This book provides an opportunity for scholars to explore these questions from an international perspective, with reference to European countries, and emerging nations as well as the United States.
Public Spending And The Role Of The State
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Author : Ludger Schuknecht
language : en
Publisher: Cambridge University Press
Release Date : 2020-11-12
Public Spending And The Role Of The State written by Ludger Schuknecht and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-12 with Business & Economics categories.
Up-to-date, holistic and comprehensive discussion of public expenditure, its history, value for money, risks and remedies.
The Cambridge Handbook Of European Monetary Economic And Financial Integration
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Author : Dariusz Adamski
language : en
Publisher: Cambridge University Press
Release Date : 2023-10-12
The Cambridge Handbook Of European Monetary Economic And Financial Integration written by Dariusz Adamski and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-12 with Law categories.
Written by experts in the field, this volume offers an in-depth and forward-looking legal, economic, and political science analysis of the rationale, main features, as well as the shortcomings of European economic, monetary, and financial integration. It is primarily intended for an academic audience and policymakers.
Jean Monnet Aveva Ragione
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Author : Marco Buti
language : it
Publisher: EGEA spa
Release Date : 2023-04-14T00:00:00+02:00
Jean Monnet Aveva Ragione written by Marco Buti and has been published by EGEA spa this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-14T00:00:00+02:00 with Political Science categories.
«Ricostruire meglio» dopo la pandemia e la guerra richiederà decisioni politi-che coraggiose, basate su un’analisi solida, una sicura competenza istituzionale e l’esprit de finesse che sono sempre necessari nel gioco di coordinamento dell’Unione europea. È questa una delle conclusioni di Marco Buti, uno dei pochissimi policy maker europei e internazionali ad aver attraversato nel suo ruolo istituzionale le tre crisi che hanno colpito l’Europa negli ultimi quindici anni: la crisi finanziaria e del debito sovrano, la crisi pandemica e la crisi causata dalla guerra di aggressione della Russia. E se Jean Monnet, uno dei padri dell’Unione europea, affermava che l’Europa sarà forgiata nelle crisi e sarà il risultato delle risposte a tali crisi, Buti sostiene che le politiche europee devono soddisfare il «test di compatibilità di Jean Mon-net», ovvero ottemperare con scelte coerenti sul piano economico, istituzionale e politico. Ne emerge una nuova bussola che aiuta a comprendere le strategie di politica economica dell’Unione e delinea nell’offerta di beni pubblici europei la chiave di volta per favorire la doppia transizione verde e digitale, combatte-re il rischio di stagflazione e aumentare il peso dell’Europa nella governance mondiale. Abbassare il «tasso di sconto» politico dei policy maker nazionali è la conditio sine qua non per portare a termine un simile compito e superare il test con successo.
Second Generation Fiscal Rules
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Author : Luc Eyraud
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-13
Second Generation Fiscal Rules written by Luc Eyraud and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-13 with Business & Economics categories.
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog