Debt And Entanglements Between The Wars
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Debt And Entanglements Between The Wars
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Author : Mr.Thomas J Sargent
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-08
Debt And Entanglements Between The Wars written by Mr.Thomas J Sargent 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 2019-11-08 with Business & Economics categories.
World War I created a set of forces that affected the political arrangements and economies of all the countries involved. This period in global economic history between World War I and II offers rich material for studying international monetary and sovereign debt policies. Debt and Entanglements between the Wars focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, and Japan, offering unique insights into how political and economic interests influenced alliances, defaults, and the unwinding of debts. The narratives presented show how the absence of effective international collaboration and resolution mechanisms inflicted damage on the global economy, with disastrous consequences.
Re Imagining Sovereign Debt In International Law Through The Lens Of Socio Economic Rights
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Author : Muhammad Bello
language : en
Publisher: Pretoria University Law Press
Release Date : 2024-07-22
Re Imagining Sovereign Debt In International Law Through The Lens Of Socio Economic Rights written by Muhammad Bello and has been published by Pretoria University Law Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-07-22 with Law categories.
Re-imagining sovereign debt examines the extent to which sovereign debtors’ contractual obligations may be honoured where the socio-economic rights of their citizens face clear danger of non-realisation. It critiques the foundational legal paradigm that influences and shapes the substance of the sovereign debt regime. In doing this, the author employs legal theory to show the inadequacies of the regime in terms of its failure to embrace the dynamism of sovereign debt which he characterises as a debt with a complex mix of public-private elements, hybridity of norms and multiplicity of interests beyond the two-sided creditor-debtor matrix. By locating socio-economic rights in all critical phases of the regime, the author shows that the recurring circles of debt crises are linked to the continuing influence of the private law paradigm. The book offers a fresh perspective to re-imagine sovereign debt using insights from transnational legal theorists and advocates prioritising socio-economic rights considerations in debt contracting, restructuring and adjudication through a more concrete recognition of creditors’ responsibilities. Re-imagining sovereign debt will interest lawyers, policymakers, diplomats, scholars and researchers interested in the law, history and politics of sovereign debt.
Public Debts And National Sovereignty From The 12th To The 21st Century
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Author : Michel Fouquin
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2024-07-15
Public Debts And National Sovereignty From The 12th To The 21st Century written by Michel Fouquin and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-07-15 with Business & Economics categories.
Following a series of crises of exceptional gravity, in 2008, the world economy entered a phase of high and growing indebtedness that fragilized its system on its financial grounds. On top of this, the dramatic prospects of the cost to fight climate deregulation will weight for at least two decades on our public finances. History shows that since the time the Italian city-states invented perpetual public debt to protect their monopoly over international trade, the world has been through long cycles of indebtedness and deleveraging. Through many experiences, developed countries have limited the cases of default on their debts, however defeated countries like Germany and Japan did not escape major failures. On the other hand, many emerging countries are more prone to default due to weak financial institutions and currencies. What could we learn from these experiments for our current situation? One central point is that, without doubt, solidarity, and cooperation between all nations of the world to fight climate deregulation and to share the costs is necessary. The risks of fragmentation on these issues would be disastrous. The second central point is making large multinationals and very wealthy people take on a fair share of the burden, notably by eliminating tax heavens.
Finance Development December 2019
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Author : International Monetary Fund. Communications Department
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-06
Finance Development December 2019 written by International Monetary Fund. Communications Department 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 2019-12-06 with Business & Economics categories.
This issue of Finance & Development looks at the economic and financial impact of climate policy choices. It points to concrete solutions that offer growth opportunities, driven by technological innovation, sustainable investment, and a dynamic private sector. The private sector can stop supporting or subsidizing industries and activities that damage the planet and instead invest in sustainable development. Governments can roll out policies to fight climate change and the destruction of nature. The paper highlights that technological change and innovations are central to longer-term efforts to mitigate climate change by developing alternatives to fossil fuels. A new, sustainable financial system is under construction. It is funding the initiatives and innovations of the private sector and amplifying the effectiveness of governments’ climate policies—it could even accelerate the transition to a low-carbon economy. The Bank of England’s latest survey finds that almost three-quarters of banks are starting to treat the risks from climate change like other financial risks—rather than viewing them simply as a corporate social responsibility. Banks have begun to consider the most immediate physical risks to their business models—from the exposure of mortgage books to flood risk to the impact of extreme weather events on sovereign risk.
The Long Shadow Of Default
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Author : David James Gill
language : en
Publisher: Yale University Press
Release Date : 2022-10-25
The Long Shadow Of Default written by David James Gill and has been published by Yale University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-25 with Business & Economics categories.
Rethinking the causes and consequences of Britain’s default on its First World War debts to the United States of America The Long Shadow of Default focuses on an important but neglected example of sovereign default between two of the wealthiest and most powerful democracies in modern history. The United Kingdom accrued considerable financial debts to the United States during and immediately after the First World War. In 1934, the British government unilaterally suspended payment on these debts. This book examines why the United Kingdom was one of the last major powers to default on its war debts to the United States and how these outstanding obligations affected political and economic relations between both governments. The British government’s unpaid debts cast a surprisingly long shadow over policymaking on both sides of the Atlantic. Memories of British default would limit transatlantic cooperation before and after the Second World War, inform Congressional debates about the economic difficulties of the 1970s, and generate legal challenges for both governments up until the 1990s. More than a century later, the United Kingdom’s war debts to the United States remain unpaid and outstanding. David James Gill provides one of the most detailed historical analyses of any sovereign default. He brings attention to an often-neglected episode in international history to inform, refine, and sometimes challenge the wider study of sovereign default.
The Fiscal Theory Of The Price Level
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Author : John H. Cochrane
language : en
Publisher: Princeton University Press
Release Date : 2023-01-17
The Fiscal Theory Of The Price Level written by John H. Cochrane and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-17 with Business & Economics categories.
A comprehensive account of how government deficits and debt drive inflation Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don’t expect the government to fully repay its debts. The fiscal theory is well suited to today’s economy: Financial innovation undermines money demand, and central banks don’t control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. This book presents a comprehensive account of this important theory from one of its leading developers and advocates. John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation. Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy.
Boosters And Barkers
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Author : David Roberts
language : en
Publisher: UBC Press
Release Date : 2023-11-15
Boosters And Barkers written by David Roberts and has been published by UBC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-15 with History categories.
“Stick it, Canada! Buy more Victory Bonds.” The First World War demanded deep personal sacrifice on the battlefield and on the home front – and it also made unrelenting financial demands. Boosters and Barkers is a highly original examination of the drive to finance Canadian participation in the conflict. David Roberts examines Ottawa’s calls for direct public contributions in the form of war bonds; the intersections with imperial funding, taxation, and conventional revenue; and the substantial fiscal implications of participation in the conflict during and after the war. Canada’s bond campaigns used print, images, and music to sell both the war and public engagement. They received an astounding response, generating revenue to cover almost a third of the country’s total war costs, which were estimated at $6.6 billion – a dramatic charge on a dominion so far from the front. This story is one of inexorable need, shrewd propaganda, resistance, engagement, and long-term consequences.
Fiscal R Star Fiscal Monetary Tensions And Implications For Policy
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Author : Marijn A. Bolhuis
language : en
Publisher: International Monetary Fund
Release Date : 2024-08-09
Fiscal R Star Fiscal Monetary Tensions And Implications For Policy written by Marijn A. Bolhuis 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 2024-08-09 with categories.
Since the Global Financial Crisis, fiscal policy in advanced economies has become more “active” – that is, increasingly unresponsive to rising debt levels. This paper explores tensions between active fiscal and monetary policies by introducing the concept of “fiscal r-star,” which is the real interest rate required to stabilize debt levels when the primary balance is set exogenously, output is growing at potential, and inflation is at target. It is proposed that the difference between monetary r-star and fiscal r-star—referred to as the “fiscal monetary gap”—is a proxy for fiscal-monetary policy tensions. An analysis of over 140 years of data from 16 advanced economies shows that larger fiscal-monetary gaps are associated with rising debt levels, higher inflation, financial repression, lower real returns on bonds and cash, with elevated risks of future debt, inflation, currency, housing, and systemic crises. Current estimates indicate that fiscal-monetary tensions are at historic highs. Given the tepid growth outlook, growth-enhancing reforms and fiscal consolidation, among other policy adjustments, may be needed to attenuate fiscal-monetary tensions over time.
Cold Peace Avoiding The New Cold War
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Author : Michael W. Doyle
language : en
Publisher: Liveright Publishing
Release Date : 2023-04-25
Cold Peace Avoiding The New Cold War written by Michael W. Doyle and has been published by Liveright Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-25 with Political Science categories.
An urgent examination of the world barreling toward a new Cold War. By 1990, the first Cold War was ending. The Berlin Wall had fallen and the Warsaw Pact was crumbling; following Russia’s lead, cries for democracy were being embraced by a young Chinese populace. The post–Cold War years were a time of immense hope and possibility. They heralded an opportunity for creative cooperation among nations, an end to ideological strife, perhaps even the beginning of a stable international order of liberal peace. But the days of optimism are over. As renowned international relations expert Michael Doyle makes hauntingly clear, we now face the devastating specter of a new Cold War, this time orbiting the trilateral axes of Russia, the United States, and China, and exacerbated by new weapons of cyber warfare and more insidious forms of propaganda. Such a conflict at this phase in our global history would have catastrophic repercussions, Doyle argues, stymieing global collaboration efforts that are key to reversing climate change, preventing the next pandemic, and securing nuclear nonproliferation. The recent, devastating invasion of Ukraine is both an example and an augur of the costs that lay in wait. However, there is hope. Putin is not Stalin, Xi is not Mao, and no autocrat is a modern Hitler. There is also an unprecedented level of shared global interest in prosperity and protecting the planet from environmental disaster. While it is unlikely that the United States, Russia, and China will ever establish a “warm peace,” there are significant, reasonable compromises between nations that can lead to a détente. While the future remains very much in doubt, the elegant set of accords and non-subversion pacts Doyle proposes in this book may very well save the world.
An Economic Historiography Of Germany 1918 1931
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Author : Giovanni B. Pittaluga
language : en
Publisher: Springer Nature
Release Date : 2024-12-09
An Economic Historiography Of Germany 1918 1931 written by Giovanni B. Pittaluga and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-09 with Business & Economics categories.
Contrary to existing economic analyses of the Weimar Republic, this book looks beyond the explanations of the individual events that characterized it - in particular hyperinflation, Brüning's fiscal policy, and the 1931 crisis. Instead, it adopts a more unified approach, and thereby sheds light on the underlying causes of these events. The book argues that these individual events were the final result of economic processes and policy choices which had made it possible to mitigate the social and political conflict that would otherwise have undermined the Republic’s existence. Specifically, it postulates that hyperinflation was the result of the "persistent" inflation, which had permitted Germany to maintain low unemployment, meet unions' wage demands, and contain left-wing radicalism. Similarly, the banking and currency crisis of 1931 was caused by a sudden stop related to the high level of foreign debt incurred by Germany after the Dawes Plan. Debt which had, however, enabled the country to finance the persistent external deficits resulting from its high domestic demand and large public expenditure incurred in an attempt to avoid social conflict. The book reviews the various models and approaches proposed highlighting their relative strengths and weakness and concludes by providing a unifying common thread which explains how the dramatic economic events which characterized the Weimar Republic were the result of the very economic processes which had contributed to its temporary survival. This book will appeal to students, scholars, economic researchers in general, and more specifically to those interested in economic history, monetary and financial economics, economic policy, political decision making, and political economy, in particular, those seeking a better understanding of the Weimar Republic's economic history.