Public Debt Dynamics Of Europe And The U S
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Public Debt Dynamics Of Europe And The U S
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Author : Dimitris N. Chorafas
language : en
Publisher: Elsevier
Release Date : 2013-10-19
Public Debt Dynamics Of Europe And The U S written by Dimitris N. Chorafas and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-19 with Business & Economics categories.
Public Debt Dynamics of Europe and the U.S., provides the evidence and implications of current policies by sovereigns and central banks, in dealing with the debt abyss. It brings in perspective the diversity of opinion reigning in modern economics and finance and outlines the themes which, among themselves, are defining the society in which we live. Our epoch has accepted the theory that leveraging is good for a person, a company or even a nation. This has led to the debt syndrome and its disastrous aftereffects. Throughout the book evidence emerges that piling up public debt can lead to an unmitigated disaster. This is demonstrated through case studies on Greece, Spain, Italy, France and the United States – in short, those western countries that nowadays have lost control of their senses and of their economy. This book uses real life examples, using case studies as evidence of good and bad approaches to social, economic and financial life. Live events also help as undisputable demonstrators of successes and failures in the search for solutions in getting out of the hole western governments find themselves. As Denis Healey, a former British chancellor of the Exchequer, once said: “The first law of holes is that if you are in one stop digging. Provides insight and implications on the current policies of sovereigns and central banks Uses real life practical examples and case studies on Greece, Spain, Italy, France and the United States Examines developing countries, particularly BRICS, and their exposure to debt Focuses on public health and the effects it has on the economy
Public Debt Global Governance And Economic Dynamism
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Author : Luigi Paganetto
language : en
Publisher: Springer Science & Business Media
Release Date : 2014-07-08
Public Debt Global Governance And Economic Dynamism written by Luigi Paganetto and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Business & Economics categories.
This volume presents a selection of contributions to the XXIV Villa Mondragone International Economic Seminar on “Public debt, global governance and economic dynamism”. For the past 23 years, the Seminar has provided an ideal opportunity to meet and discuss the most topical issues in economic research. The quality of the scientific contributions and ensuing debates has consistently been outstanding owing to the participation of leading experts, and the most recent Seminar was no exception. The Seminar was held against the backdrop of high levels of public debt, especially in Europe, combined with very low growth in productivity. Furthermore, markets have been dominated by financial instability, raising the question of whether this is the result of the high debt levels or insufficient economic dynamism. Among the topics covered in this book are the economic challenges and growth policies in the United States; issues relating to the G20, global governance and regional integration; EU governance, growth and the Eurozone crisis; and EMU policy and public debt. Individual contributions also address the impact of labor market reforms, the need for sectoral rebalancing in the Euro area, fiscal multipliers and public debt dynamics, and the effects of fiscal shocks in Italy. The book concludes with a contribution on policy recommendations.
Sustainability Of Public Debt In The European Monetary Union A Case Study Of Greece
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Author :
language : en
Publisher: GRIN Verlag
Release Date : 2017-02-07
Sustainability Of Public Debt In The European Monetary Union A Case Study Of Greece written by and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-07 with Business & Economics categories.
Bachelor Thesis from the year 2015 in the subject Economics - Finance, grade: 5, University of Zurich, language: English, abstract: This bachelor thesis discusses the sustainability of government debt on a theoretical level with the model of the government budget constraint and its application in a case study. Therefore, the situation of Greece is used as a prime example for the current sovereign debt crisis in the European Monetary Union. It points out with quantitative data, what has led to the high public debt in Greece and what are the consequences of this debt accumulation. For this the sustainability and the development of government debt and its determinants will be analysed. In conclusion, it discusses the options to escape of this sovereign debt crisis for Greece and the European Monetary Union as a whole. In March 2012 Greece received another bailout loan of 144.7 billion euro from the European Financial Stability Facility (EFSF) and 19.8 billion euro from the IMF in several tranches until 2014 after a worsening recession and the missing implementation of the conditions. In July 2015 the European Commission arranged to mobilise more than 35 billion euro until 2020, while they already paid out up to this point 4.4 billion euro (European Commission 2015). Still the problem has not been solved yet and Greece is still not able to get control of its debt by itself. The government debt is a relevant topic in economics and has become even more relevant since the outbreak of the European sovereign debt crisis. Further research in the issue of government debt could help us to understand how government-debt crisis develop, how the current sovereign debt crisis may be solved as well as how we could prevent from future crises. To understand the problem of high debt, we also need to understand the necessity of public debt, the arithmetic behind it and its implications on the economy of a country and the whole economic system.
Lost And Found
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Author : Mr.Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 2016-12-23
Lost And Found written by Mr.Carlo Cottarelli 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 2016-12-23 with Business & Economics categories.
The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread use of (country-specific) debt thresholds to assess debt sustainability. We argue that the level of the debt-to-GDP ratio, whose use is justified on a theoretical and empirical ground, should not be the only fiscal metric to assess the complex relationship between public debt and debt defaults/market access. In particular, we show that, in a large panel of emerging markets, the dynamics of the debt ratio plays a critical role for market access. In particular, given a certain level of debt, a steadily declining debt ratio is associated with a lower probability of debt distress/market loss and with a higher likelihood of market re-access once access had been lost.
In Defense Of Public Debt
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Author : Barry J. Eichengreen
language : en
Publisher: Oxford University Press
Release Date : 2021
In Defense Of Public Debt written by Barry J. Eichengreen 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 2021 with Business & Economics categories.
Debt in service of the state -- States and the limits of borrowing -- Democratization and globalization -- Caveat emptor -- Managing problem debts -- Successful consolidation -- Warfare to welfare -- Cycles of debt -- Oil and water -- Missed opportunities -- Debt to the rescue -- COVID-19.
Public Debt Dynamics
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Author : Reda Cherif
language : en
Publisher: International Monetary Fund
Release Date : 2012-09-01
Public Debt Dynamics written by Reda Cherif 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 2012-09-01 with Business & Economics categories.
We study how macroeconomic shocks affect U.S. public debt dynamics using a VAR with debt feedback. Following a fiscal austerity shock, the debt ratio initially declines and then returns to its pre-shock path. Yet, the effect is not statistically significant. In a weak economic environment, the likelihood of a self-defeating austerity shock is much higher than in normal times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously lowers debt. In our specification, the debt ratio is stationary, whereas a VAR excluding debt may imply an explosive debt path.
A World Of Public Debts
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Author : Nicolas Barreyre
language : en
Publisher: Springer Nature
Release Date : 2020-10-26
A World Of Public Debts written by Nicolas Barreyre and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-26 with Business & Economics categories.
This book analyzes public debt from a political, historical, and global perspective. It demonstrates that public debt has been a defining feature in the construction of modern states, a main driver in the history of capitalism, and a potent geopolitical force. From revolutionary crisis to empire and the rise and fall of a post-war world order, the problem of debt has never been the sole purview of closed economic circles. This book offers a key to understanding the centrality of public debt today by revealing that political problems of public debt have and will continue to need a political response. Today’s tendency to consider public debt as a source of fragility or economic inefficiency misses the fact that, since the eighteenth century, public debts and capital markets have on many occasions been used by states to enforce their sovereignty and build their institutions, especially in times of war. It is nonetheless striking to observe that certain solutions that were used in the past to smooth out public debt crises (inflation, default, cancellation, or capital controls) were left out of the political framing of the recent crisis, therefore revealing how the balance of power between bondholders, taxpayers, pensioners, and wage-earners has evolved over the past 40 years. Today, as the Covid-19 pandemic opens up a dramatic new crisis, reconnecting the history of capitalism and that of democracy seems one of the most urgent intellectual and political tasks of our time. This global political history of public debt is a contribution to this debate and will be of interest to financial, economic, and political historians and researchers. Chapters 13 and 19 are available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
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.
Global Monetary Tightening
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Author : Mr.Julio Escolano
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-12
Global Monetary Tightening written by Mr.Julio Escolano 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 2014-12-12 with Business & Economics categories.
This paper finds that tightening global financial conditions can worsen emerging economies’ public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion. Latin America and emerging Europe are the regions most likely to be adversely affected. In addition, historical evidence—analyzed by means of a Poisson count model—suggests that the frequency of sovereign debt crises increases in emerging economies at the early stage of U.S. monetary tightening cycles, at times in which the term spread also rises. The timing may be related to abrupt switches of expectations about the future course of policy in the early stages of tightening cycles.
Sustainability Of Public Debt
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Author : Reinhard Neck
language : en
Publisher: CESifo Seminar
Release Date : 2008
Sustainability Of Public Debt written by Reinhard Neck and has been published by CESifo Seminar this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Theoretical and empirical perspectives on how fiscal policies in Europe and the United States can avoid government bankruptcy.
