Sustainable Fiscal Policy And Economic Stability
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Sustainable Fiscal Policy And Economic Stability
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Author : Philippe Burger
language : en
Publisher: Edward Elgar Publishing
Release Date : 2003
Sustainable Fiscal Policy And Economic Stability written by Philippe Burger and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
The public debt/GDP ratio in several countries showed the largest ever peacetime increase during the last 20 years of the 20th century, thereby causing widespread fiscal unsustainability. Towards the latter half of the 1990s, several governments initiated steps to reverse this trend, however, they frequently found that their policies were not always successful. This book examines why. that merely running a primary surplus to restore fiscal sustainability will not always work. In effect, governments may simply shift the problem to other sectors of the economy, therby creating economic instability. By linking the budget constraints of govenment and non-governmental agents at a macroeconomic level, the author's framework allows him to measure how changes to the budget of one economic sector are transferred to the budgetary position of another sector. By taking account of thes sectoral balance effects, as well as the role of uncertainty and expectations, the book develops a set of rules for the maintnance of fiscal sustainability and economic stability. position of fiscal sustainability, this book should be useful for economists and academic working on fiscal and macroeconomic policy, especially from a Post-Keynesian perspective, and policymakers interested in ensuring economic and fiscal stability.
Sustainable Fiscal Policy And Economic Stability
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Author : Philippe Burger
language : en
Publisher: Edward Elgar Publishing
Release Date : 2003
Sustainable Fiscal Policy And Economic Stability written by Philippe Burger and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Debts, Public categories.
Fiscal Solvency And Sustainability In Economic Management
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Author : Hinh T. Dinh
language : en
Publisher: World Bank Publications
Release Date : 1999
Fiscal Solvency And Sustainability In Economic Management written by Hinh T. Dinh 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 1999 with Banks and Banking Reform categories.
In a financially integrated world, it is misleading to assess fiscal performance separate from other aspects of economic development. The framework proposed here can help assess fiscal performance over time and across countries and point to a pace of fiscal adjustment consistent with a country's economic and social objectives.
Fiscal Sustainability And Competitiveness In Europe And Asia
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Author : R. Rajan
language : en
Publisher: Springer
Release Date : 2014-07-25
Fiscal Sustainability And Competitiveness In Europe And Asia written by R. Rajan and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-25 with Business & Economics categories.
This book examines key issues and policy concerns relating to fiscal sustainability and competitiveness in European and Asian economies. In addition to estimating the extent of fiscal capacity or lack thereof for these economies, the authors supplement the empirical analysis with country case studies.
A Sustainable Fiscal Policy For India
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Author : Peter S. Heller
language : en
Publisher:
Release Date : 2006
A Sustainable Fiscal Policy For India written by Peter S. Heller and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
India's economy has grown rapidly since the beginning of the 1990s despite a large and growing fiscal deficit and rising public levels relative to output. This book explores whether India has found a way to reconcile sustained expansionary fiscal policies with relative macroeconomic stability.
Quantifying The Sustainability Of Public Debt
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Author : Cansın Kemal Can
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2021-06-09
Quantifying The Sustainability Of Public Debt written by Cansın Kemal Can 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 2021-06-09 with Business & Economics categories.
Despite its beneficial aspects, public debt can be hazardous for macroeconomic performance should it reach unrepayable levels as a consequence of snowballing explosive trends. Failure to monitor the existing trend in public debt in order to detect such divergences from the stable path, and the lack of an adaptive public financial management can potentially culminate in a public debt crisis whose disruptive economic impacts can permeate all sectors of the economy very swiftly. However, public debt sustainability is a vague concept with no straightforward operational definitions. In addition, its multi-faceted nature is an impediment for the implementation of real-world appraisal of the fiscal posture from a stability viewpoint. As such, quantifying the public debt sustainability is essential for overhauling the fiscal policies so as to avoid a potential debt crisis stemming from malfunctioning fiscal policies. This book provides the reader with a practical and straightforward framework that outlines a tool for undertaking public debt sustainability analysis. In order to guide further empirical investigations, the discussion in this book is underpinned by a real-world application of the model which highlights the practical aspects of the tool with reference to time-varying empirical evidence from a developing country.
Government Austerity And Socioeconomic Sustainability
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Author : P.K. Rao
language : en
Publisher: Springer
Release Date : 2014-06-24
Government Austerity And Socioeconomic Sustainability written by P.K. Rao and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-24 with Business & Economics categories.
This short book integrates the imperatives of public debt sustainability with those of socioeconomic sustainability in the context of budget austerity measures. It is argued that poverty, inequality and unemployment problems should be integral aspects of policy frameworks for austerity and fiscal stability. The economics of austerity in much of economic analysis remains narrowly focused and lopsided, since the implications on the role of human capital and loss of prosperity base are usually ignored. This book argues that various misapplications of policies of government austerity can be avoided if greater attention is accorded to the imperatives of maintaining the win-win approaches for socioeconomic resilience and sustainability in conjunction with debt sustainability and/or fiscal stability.
Stochastic Trends Debt Sustainability And Fiscal Policy
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Author : Karim Barhoumi
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-10
Stochastic Trends Debt Sustainability And Fiscal Policy written by Karim Barhoumi 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 2016-03-10 with Business & Economics categories.
We study empirically the reaction of fiscal policy to changes in the permanent and transitory components of GDP in a panel of countries. We find evidence that government spending tends to be counter-cyclical conditional on temporary shocks and pro-cyclical conditional on permanent shocks. We also find no evidence that developing countries are systematically different from developed ones in terms of fiscal policy. We present a theory featuring a fiscal reaction function to the output gap and a measure of debt sustainability. The fiscal impulse response to a permanent (temporary) shock to GDP is positive (negative) as the effect on debt sustainability (current output gap) dominates. The results are mostly sensitive to the relative weight of debt sustainability in the fiscal reaction function as well as to the extent of real rigidities in the economy.
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.
Stability And Growth In Europe
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Author : Antonio Fatás
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2003
Stability And Growth In Europe written by Antonio Fatás and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
The fiscal policy framework of the EMU is in a states of crisis. Since the start of EMU, fiscal conditions in some member states have slipped considerably beyond the limits set by the Maastricht Treaty and the Stability and Growth Pact. It is clear that the preventive arm of the Stability and Growth Pact has failed to preclude excessive deficits. There is no shortage of proposals to reform the current fiscal framework in this crisis situation. They range from calls for softening their implementation, and to proposals for closer coordination of national fiscal policies. None of these proposals offers a convincing solution to the problem at the heart of the current crisis: how to balance the need for effective long-run fiscal stability in EMU with the need for short-run flexibility of fiscal policy in the member states. After a detailed analysis of the virtues and defects of the current fiscal framework, this report presents a proposal for reform that addresses this issue. The authors argue that EMU should move away from rigid fiscal rules for annual deficits towards a more judgmental process of monitoring the sustainability of fiscal policies. This approach is guided by three principles: independence, transparency, and legitimacy. Together wit the ability to assess the fiscal situation and outlook of each euro-area member state, they are the keys to designing a framework that provides enough flexibility and, at the same time, can build the required credibility and political support. The authors propose the creation of a Sustainability Council for the EMU, and independent body with the sole statutory task of safeguarding the sustainability of public finances in the euro area. The Sustainability Council regularly and openly reports to the public and the European Parliament its assessment of the member states' fiscal policies, taking into account past performance, current perspectives and the future course of fiscal policies. Its mandate is the counterpart of the ECB's principal task of maintaining price stability. However, the Sustainability Council has no operative role in fiscal policy; it relies solely on the pressure of informed public opinion to discipline national governments. The use of the instruments of fiscal policy is entirely left to the national governments, and the Sustainability Council can only be conceived as a judge of national public finances.