NBER WORKING PAPER SERIES DEFICIT AND INTERGENERATIONAL WELFARE IN OPEN ECONOMIES Torsten Persson
... This paper was completed while the author was visiting the NBER in January-February 1983 and he wishes to thank the Bureau for its hospitality. Thanks also to Elhanan Helpinan and Lars Svensson for helpful discussions and to participants in seminars at the Institute for International Economic Studie ...
... This paper was completed while the author was visiting the NBER in January-February 1983 and he wishes to thank the Bureau for its hospitality. Thanks also to Elhanan Helpinan and Lars Svensson for helpful discussions and to participants in seminars at the Institute for International Economic Studie ...
What next for the Eurozone? Possible scenarios for 2012
... sovereign debt due for refinancing by early Spring point at a likely resolution to the current phase of the crisis around the first quarter of 2012. Politicians have taken more than two years to face up to this moment. And the resolution they finally agree is likely to be implemented overnight in or ...
... sovereign debt due for refinancing by early Spring point at a likely resolution to the current phase of the crisis around the first quarter of 2012. Politicians have taken more than two years to face up to this moment. And the resolution they finally agree is likely to be implemented overnight in or ...
Fiscal Policy and Financial Crises
... 6/ Defined as public sector deficit, plus amortization of medium and long-term public sector debt, plus short-term debt at end of previous period. 7/ Derived as nominal interest expenditure divided by previous period debt stock. 8/ The key variables include real GDP growth; real interest rate; and p ...
... 6/ Defined as public sector deficit, plus amortization of medium and long-term public sector debt, plus short-term debt at end of previous period. 7/ Derived as nominal interest expenditure divided by previous period debt stock. 8/ The key variables include real GDP growth; real interest rate; and p ...
EN EN TABLE OF CONTENTS 1. Introduction 3 2. Setting the scene
... The economic and financial crisis has led to significant increases in total government debt (see Factsheet 1) in four ways. First, several national governments supported the financial sector through bank recapitalisation and assets transfers. Second, the slowing down of economic activity reduced tax ...
... The economic and financial crisis has led to significant increases in total government debt (see Factsheet 1) in four ways. First, several national governments supported the financial sector through bank recapitalisation and assets transfers. Second, the slowing down of economic activity reduced tax ...
chapter summary
... programs that aid the elderly, more than doubles between 1960 and 2013. In general, since 1960 national defense spending has declined and redistribution has increased. 12-2 Explain why the federal budget has been in deficit in most years since the Great Depression. The federal budget has been in def ...
... programs that aid the elderly, more than doubles between 1960 and 2013. In general, since 1960 national defense spending has declined and redistribution has increased. 12-2 Explain why the federal budget has been in deficit in most years since the Great Depression. The federal budget has been in def ...
Daniele Franco
... EU without rules: new experiment. Will have to rely on financial market discipline. Leap in the dark? Greater EU integration would allow more flexibility, but unlikely in mediumterm EU rules related to traditional solutions: balanced budget with exception for cyclical and exceptional events (b ...
... EU without rules: new experiment. Will have to rely on financial market discipline. Leap in the dark? Greater EU integration would allow more flexibility, but unlikely in mediumterm EU rules related to traditional solutions: balanced budget with exception for cyclical and exceptional events (b ...
Emerging Market Countries in the Global
... Leading indicator categories as in Hawkins & Klau (2000), with exception of 1aincludes imports, 1bdebt composition rather than debt to international banks, 1ccapital flows rather than capital account. 2As reported in Hawkins & Klau (2000), but M2/reserves added to reserves, interest differential add ...
... Leading indicator categories as in Hawkins & Klau (2000), with exception of 1aincludes imports, 1bdebt composition rather than debt to international banks, 1ccapital flows rather than capital account. 2As reported in Hawkins & Klau (2000), but M2/reserves added to reserves, interest differential add ...
Sustainable public finances in a turbulent EU economy
... Notes: 1/ Gross fiscal costs are government outlays during the crisis. Recovery values are for the period t to t+5, where t is the first year of the crisis. No data on recovery values are available for Spain, Hungary, Israel, Poland, Romania, Slovenia and Turkey (1982). For the US net fiscal costs a ...
... Notes: 1/ Gross fiscal costs are government outlays during the crisis. Recovery values are for the period t to t+5, where t is the first year of the crisis. No data on recovery values are available for Spain, Hungary, Israel, Poland, Romania, Slovenia and Turkey (1982). For the US net fiscal costs a ...
Working Paper No. 580 An Alternative View of Finance, Saving
... deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive U.S. trade deficits that are supposed to have “soaked up” global savings. Worse, this policy was ultimately unsustainable because it was inevitable that lenders would stop the ...
... deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive U.S. trade deficits that are supposed to have “soaked up” global savings. Worse, this policy was ultimately unsustainable because it was inevitable that lenders would stop the ...
Long run relationship between budget deficit and long
... that expected inflation, monetary factors and economic activity are primary determinants of short-term interest rates and concludes that there is no significant impact of federal borrowing on short term interest rates for the post World War II period. However, he finds that there is a strong relatio ...
... that expected inflation, monetary factors and economic activity are primary determinants of short-term interest rates and concludes that there is no significant impact of federal borrowing on short term interest rates for the post World War II period. However, he finds that there is a strong relatio ...
2017-18 Budget Paper 1 - Chapter 3 - Fiscal
... 2017-18 Budget - Fiscal Strategy Progress (continued) ...
... 2017-18 Budget - Fiscal Strategy Progress (continued) ...
Common Currency and Determinants of Government Bond
... controls for the EU membership and finds that the membership in the European Union decreases the yield by 25 basis points and very substantially decreases the dependence of the cost of a country’s public debt on their own long-term fundamentals. Although the author accounts for the problem of the me ...
... controls for the EU membership and finds that the membership in the European Union decreases the yield by 25 basis points and very substantially decreases the dependence of the cost of a country’s public debt on their own long-term fundamentals. Although the author accounts for the problem of the me ...
The Monetary and Fiscal Implications of Achieving Debt Sustainability.
... the context of its linkages to monetary variables. It emphasises the importance of the coordination of government's operation and financing within the broader scope of the economy's overall objectives. Global trends have tended towards rising public debt, and the question of the sustainability of su ...
... the context of its linkages to monetary variables. It emphasises the importance of the coordination of government's operation and financing within the broader scope of the economy's overall objectives. Global trends have tended towards rising public debt, and the question of the sustainability of su ...
ECONOMIC DEVELOPMENTS IN 2015 AND OUTLOOK FOR 2016
... Council of Ministers in September 2015. The Bank has indicated on several occasions that the government of Sint Maarten needs to increase its revenues, in particular tax revenues, in order to cover its expenditures. Otherwise, the country will remain in a vicious circle of unbalanced budgets and acc ...
... Council of Ministers in September 2015. The Bank has indicated on several occasions that the government of Sint Maarten needs to increase its revenues, in particular tax revenues, in order to cover its expenditures. Otherwise, the country will remain in a vicious circle of unbalanced budgets and acc ...
Slide 1
... - Widening budgetary imbalance expected (expansionary fiscal policy) - Deferral of balanced budget - Fiscal targets not being met ...
... - Widening budgetary imbalance expected (expansionary fiscal policy) - Deferral of balanced budget - Fiscal targets not being met ...
Estimating the rate of return to capital in the EU
... • One accessible source for national accounts • Applicability to all EU countries • Calculated for the whole economy, and the public and private sectors ...
... • One accessible source for national accounts • Applicability to all EU countries • Calculated for the whole economy, and the public and private sectors ...
australia`s fiscal straightjacket
... . Governments can and do outsource most operational matters to private operators and consultants, while still retaining ownership of the assets involved. The efficiency case for private ownership is based on a number of questionable premises. Firstly, it assumes that the equity risks of the infrastr ...
... . Governments can and do outsource most operational matters to private operators and consultants, while still retaining ownership of the assets involved. The efficiency case for private ownership is based on a number of questionable premises. Firstly, it assumes that the equity risks of the infrastr ...
A Citizens` Solutions Guide The Federal Budget
... 4. “Debt held by the public” means money the government owes to others, which means the Treasury bonds that you, banks and foreign investors can buy. In April 2012, this debt stood at about $10.8 trillion. Economists focus on this kind of debt because it has an impact on the broader economy. Proper ...
... 4. “Debt held by the public” means money the government owes to others, which means the Treasury bonds that you, banks and foreign investors can buy. In April 2012, this debt stood at about $10.8 trillion. Economists focus on this kind of debt because it has an impact on the broader economy. Proper ...
PDF
... Economies in Transition has focused on how to implement fiscal adjustments necessitated by the loss of revenues from trade and capital market reforms. A typical consequence of ill-coordinated reform is a rise in fiscal deficits that must then be financed by real transfers in one form or another. Pol ...
... Economies in Transition has focused on how to implement fiscal adjustments necessitated by the loss of revenues from trade and capital market reforms. A typical consequence of ill-coordinated reform is a rise in fiscal deficits that must then be financed by real transfers in one form or another. Pol ...
State Update West Bengal
... expenditure of the government. The budget for 2013-14 along with providing the budget estimates (BE) for revenue and expenditure for the fiscal year 2013-14, gives the revised estimates (RE) of expenditure incurred and revenue generated for fiscal year 2012-13 and the actual values of these for 2011 ...
... expenditure of the government. The budget for 2013-14 along with providing the budget estimates (BE) for revenue and expenditure for the fiscal year 2013-14, gives the revised estimates (RE) of expenditure incurred and revenue generated for fiscal year 2012-13 and the actual values of these for 2011 ...
The Benefits of Reporting Positive Payment Data in Latin America
... Question of how to measure the relative merit of approaches. K-S. The ability to discern goods from bads (or true positives from false positives) increases considerably in moving from the Colombian negative only to the Colombian full-file scenario. By contrast, socio-demographic information improves ...
... Question of how to measure the relative merit of approaches. K-S. The ability to discern goods from bads (or true positives from false positives) increases considerably in moving from the Colombian negative only to the Colombian full-file scenario. By contrast, socio-demographic information improves ...
How to grow A special report on the world economy
... reached $10 trillion back in September 2008. The extra digit obliged the national debt clock near New York’s Times Square to move its dollar sign to make room. Many of today’s Americans feel as indignant about the debt as that 1940s housewife did. But they are just as proigate as their government ( ...
... reached $10 trillion back in September 2008. The extra digit obliged the national debt clock near New York’s Times Square to move its dollar sign to make room. Many of today’s Americans feel as indignant about the debt as that 1940s housewife did. But they are just as proigate as their government ( ...
Fiscal Policy, Sovereign Debt and Default with Model Misspecification Viktor Tsyrennikov Cornell University
... We study endogenous fiscal policy and default in a small open economy. The economy is populated by a representative household that consumes and supplies labor to the market. The household cannot borrow and all borrowing is done by the government. The government, in turn, chooses labor tax, public go ...
... We study endogenous fiscal policy and default in a small open economy. The economy is populated by a representative household that consumes and supplies labor to the market. The household cannot borrow and all borrowing is done by the government. The government, in turn, chooses labor tax, public go ...
Financial Sector: Saving, Investment and the Financial System
... ▫ Savings account is an asset, and very liquid. ▫ Example. If Xayavong, LTD needs money to build a factory, that investment in a physical asset will not provide a stream of cash revenue for a long time. Until the factory begins to produce goods that generate revenue, Xayavong may need liquidity (cas ...
... ▫ Savings account is an asset, and very liquid. ▫ Example. If Xayavong, LTD needs money to build a factory, that investment in a physical asset will not provide a stream of cash revenue for a long time. Until the factory begins to produce goods that generate revenue, Xayavong may need liquidity (cas ...