Political Shocks, Public Debt and the Design of Monetary and Fiscal Institutions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Political Shocks, Public Debt and the Design of Monetary and Fiscal Institutions write by Roel M. W. J. Beetsma. This book was released on 2003. Political Shocks, Public Debt and the Design of Monetary and Fiscal Institutions available in PDF, EPUB and Kindle.
A World of Public Debts
A World of Public Debts - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A World of Public Debts write by Nicolas Barreyre. This book was released on 2020-10-26. A World of Public Debts available in PDF, EPUB and Kindle. 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.
The Liquidation of Government Debt
The Liquidation of Government Debt - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Liquidation of Government Debt write by Ms.Carmen Reinhart. This book was released on 2015-01-21. The Liquidation of Government Debt available in PDF, EPUB and Kindle. High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Fragmented Politics and Public Debt
Fragmented Politics and Public Debt - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fragmented Politics and Public Debt write by Ernesto Crivelli. This book was released on 2016-09-19. Fragmented Politics and Public Debt available in PDF, EPUB and Kindle. In this paper, we study the impact of fragmented politics on public debt—in particular, between two consecutive legislative elections. Using data for 92 advanced and developing countries during 1975-2015, we find a positive association between political fragmentation and public debt changes. Corruption magnifies the effects; with higher perceived corruption, political fragmentation has a bigger sway on debt increases. The influence of political fragmentation on debt dynamics is somewhat asymmetric, with larger and more significant effects during periods of debt reduction. Establishment of fiscal councils helps attenuate the negative impact of political fragmentation on public debt dynamics.
Guidelines for Public Debt Management -- Amended
Guidelines for Public Debt Management -- Amended - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Guidelines for Public Debt Management -- Amended write by International Monetary Fund. This book was released on 2003-09-12. Guidelines for Public Debt Management -- Amended available in PDF, EPUB and Kindle. NULL
