Taming Public Debt in Europe - 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 Taming Public Debt in Europe write by Saioa Armendariz. This book was released on 2024-08-23. Taming Public Debt in Europe available in PDF, EPUB and Kindle. Public debt ratios in Europe increased significantly in response to the pandemic and energy shocks and have remained higher than before the pandemic in most countries. Going forward, the projected public debt trajectories are broadly flat overall in advanced Europe but have a rising profile in emerging Europe. Government financing needs are still elevated, and the unwinding of quantitative easing by major central banks adds to financing pressures. Moreover, there are important medium- to long-term spending pressures from defense, climate transition, and aging, which are not fully reflected in the projected baseline trajectories. Against this backdrop, the risk that debts will not stabilize in the medium term has increased. Debt stabilization will hinge critically on achieving ambitious fiscal consolidation and sustained growth. Facing these elevated risks, policymakers need to implement carefully-calibrated fiscal adjustments that ensure debt sustainability while supporting growth. They could target debt stabilization over a longer, 10-year, horizon—while adhering to credible fiscal rules such as the reformed EU Economic Governance Framework—but with a high probability to reassure markets that debts will indeed be tamed.
Fiscal Rules to Tame the Political Budget Cycle
Fiscal Rules to Tame the Political Budget Cycle - 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 Fiscal Rules to Tame the Political Budget Cycle write by Lorenzo Forni. This book was released on 2017-01-20. Fiscal Rules to Tame the Political Budget Cycle available in PDF, EPUB and Kindle. The paper provides evidence that fiscal rules can limit the political budget cycle. It focuses on the application of the Italian fiscal rule at the sub-national level over the period 2004-2006 and shows that: 1) municipalities are subject to political budget cycles in capital spending; 2) the Italian subnational fiscal rule introduced in 1999 has been enforced by the central government; 3) municipalities subject to the fiscal rule show more limited political budget cycles than municipalities not subject to the rule. In order to identify the effect, we rely on the fact that the domestic fiscal rule does not apply to municipalities below 5,000 inhabitants. We find that the political budget cycle increases real capital spending by about 35 percent on average in the years prior to municipal elections and that the sub-national fiscal rule reduces these figures by about two thirds.
From Banking to Sovereign Stress - Implications For Public Debt
From Banking to Sovereign Stress - Implications For 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 From Banking to Sovereign Stress - Implications For Public Debt write by International Monetary Fund. This book was released on 2014-12-22. From Banking to Sovereign Stress - Implications For Public Debt available in PDF, EPUB and Kindle. This paper explores how banking sector developments and characteristics influence the propagation of risks from the banking sector to sovereign debt, including how they affect the extent of fiscal costs of banking crises when those occur. It then proposes practices and policies for the fiscal authorities to help manage the risks and enhance crisis preparedness.
Second-Generation Fiscal Rules
Second-Generation Fiscal Rules - 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 Second-Generation Fiscal Rules write by Luc Eyraud. This book was released on 2018-04-13. Second-Generation Fiscal Rules available in PDF, EPUB and Kindle. Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
The EU and the Eurozone Crisis
The EU and the Eurozone Crisis - 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 EU and the Eurozone Crisis write by Finn Laursen. This book was released on 2016-02-17. The EU and the Eurozone Crisis available in PDF, EPUB and Kindle. The global financial crisis, which started in the United States in 2007, spread to Europe in 2009. It especially hit Portugal, Ireland, Italy, Greece, and Spain, countries which have introduced the single currency, the euro. These eurozone countries no longer have monetary policy autonomy, so they do not have the option of devaluation to increase competitiveness. The crisis has shown that the Economic and Monetary Union (EMU) created in 1993, and which led to the single currency in 1999, is faulty. Its built-in asymmetry, with centralised monetary policy and decentralised fiscal policy, should be expected to create problems. Part of the response to the crisis so far has been incremental moves towards fiscal and banking union, which will mean a deepening of European integration at a time when many observers believed that a certain equilibrium had been reached after the entry into force of the Lisbon Treaty in 2009. This book focuses on these developments as well as analysing other economic policies that affect the general economic welfare of the EU, including agriculture, trade and immigration policies. The book puts the eurozone crisis into the wider context of deepening and widening.
