In China, local public debt issuance between 2006 and 2013 crowded out investment by private manufacturing firms by tightening their funding constraints, while it did not affect state-owned and foreign firms. Using novel data for local public debt issuance, we establish this result in three...

In China, between 2006 and 2013, local public debt crowded out the investment of private firms by tightening their funding constraints, while leaving state-owned firms' investment unaffected. We establish this result using a purpose-built dataset for Chinese local public debt. Private firms...

In China, local public debt issuance between 2006 and 2013 crowded out investment by private manufacturing firms by tightening their funding constraints, while it did not affect state-owned and foreign firms. Using novel data for local public debt issuance, we establish this result in three...

In China, between 2006 and 2013, local public debt crowded out the investment of private firms by tightening their funding constraints, while leaving state-owned firms' investment unaffected. We establish this result using a purpose-built dataset for Chinese local public debt. Private firms...

As the largest-ever infrastructure project, China’s Belt and Road Initiative (BRI) is expected to reshape the global economy for the coming decades. This paper provides the first analysis of BRI's effects on financial markets and real economic activity in Europe. It exploits the opening of a...

The paper discusses moral hazard problems as a potential reason for the observed strong increase of indebtedness of German states (Länder). Indeed, financial markets do not react much to the strong differences in fiscal fundamentals of German Länder. Using a case study, the paper also shows...

A tanulmány a Déltengeri Társasággal foglalkozó tanulmány folytatása (Madarász [2011]). A 18. századi brit államadósság szerepéről és kezeléséről szóló modern gazdaságtörténeti értékelések áttekintése után a tanulmány részletesen bemutatja Davenant, Defoe,...

Interjurisdictional Differentials and their Effects; State and Local Borrowing The paper puts forward, using an extensive documentation included in the «Report 2011 on the Municipal Finance» (293 pages, 70 tables), a crucial issue: in Italy was actually made a Municipal Finance Reform, defined...

The analysis presented in this paper deals with two main issues: the one of debt sustainability, meant in the particular acceptation proposed in this article, and the one of the effects of debt decumulation for the various territorial communities, in particular for the weak areas of Italy...

After some theoretical considerations, fiscal institutions called ?debt brakes? designed to prevent public deficit and debt from going off course, are discussed. We first present some models applied in some Swiss cantons, especially in the canton of St. Gallen, then the respective institution...