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This paper explores the determinants of deviations of ex-post budget outcomes from first-release outcomes published towards the end of the year of budget implementation. The predictive content of the first-release outcomes is important, because these figures are an input for the next budget and...
Persistent link: https://www.econbiz.de/10009643509
The budget deficit bias is modeled as the result of a domestic common pool problem and of an international externality. Along with Piguvian taxes, a number of policy measures are examined and welfare-ranked: deficit ceilings, golden rules and delegation. In general, the combination of delegation...
Persistent link: https://www.econbiz.de/10005666494
, together with drastic budgetary cuts aiming at curbing public debt to maintain sustainability. Finally, the paper tries to …
Persistent link: https://www.econbiz.de/10005498095
the same time, private debt levels, particularly those of financial institutions and households, are in uncharted …, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of "financial repression" (which … had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt …
Persistent link: https://www.econbiz.de/10008925708
public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression … facilitated a sharp and rapid reduction or 'liquidation' of public debt from the late 1940s to the 1970s. The restrictions or …
Persistent link: https://www.econbiz.de/10011083679
concerning public debt and deficits in India, the background and basic arithmetic of the Fiscal Responsibility and Budget …
Persistent link: https://www.econbiz.de/10008468524
The U.S recession of 2007 to 2009 is unique in the post-World-War-II experience by the broad company it kept. Activity contracted around the world, with the advanced countries of the North experiencing declines in spending normally the purview of the developing economies of the South. The last...
Persistent link: https://www.econbiz.de/10008468628
this saving into domestic capital formation is inefficient. Since the middle of the 1990s, India's public debt has risen … this debt is, however, significantly different from that in 1991: external public debt is modest and international gold and … foreign exchange reserves stand at historically high levels. The domestic debt is rupee-denominated. For all these reasons …
Persistent link: https://www.econbiz.de/10005123636
Political economists interested in discerning the effects of election outcomes on the economy have been hampered by the problem that economic outcomes also influence elections. We sidestep these problems by analyzing movements in economic indicators caused by clearly exogenous changes in...
Persistent link: https://www.econbiz.de/10005124061
The Stability and Growth Pact has been under fire ever since it was born. But is the Pact a flawed fiscal rule? Against established criteria for an ideal fiscal rule, its design and compliance mechanisms show strengths and weaknesses. The latter tend to reflect trade-offs typical of...
Persistent link: https://www.econbiz.de/10005124121