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Inflation Targeting and Debt: Lessons from Brazil
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2004
A single variable describes, day-by-day, what investors think about the state of Brazil's economy: the Brazilian … markets' assessment of the probability that Brazil might default on its debt obligations. This is mainly because the cost of … domestic interest rates, is thus the necessary first step in order to understand macroeconomic developments in Brazil. The …
Persistent link: https://www.econbiz.de/10005123784
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On the Fiscal Implications of Twin Crises
Burnside, Craig; Eichenbaum, Martin; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2001
This Paper explores the implications of different strategies for financing the fiscal costs of twin crises in inflation and depreciation rates. We use a first-generation type model of speculative attacks which has four key features: (i) the crisis is triggered by prospective deficits: (ii) there...
Persistent link: https://www.econbiz.de/10005791885
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Government Finance in the Wake of Currency Crises
Burnside, Craig; Eichenbaum, Martin; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2003
This Paper addresses two questions: (i) how do governments actually pay for the fiscal costs associated with currency crises; and (ii) what are the implications of different financing methods for post-crisis rates of inflation and depreciation? We study these questions using a general...
Persistent link: https://www.econbiz.de/10005791917
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Income Taxes and Women's Economic Dependency: A Comparison of West Germany and Sweden
Gustafsson, Siv - C.E.P.R. Discussion Papers - 1988
Swedish wives' market earnings contribute 39% of the net family earnings of couples living together. German wives contribute 12%. This paper employs Swedish and German micro data on earnings and personal characteristics of couples. After tax earnings are simulated, under both the tax system of...
Persistent link: https://www.econbiz.de/10005791943
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Sequencing and the Size of the Budget: A Reconsideration
Hallerberg, Mark; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997
Conventional wisdom argues that spending levels and, by extension, budget deficits will be higher for governments using bottom-up instead of top-down methods of budgeting. Ferejohn and Krehbiel (1987) appear to debunk this argument. They indicate that the superiority of one method over the other...
Persistent link: https://www.econbiz.de/10005123816
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East Germany: Transition With Unification - Experiments and Experiences
Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2000
East Germany remains unique among the transition economies. Soon after the fall of the Berlin Wall in 1989, it became part of the Federal Republic of Germany. German Union meant the transplantation of West Germany's legal, administrative and economic infrastructure to the five new Länder. The...
Persistent link: https://www.econbiz.de/10005124285
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Comparative Politics and Public Finance
Persson, Torsten; Roland, Gérard; Tabellini, Guido - C.E.P.R. Discussion Papers - 1997
This paper presents a model of electoral accountability to compare the public finance outcomes under a presidential-congressional and a parliamentary system. In a presidential-congressional system, contrary to a parliamentary system, there are no endogenous incentives for legislative cohesion,...
Persistent link: https://www.econbiz.de/10005136516
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Public Finance in Models of Economic Growth
Barro, Robert J.; Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1992
The recent literature on endogenous economic growth allows for the effects of fiscal policy on long-term growth. If the social rate of return on investment exceeds the private return, tax policies that encourage investment can raise the growth rate and levels of utility. An excess of the social...
Persistent link: https://www.econbiz.de/10005136740
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Privatization, Public Deficit Finance, and Investment in Infrastructure
Christodoulakis, Nikos; Katsoulacos, Yannis - C.E.P.R. Discussion Papers - 1993
The paper presents a theoretical analysis of the relationship between privatization and public deficit finance. We examine the optimal magnitude of public asset sales and the extent to which privatization can be used to reduce taxes, or, to retire public debt, for two cases. In the first,...
Persistent link: https://www.econbiz.de/10005497891
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Tax Pot Episodes in OECD Countries
Bruno-Portier, Catherine; Portier, Franck - C.E.P.R. Discussion Papers - 2002
How to use an unexpected increase in tax revenues (tax pots) has been an important issue in most OECD countries in the second half of the 90’s, the question being more precisely what to do with those windfall revenues: decreasing taxes, debt, increasing expenditures? In this paper, we study...
Persistent link: https://www.econbiz.de/10005498059