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Sustainability of German Fiscal Policy and Public Debt: Historical and Time Series Evidence for the Period 1850-2010
Burret, Heiko T.; Feld, Lars P.; Köhler, Ekkehard A. - CESifo - 2013
debt crisis has prompted a fundamental re]evaluation of public debt sustainability and the looming threat of sovereign debt … peacetime debt]to]GDP (Gross Domestic Product) ratio has never been higher. In this paper, we analyse the sustainability of …]torical analysis, we conduct formal tests on fiscal sustainability, including tests on stationarity and cointegration and the …
Persistent link: https://www.econbiz.de/10010627572
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Sustainability of Austrian Public Debt: A Political Economy Perspective
Haber, Gottfried; Neck, Reinhard - CESifo - 2006
Sustainablity of Austrian public debt is investigated in the context of political objectives such as stabilizing the business cycle, increasing chances for being re-elected and implementing the ideologies of political parties. Several tests indicate that Austrian fiscal policies were sustainable...
Persistent link: https://www.econbiz.de/10005094401
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A Fiscal Rule that has Teeth: A Suggestion for a ‘Fiscal Sustainability Council’ underpinned by the Financial Markets
Hedbávný, Petr; Schneider, Ondrej; Zápal, Jan - CESifo - 2005
Sustainability Council––that would actively bring financial markets into the fiscal-policy process, and we explain the technique …
Persistent link: https://www.econbiz.de/10005406098
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Application of Stochastic Optimal Control to Financial Market Debt Crises
Stein, Jerome L. - CESifo - 2009
This interdisciplinary paper explains how mathematical techniques of stochastic optimal control can be applied to the recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large literature in mathematical finance concerning optimal...
Persistent link: https://www.econbiz.de/10005094473
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Harnessing Windfall Revenues: Optimal Policies for Resource-Rich Developing Economies
Ploeg, Frederick Van der; Venables, Anthony J. - CESifo - 2009
A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription...
Persistent link: https://www.econbiz.de/10005051526
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Managing Debt Stability
Bacchiocchi, Emanuele; Missale, Alessandro - CESifo - 2005
returns and output growth and thus supports fiscal restraint in ensuring sustainability. The optimal composition of public …
Persistent link: https://www.econbiz.de/10005406296
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Economic Challenges in the Anthropocene
Musu, Ignazio - CESifo - 2013
countries, compatible with the sustainability of the processes concerning the Earth system. Mainly by focusing on the energy …
Persistent link: https://www.econbiz.de/10010877706
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Stable and Sustainable Global Tax Coordination with Leviathan Governments
Eichner, Thomas; Pethig, Rüdiger - CESifo - 2014
Itaya et al. (2014) study the conditions for sustainability and stability of capital tax coordination in a repeated …
Persistent link: https://www.econbiz.de/10010877774
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Combining Rights and Welfarism: A New Approach to Intertemporal Evaluation of Social Alternatives
Long, Ngo Van; Martinet, Vincent - CESifo - 2012
We propose a new criterion which reflects both the concern for welfare (utility) and the concern for rights in the evaluation of economic development paths. The concern for rights is captured by a pre-ordering over combinations of thresholds (floors or ceilings on various quantitative...
Persistent link: https://www.econbiz.de/10009651182
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Characterizing the Sustainability Problem in an Exhaustible Resource Model
Mitra, Tapan; Asheim, Geir B.; Buchholz, Wolfgang; … - CESifo - 2012
sustainability problem: is it feasible to sustain indefinitely a level of consumption that is bounded away from zero? We provide a … complete technological characterization of the sustainability problem in this model without reference to the time path. As a …
Persistent link: https://www.econbiz.de/10010535632