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The Democratization of Rent Seeking in Greece

Moutos, Thomas; Pechlivanos, Lambros - CESifo - 2013

. We split the postwar decades in three periods: the catching-up period, the overt populism period of 1973-1993, and the … 1993-2008 of stealth populism. In each period, we identify the important players to see how they managed to forge a …. The covert populism of the last period used an unsustainable expansion of foreign borrowing to allow for an …

Persistent link: https://www.econbiz.de/10010679379

Intergenerational Risk-Sharing through Funded Pensions and Public Debt

Chen, Damiaan H.J.; Beetsma, Roel; Ponds, Eduard; Romp, … - CESifo - 2014

We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...

Persistent link: https://www.econbiz.de/10010877853

Hypnosis Before Wake-up Call?! The Revival of Sovereign Credit Risk Perception in the EMU-Crisis

Bordon, Ingo G.; Schmid, Kai D.; Schmidt, Michael - CESifo - 2014

This paper qualifies the view of pronounced overpricing of sovereign bonds for the so-called GIIPS countries during the financial crisis. We use annual data for 21 OECD countries from 1980 to 2012. As opposed to related studies, our data set allows us to contrast the pricing of macroeconomic...

Persistent link: https://www.econbiz.de/10010888450

Fiscal Spillovers in the Euro Area

Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2011

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10009391724

Fiscal Transfers and Fiscal Sustainability

Potrafke, Niklas; Reischmann, Markus - CESifo - 2014

We examine whether US and German state governments pursue sustainable fiscal policies taking into account fiscal transfers. Using panel data techniques we investigate whether the debt-to-GDP ratio had a positive influence on the primary surplus (Bohn-model). We show that including/excluding...

Persistent link: https://www.econbiz.de/10010754658

Fiscal Autonomy and Fiscal Sustainability: Subnational Taxation and Public Indebtedness in Contemporary Spain

Larin, Benjamin; Süssmuth, Bernd - CESifo - 2014

This study assesses fiscal sustainability in contemporary Spain at the regional level. Spain consists of 17 autonomous regions, two fiscal regimes differing in taxing autonomy, and two path-dependent types of communities with more and less legislatively recognized autonomy. Three of the 17...

Persistent link: https://www.econbiz.de/10010756168

Political Competition and the Limits of Political Compromise

Cunha, Alexandre B.; Ornelas, Emanuel - CESifo - 2014

We consider an economy where competing political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimum level. Parties cannot commit to future policies, but they can forge a political compromise where each...

Persistent link: https://www.econbiz.de/10010757724

The Sustainability of Fiscal Policy in the United States

Bohn, Henning - CESifo - 2005

The paper examines the sustainability of U.S. fiscal policy, finding substantial evidence in favor. I summarize the U.S. fiscal record from 1792-2003, critically review sustainability conditions and their testable implications, and apply them to U.S. data. I particularly emphasize the...

Persistent link: https://www.econbiz.de/10005765777

Trade Unions and the Burden of the Public Debt

Steigum, Erling - CESifo - 2001

This paper looks at intergenerational welfare effects of increased public debt when union power in pay bargaining generates structural unemployment. Debt policy works through capital accumulation as well as the price of a fixed asset that is owned by the old generation. Under a reasonable...

Persistent link: https://www.econbiz.de/10005765821

Actuarial Neutrality across Generations Applied to Public Pensions under Population Ageing: Effects on Government Finances and National Saving

Oksanen, Heikki - CESifo - 2005

In welfare states, collective saving has declined to a persistently negative level, while reduced fertility and increasing longevity are leading to increasing pension liabilities. Actuarial neutrality across generations is presented as a benchmark for designing pension reforms to meet the...

Persistent link: https://www.econbiz.de/10005766043