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Assessing Debt Sustainability in a Stochastic Environment: 200 years of Dutch Debt and Deficit Management

Wijnbergen, Sweder van; France, Alexander - Tinbergen Instituut - 2012

-012-9188-7">'De Economist'</A>, 2012, 160(3), 219-236.</A> When debt levels approach critical levels, tax payers may revolt against … refuse to participate in debt auctions. We provide a stochastic framework to assess whether such problems may arise and argue … that the key to fiscal sustainability in a stochastic environment is a feedback rule from debt level shocks back to …

Persistent link: https://www.econbiz.de/10011257461

Pensions, Debt and Inflation Risk in a Monetary Union

Adema, Yvonne - Tinbergen Instituut - 2010

This paper investigates the international spillovers of government debt and the associated risk of inflation within a … can shift part of its long-term debt burden to the funded country. Moreover, the PAYG country gains from unexpected … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …

Persistent link: https://www.econbiz.de/10011257504

Why does Centralisation fail to internalise Policy Externalities?

Dur, Robert A.J.; Roelfsema, Hein J. - Tinbergen Instituut - 2002

We provide an explanation why centralisation of political decision makingresults in overspending in some policy domains, whereas too low spending persists in others.We study a model in which delegates from jurisdictions bargain over local public goods provision.If all of the costs of public...

Persistent link: https://www.econbiz.de/10011256583

Does the Wage Tax System cause Budget Deficits?

Riedl, Arno; Winden, Frans A.A.M. van - Tinbergen Instituut - 2000

. These observationscan explain the budget deficits we observe in the laboratory economies. Furthermore, we find that tax …

Persistent link: https://www.econbiz.de/10011255463

The Effect of Fiscal Rules on Public Investment if Budget Deficits are Politically Motivated

Dur, Robert A.J.; Peletier, Ben D.; Swank, Otto H. - Tinbergen Instituut - 1997

Uncertainty about the future preferences of the government may induce policy makers to run excessive budget deficits …. As a solution to this problem, economists have proposed to impose a binding debt rule. In this paper we argue that a … binding debt rule does not eliminate the distortions due to strategic behaviour of politicians. Rather, strategic manipulation …

Persistent link: https://www.econbiz.de/10011255856

Informal Sector in Developed and less Developed Countries: A Literature Survey

Gerxhani, Klarita - Tinbergen Instituut - 1999

The main goal of this study is two-fold: (1) to provide a general overview of thecontributions to the literature on the informal sector, with a special focus on the PublicChoice approach; and (2) to compare these contributions across two institutionallydifferent types of countries: developed and...

Persistent link: https://www.econbiz.de/10011255865

The Transaction Costs Perspective on Costs And Benefits of Government Regulation

Butter, Frank A.G. den; Graaf, Marc de; Nijsen, André - Tinbergen Instituut - 2009

This paper explores the feasibility to extend the Standard Cost Model (SCM) for calculating the costs of government regulation by taking all transaction costs into account which stem from the principal/agent relationship between regulatory authorities and economic entities. From that perspective...

Persistent link: https://www.econbiz.de/10011256942

Selecting less Corruptible Bureaucrats

Hu, Audrey; Zhou, Liang - Tinbergen Instituut - 2007

A government officials' propensity to corruption, or corruptibility, can be affected by his intertemporal preference over job benefits. Through a dynamic model of rent-seeking behavior, this paper examines how endogenously determined corruptibility changes with monitoring intensity, salary...

Persistent link: https://www.econbiz.de/10011257101

Unraveling the Shift to the Entrepreneurial Economy

Audretsch, D.B.; Thurik, A.R. - Tinbergen Instituut - 2010

A recent literature has emerged providing compelling evidence that a major shift in the organization of the developed economies has been taking place: away from what has been characterized as the managed economy towards the entrepreneurial economy. In particular, the empirical evidence provides...

Persistent link: https://www.econbiz.de/10011257351

The Institutional Economics of Stakeholder Consultation; Reducing Implementations Costs through 'Matching Zones'

Butter, Frank A.G. den; Wolde, Sjoerd ten - Tinbergen Instituut - 2011

This paper discusses various ways to organise these consultations, so that a compromise agreement is reached on the solution of the (re)distribution problem. These institutionalised structures of consultation are referred to as 'matching zones' here. Practical experiences, mainly from the...

Persistent link: https://www.econbiz.de/10011257424