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Revenue Autonomy Preference in German State Parliaments

Heinemann, Friedrich; Janeba, Eckhard; Moessinger, … - Verein für Socialpolitik - VfS - 2013

Federal states in Germany are characterized by low fiscal autonomy. Equalization systems in place balance revenue differences to a considerable extent and states cannot independently set taxes of any major relevance. Although these features of German federalism are notorious for their...

Persistent link: https://www.econbiz.de/10010986084

Fiscal Adjustments and the Probability of Sovereign Default

Schaltegger, Christoph; Weder, Martin - Verein für Socialpolitik - VfS - 2013

government debt is high as well as when IMF lending is taken into account. …

Persistent link: https://www.econbiz.de/10010957957

Sovereign Asset Values and Implications for the Credit Market

Posch, Peter N; Kalteier, Eva-Maria - Verein für Socialpolitik - VfS - 2013

by debt and to be an early risk indicator for economic developments. In a cross-section analysis we identify drivers of … the economic risk of countries. Clustering the countries according to their debt to asset value ratios provides further …

Persistent link: https://www.econbiz.de/10010958057

Sovereign Bond Market Reactions to Fiscal Rules and No-Bailout Clauses The Swiss Experience

Moessinger, Marc-Daniel; Feld, Lars P.; Kalb, Alexander; … - Verein für Socialpolitik - VfS - 2013

We investigate the political determinants of risk premiums which sub-national governments in Switzerland have to pay for their sovereign bond emissions. For this purpose we make use of financial market data from 288 tradable cantonal bonds in the period from 1981 to 2007. Our main focus is on...

Persistent link: https://www.econbiz.de/10010958101

Sovereign risk premia: The link between fiscal rules and stability culture

Osterloh, Steffen; Heinemann, Friedrich; Kalb, Alexander - Verein für Socialpolitik - VfS - 2013

There is a growing empirical literature studying whether fiscal rules reduce borrowing costs. Nevertheless, it remains an open question whether these rules are effective genuinely or just because they mirror fiscal preferences of politicians and voters. In our analysis of European bond spreads,...

Persistent link: https://www.econbiz.de/10010958145

Overaccumulation, Public Debt, and the Importance of Land

Homburg, Stefan - Verein für Socialpolitik - VfS - 2014

In recent contributions, Weizs cker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This paper argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate...

Persistent link: https://www.econbiz.de/10011163917

The effects of fiscal rules on public finances and their identification

Yeter, Mustafa; Heinemann, Friedrich - Verein für Socialpolitik - VfS - 2014

Many economic studies analyse the impact of fiscal rules and discuss their effectiveness in limiting excessive debt. A …

Persistent link: https://www.econbiz.de/10011163997

The Home Bias in Sovereign Ratings

Gehring, Kai; Fuchs, Andreas - Verein für Socialpolitik - VfS - 2014

Credit rating agencies are frequently criticized for producing sovereign ratings that do not accurately reflect the economic and political fundamentals of rated countries. This article discusses how the home country of rating agencies could affect rating decisions as a result of political...

Persistent link: https://www.econbiz.de/10011164025

The financial economics of sovereign asset value: functional perspectives and market outcomes

Posch, Peter N; Bowden, Roger J; Kalteier, Eva-Maria - Verein für Socialpolitik - VfS - 2014

The asset value of government has traditionally been seen as the accounting value of public assets. We develop a detailed financial economics view on sovereign asset values using market measures to arrive at implied sovereign asset values. We establish definition and dependencies within the...

Persistent link: https://www.econbiz.de/10011164047

Race to the debt trap? Spatial econometric evidence on debt in German municipalities

Martin, Thorsten; Fossen, Frank M.; Freier, Ronny - Verein für Socialpolitik - VfS - 2014

'competing' on debt. While the existing spatial econometric literature focuses on tax and spending competition, very little is … known about spatial interaction via public debt. This paper estimates the spatial interdependence of public debt among … cant and robust interaction eff ects between debt of neighboring municipalities, which we compare to spatial tax and …

Persistent link: https://www.econbiz.de/10011164061