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The Political Economy of Fiscal Consolidation in Japan
Ihori, Toshihiro - 2015
This book investigates the reasons for persistent public deficits and delayed fiscal reform in Japan, placing a special … emphasis on political economy aspects. Japan is confronted with the need to pursue fiscal discipline for fiscal consolidation …
Persistent link: https://www.econbiz.de/10012401959
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Fiscal Rules and the Budget Process
Milesi-Ferretti, Gian Maria - 2006
This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a quot;fiscal deficit biasquot; and the empirical evidence on the economic, political and institutional factors leading to this...
Persistent link: https://www.econbiz.de/10012782040
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Japan’s Lost Decade : Lessons for Asian Economies
Yoshino, Naoyuki (ed.); Taghizadeh-Hesary, Farhad (ed.) - 2017
caught in a liquidity trap. This book argues that Japan’s economic stagnation stems from a vertical “investment-saving” (IS …This book discusses Japan’s long-term economic recession and provides remedies for that recession that are useful for … other Asian economies. The book addresses why Japan’s economy has stagnated since the bursting of its economic bubble in the …
Persistent link: https://www.econbiz.de/10012397422
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Fiscal Transparency and the Performance of Government Financial Assets
Seiferling, Mike - 2015
Stock-flow adjustments are typically measured as the difference between changes in gross debt and deficits. These are interpreted as a proxy for unexplained fiscal discrepancies, and often associated with a lack of fiscal transparency. However, such measures fail to capture the role of financial...
Persistent link: https://www.econbiz.de/10013027657
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Optimal Fiscal and Monetary Policy, Debt Crisis and Management
Cantore, Cristiano - 2017
The initial government debt-to-GDP ratio and the government's commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation...
Persistent link: https://www.econbiz.de/10012956478
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Sovereign Risk, Fiscal Policy, and Macroeconomic Stability
Corsetti, Giancarlo - 2012
This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign risk channel" through which sovereign default risk raises funding costs in the...
Persistent link: https://www.econbiz.de/10013111385
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Is There a Debt-Threshold Effect on Output Growth?
Chudik, Alexander - 2015
This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and empirical. On the theoretical side, we develop tests for threshold effects in the...
Persistent link: https://www.econbiz.de/10013013818
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Optimal Maturity Structure of Sovereign Debt in Situation of Near Default
Rochon, Céline - 2014
We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a debt crisis in case a large initial issuance of long...
Persistent link: https://www.econbiz.de/10013045943
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Bankruptcy Procedures for Sovereigns : A History of Ideas, 1976-2001
Rogoff, Kenneth; Zettelmeyer, Jeromin - 2021
This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger`s (2001) proposed Sovereign Debt-Restructuring Mechanism, with brief reference to the economics literature...
Persistent link: https://www.econbiz.de/10013317866
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The Systemic Impact of Debt Default in a Multilayered Global Network Model
Porter, Nathan; Tovar, Camilo E.; Treviño, Juan; … - 2022
The world has become more interconnected over the past few decades. Against this backdrop, economic and financial contagion following adverse shocks can have a severe impact on the global economy. How systemic can the effects of contagion be? What specific transmission channels are involved?...
Persistent link: https://www.econbiz.de/10013491953