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Anand, Kartik; Mankart, Jochen - 2020

We develop a model of bank risk-taking with strategic sovereign default risk. Domestic banks invest in real projects and purchase government bonds. While an increase in bond purchases crowds out profitable investments, it improves the government's incentives to repay and therefore lowers its...

Persistent link: https://www.econbiz.de/10012301195

Financial repression in general equilibrium : the case of the United States, 1948-1974

Kliem, Martin; Kriwoluzky, Alexander; Müller, Gernot J.; … - 2024

Financial repression lowers the return on government debt and contributes, all else equal, towards its liquidation. However, its full effect on the debt-to-GDP ratio hinges on how repression impacts the economy at large because it alters investment and saving decisions. We develop and estimate a...

Persistent link: https://www.econbiz.de/10014559288

Public debt and financial crises in the twentieth century

Schularick, Moritz - 2012

The costs of wars have been the main driver of public debt in the Western World during the modern era. The late twentieth century stands out as a period that saw a pronounced increase of government debt to GDP ratios in peacetime. This paper assesses the role that financial crises have played in...

Persistent link: https://www.econbiz.de/10010194611

Deficits, crowding out and inflation : the simple analytics

Buiter, Willem H. - 1982

Persistent link: https://www.econbiz.de/10003504936

Monetary-fiscal policy interaction and fiscal inflation : a tale of three countries

Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2015

fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary … that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central … illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest …

Persistent link: https://www.econbiz.de/10011391752

Verschuldung, Geldschöpfung und Inflation : unbequeme monetaristische Arithmetik; die Sargent/Wallace-Thesen und ihre Rezeption

Bütler, Monika - 1992

Persistent link: https://www.econbiz.de/10013452242

Does expenditure composition influence the debt level? : evidence from German federal states

Stegarescu, Dan - 2013

Despite strongly equalized per capita revenue and similar budgetary institutions, fiscal performance is increasingly diverging across German federal states. Given that state and local governments are endowed with expenditure autonomy, this paper investigates whether the composition of...

Persistent link: https://www.econbiz.de/10010225574

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

Fossen, Frank M.; Freier, Ronny; Martin, Thorsten - 2014

Through an intertemporal budget constraint, jurisdictions may gain advantages in tax and spending competition by '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...

Persistent link: https://www.econbiz.de/10010233999

Fiscal discipline and rules for controlling the deficit: some unpleasant Keynesian arithmetic

Bruce, Neil; Purvis, Douglas D. - 1983 - Rev.

Persistent link: https://www.econbiz.de/10003503724

Who are the volunteers in the battle against budget deficits?

Prachowny, Martin F. J. - 1986

Persistent link: https://www.econbiz.de/10003532280

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