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Politics and Efficiency of Separating Capital and Ordinary Government Budgets
Bassetto, Marco - 2010
We analyze the democratic politics of a rule that separates capital and ordinary account budgets and allows the government to issue debt to finance capital items only. Many national governments followed this rule in the 18th and 19th centuries and most U.S. states do today. This simple 1800s...
Persistent link: https://www.econbiz.de/10012762529
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Inverted soft budget constraint : extra-budgetary resource seeking in local governments
Zhou, Xueguang - In: Social sciences in China : a quarterly journal 26 (2005) 2, pp. 36-47
Persistent link: https://www.econbiz.de/10003094940
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Capitalizing China
Fan, Joseph P. H. - 2011
Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist … introduces the chapters comprising the NBER volume Capitalizing China (Fan and Morck, eds. 2012), which examine China's high … consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries …
Persistent link: https://www.econbiz.de/10013117212
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A Decade of Debt
Reinhart, Carmen M. - 2011
This paper presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those...
Persistent link: https://www.econbiz.de/10013129128
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On the Global Financial Market Integration “Swoosh” and the Trilemma
Bekaert, Geert - 2017
We propose a simple measure of de facto financial market integration based on a factor model of monthly equity returns, which can be computed back to the first era of financial globalization for 17 countries. Global financial market integration follows a “swoosh” shape – i.e. high...
Persistent link: https://www.econbiz.de/10012963752
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Public Debt Through the Ages
Eichengreen, Barry - 2019
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes...
Persistent link: https://www.econbiz.de/10012893976
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A History of U.S. Debt Limits
Hall, George J. - 2015
Congress first imposed an aggregate debt limit in 1939 when it delegated decisions about designing US debt instruments to the Treasury. Before World War I, Congress designed each bond and specified a maximum amount of each bond that the Treasury could issue. It usually specified purposes for...
Persistent link: https://www.econbiz.de/10013010287
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Colonial New Jersey's Provincial Fiscal Structure, 1709-1775 : Spending Obligations, Revenue Sources, and Tax Burdens in War and in Peace
Grubb, Farley - 2015
The spending obligations and revenue sources of colonial New Jersey's provincial government for the years 1704 through 1775 are reconstituted using forensic accounting techniques from primary sources. Such has not been done previously for any British North American colony. These data are used to...
Persistent link: https://www.econbiz.de/10013022924
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Economic Cycles in Ancient China
Zhang, Yaguang - 2015
We discuss business cycles in ancient China. Data on Ancient China business cycles are sparse and incomplete and so our … years for OECD countries and with major focus on the 1990's. Here we also probe material on Ancient China to see what is …
Persistent link: https://www.econbiz.de/10013013169
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A Small Corner of Intertemporal Public Finance - New Developments in Monetary Economics : 2 Ghosts, 2 Eccentricities, a Fallacy, a Mirage and a Mythos
Buiter, Willem H. - 2021
Monetary theory and policy are part of intertemporal public finance. The lecture reviews some interesting recent developments. The two ghosts are the venerable liquidity trap and the Pigou effect or real balance effect. The eccentricities are negative nominal interest rates and the helicopter...
Persistent link: https://www.econbiz.de/10013210690