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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 Decade of Debt
Reinhart, Carmen M. - 2011
recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At …
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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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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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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Military Expenditure, Threats, and Growth
Aizenman, Joshua; Glick, Reuven - 2021
This paper clarifies one of the puzzling results of the economic growth literature: the impact of military expenditure is frequently found to be non-significant or negative, yet most countries spend a large fraction of their GDP on defense and the military. We start by empirical evaluation of...
Persistent link: https://www.econbiz.de/10013233439
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Political Limits to Globalization
Acemoglu, Daron - 2010
Despite the major advances in information technology that have shaped the recent wave of globalization, openness to trade is still a political choice, and trade policy can change with shifts in domestic political equilibria. This paper suggests that a particular threat and a limiting factor to...
Persistent link: https://www.econbiz.de/10013148385
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Federal Budget Rules : The Us Experience
Auerbach, Alan J. - 2010
Like many other developed economies, the United States has imposed fiscal rules in attempting to impose a degree of fiscal discipline on the political process of budget determination. The federal government has operated under a series of budget control regimes that have been complex in nature...
Persistent link: https://www.econbiz.de/10012758451
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The Political Economy of War Debts and Inflation
Grossman, Herschel I. - 2021
This paper argues that before World War II the desire to maintain a trustworthy reputation for honoring war debts was … honoring in full of war debts following World War II. The discussion focuses on differences in economic and political … conditions after World War II, especially the extension of the voting franchise, the increased economic and political power of …
Persistent link: https://www.econbiz.de/10013221099
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The Economic Costs of the Iraq War : An Appraisal Three Years after the Beginning of the Conflict
Bilmes, Linda; Stiglitz, Joseph E. - 2021
This paper attempts to provide a more complete reckoning of the costs of the Iraq War, using standard economic and accounting/ budgetary frameworks. As of December 30, 2005, total spending for combat and support operations in Iraq is $251bn, and the CBO's estimates put the projected total direct...
Persistent link: https://www.econbiz.de/10013224204