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Sustainability of Public Debt and Budget Deficit: Panel cointegration analysis for the European Union Member countries

Prohl, Silika; Schneider, Friedrich G. - 2006

In this study, we analyse the sustainability of fiscal policy of EU member countries within the panel cointegration and error-correction frameworks. Unlike the previous empirical papers in this area, we apply the test for panel cointegration between the primary budget deficit and the public debt...

Persistent link: https://www.econbiz.de/10010294496

External and public debt crises

Arellano, Cristina; Atkeson, Andrew; Wright, Mark - 2015

The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state...

Persistent link: https://www.econbiz.de/10011460678

Credibility For Sale

Dellas, Harris; Niepelt, Dirk - 2013

We develop a sovereign debt model with offcial and private creditors where default risk depends on both the level and the composition of liabilities. Higher exposure to offcial lenders improves incentives to repay but carries extra costs, such as reduced ex-post flexibility. The model implies...

Persistent link: https://www.econbiz.de/10011430101

Fiscal policy, unemployment insurance, and financial crises in a model of growth and distribution

Hannsgen, Greg - 2012

Recently, some have wondered whether a fiscal stimulus plan could reduce the government's budget deficit. Many also worry that fiscal austerity plans will only bring higher deficits. Issues of this kind involve endogenous changes in tax revenues that occur when output, real wages, and other...

Persistent link: https://www.econbiz.de/10010318628

The German 'debt brake': A shining example for European fiscal policy?

Truger, Achim; Will, Henner - 2012

Many observers consider the German 'debt brake' beyond criticism. In the current crisis, many European countries have difficulties refinancing their budgets, while the German treasury's funding conditions are most favourable. The 'fiscal compact's' call for the introduction of German-style 'debt...

Persistent link: https://www.econbiz.de/10010310935

The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …

Persistent link: https://www.econbiz.de/10010286538

A cross-country database of fiscal space

Kose, M. Ayhan; Kurlat, Sergio; Ohnsorge, Franziska; … - 2017

This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal...

Persistent link: https://www.econbiz.de/10012060231

ECB worries/European woes: The economic consequences of parochial policy

Barbera, Robert J.; Holtham, Gerald - 2012

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

Persistent link: https://www.econbiz.de/10010318632

Equity capital, bankruptcy risk and the liquidity trap

Levintal, Oren - 2011

This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in …

Persistent link: https://www.econbiz.de/10010335985

Towards a progressive EMU fiscal governance

Álvarez Peralta, Nacho; Feigl, Georg; Koratzanis, Nasos; … - 2019

reform the Eurozone. We propose a focus on general principles for fiscal governance reform aiming at a better economic …

Persistent link: https://www.econbiz.de/10014565890

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