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Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective
Hein, Eckhard - 2012
. Therefore, two major features of finance-dominated capitalism, the increasing inequality of income distribution and the rising …
Persistent link: https://www.econbiz.de/10010309812
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Inequality, democracy, institutional quality, and fiscal redistribution
Chong, Alberto; Gradstein, Mark - 2007
quality. The theoretical model suggests that income inequality, coupled with political bias in favor of the rich, decreases … redistribution and lowers institutional quality. The effect of the former is to increase productive investment, and the effect of the … in a panel of countries, the paper finds that inequality has a negative effect on both institutional quality and …
Persistent link: https://www.econbiz.de/10010278272
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An investment initiative for fiscally constrained EU member states: The role of synergetic financial instruments
Zeilbeck, Severin - 2015
The economy of the European Union has not recovered from the impact of the economic and financial crisis. Growth rates remain low and investment activity is weak. This questions current economic policies of the Economic and Monetary Union, known as austerity. In opposition to fiscal contraction...
Persistent link: https://www.econbiz.de/10011381297
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Austerity in the Euro area: The sad state of economic policy in Germany and the EU
Truger, Achim - 2013
The Euro area is currently going through its worst period of recession and economic stagnation since the Great Depression and World War II. The article tries to give an impression of the extraordinary degree of fiscal austerity and the devastating economic effects it has already had and must be...
Persistent link: https://www.econbiz.de/10010333079
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Austerity, cyclical adjustment and the remaining leeway for expansionary fiscal policies within the current EU fiscal framework
Truger, Achim - 2015
Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis...
Persistent link: https://www.econbiz.de/10010512996
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Fiscal policy and rebalancing in the Euro area: A critique of the German debt brake from a Post-Keynesian perspective
Hein, Eckhard; Truger, Achim - 2013
The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...
Persistent link: https://www.econbiz.de/10010513067
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Future fiscal and debt policies: Germany in the Context of the European Monetary Union
Hein, Eckhard; Truger, Achim - 2013
Currently fiscal policies in Germany seem to be in a very comfortable position and the German Debt Brake is regarded as an institutional precondition for this success and has been exported to the Euro area in the guise of the Fiscal Compact. In this paper we scrutinize German fiscal policies and...
Persistent link: https://www.econbiz.de/10010314658
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Reorienting fiscal policy after the great recession
Tcherneva, Pavlina R. - 2012
The paper evaluates the fiscal policy initiatives during the Great Recession in the United States. It argues that, although the nonconventional fiscal policies targeted at the financial sector dwarfed the conventional countercyclical stabilization efforts directed toward the real sector, the...
Persistent link: https://www.econbiz.de/10010318645
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Redistribution in the age of austerity: Evidence from Europe, 2006-13
Schneider, Markus P. A.; Kinsella, Stephen; Godin, Antoine - 2015
We examine the relationship between changes in a country's public sector fiscal position and inequality at the top and …-like indices of inequality as our measures to assess distributional changes. Based on the EU's Statistics on Income and Living … rising inequality at the top. The data also weakly suggest a decrease in inequality at the bottom. The distributional impact …
Persistent link: https://www.econbiz.de/10011784646
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Does excessive sovereign debt really hurt growth? A critique of This time is different, by Reinhart and Rogoff
Nersisyan, Yeva; Wray, L. Randall - 2010
The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of...
Persistent link: https://www.econbiz.de/10010333044