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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 defined in GDP ratios. Based on the cointegration test results, we …
Persistent link: https://www.econbiz.de/10010294496
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Has Japan been following Modern Money Theory without recognizing it? No! and yes
Wray, Larry Randall; Nersisyan, Yeva - 2021
Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or inflation. MMT insists that governments that issue their own sovereign currency cannot be forced into insolvency, that...
Persistent link: https://www.econbiz.de/10012610213
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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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Optimal budget deficits and immigration
Mayr, Karin - 2006
The paper shows that immigration can create an incentive for deficit-spending among natives. If immigrants use up some given share of public funds net of debt service, a policy of running budget deficits becomes optimal. The optimal budget deficits are higher, the higher the share of net public...
Persistent link: https://www.econbiz.de/10010325618
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The euro crisis and the job guarantee: A proposal for Ireland
Wray, L. Randall - 2012
Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these...
Persistent link: https://www.econbiz.de/10010333043
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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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Making the Euro viable: The Euro treasury plan
Bibow, Jörg - 2015
The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. The euro regime's essential flaw and ultimate source of vulnerability is the decoupling of central bank and treasury institutions in the euro currency union. We propose a 'Euro Treasury'...
Persistent link: https://www.econbiz.de/10011545302
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A cross-country database of fiscal space
Kose, M. Ayhan; Kurlat, Sergio; Ohnsorge, Franziska; … - 2017
period 1990-2016, and includes 28 indicators of fiscal space grouped into four categories: debt sustainability, balance sheet …
Persistent link: https://www.econbiz.de/10012060231
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Saving social security
Lane, Edward - 2024
For more than 25 years, the Social Security Trust Fund has been projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be severely reduced in the absence of corrective legislative action. Today (February 2024), projections are made by the Social...
Persistent link: https://www.econbiz.de/10014581826
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Benefits and costs of debt: The dose makes the poison
Kose, M. Ayhan; Ohnsorge, Franziska; Sugawara, Naotaka - 2020
Government debt has risen substantially in emerging market and developing economies (EMDEs) since the global financial crisis. The current environment of low global interest rates and weak growth may appear to mitigate concerns about elevated debt levels. Considering currently subdued...
Persistent link: https://www.econbiz.de/10012388934