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Debt into Growth : How Sovereign Debt Accelerated the First Industrial Revolution
Ventura, Jaume - 2015
Why did the country that borrowed the most industrialize first? Earlier research has viewed the explosion of debt in 18th century Britain as either detrimental, or as neutral for economic growth. In this paper, we argue instead that Britain's borrowing boom was beneficial. The massive issuance...
Persistent link: https://www.econbiz.de/10013022087
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Fiscal policy options in light of recent IMF research
Allen, Mark - 2011
some countries in this group to default? The paper presents work of Ostry et al. which defines and measures fiscal space …, Portugal and Spain, probably still have some fiscal space. On the likelihood of default, the paper presents work by Cottarelli … of countries, while large, is not unprecedented, and in any case would not be much reduced by default. The high spreads …
Persistent link: https://www.econbiz.de/10008797500
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Inflation stabilization, fiscal deficits and public debt management in Poland
Wijnbergen, Sweder van; Budina, Nina - 1999
Poland edged towards hyperinflation towards the latter half of 1989,but inflation fell dramatically after drastic reformswere enacted in January of 1990. We analyse the consistency betweenfiscal deficits and inflation targets and assess Poland's domestic and foreign debt management policies and...
Persistent link: https://www.econbiz.de/10011301167
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Foreign and public deficits in Greece : in search of causality
Nikiforos, Michalis; Carvalho, Laura; Schoder, Christian - 2013
This paper analyzes the trajectories of the Greek public deficit and sovereign debt over the last three decades and their connection to the political and economic environment, paying special attention to the causality between the public and the foreign deficit. The authors argue that, from 1980...
Persistent link: https://www.econbiz.de/10009773471
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Warum kriegt Europa die Eurokrise nicht in den Griff?
Winkler, Adalbert - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 92 (2012) 7, pp. 449-456
Die Beschlüsse des Euro-Gipfels vom Juni 2012 haben bei deutschen Ökonomen heftige Kritik ausgelöst. Der Autor fragt, welche Konsequenzen es gehabt hätte, wenn die Ratschläge der Ökonomen schon in der Finanzkrise 2008 befolgt worden wären, und befürchtet, dass der Verzicht auf eine am...
Persistent link: https://www.econbiz.de/10009617958
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Sovereign default risk premia and state-dependent twin deficits : conference paper
Hürtgen, Patrick; Rühmkorf, Ronald - 2013 - This version: August 7, 2013
This paper studies the impact of the state-dependent risk of a government default on the correlation of the scal … possible sovereign default leads to dynamics of sovereign debt which cause taxes to rise and increase the dispersion of …
Persistent link: https://www.econbiz.de/10010341080
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Government debt influence on EU countries economic growth : importance of matching Maastricht criterion
Butkus, Mindaugas; Matuzevičiūtė, Kristina - In: Economic and environmental studies : a journal for … 16 (2016) 1, pp. 115-129
The paper aims to analyse the impact of government debt on the country’s economic growth. Beginning of the economic crisis in 2007 and rapid growth of government debt has attracted interest in this topic. Government debt-to-GDP ratio in the EU has increased from 58.7 to 86.8 percent from 2007...
Persistent link: https://www.econbiz.de/10011537643
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"Twin deficits" in Greece : in search of causality
Nikiforos, Michalis; Carvalho, Laura; Schoder, Christian - 2014
The paper discusses the trajectories of the Greek public deficit andsovereign debt between 1980 and 2010 and its connection to thepolitical and economic environment of the same period. We payspecial attention to the causality between the public and the externaldeficit in the period after 1995,...
Persistent link: https://www.econbiz.de/10010458220
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Financial Repression and Debt Liquidation in the US and the Euro Area
Hoffmann, Andreas - 2013
In this paper, we argue that rising debt levels have caused a revival of financial repression in the Euro Area and the US to reduce debt-servicing costs and even liquidate debt. We describe how, in addition to the “safe haven capital flight,” the Federal Reserve directly represses US bond...
Persistent link: https://www.econbiz.de/10013090225
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External and Public Debt Crises
Arellano, Cristina - 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/10013019390