This paper analyses the impact of fiscal rules on different public spending categories, namely public expenditure and investment, at the subnational level in Europe. Building on the notion of the deficit bias, we suspect that in the presence of fiscal rules, politicians have an incentive to...

In a bid to realize its development aspirations, Tanzania has made concerted efforts to increase public investment, particularly in the last decade. A significant proportion of these investments are financed by contracting debt, manifested by the rapid accumulation of public debt, especially...

Business-cycle adjustment is mostly determined via filter methods, especially the HP filter, or, e.g. within the EU fiscal rules, by a production function approach. James Hamilton put big doubt on the quality of the HP filter estimates, and proposed an alternative regression approach to...

In der Märzausgabe 2023 veröffentlichte der Wirtschaftsdienst einen Aufsatz mit dem Titel 'Schuldentragfähigkeit mit impliziten Staatsschulden - Leitbild oder Irrlicht?' von Jan Priewe. Hagen Krämer und Carl Christian von Weizsäcker vertreten in einer Replik eine andere Auffassung, im...

This paper establishes connections between the frameworks of social provisioning and functional finance, and discusses a post-Keynesian–Institutionalist theory of the public sector that emerges out of these linkages. The concept of social provisioning has emerged out of Institutional...

In early 2013, the French economy, like many other EU economies, faces tough challenges. French GDP is 9 per cent below the level it would have reached had it continued to grow at its pre-crisis trend. France has committed to cut the public deficit to 3 per cent in 2013 and 0 per cent in 2017...

Reinhart/Rogoff (2010) and Reinhart et al. (2012) document a negative relationship between public debt and economic growth. However, by classifying the observations of their data set into public debt categories and identifying public debt overhang episodes, they focus only on 'one half' of the...

The paper deals with the relationship between public spending and growth as well as the dynamics of the ratio of public debt to GDP. The authors show that a composition of public spending that favors productive expenditures, that is, those with a direct positive effect on the economy's long-run...

The economic tradition of ordoliberalism, understood as the theoretical and policy ideas of the Freiburg School, emerged in 1930s and 1940s Germany. In the years thereafter, it was quickly superseded by Keynesianism and other theories imported from the English-speaking world. The crisis in...