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Public debts have surged in recent years, in advanced economies, to the levels that have not been recorded since the end of the World War II. The average public debt/GDP ratio for all advances economies has surpassed the pre-World War II peaks reached during the World War I and subsequently...
Persistent link: https://www.econbiz.de/10010925945
The influence of debt on macroeconomic stability and the ability to restart growth has been a constant concern since the Second World War period. In recent decades, public debt has increased considerably in most countries. Upward trend of public debt was accompanied by an increase in public...
Persistent link: https://www.econbiz.de/10010940595
To assess to which extent public debt positions in four CESEE economies (the Czech Republic, Hungary, Poland and Slovakia) are sustainable in the medium term, we apply a stochastic debt sustainability analysis (SDSA), building on Celasun, Debrun and Ostry (2007). In contrast to conventional debt...
Persistent link: https://www.econbiz.de/10011015325
The European Redemption Pact (ERP), a proposal of the German Council of Economic Experts, describes an exit strategy from the debt crisis which currently plagues the euro area. The pact includes a binding commitment of all participating countries to bring public debt ratios below the reference...
Persistent link: https://www.econbiz.de/10011020580
This paper utilizes a small-scale econometric model to study the dynamics of the Irish debt-to-GDP ratio. The role of world GDP growth, domestic GDP growth, real effective exchange rate, interest rate and primary balance is analyzed in the debt dynamics. We find that the Irish economy will...
Persistent link: https://www.econbiz.de/10009370836
The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. Consolidating public finances in order to address the consequences of the crisis, underlying weaknesses and also future spending pressures creates important challenges. Fiscal consolidation...
Persistent link: https://www.econbiz.de/10011007343
Über die letzten 30 Jahre hat sich in der Europäischen Union (EU) ein komplexes Geflecht an nationalen und supranationalen Fiskalregeln mit dem Ziel nachhaltiger öffentlicher Finanzen herausgebildet. Derweil haben die staatlichen Maßnahmen zur Abfederung der wirtschaftlichen Folgen der...
Persistent link: https://www.econbiz.de/10015113055
Persistent link: https://www.econbiz.de/10015116677
The second supplementary budget of 2021 at the federal level was declared null and void by the Federal Constitutional Court in November 2023. The decision has an impact on the state of Baden-Württemberg as the state-level debt brake regulations have been in force since 2020. The state has...
Persistent link: https://www.econbiz.de/10015173498
This paper investigates the link between sovereign ratings and macroeconomic fundamentals for a group of euro area countries which recorded rating downgrades amid the euro area sovereign debt crisis. We apply an elaborated econometric estimation technique, based on a Bayesian ordered probit...
Persistent link: https://www.econbiz.de/10011606056