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The signaling role of fiscal austerity
Gibert, Anna - 2016
debt and show that the signaling channel is active only for high levels of asymmetric information. The model generates a … ability to repay sovereign debt and show that the signaling channel is active only for high levels of asymmetric information … emerging market economies since 1980 and find evidence of this signaling channel. …
Persistent link: https://www.econbiz.de/10011564643
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The Signaling Role of Fiscal Austerity
Gibert, Anna - 2016
debt and show that the signaling channel is active only for high levels of asymmetric information. The model generates a … ability to repay sovereign debt and show that the signaling channel is active only for high levels of asymmetric information … emerging market economies since 1980 and find evidence of this signaling channel …
Persistent link: https://www.econbiz.de/10012978225
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Signalling creditworthiness with fiscal austerity
Gibert, Anna - In: European economic review : EER 144 (2022), pp. 1-27
Persistent link: https://www.econbiz.de/10013348881
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Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore crosscountry spillovers of tax...
Persistent link: https://www.econbiz.de/10010426560
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Saving Europe? : the unpleasant arithmetic of fiscal austerity in integrated economies
Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing - 2014
Europe's debt crisis casts doubt on the effectiveness of fiscal austerity in highly-integrated economies. Closed-economy models overestimate its effectiveness, because they underestimate tax-base elasticities and ignore cross-country tax externalities. In contrast, we study tax responses to debt...
Persistent link: https://www.econbiz.de/10010463574
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Chapter 32. What is a Sustainable Public Debt?
D’Erasmo, P.; Mendoza, E.G.; Zhang, J. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 2493-2597). 2016
The question of what is a sustainable public debt is paramount in the macroeconomic analysis of fiscal policy. This question is usually formulated as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (ie,...
Persistent link: https://www.econbiz.de/10014024281
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The end of gatekeeping : underwriters and the quality of sovereign bond markets, 1815 - 2007
Flandreau, Marc; Flores Zendejas, Juan; Gaillard, Norbert; … - 2009
long run. We focus on output, quality control, information provision, competition, pricing, charging and signaling. We find …
Persistent link: https://www.econbiz.de/10003891901
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The simple macroeconomics of fiscal austerity, public sector debt and deflation
Palley, Thomas I. - 2010
This paper explores the macroeconomics of fiscal austerity and deflation in an economy with public debt. A binding budget deficit cap destabilizes the economy by turning the government budget into an automatic destabilizer. Public debt helps maintain AD in the presence of deflation because...
Persistent link: https://www.econbiz.de/10009306638
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Fiscal austerity versus growth in Croatia
Škare, Marinko; Druzeta, Romina Prziklas - In: Contemporary economics 9 (2015) 1, pp. 77-92
The role of fiscal austerity has been questioned for centuries, but a rapidly increasing deficit along with the financial crisis in 2007 / 2008 influenced a renewed debate on the economics of austerity. This paper analyzes the role of austerity versus the role of economic growth. It also...
Persistent link: https://www.econbiz.de/10010520867
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Growing like Germany : local public debt, local banks, low private investment
Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael - 2021
Using a firm-bank panel of more than 1m German firms over 2010-2016, we document that local public bank lending to municipalities crowds out private investment. Our results show how crowding out can happen in a developed economy characterized by low interest rates and fiscal austerity. Our...
Persistent link: https://www.econbiz.de/10012796947