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Nationale Schuldenbremsen für die Länder der Europäischen Union: Taugt das deutsche Modell als Vorbild?

Hetschko, Clemens; Quint, Dominic; Thye, Marius - 2012

Zu den Verpflichtungen der Mitglieder im Europäischen Fiskalpakt gehört unter anderem, eine nationale Schuldenbremse einzuführen - eine Regel zur Begrenzung der jährlichen Neuverschuldung. Deutschland ist diesen Schritt bereits gegangen. Im vorliegenden Beitrag überprüfen wir, inwieweit...

Persistent link: https://www.econbiz.de/10010309359

Fiscal consolidation strategy

Cogan, John F.; Taylor, John B.; Wieland, Volker; … - 2012

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...

Persistent link: https://www.econbiz.de/10010311794

The European debt crisis and fiscal reaction functions in Europe 2000 - 2012

Baldi, Guido; Staehr, Karsten - 2013

After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the...

Persistent link: https://www.econbiz.de/10010312835

Future fiscal and debt policies: Germany in the Context of the European Monetary Union

Hein, Eckhard; Truger, Achim - 2013

Currently fiscal policies in Germany seem to be in a very comfortable position and the German Debt Brake is regarded as an institutional precondition for this success and has been exported to the Euro area in the guise of the Fiscal Compact. In this paper we scrutinize German fiscal policies and...

Persistent link: https://www.econbiz.de/10010314658

A meme for money

Wray, L. Randall - 2012

This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives.That framing is also largely consistent with the conventional view of the economy and of society more generally. To put it the way that economists usually...

Persistent link: https://www.econbiz.de/10010318635

The final blow to the Stability Pact? EMU enlargement and government debt

Paulus, Philipp - 2006

The continued debate on even the softened Stability and Growth Pact (SGP) highlights that the question of public debt in the European Monetary Union (EMU) needs further scrutiny. Both political economy models for emerging market sovereign debt and exchange rate regimes, as well as models on...

Persistent link: https://www.econbiz.de/10010282711

The Indonesias state budget sustainability and its implication for financial system stability

Kunvoro, Haryo - In: Romanian Journal of Fiscal Policy (RJFP) 2 (2011) 1, pp. 36-53

This paper will examine the sustainability of the central budget and its relation to the financial stability in the … case of Indonesia. The standard model of fiscal sustainability is modified to cover some financial variables. The empirical … estimates are done by employing several aspects of the time series econometric literature including unit roots, co-integration …

Persistent link: https://www.econbiz.de/10010283047

Sovereign bond yield spreads: A time-varying coefficient approach

Bernoth, Kerstin; Erdogan, Burcu - 2010

We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to...

Persistent link: https://www.econbiz.de/10010285746

Rotten parents and disciplined children: A politico-economic theory of public expenditure and debt

Song, Zheng; Storesletten, Kjetil; Zilibotti, Fabrizio - 2008

This paper proposes a dynamic politico-economic theory of debt, government finance and expenditure. Agents have preferences over a private and government-provided public good, financed through labour taxation. Subsequent generations of voters choose taxation, government expenditure and debt...

Persistent link: https://www.econbiz.de/10010287737

Bringing French public debt down: The options for fiscal consolidation

Egert, Balazs - 2012

sustainability if long-term interest rates rise. Bringing back public debt to 60% of GDP even by 2030 would require a fiscal effort …

Persistent link: https://www.econbiz.de/10010288248