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Managing and Harnessing Volatile Oil Windfalls

Van Den Bremer, Ton; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2012

Three funds are necessary to manage an oil windfall: intergenerational, liquidity and investment funds. The optimal liquidity fund is bigger if the windfall lasts longer and oil price volatility, prudence and the GDP share of oil rents are high and productivity growth is low. We apply our theory...

Persistent link: https://www.econbiz.de/10011084534

The world’s oldest fiscal watchdog: CPB’s analyses foster consensus on economic policy

Bos, Frits; Teulings, Coen N - C.E.P.R. Discussion Papers - 2012

The sovereign debt problems in European countries have increased the interest in fiscal watchdogs. This paper discusses the world’s oldest fiscal watchdog, CPB Netherlands Bureau for Economic Policy Analysis (CPB). CPB was founded directly after World War II. It has built a reputation of...

Persistent link: https://www.econbiz.de/10011083741

A Common Pool Theory of Deficit Bias Correction

Krogstrup, Signe; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2006

The budget deficit bias is modeled as the result of a domestic common pool problem and of an international externality. Along with Piguvian taxes, a number of policy measures are examined and welfare-ranked: deficit ceilings, golden rules and delegation. In general, the combination of delegation...

Persistent link: https://www.econbiz.de/10005666494

Wars, Redistribution and Civilian Federal Expenditures in the US over the Twentieth Century

Beetsma, Roel; Cukierman, Alex; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2005

down, when the share of defence expenditures goes up. But taxes go down less and transfers go up more per unit change in … defence expenditures when those expenditures go down at the war’s conclusion than the amounts by which taxes go up and … transfers go down during the buildup in defence expenditures at the beginning of the war effort. There is no evidence of such …

Persistent link: https://www.econbiz.de/10005114428

Intergenerational Risk Sharing, Stability and Optimality of Alternative Pension Systems

Hassler, John; Lindbeck, Assar - C.E.P.R. Discussion Papers - 1997

In an analysis of the risk-sharing properties of different types of pension systems, we show that only fixed-fee pay-as-you-go (PAYG) pension systems can provide risk sharing for living individuals. Under some circumstances, however, other PAYG pension systems can enhance the expected welfare of...

Persistent link: https://www.econbiz.de/10005497947

Excesses and Limits of the Public Sector in the Italian Economy. The Ongoing Reform

Schioppa, Padoa; Kostoris, Fiorella - C.E.P.R. Discussion Papers - 1994

This paper provides factual evidence on the extent of public intervention in the Italian economy. It further illustrates the internal contradictions and weaknesses of public action in Italy. New policy proposals to solve old structural problems of the Bel Paese are then discussed. Among them, a...

Persistent link: https://www.econbiz.de/10005498095

A Distant Mirror of Debt, Default, and Relief

Reinhart, Carmen M.; Trebesch, Christoph - C.E.P.R. Discussion Papers - 2014

We take a first pass at quantifying the magnitudes of debt relief achieved through default and restructuring in two distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt hangover in advanced economies that was created by World...

Persistent link: https://www.econbiz.de/10011083377

Weathering the crisis and beyond: Perspectives for the Euro Area

Schmidt, Christoph M; Weigert, Benjamin - C.E.P.R. Discussion Papers - 2013

The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects...

Persistent link: https://www.econbiz.de/10011083564

Crowding Out Redefined: The Role of Reserve Accumulation

Reinhart, Carmen M.; Tashiro, Takeshi - C.E.P.R. Discussion Papers - 2013

It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 percentage points lower during 1998-2012 than its...

Persistent link: https://www.econbiz.de/10011083567

The Return of Financial Repression

Reinhart, Carmen M. - C.E.P.R. Discussion Papers - 2012

Periods of high indebtedness have historically been associated with a rising incidence of default or restructuring of public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression'. Consistent negative real interest rates are equivalent to...

Persistent link: https://www.econbiz.de/10011083679