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Rotten Parents and Disciplined Children: A Politico-Economic Theory of Public Expenditure and Debt

Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2012

This paper proposes a dynamic politico-economic theory of fiscal policy in a world comprising a set of small open economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of voters choose fiscal policy through repeated elections....

Persistent link: https://www.econbiz.de/10011083405

`Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht

Buiter, Willem H.; Corsetti, Giancarlo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1992

In this paper we evaluate internationally agreed limits on public sector debt and deficits, such as those agreed by the EC countries in the Treaty of Maastricht as preconditions for membership in a monetary union. These fiscal convergence criteria require that general government budget deficits...

Persistent link: https://www.econbiz.de/10005123755

Fiscal Insurance and Debt Management in OECD Economies

Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2007

Assuming the role of debt management is to provide hedging against fiscal shocks we consider three questions: i) what indicators can be used to assess the performance of debt management? ii) how well have historical debt management policies performed? and iii) how is that performance affected by...

Persistent link: https://www.econbiz.de/10005136566

How the Euro Crisis Evolved and How to Avoid Another: EMU, Fiscal Policy and Credit Ratings

Polito, Vito; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2013

This paper argues that the crisis was an outcome of EMU: setting a common monetary policy for countries with different …

Persistent link: https://www.econbiz.de/10011084346

Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and … the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with …

Persistent link: https://www.econbiz.de/10005076715

Elementos de sostenibilidad fiscal en países ricos en hidrocarburos: El caso de Bolivia

Zambrano, Omar; Aguilera-Lizarazu, Gabriela - Inter-American Development Bank - 2010

Este trabajo analiza el desempeño fiscal de Bolivia a la luz de la expansión y posterior contracción de los precios internacionales de los hidrocarburos entre 2005 y 2009. Se evalúa dicho desempeño desde el punto de vista de la posición estructural de la economía, es decir, descontando...

Persistent link: https://www.econbiz.de/10010654050

Recalibrando la medición del balance estructural en Chile

Marcel, Mario; Cabezas, Mabel; Piedrabuena, Bernardita - Inter-American Development Bank - 2012

El presente resumen de políticas realiza una revisión sistemática de la metodología de estimación del Balance Estructural (BE) en Chile. Esta revisión no sólo recapitula y evalúa la justificación de la metodología de cálculo del BE actual o las pasadas, sino que explora diversas...

Persistent link: https://www.econbiz.de/10010654865

Spread the News: How the Crisis Affected the Impact of News on the European Sovereign Bond Markets

Beetsma, Roel; de Jong, Frank; Giuliodori, Massimo; … - C.E.P.R. Discussion Papers - 2012

We investigate how "news" affected domestic interest spreads vis-à-vis Germany and how it propagated to other countries during the recent crisis period, thereby distinguishing between the so-called GIIPS countries and other European countries. We make original use of the Eurointelligence...

Persistent link: https://www.econbiz.de/10011083333

Saving and Endogenous Growth: A Survey of Theory and Policy

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1991

The paper surveys and extends recent results on the effect of changes in government fiscal and financial policy, and in private savings behaviour, on economic growth. Private saving behaviour is represented by an overlapping generations (OLG) model. The supply side of the model permits...

Persistent link: https://www.econbiz.de/10005789148

Fiscal Rules and the Budget Process

Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 1997

This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a ‘fiscal deficit bias’ and the empirical evidence on the economic, political and institutional factors leading to this bias....

Persistent link: https://www.econbiz.de/10005791693

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