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Defining the welfare state is not a simpleminded task. Actually, there are numerous definitions which try to reflect at least some of the basic characteristics of the welfare state or its objectives and its functions. For some, there is primarily an institutional parameter, for others there are...
Persistent link: https://www.econbiz.de/10015260347
Cash management is simply defined as making the right amount of money available at the right time and the right place to meet the government's obligations in the most cost-effective way. The main features of modern cash management are centralized government bank accounts and establishment of a...
Persistent link: https://www.econbiz.de/10015270690
This brief Note provides strong empirical evidence that federal govern­ment deficits can indeed have a positive and significant impact upon short­ term interest rates; the findings in this paper thereby establish another mechanism for the transmission of crowding out. This study differs from...
Persistent link: https://www.econbiz.de/10015239766
This Note endeavors to illustrate the relevance of the impact of the budget deficit upon the interest rate to the issue of crowding out. It is argued that empirical studies of the impact of deficits upon interest rates may be very useful in det­ermining whether (and how) crowding out occurs,...
Persistent link: https://www.econbiz.de/10015239768
This paper develops a formal theoretical model within which it investigates mathematically the policy implications of adverse business expectations involving deficit financing. It is found that hostility towards deficit financing will always diminish the effectiveness of fiscal policy and render...
Persistent link: https://www.econbiz.de/10015240164
This study investigates whether federal government budget deficits in the U.S. over the 1990-99 time period acted to crowd out private investment in new plant and equipment. Using quarterly data, empirical estimations clearly indicate that private investment was in fact negatively impacted by...
Persistent link: https://www.econbiz.de/10015241709
This study examines the existence of crowding-out in the United States by determining to what degree the proportion of GNP devoted to private investment in new capital was affected by the proportion of GNP devoted to aggregate federal government spending. The evidence here strongly supports the...
Persistent link: https://www.econbiz.de/10015242919
Pakistan has been pursuing an active albeit expansionary fiscal policy since 1970s. In the mid-1970s to early-1980s, such policy choice was manifested in externally financed development spending, primarily in the form of investment in public enterprises. Despite excessive deficit financing,...
Persistent link: https://www.econbiz.de/10015214310
This paper considers a Ramsey model of linear capital and labor income taxation in which a benevolent government cannot commit ex-ante to a sequence of taxes for the future. In this setup, if the government is allowed to borrow and lend to the consumers, the optimal capital income tax is zero in...
Persistent link: https://www.econbiz.de/10015220386
The Zimbabwean economy is one of the many numbers of countries that has experienced a relatively high fiscal deficit for a prolonged period with the result of a high inflationary environment. This paper examines the deficit-inflation nexus in the Zimbabwean economy and establishes the causal...
Persistent link: https://www.econbiz.de/10015222539