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Empirical Studies on Public Debt and Fiscal Transfers

Reischmann, Markus Josef - 2016

This volume includes five self-contained chapters in the fields of public debt and fiscal transfer schemes. After an introduction to the topic, chapter 2 shows that the institutional setting of fiscal policy making needs to be considered when assessing the sustainability of fiscal policy. Using...

Persistent link: https://www.econbiz.de/10011698353

Moral hazard and bail-out in fiscal federations: evidence for the German Länder

Heppke-Falk, Kirsten H.; Wolff, Guntram B. - 2007

(Länder) to a bail-out, the interest payments-to-revenue ratio. While risk premia measured in the German sub-national bond … receiving a bail-out payment. Quantitatively, the effects are, however, quite small. Our findings are robust to a variety of … markets' bail-out expectations. In sum, our results indicate significant investor moral hazard in the sub-national German bond …

Persistent link: https://www.econbiz.de/10010295844

Fiscal Equalisation and the Soft Budget Constraint

Plachta, Robert C. - 2008

This paper assesses the interactions of horizontal fiscal equalisation schemes with debt policy by sovereign regional governments. Local public goods are either financed by debt or taxation. A horizontal equalisation scheme eleviates regional public revenue disparities under horizontal and...

Persistent link: https://www.econbiz.de/10010298774

External sovereign debt in a monetary union: Bailouts and the role of corruption

Achury, Carolina; Koulovatianos, Christos; Tsoukalas, … - 2011

, we show that bailout plans with controlled interest rates can help in reducing debt-GDP ratios after some time. On the …

Persistent link: https://www.econbiz.de/10010277405

The fiscal theory of the price level in a world of low interest rates

Bassetto, Marco; Cui, Wei - 2017

A central equation for the fiscal theory of the price level (FTPL) is the government budget constraint (or "government …

Persistent link: https://www.econbiz.de/10012030330

Bundesstaatsreform und Zukunft der Finanzverfassung

Kitterer, Wolfgang - 2007

wird ein vereinfachter Finanzausgleich (ohne Umsatzsteuer-Vorwegausgleich und Bundesergänzungszuweisungen) mit einem …

Persistent link: https://www.econbiz.de/10010297017

Will Portugal turn into a second Greece?

Schrader, Klaus; Laaser, Claus-Friedrich - 2012

Current economic developments in Portugal do not portend well. The Portuguese GDP is shrinking and the growth forecast for 2012 is gloomy - in the EU only the forecast for Greece is even worse (Figure 1). Moreover, Portugal is now having to pay double-digit interest rates on its bonds, its debt...

Persistent link: https://www.econbiz.de/10010313181

Population Prospects and the Determination of a Debt-Sharing Rule between Seceding Regions

Cattoir, Philippe; Docquier, Frédéric - 2004

This paper investigates one of the most important financial issues arising from a secession or a country partitioning namely the sharing of the national public debt. Extending Dr?ze's distributive neutrality condition, we use the generational accounting technique and propose a dynamic...

Persistent link: https://www.econbiz.de/10010261790

Die Finanzierung der deutschen Einheit: zum Umgang mit der Schuldenlast der Wiedervereinigung

Zinsmeister, Florian - In: Vierteljahrshefte zur Wirtschaftsforschung 78 (2009) 2, pp. 146-160

Die Staatsverschuldung der Bundesrepublik Deutschland betrug Ende des Jahres 2008 1 518 Milliarden Euro. Ein großer Teil dieser Schulden hat seinen Ursprung im deutschen Einigungsprozess, und zwar sowohl in der Übernahme von Altschulden der DDR als auch in der Kreditfinanzierung des...

Persistent link: https://www.econbiz.de/10010377882

Fiscal discipline and the cost of public dept service: some estiames for OECD countries

Ardagna, Silvia; Caselli, Francesco; Lane, Timothy - 2004

We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...

Persistent link: https://www.econbiz.de/10011604457