Deficit And Debt In Transition

Author : Istvan Benczes
Publisher : Central European University Press
Page : 245 pages
File Size : 48,6 Mb
Release : 2014-09-01
Category : Business & Economics
ISBN : 9789633860588

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Deficit and Debt in Transition by Istvan Benczes Pdf

The adjustment problems of public finance in countries of Central and Eastern Europe (CEE) are often misunderstood and misinterpreted by western scholars. This book contributes to the bridging of the gap between what is being thought by external observers and what the actual public finance reality is, as described by competent local scholars. Popular political economy research has remained biased towards advanced countries and has neglected developing and transition economies. Publications on CEE countries? public finances seem to be reluctant to apply the conceptual framework of standard political economy to these countries because of the assumption that CEE economies are different from their Western peers. But is this really the case? Are CEE economies so much different that none of the well-known ?Western? political economy concepts or models can be applied to the analysis of fiscal performance in the region? Benczes demonstrates that they can be safely applied in the context of CEE economies as well. He sees no need to develop a separate or unique theory designed for the study and understanding of (one-time) transition economies. ÿ

Author : Mr.Willem H. Buiter
Publisher : International Monetary Fund
Page : 58 pages
File Size : 43,7 Mb
Release : 1997-04-01
Category : Business & Economics
ISBN : 9781451980073

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Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs by Mr.Willem H. Buiter Pdf

Key medium– and longer–term fiscal issues faced by transition economies are reviewed, including government solvency and the sustainability of the fiscal–financial–monetary program. The paper aims to assist the design and implementation of future Fund programs and to contribute to the debate about fiscal policy in transition economies. After presenting a framework for evaluating the sustainability of the fiscal–financial–monetary program of the state, some numerical material is presented on public debt, (quasi–) fiscal deficits and monetary financing. Eight budgetary issues of special relevance to transition economies are considered next. The lessons from this study are summarized in a number of propositions.

Author : Zsoka Koczan
Publisher : International Monetary Fund
Page : 20 pages
File Size : 40,9 Mb
Release : 2015-07-24
Category : Business & Economics
ISBN : 9781513537702

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Fiscal Deficit and Public Debt in the Western Balkans by Zsoka Koczan Pdf

In this paper we analyze how Western Balkans public finances adapted to the boom-bust cycle. Large capital inflows into emerging European economies during the mid-2000s resulted in rapid economic growth and convergence to EU income levels. This also resulted in improved fiscal positions of most countries, on the back of strong revenue performance. Yet, since the onset of the global economic crisis, many countries have struggled to adjust to the new situation of lower external financing and lower growth.

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 50,5 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Author : Jaejoon Woo,Mr.Manmohan S. Kumar
Publisher : International Monetary Fund
Page : 48 pages
File Size : 53,6 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9781455201853

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Public Debt and Growth by Jaejoon Woo,Mr.Manmohan S. Kumar Pdf

This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.

Author : Anonim
Publisher : World Bank Publications
Page : 52 pages
File Size : 50,6 Mb
Release : 2001
Category : China
ISBN : 8210379456XXX

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Implicit Pension Debt, Transition Cost, Options and Impact of China's Pension Reform by Anonim Pdf

China's population is aging rapidly: the old age dependency ratio will rise from 11 percent in 1999 to 25 percent in 2030 and 36 percent in 2050. Currently, three workers support one retiree; without reform, the system dependency ratio will climb to 69 percent in 2030 and 79 percent in 2050. The pension system has been in deficit, with an implicit pension debt in 2000 as high as 71 percent of GDP. The lack of an effective sustainable pension systemn is a serious obstacle to Chinese economic reform.

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 46,7 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920

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Guidelines for Public Debt Management -- Amended by International Monetary Fund,World Bank Pdf

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Author : Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 52,5 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455294695

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Expansionary Austerity New International Evidence by Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo Pdf

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.

Author : Simon Johnson
Publisher : Vintage
Page : 386 pages
File Size : 51,6 Mb
Release : 2013-02-12
Category : Business & Economics
ISBN : 9780307947642

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White House Burning by Simon Johnson Pdf

From the authors of the national bestseller 13 Bankers, a chilling account of America’s unprecedented debt crisis: how it came to pass, why it threatens to topple the nation as a superpower, and what needs to be done about it. With bracing clarity, White House Burning explains why the national debt matters to your everyday life. Simon Johnson and James Kwak describe how the government has been able to pay off its debt in the past, even after the massive deficits incurred as a result of World War II, and analyze why this is near-impossible today. They closely examine, among other factors, macroeconomic shifts of the 1970s, Reaganism and the rise of conservatism, and demographic changes that led to the growth of major—and extremely popular—social insurance programs. What is unquestionably clear is how recent financial turmoil exacerbated the debt crisis while creating a political climate in which it is even more difficult to solve.

Author : Mr.George Kopits,Mr.Steven A. Symansky
Publisher : International Monetary Fund
Page : 58 pages
File Size : 43,6 Mb
Release : 1998-07-22
Category : Business & Economics
ISBN : 1557757046

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Fiscal Policy Rules by Mr.George Kopits,Mr.Steven A. Symansky Pdf

What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.

Author : International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
Page : 60 pages
File Size : 41,6 Mb
Release : 1998-01-01
Category : Business & Economics
ISBN : 9781451952278

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Finance & Development, September 1998 by International Monetary Fund. External Relations Dept. Pdf

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Author : Martha de Melo,Cevdet Denizer,Alan H. Gelb,Banco Mundial
Publisher : World Bank Publications
Page : 70 pages
File Size : 46,7 Mb
Release : 1996
Category : Electronic
ISBN : 8210379456XXX

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From Plan to Market -- Pattern of Transition by Martha de Melo,Cevdet Denizer,Alan H. Gelb,Banco Mundial Pdf

Author : Anonim
Publisher : Unknown
Page : 196 pages
File Size : 43,6 Mb
Release : 2008
Category : Budget
ISBN : OSU:32437122690759

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The Budget and Economic Outlook by Anonim Pdf

Author : Ms.Carmen Reinhart,M. Belen Sbrancia
Publisher : International Monetary Fund
Page : 47 pages
File Size : 41,7 Mb
Release : 2015-01-21
Category : Business & Economics
ISBN : 9781498338387

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The Liquidation of Government Debt by Ms.Carmen Reinhart,M. Belen Sbrancia Pdf

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.

Author : Bruno Sergi
Publisher : Routledge
Page : 262 pages
File Size : 49,9 Mb
Release : 2020-07-24
Category : Business & Economics
ISBN : 9781000156775

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Economic Dynamics in Transitional Economies by Bruno Sergi Pdf

Learn more about the transitional economies of Central and Eastern Europe! This book examines the economic dynamics of Central and Eastern European post-Communist countries. It illuminates the paths these countries are taking toward restructuring their markets, increasing international trade, and bettering their connections with the European Union and other countries. Beginning with a comparative analysis of the three “P-governments”—Pigouvian, Partizan, and Paternalistic—and continuing with a discussion of the interrelated political and economic difficulties of transition, author Bruno Sergi proposes a surprising solution. Inspired by the Bruxelles consensus, he proposes that the European Commission should become a fourth “P-government,” replacing the role formerly played by the Washington consensus in the restructuring of post-Communist economies. Economic Dynamics in Transitional Economies also explores: regional comparative macroeconomics the aftereffects of the Washington Consensus integration of Eastern and Western European economies interrelations between national and regional monetary activity political and economic policy reform involvement of European Union member countries We are living in historic times, and Economic Dynamics in Transitional Economies will be a welcome guide to the rough roads ahead. This thorough assessment of current political and economic realities will stimulate debate about new European paradigms, the role of the European Union, and the difficulties of post-Communist transition. These issues promise to be vital to the region’s success in the new century.