Deficits And Debt In Industrialized Democracies

Author : Eisaku Ide,Gene Park
Publisher : Routledge
Page : 286 pages
File Size : 55,7 Mb
Release : 2015-03-24
Category : Political Science
ISBN : 9781317575870

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Deficits and Debt in Industrialized Democracies by Eisaku Ide,Gene Park Pdf

Since the global financial crisis, government debt has soared globally by 40 percent and now exceeds an astonishing $100 trillion. Not all countries, though, have fared the same. Indeed, even prior to the financial crisis, the fiscal fates of countries have been diverging, despite predictions that pressures from economic globalization push countries toward more convergent fiscally conservative policies. Featuring the work of an international interdisciplinary team of scholars, this volume explains patterns of fiscal performance (persistent patterns of budget deficits and government debt) from the 1970s to the present across seven countries – France, Italy, Germany, Japan, South Korea, Sweden, and the United States. Employing a comparative case study approach, seldom employed in studies of fiscal performance, contributions illuminate the complex causal factors often overlooked by quantitative studies and advances our theoretical understanding of fiscal performance. Among other things, the cases highlight the role of taxpayer consent, tax structure, the welfare state, organization of interests, and labor and financial markets in shaping fiscal outcomes. A necessary resource to understand a broader array of factors that shape fiscal outcomes in specific national contexts, this book will reinvigorate the study of fiscal performance.

Author : Richard E. Wagner
Publisher : Edward Elgar Publishing
Page : 209 pages
File Size : 52,8 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857934604

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Deficits, Debt, and Democracy by Richard E. Wagner Pdf

This timely book reveals that the budget deficits and accumulating debts that plague modern democracies reflect a clash between two rationalities of governance: one of private property and one of common property. The clashing of these rationalities at various places in society creates forms of societal tectonics that play out through budgeting. The book demonstrates that while this clash is an inherent feature of democratic political economy, it can nonetheless be limited through embracing once again a constitution of liberty. Not all commons settings have tragic outcomes, of course, but tragic outcomes loom large in democratic processes because they entail conflict between two very different forms of substantive rationality; the political and market rationalities. These are both orders that contain interactions among participants, but the institutional frameworks that govern those interactions differ, generating democratic budgetary tragedies. Those tragedies, moreover, are inherent in the conflict between the different rationalities and so cannot be eliminated. They can, as this book argues, be reduced by restoring a constitution of liberty in place of the constitution of control that has taken shape throughout the west over the past century. Economists interested in public finance, public policy and political economy along with scholars of political science, public administration, law and political philosophy will find this book intriguing.

Author : Robert J. Franzese
Publisher : Cambridge University Press
Page : 336 pages
File Size : 46,7 Mb
Release : 2002-02-11
Category : Business & Economics
ISBN : 0521004411

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Macroeconomic Policies of Developed Democracies by Robert J. Franzese Pdf

Modern political-economic theory explains the postwar evolution of macroeconomic policy in developed democracies.

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 48,9 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 : Takayuki Sakamoto
Publisher : Routledge
Page : 565 pages
File Size : 49,9 Mb
Release : 2008-01-31
Category : Business & Economics
ISBN : 9781135976378

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Economic Policy and Performance in Industrial Democracies by Takayuki Sakamoto Pdf

This book is the first systematic study of how the interdependence of fiscal and monetary policies and the interaction of party governments and central banks affect the fiscal-policy mix in eighteen industrial democracies in North America, Western Europe, Japan and Oceania. Sakamoto argues that central banks influence on economic policy is far mor

Author : Nouriel Roubini,Jeffrey Sachs
Publisher : Unknown
Page : 76 pages
File Size : 48,6 Mb
Release : 1988
Category : Budget deficits
ISBN : IND:30000113930709

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Political and Economic Determinants of Budget Deficits in the Industrial Democracies by Nouriel Roubini,Jeffrey Sachs Pdf

This paper focuses on the management of fiscal deficits and the public debt in the industrial democracies. Given the large deficits in many OECD countries in recent years, and the resulting sharp rise in the public debt, it is important to determine the economic and political forces leading to such large deficits. We find only partial support for the "equilibrium approach to fiscal policy", which assumes that tax rates are set over time in order to minimize the excess burden of taxation. Tax rates do not seem to be smoothed, and budget deficits in many countries in recent years appear to be too large to be explained by appeal to transitory increases in government spending. We suggest that in several countries the slow rate at which the post-'73 fiscal deficits were reduced resulted from the difficulties of political management in coalition governments. There is a clear tendency for larger deficits in countries characterized by a by a short average tenure of government and by the presence of many political parties in a ruling coalition

Author : OECD,Inter-American Development Bank
Publisher : OECD Publishing
Page : 217 pages
File Size : 52,8 Mb
Release : 1998-03-09
Category : Electronic
ISBN : 9789264162501

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Development Centre Seminars Democracy, Decentralisation and Deficits in Latin America by OECD,Inter-American Development Bank Pdf

What is the impact of political decentralisation in Latin America? This book considers the problems raised by political decentralisation in the region and identifies the challenges ahead. Political decentralisation tends to devolve a certain amount ...

Author : Stephanie Kelton
Publisher : PublicAffairs
Page : 311 pages
File Size : 50,8 Mb
Release : 2020-06-09
Category : Business & Economics
ISBN : 9781541736207

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The Deficit Myth by Stephanie Kelton Pdf

A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Author : Mr.Alberto Alesina,Mr.Roberto Perotti
Publisher : International Monetary Fund
Page : 48 pages
File Size : 47,7 Mb
Release : 1994-08-01
Category : Business & Economics
ISBN : 9781451850680

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The Political Economy of Budget Deficits by Mr.Alberto Alesina,Mr.Roberto Perotti Pdf

This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last 20 years rather than before? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We will then proceed to a discussion of political economy models, which we organize in six groups: (i) models based upon opportunistic policymakers and naive voters with “fiscal illusion;” (ii) models of intergenerational redistributions; (iii) models of debt as a strategic variable, linking the current government with the next one; (iv) models of coalition governments; (v) models of geographically dispersed interests; and (vi) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.

Author : Eric Lomazoff
Publisher : University of Chicago Press
Page : 256 pages
File Size : 43,9 Mb
Release : 2018-11-07
Category : Political Science
ISBN : 9780226579597

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Reconstructing the National Bank Controversy by Eric Lomazoff Pdf

The Bank of the United States sparked several rounds of intense debate over the meaning of the Constitution’s Necessary and Proper Clause, which authorizes the federal government to make laws that are “necessary” for exercising its other powers. Our standard account of the national bank controversy, however, is incomplete. The controversy was much more dynamic than a two-sided debate over a single constitutional provision and was shaped as much by politics as by law. With Reconstructing the National Bank Controversy, Eric Lomazoff offers a far more robust account of the constitutional politics of national banking between 1791 and 1832. During that time, three forces—changes within the Bank itself, growing tension over federal power within the Republican coalition, and the endurance of monetary turmoil beyond the War of 1812 —drove the development of our first major debate over the scope of federal power at least as much as the formal dimensions of the Constitution or the absence of a shared legal definition for the word “necessary.” These three forces—sometimes alone, sometimes in combination—repeatedly reshaped the terms on which the Bank’s constitutionality was contested. Lomazoff documents how these three dimensions of the polity changed over time and traces the manner in which they periodically led federal officials to adjust their claims about the Bank’s constitutionality. This includes the emergence of the Coinage Clause—which gives Congress power to “coin money, regulate the value thereof”—as a novel justification for the institution. He concludes the book by explaining why a more robust account of the national bank controversy can help us understand the constitutional basis for modern American monetary politics.

Author : George Bragues
Publisher : Springer
Page : 320 pages
File Size : 40,6 Mb
Release : 2016-11-11
Category : Political Science
ISBN : 9781137569400

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Money, Markets, and Democracy by George Bragues Pdf

This book offers a comprehensive analysis of the ways that politics and financial markets impact one another. In this relationship, politics is the ultimate controlling force. The kinds and prices of financial instruments that get traded and the individuals and institutions that get to trade them, not to mention the rules under which everyone trades, are all matters decisively influenced by an array of political variables - sometimes for the better, but all too often for the worse. The fault for this political skewing of the markets chiefly lies with democracy. Through its commitment to equality and its inclination towards fiscal profligacy, democracy hinders the markets from acting as a greater force for social good. To fix this skewing of finance, democracy’s troubling tendencies must be squarely faced and curbed by a return to its monetary roots. Democracy must reinstall gold at the monetary foundations of our financial markets.

Author : Erwin Hargrove
Publisher : Penn State Press
Page : 169 pages
File Size : 52,8 Mb
Release : 2010-11-01
Category : Political Science
ISBN : 9780271045191

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The Future of the Democratic Left in Industrial Democracies by Erwin Hargrove Pdf

Author : Joel Krieger
Publisher : Oxford University Press
Page : 1056 pages
File Size : 43,6 Mb
Release : 2001-08-02
Category : Political Science
ISBN : 9780199771134

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The Oxford Companion to Politics of the World by Joel Krieger Pdf

The world has seen dramatic changes since the publication of the first edition of The Oxford Companion to Politics of the World in 1993. In the post-Cold War world, globalization now offers wealth and opportunities on a broader scale, as well as greater international harmony, but threatens to reinforce the advantage gap between wealthy and poor regions and intensify environmental degradation. Conflict and squalor--expressed in brutal brushfire wars, epidemics, and chronic underdevelopment--vie with equally dramatic accounts of growth and democracy associated with a liberal political order and the global diffusion of trade, investment, and communications. Drawing on the breadth of the first edition, this updated edition reflects the changing world with a reassessment of many of the core themes of the Companion, and new articles on the people, concepts, and events that have shaped the world since 1993. The second edition includes biographies of Kofi Annan, Tony Blair, Bill Clinton, and Gerhard Schröder; articles on events such as the Rwandan Genocide and the war in Kosovo; and coverage of international trade developments such as NAFTA and the World Trade Organization. Eighty-seven of the 672 articles in the Second Edition are completely new; most others are thoroughly revised. This edition also features a substantial new set of articles, a dozen essays on critical issues written by influential figures. Recognizing the importance of including varying viewpoints, the editors have commissioned these essays to provide an informed and often passionate debate on controversial topics. Discussions include Lani Guinier and Glenn Loury on Affirmative Action; Francis Fukuyama and Milton Fisk on the Limits of Liberal Democracy; and Lloyd Axworthy and John Bolton on the United Nations. The contributors discuss nearly every nation in the world, including extensive information on institutions, political parties, leaders, and the sources of political mobilization and conflict. The volume also includes biographies of more than seventy-five political leaders and thinkers who have shaped the contemporary political world. Articles include detailed discussions of critical historical developments and events, concepts, international law, and organizations. The Oxford Companion to Politics of the World, Second Edition is an accessible, timely, thought-provoking, and comprehensive reference that captures the complexity and vitality of contemporary world affairs.

Author : James M. Buchanan,Richard E. Wagner
Publisher : Unknown
Page : 201 pages
File Size : 46,7 Mb
Release : 2000
Category : Business & Economics
ISBN : 0865972273

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Democracy in Deficit by James M. Buchanan,Richard E. Wagner Pdf

Democracy in Deficit is one of the early comprehensive attempts to apply the basic principles of public-choice analysis to macroeconomic theory and policy. According to Robert D. Tollison in the foreword, "The central purpose of the book was to examine the simple precepts of Keynesian economics through the lens of public-choice theory. The basic discovery was that Keynesian economics had a bias toward deficits in terms of political self-interest.” Democracy in Deficit opened the door for much of the current work on political business cycles and the incorporation of public-choice considerations into macroeconomic theory. Even in the area of monetarism, Buchanan’s landmark work has greatly influenced the sway of contemporary theorists away from the nearly universally held belief of Keynesian theory. Democracy in Deficit contributes greatly to Buchanan’s lifelong fiscal and monetary rules to guide long-term policy in macroeconomics. The book serves to bolster Buchanan’s central beliefs in the necessity of a balanced-budget amendment to the U.S. Constitution and in monetary rules rather than central bank discretion. The book is co-authored with Richard Wagner, a respected colleague of Buchanan, whom Buchanan recognized as helping to keep the book free of polemics and on target with its central purpose of applying the elementary theory of public choice. James M. Buchanan is an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and is considered one of the greatest scholars of liberty in the twentieth century. The entire series will include: Volume 1: The Logical Foundations of Constitutional Liberty Volume 2: Public Principles of Public Debt Volume 3: The Calculus of Consent Volume 4: Public Finance in Democratic Process Volume 5: The Demand and Supply of Public Goods Volume 6: Cost and Choice Volume 7: The Limits of Liberty Volume 8: Democracy in Deficit Volume 9: The Power to Tax Volume 10: The Reason of Rules Volume 11: Politics by Principle, Not Interest Volume 12: Economic Inquiry and Its Logic Volume 13: Politics as Public Choice Volume 14: Debt and Taxes Volume 15: Externalities and Public Expenditure Theory Volume 16: Choice, Contract, and Constitutions Volume 17: Moral Science and Moral Order Volume 18: Federalism, Liberty, and the Law Volume 19: Ideas, Persons, and Events Volume 20: Indexes

Author : William E. Hudson
Publisher : Routledge
Page : 190 pages
File Size : 51,9 Mb
Release : 2014-01-03
Category : Political Science
ISBN : 9781136160066

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A Citizen's Guide to Deficits and Debt by William E. Hudson Pdf

America is currently involved in one of the worst economic crises of modern times. As alarm increases over how the government will balance the budget, handle the debt, and maintain prosperity for the future, the minutia of debts and deficits remains incomprehensible to many. Why is it so hard to find ways to resolve the fiscal crisis? This brief and intelligible book is a guide to understanding both the difficulties involved in managing the federal budget and why the on-going fiscal crisis is so significant for America’s future. In order to introduce the reader to the basic composition of federal spending and to the ways that the government raises revenue, Hudson begins his guide with a "map" clarifying how to navigate the federal budget. He defines basic financial vocabulary and outlines concepts by using clear charts and diagrams that both provide basis for discussion and illustrate key points. With this budget map in mind, the second part of the book lays out how the partisan divide in America helps explain the fiscal crisis. Hudson analyzes the debate on the extent of the fiscal crisis, the ways that political parties have tried to solve it, and the political events and institutions that have surrounded the crisis. This citizen’s guide reveals how differing views of America inform the arguments over deficits and debt. By the time readers finish the book, they will understand that the conflict over deficits and debt is not simply about where to cut or add spending, but instead is a struggle over national priorities and visions for the future.