Fragmented Politics And Public Debt

Author : Ernesto Crivelli,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados,Carolina Correa-Caro
Publisher : International Monetary Fund
Page : 31 pages
File Size : 52,5 Mb
Release : 2016-09-19
Category : Business & Economics
ISBN : 9781475537024

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Fragmented Politics and Public Debt by Ernesto Crivelli,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados,Carolina Correa-Caro Pdf

In this paper, we study the impact of fragmented politics on public debt—in particular, between two consecutive legislative elections. Using data for 92 advanced and developing countries during 1975-2015, we find a positive association between political fragmentation and public debt changes. Corruption magnifies the effects; with higher perceived corruption, political fragmentation has a bigger sway on debt increases. The influence of political fragmentation on debt dynamics is somewhat asymmetric, with larger and more significant effects during periods of debt reduction. Establishment of fiscal councils helps attenuate the negative impact of political fragmentation on public debt dynamics.

Author : Ernesto Crivelli
Publisher : Unknown
Page : 128 pages
File Size : 52,9 Mb
Release : 2015
Category : Debts, Public
ISBN : OCLC:1322288240

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Fragmented Politics and Public Debt by Ernesto Crivelli Pdf

Author : Ernesto Crivelli,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados,Carolina Correa-Caro
Publisher : International Monetary Fund
Page : 31 pages
File Size : 48,9 Mb
Release : 2016-09-21
Category : Business & Economics
ISBN : 9781475537567

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Fragmented Politics and Public Debt by Ernesto Crivelli,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados,Carolina Correa-Caro Pdf

In this paper, we study the impact of fragmented politics on public debt—in particular, between two consecutive legislative elections. Using data for 92 advanced and developing countries during 1975-2015, we find a positive association between political fragmentation and public debt changes. Corruption magnifies the effects; with higher perceived corruption, political fragmentation has a bigger sway on debt increases. The influence of political fragmentation on debt dynamics is somewhat asymmetric, with larger and more significant effects during periods of debt reduction. Establishment of fiscal councils helps attenuate the negative impact of political fragmentation on public debt dynamics.

Author : Vitor Gaspar,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados
Publisher : International Monetary Fund
Page : 548 pages
File Size : 47,5 Mb
Release : 2017-04-07
Category : Business & Economics
ISBN : 9781475547900

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Fiscal Politics by Vitor Gaspar,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados Pdf

Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 96 pages
File Size : 52,5 Mb
Release : 2016-11-15
Category : Business & Economics
ISBN : 9781475553192

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Brazil by International Monetary Fund. Western Hemisphere Dept. Pdf

The economy is still in its deepest recession in decades, partly the result of the failure of past policies. The recession has been aggravated by a political crisis, which had, until recently, paralyzed policymaking and further damaged confidence. President Rousseff was impeached for responsibility crimes related to fiscal practices on August 31, and the government that took office in May will remain in charge until January 1st, 2019. Markets have responded positively to the new government’s reform agenda, bolstering asset prices and confidence and helping the country ride a positive wave of sentiment toward emerging economies. However, while some high-frequency indicators suggest the recession may be nearing its end, the implementation of much-needed reforms to durably restore policy credibility is subject to risks.

Author : Management Association, Information Resources
Publisher : IGI Global
Page : 1953 pages
File Size : 44,9 Mb
Release : 2022-08-05
Category : Business & Economics
ISBN : 9781668474617

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Research Anthology on Macroeconomics and the Achievement of Global Stability by Management Association, Information Resources Pdf

The COVID-19 pandemic has shocked economies around the world and created an era of global instability. As the pandemic comes to a close, it is essential to examine global economies in order to achieve and maintain global stability. By maintaining global stability, the world may be prepared for future economic shocks. The Research Anthology on Macroeconomics and the Achievement of Global Stability discusses the emerging opportunities, challenges, and strategies within the field of macroeconomics. It features advancements in the field that encourage global economic stability. Covering topics such as Islamic banking, international trade, and Econophysics, this major reference work is an ideal resource for economists, government leaders and officials, business leaders and executives, finance professionals, students and educators of higher education, librarians, researchers, and academicians.

Author : Robert Forsyth
Publisher : Unknown
Page : 244 pages
File Size : 44,9 Mb
Release : 1830
Category : Great Britain
ISBN : NYPL:33433075894992

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Political Fragments by Robert Forsyth Pdf

Author : Marie-Claire Cordonier Segger,Marcel Szabó,Alexandra R. Harrington
Publisher : Cambridge University Press
Page : 871 pages
File Size : 41,6 Mb
Release : 2021-07-15
Category : Family & Relationships
ISBN : 9781108488020

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Intergenerational Justice in Sustainable Development Treaty Implementation by Marie-Claire Cordonier Segger,Marcel Szabó,Alexandra R. Harrington Pdf

This volume analyses key theoretical, institutional and legal aspects of intergenerational equity and justice in multi-level sustainable development treaty implementation.

Author : Reinhard Neck,Jan-Egbert Sturm
Publisher : MIT Press
Page : 281 pages
File Size : 42,5 Mb
Release : 2008
Category : Business & Economics
ISBN : 9780262140980

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Sustainability of Public Debt by Reinhard Neck,Jan-Egbert Sturm Pdf

Theoretical and empirical perspectives on how fiscal policies in Europe and the United States can avoid government bankruptcy.

Author : Inaki Aldasoro,Mr.Mike Seiferling
Publisher : International Monetary Fund
Page : 39 pages
File Size : 49,5 Mb
Release : 2014-11-20
Category : Business & Economics
ISBN : 9781484357552

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Vertical Fiscal Imbalances and the Accumulation of Government Debt by Inaki Aldasoro,Mr.Mike Seiferling Pdf

Delegating fiscal decision making power to sub-national governments has been an area of interest for both academics and policymakers given the expectation that it may lead to better and more efficient provision of public goods and services. Decentralization has, however, often occurred on the expenditure and less on the revenue side, creating “vertical fiscal imbalances” where sub-national governments’ expenditures are not financed through their own revenues. The mismatch between own revenues and expenditures may have consequences for public finance performance. This study constructs a large sample of general and subnational level fiscal data beginning in 1980 from the IMF’s Government Finance Statistics Yearbook. Extending the literature to the balance sheet approach, this paper examines the effects of vertical fiscal imbalances on government debt. The results indicate that vertical fiscal imbalances are relevant in explaining government debt accumulation suggesting a degree of caution when promoting fiscal decentralization. This paper also underlines the role of data covering the general government and its subectors for comprehensive analysis of fiscal performance.

Author : National Intelligence Council
Publisher : Cosimo Reports
Page : 158 pages
File Size : 47,7 Mb
Release : 2021-03
Category : Electronic
ISBN : 1646794974

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Global Trends 2040 by National Intelligence Council Pdf

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Author : Vitor Gaspar,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados
Publisher : International Monetary Fund
Page : 41 pages
File Size : 48,9 Mb
Release : 2017-03-24
Category : Business & Economics
ISBN : 9781475588699

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Excerpt: Fiscal Politics by Vitor Gaspar,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados Pdf

This paper discusses how politics affects policies on the fiscal front. The literature on the political economy of fiscal policy dates back to the nineteenth century when the Italian and Swedish schools of public finance began to analyze how governments choose policies. During the twentieth century, the Public Choice school continued this work and focused on the political incentives and constraints in policy formulation. Elections mainly affect the stabilization and redistribution functions of the government. Proximity of elections can influence the government’s budget decisions in various ways. Ideology heavily influences fiscal policies that pertain to redistribution. Leftwing parties draw their support from workers and the middle- and low-income segments of the population. Thus, they pay particular attention to income inequality, redistribution, social benefits, and interventionist supply-side policies in the form of public provision of human and physical capital. Although the cabinet’s ideology is an important predictor of fiscal policy, it does not always play the same role, especially when the government’s credibility is at stake and they need to reassure financial markets.

Author : Kenneth Dyson
Publisher : OUP Oxford
Page : 600 pages
File Size : 40,7 Mb
Release : 2014-06-19
Category : Political Science
ISBN : 9780191023477

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States, Debt, and Power by Kenneth Dyson Pdf

States, Debt, and Power argues for the importance of situating our contextually influenced thinking about European states and debt within a commitment to historically informed and critical analysis. It teases out certain broad historical patterns. The book also examines the inescapably difficult and contentious judgements about 'bad' and 'good' debt; about what constitutes sustainable debt; and about distributive justice at times of sovereign debt crisis. These judgements offer insight into the nature of power and the contingent nature of sovereign creditworthiness. Three themes weave through the book: the significance of creditor-debtor state relations in defining asymmetry of power; the context-specific and constructed character of debt, above all in relation to war; and the limitations of formal economic reasoning in the face of radical uncertainty. Part I examines case studies from Ancient Greece to the modern Euro Area and brings together a wealth of historical data that cast fresh light on how sovereign debt problems are debated and addressed. Part II looks at the conditioning and constraining framework of law, culture, and ideology and their relationship to the use of policy instruments. Part III shows how the problems of matching the assumption of liability with the exercise of control are rooted in external trade and financial imbalances and external debt; in financial markets and vulnerability to banking crisis; in the character of the 'private governance of public debt'; in who has power over indicators of sustainability; in domestic institutional and political arrangements; and in sub-national fiscal governance. Part IV looks at how the problems of mismatch between liability and control take on an acute form within the historical context of European monetary union, above all in Euro Area debt crises.

Author : George Kopits
Publisher : OUP Oxford
Page : 304 pages
File Size : 40,9 Mb
Release : 2013-10-17
Category : Business & Economics
ISBN : 9780191665424

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Restoring Public Debt Sustainability by George Kopits Pdf

Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions represents the first comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances through real-time monitoring of the soundness of budgetary policymaking. The chapters, authored by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs. Consequently, useful lessons and implications are drawn for the design and practical operation of such institutions. The timeliness of the volume is underscored by the potential role of fiscal watchdogs in containing the public debt crisis that has engulfed a number of countries. Indeed, the recent proliferation of these institutions has been in response to the need for enhancing policy credibility of highly indebted governments in financial markets and, more generally, for strengthening the quality of economic governance. The first part of the book deals with key analytical and institutional issues: the political environment, the scope and limits of these institutions, the delegation of monetary policymaking to an independent body, and the implications of rising public indebtedness. The second part contains case studies of institutions that, for the most part, were born as a result of domestic political developments. The third part presents the experience of institutions whose origins can be traced directly or indirectly to an earlier or a recent financial crisis. The chapters are written from a multidisciplinary - economic, financial, political, legal - perspective, intended for academics, researchers, and practitioners alike.

Author : Jessica de Wolff
Publisher : Springer Science & Business Media
Page : 159 pages
File Size : 49,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642589935

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The Political Economy of Fiscal Decisions by Jessica de Wolff Pdf

A ruling party decides each of two periods on the level of public goods which it finances by means of taxation and internal debt. The debt has to be honoured by the government of the second period. Between the two periods elections take place, which may change the ruling party. The book analyzes the fiscal decision of the first government which aims to maximize the long run utility of its representative voter. Conditions under which the government uses debt strategically in order to stay in power are identified. It is also shown how the fiscal decisions hinge on the populations' political structure and its beliefs about the future government.