Quantifying The Sustainability Of Public Debt

Author : Cansın Kemal Can,Necmiddin Bağdadioğlu
Publisher : Cambridge Scholars Publishing
Page : 156 pages
File Size : 54,8 Mb
Release : 2021-06-09
Category : Business & Economics
ISBN : 9781527570788

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Quantifying the Sustainability of Public Debt by Cansın Kemal Can,Necmiddin Bağdadioğlu Pdf

Despite its beneficial aspects, public debt can be hazardous for macroeconomic performance should it reach unrepayable levels as a consequence of snowballing explosive trends. Failure to monitor the existing trend in public debt in order to detect such divergences from the stable path, and the lack of an adaptive public financial management can potentially culminate in a public debt crisis whose disruptive economic impacts can permeate all sectors of the economy very swiftly. However, public debt sustainability is a vague concept with no straightforward operational definitions. In addition, its multi-faceted nature is an impediment for the implementation of real-world appraisal of the fiscal posture from a stability viewpoint. As such, quantifying the public debt sustainability is essential for overhauling the fiscal policies so as to avoid a potential debt crisis stemming from malfunctioning fiscal policies. This book provides the reader with a practical and straightforward framework that outlines a tool for undertaking public debt sustainability analysis. In order to guide further empirical investigations, the discussion in this book is underpinned by a real-world application of the model which highlights the practical aspects of the tool with reference to time-varying empirical evidence from a developing country.

Author : CANSIN KEMAL. CAN,Can Cansä±n Kemal,Necmiddin Bağdadioğlu
Publisher : Cambridge Scholars Publishing
Page : 128 pages
File Size : 50,8 Mb
Release : 2021-08
Category : Electronic
ISBN : 1527569853

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Quantifying the Sustainability of Public Debt by CANSIN KEMAL. CAN,Can Cansä±n Kemal,Necmiddin Bağdadioğlu Pdf

Despite its beneficial aspects, public debt can be hazardous for macroeconomic performance should it reach unrepayable levels as a consequence of snowballing explosive trends. Failure to monitor the existing trend in public debt in order to detect such divergences from the stable path, and the lack of an adaptive public financial management can potentially culminate in a public debt crisis whose disruptive economic impacts can permeate all sectors of the economy very swiftly. However, public debt sustainability is a vague concept with no straightforward operational definitions. In addition, its multi-faceted nature is an impediment for the implementation of real-world appraisal of the fiscal posture from a stability viewpoint. As such, quantifying the public debt sustainability is essential for overhauling the fiscal policies so as to avoid a potential debt crisis stemming from malfunctioning fiscal policies. This book provides the reader with a practical and straightforward framework that outlines a tool for undertaking public debt sustainability analysis. In order to guide further empirical investigations, the discussion in this book is underpinned by a real-world application of the model which highlights the practical aspects of the tool with reference to time-varying empirical evidence from a developing country.

Author : Valeriano F. García
Publisher : World Bank Publications
Page : 42 pages
File Size : 44,8 Mb
Release : 1997
Category : Debt
ISBN : 8210379456XXX

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The Demand for Base Money and the Sustainability of Public Debt by Valeriano F. García Pdf

Author : Rossen Rozenov
Publisher : International Monetary Fund
Page : 28 pages
File Size : 44,7 Mb
Release : 2017-03-13
Category : Business & Economics
ISBN : 9781475586251

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Public Debt Sustainability Under Uncertainty by Rossen Rozenov Pdf

The paper offers an approach to assessing the sustainability of public debt taking into account the effect of fiscal policy on output, as well as uncertainty in the model parameters and system dynamics. Uncertainty is specified in general terms, and the analysis is based on the notion of invariant sets. Examples are provided to illustrate how the method can be applied in practice.

Author : Barry W. Poulson,John Merrifield,Steve H. Hanke
Publisher : Rowman & Littlefield
Page : 389 pages
File Size : 54,7 Mb
Release : 2022-01-04
Category : Business & Economics
ISBN : 9781666902570

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Public Debt Sustainability by Barry W. Poulson,John Merrifield,Steve H. Hanke Pdf

As countries recover from the coronavirus pandemic, they are confronted with an even more challenging debt crisis. Xavier Debrun argues in the foreword that in deciding where we go from here that there is no longer a consensus regarding the optimum design and enforcement of fiscal rules. Rather we must address a series of questions and challenges to the conventional wisdom. This book provides an opportunity for scholars to explore these questions from an international perspective, with reference to European countries, and emerging nations as well as the United States.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 59 pages
File Size : 51,6 Mb
Release : 2011-05-08
Category : Business & Economics
ISBN : 9781498338639

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Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis by International Monetary Fund Pdf

Modernizing the framework for fiscal policy and public debt sustainability analysis (DSA) has become necessary, particularly in light of the recent crisis and rising sustainability concerns in some advanced economies. While recognizing the inherently challenging nature of such analysis, this paper highlights areas where improvements are needed and makes both general and specific proposals on how this could be achieved. It also proposes to move to a risk-based approach to DSAs for all market-access countries, where the depth and extent of analysis would be commensurate with concerns regarding sustainability, while a reasonable level of standardization would be maintained.

Author : Michael Carlberg,Arne Hansen
Publisher : Springer Science & Business Media
Page : 220 pages
File Size : 40,8 Mb
Release : 2012-12-13
Category : Business & Economics
ISBN : 9783642329678

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Sustainability and Optimality of Public Debt by Michael Carlberg,Arne Hansen Pdf

This book studies the sustainability and optimality of public debt under different scenarios: the closed economy, the small open economy, and a two-country setting. Sustainability refers to the existence and the stability of the long-run equilibrium. Optimality relates to the path of public debt that maximizes discounted utility. The analysis is conducted within the framework of the Solow model, the overlapping generations model and the infinite horizon model. The government can follow different strategies, it either fixes the deficit ratio or the tax rate. As a result, a fixed deficit ratio generally can be sustained. By contrast, a fixed tax rate generally cannot be sustained. Depending on the chosen fiscal strategy, there exists either an optimal deficit ratio or an optimal tax rate that maximizes the sum of consumption and government purchases per capita.

Author : Alfred Greiner,Bettina Fincke
Publisher : Springer Science & Business Media
Page : 148 pages
File Size : 48,6 Mb
Release : 2009-07-24
Category : Business & Economics
ISBN : 9783642017452

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Public Debt and Economic Growth by Alfred Greiner,Bettina Fincke Pdf

Starting point of this book is the observation that an increase in public debt must be accompanied by a rise in the primary surplus of the government to guarantee sustainability of public debt. The book first elaborates on that principle from a theoretical point of view and then tests whether empirical evidence for that rule can be found. Additional tests are implemented to gain further evidence on sustainability of public debt. In order to allow for time varying coefficients penalized spline estimations are performed. The theoretical chapters present endogenous growth models and assume that the primary surplus rises as public debt increases so that sustainability of public debt is given. Implications of public deficits and debt are studied assuming full employment and for unemployment. The conclusion summarizes the findings and compares the results of the different models. Finally, policy implications are given showing how governments should deal with high public debt to GDP ratios.

Author : Alfred Greiner,Bettina Fincke
Publisher : Springer
Page : 271 pages
File Size : 43,5 Mb
Release : 2014-10-30
Category : Business & Economics
ISBN : 3319093479

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Public Debt, Sustainability and Economic Growth by Alfred Greiner,Bettina Fincke Pdf

Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for models with complete labor markets as well as taking into account labor market imperfections. The focus in this book is on fiscal policy issues, but it also deals with monetary policy aspects. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.

Author : Benno Ferrarini,Raghbendra Jha,Arief Ramayandi
Publisher : Routledge
Page : 227 pages
File Size : 46,6 Mb
Release : 2012
Category : Business & Economics
ISBN : 9780415522212

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Public Debt Sustainability in Developing Asia by Benno Ferrarini,Raghbendra Jha,Arief Ramayandi Pdf

Addressing the global financial crisis has required fiscal intervention on a substantial scale by governments around the world. The consequent buildup of public debt, in particular its sustainability, has moved to center stage in the policy debate. If the Asia and Pacific region is to continue to serve as an engine for global growth, its public debt must be sustainable. Public Debt Sustainability in Developing Asia addresses this issue for Asia and the Pacific as a whole as well as for three of the most dynamic economies in the region: the People’s Republic of China, India, and Viet Nam. The book begins with a discussion of the reasons for increased attention to debt-related issues. It also introduces fiscal indicators for the Asian Development. Bank’s developing member countries and economies. The sustainability of their debt is assessed through extant approaches and with the most up-to-date data sources. The book also surveys the existing literature on debt sustainability, outlining the main issues related to it, and discusses the key implications for the application of debt sustainability analysis in developing Asia. Also highlighted is the importance of conducting individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g., federal), and the like, as well as the impact of debt on interest rates. The book further provides in-depth debt sustainability analyses for the People’s Republic of China, India, and Viet Nam. Public Debt Sustainability in Developing Asia offers a comprehensive analytical and empirical update on the sustainability of public debt in the region. It breaks new ground in examining characteristics that are crucial to understanding sustainability and offers richer policy analysis that should prove useful for policymakers, researchers, and graduate students.

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 52,9 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 : S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff
Publisher : Oxford University Press
Page : 288 pages
File Size : 53,6 Mb
Release : 2019-10-21
Category : Business & Economics
ISBN : 9780192591401

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Sovereign Debt by S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff Pdf

The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude -for better and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject. Sovereign Debt brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic. It explores debt management with debt sustainability; debt reduction policies with crisis prevention policies; and the history with the conjuncture. It is a foundation text for all those interested in sovereign debt, with a particular focus real world examples and issues.

Author : Craig Burnside
Publisher : World Bank Publications
Page : 312 pages
File Size : 41,7 Mb
Release : 2005
Category : Business & Economics
ISBN : 082135874X

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Fiscal Sustainability in Theory and Practice by Craig Burnside Pdf

Topics discussed in this publication include: an introduction to theoretical and practical aspects of fiscal sustainability; theoretical prerequisites for fiscal sustainability analysis; debt indicators in the measurement of vulnerability; cyclical adjustment of budget surplus; pro-cyclical fiscal policy using Mexico's fiscal accounts as a case study; fiscal rules and the experience of Chile; currency crises and models for deal with financing costs.

Author : Subramanian Senthilkannan Muthu
Publisher : Springer
Page : 90 pages
File Size : 42,9 Mb
Release : 2018-09-12
Category : Science
ISBN : 9789811325564

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Development and Quantification of Sustainability Indicators by Subramanian Senthilkannan Muthu Pdf

This book highlights various methods for quantifying sustainability indicators using different indices. To date, numerous sustainability indicators encompassing either all three pillars (economic, environmental and social) or individual or joint indicators (e.g. environmental and social) have been developed and quantified. In addition to commonly developed indicators, which can be utilized for any industrial sector, sector-specific sustainability indicators are frequently used. Behind each indicator developed, there is a unique scientific model, method or assessment technique. This book explores and elaborates on such indicators, and on associated details such as the concept, development methodology, assessment technique, and applications of each indicator.

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 73 pages
File Size : 54,9 Mb
Release : 2009-12-11
Category : Business & Economics
ISBN : 9781498335164

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Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by International Monetary Fund. Fiscal Affairs Dept. Pdf

The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.