Published to MIT Press Scholarship Online: August 2013, DOI: 10.7551/mitpress/9780262140980.001.0001, PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). Bahrain is a very small oil dependent open economy with a population of approximately 1.3 million. Ensuring public debt sustainability is one of the main challenges that public indebtedness policy has to face on the long run, susciting both practicioners and theoreticians. In recent decades, governments have built up substantial public debt, which is oftenaccompanied by a growing public sector and fiscal policies that neglect long-term considerations.The contributors to this CESifo volume consider whether the development of public debt in the UnitedStates and six EU countries is sustainable--that is, whether fiscal policies in these … Uni-versité Panthéon-Sorbonne - Paris I, 2017. The contributors to this CESifo volume consider whether the development of public debt in the United States and six EU countries is sustainable—that is, whether fiscal policies in these countries can be continued without creating the potential for government bankruptcy. On the other hand, the internal power balance of British society never allowed for drastic measures to ensure quick stabil- ization of outstanding public debt (Alesina, 1988). In fact, it boils down to a mere judgement informed by multiple methodologies (e.g. NNT: 2017PA01E016. Without commitment: debt supported in … Fiscal Sustainability, Public Debt, Budget Deficit, Fiscal Crises, South Africa. •In macro literature: 1. Noté /5: Achetez Sustainability of Public Debt de Neck, Reinhard, Sturm, Jan–egbert: ISBN: 9780262140980 sur amazon.fr, des millions de livres livrés chez vous en 1 jour Theory generally equates public debt sustainability with government solvency (i.e. We explore the sustainability of public debt in Japan before the War. (1999). An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 24 February 2021. Public Debt Sustainability in Austria, 6 The Stability Pact Pains: A Forward-Looking Assessment of the Reform Debate, 7 The Welfare State and Strategies toward Fiscal Sustainability in Denmark, 8 Post-Thatcher Fiscal Strategies in the United Kingdom: AnInterpretation, 9 On the Effectiveness of Debt Brakes: The Swiss Experience. This question is usually posed as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (i.e. Essays on fiscal policy and public debt sustainability. Sustainability of US public debt: Estimating smoothing spline regressions @article{Greiner2007SustainabilityOU, title={Sustainability of US public debt: Estimating smoothing spline regressions}, author={A. Greiner and G. Kauermann}, journal={Economic Modelling}, year={2007}, volume={24}, pages={350-364} } This framework became operational … We explore the sustainability of public debt in Japan before the War. However, sovereign credit rating agencies that focus on the risk of debt distress typically concentrate on market-based external public sector debt. Page 2 | the deficit-to-GDP ratio3 projected to decline, respectively, to 1.8% and 2.0% in 2016 and to continue that trend, with this ratio reaching 1.5% in the euro area and 1.6% in the EU in 20184. It is interesting and characteristic of Greek politics that the two major political parties seem to agree that the debt is unsustainable but prefer instead to disagree on the matter in public. List of boxes, figures and tables ii Glossary iii Executive summary vi 1 Introduction . On July 21, 2011, the heads of government of the euro area announced a new plan to address the Greek debt crisis. In recent decades, governments have built up substantial public debt, which is often accompanied by a growing public sector and fiscal policies that neglect long-term considerations. (2011). The Great Recession has indeed pushed public debt to historically high levels in peacetime. Second, servicing the debt is a strategic decision, the result of a cost-benefit analysis. We show that the threshold for the sustainability of public debt is related to not only the relative size of public debt but also inequality. Your current browser may not support copying via this button. Assessments of debt sustainability carried out by the IMF and World Bank cover both domestic and external public sector debt. Download Sustainability and Optimality of Public Debt Books now!Available in PDF, EPUB, Mobi Format. tel-01843612 ‘ The US public debt is exploding. Strengthening the monitoring and prudent management of assets and liabilities is an important element of comprehensive national financing strategies and is critical to reducing vulnerabilities. The GDP measures of national income and output for a given country’s economy are equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. Découvrez et achetez Sustainability and Optimality of Public Debt. Maintaining debt sustainability and improving debt sustainability assessments The Addis Ababa Action Agenda recognizes the need for action in attaining long-term debt sustainability. The fiscal deficit for 2020 is set to be much larger. They applied the test for unit root to the public debt-GDP ratio for the individual countries and found that public debt-GDP ratio is difference stationary for ten EU members countries1. Country studies cover the United States, Italy, the Netherlands, Austria, Denmark, the United Kingdom, and Switzerland, with special emphasis in the EU chapters on the fiscal criteria for entrance into the European Monetary Union and the Stability and Growth Pact. whether fiscal solvency conditions hold). contact us. 1 Political debatesabout the future course of fiscal policy and the need to keep govern-ment debt under control abound, and the sustainability of publicfinances is one of the most widely discussed topics in economics thesedays. MIT Press Direct is a distinctive collection of influential MIT Press books curated for scholars and libraries worldwide. This introductory chapter discusses how public debt and budget deficits have become a crucial policy problem in most industrialized countries; the concept of sustainability; historical development of the analysis of fiscal policy sustainability; sustainability of government debt in the European Monetary Union; and conditions for sustainable public finances. Public debt sustainability has become a major concern since 2010. MIT Press began publishing journals in 1970 with the first volumes of Linguistic Inquiry and the Journal of Interdisciplinary History. The sustainability of public debt is interpreted as the result of the interaction of fiscal policy with the economic environment, and not as a statistical concept as in most of the recent literature. In recent decades, governments have built up substantial public debt, which is often accompanied by a growing public sector and fiscal policies that neglect long-term considerations.

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