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  1. Fiskalpolitik und Konjunktur
    Author: Boss, Alfred
    Published: 2009
    Publisher:  ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft, Kiel

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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/913
    DDC Categories: 330; 380; 650; 670
    Series: Kiel Working Paper ; 772
    Subjects: Konjunktur; Einnahmen; Produktionspotential; Öffentlicher Haushalt; Konsolidierung; Verschuldungsgrenze; Wirkungsanalyse; Konjunktur
    Other subjects: (stw)Haushaltskonsolidierung; (stw)Wirkungsanalyse; (stw)Konjunktur; (stw)Deutschland; jel:H30; jel:H60; fiscal policy; budget deficit; business cycle; Haushaltskonsolidierung (STW); Wirtschaftspolitische Wirkungsanalyse (STW); Konjunktur (STW); Deutschland (STW); Arbeitspapier; Graue Literatur; Buch
    Scope: Online-Ressource
    Notes:

    In: Kiel: Institut für Weltwirtschaft (IfW), 1996.
  2. Resilience, crisis contagion, and vulnerability in Central Europe and the Baltics
    Author: Beqiraj, Elton; Di Bartolomeo, Giovanni; Di Pietro, Marco; Serpieri, Carolina
    Published: 2017
    Publisher:  Publications Office of the European Union, Luxembourg

    The recent financial crisis had serious worldwide impacts. Initial resilience and good past performances led to the illusion that the Central and Eastern European (CEE) region was able to decouple from developments in advanced economies. This initial... more

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    The recent financial crisis had serious worldwide impacts. Initial resilience and good past performances led to the illusion that the Central and Eastern European (CEE) region was able to decouple from developments in advanced economies. This initial illusion was however immediately denied since the crisis spread to that region just with a lag. The CEE region was, in fact, suddenly placed at the epicenter of the emerging market crisis. Further, the consequences of the crisis were not uniform among countries of the CEE region. Strong cross-country disparities in the resistance and recovery capacities have been observed. Focusing on a CEE sub-region, the Central Europe and the Baltics (CEB), our research project aims to analyze and disentangle the resilience performance to the 2008 financial crisis within countries of this region according to their shock isolation and absorptive capacities. We develop a new methodology to investigate two important dimensions of resilience, namely recovery and resistance. The latter can be defined as the relative vulnerability or sensitivity of economies within CEB region to disturbances and disruptions, whereas the former is the speed and extent of recovery from such a disruption or recession. Our methodology is based on Bayesian estimation techniques for general equilibrium models. We build and estimate a DSGE model for a small-open economy, which features nominal wage and price rigidities, as well as financial frictions in the form of liquidity-constrained households and limited access to deposits for the bank system. Then we group our parameter estimates in two sets: structural parameters and stochastic structure. The former individuates the deep parameters affecting the economic recovery capacities after stochastic disturbances (innovations) occur; the latter governs the innovation distributions and their intrinsic persistence. Accordingly, we study the relative differences across CEB economies using Principal Component Analysis (PCA), obtaining synthetic orthogonal indexes of these differences in a parsimonious way. Finally, we use the two sets to compare the relative recovery (resistance) country performances of a single country to those of a hypothetical economy characterized by a CEB average structural (stochastic) set of estimated parameters. Precisely, considering estimated parameters as variables of a cross-sectional dataset organized by country, we first look at national differences considering as reference a hypothetical country, where there are no distortions and/or unaffected by disturbances; second we use, as reference, a hypothetical average country, built on the estimated parameter means.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789279771804
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    Series: JRC technical reports
    Subjects: Finanzkrise; Wirtschaftslage; Wirtschaftliche Instabilität; DSGE-Modell; Kleine offene Volkswirtschaft; Baltische Staaten; Osteuropa; economic recession; monetary crisis; fiscal policy; budget policy; banking policy; budget deficit; monetary policy; debt; Baltic States; Central and Eastern Europe; research report
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  3. The impact of austerity policies on local income
    evidence from Italian municipalities
    Author: Cerrato, Andrea; Filippucci, Francesco
    Published: [2022]
    Publisher:  Paris School of Economics, Paris

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    Series: Working paper / Paris School of Economics ; no 2022, 15
    Subjects: fiscal consolidation; fiscal policy; budget deficit; local economy multiplier
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  4. Partisan fiscal policy
    evidence from Central and Eastern Europe
    Author: Schneider, Ondřej
    Published: [2019]
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    This paper examines effects of political ideology of a governing party on fiscal outcomes, using data from eight Central and Eastern European countries in the 2001-2017 period. The analysis shows that there is a statistically significant effect of... more

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    This paper examines effects of political ideology of a governing party on fiscal outcomes, using data from eight Central and Eastern European countries in the 2001-2017 period. The analysis shows that there is a statistically significant effect of conservative governments on fiscal variables, namely they tend to reduce expenditures and improve fiscal balance by 0.4-0.7% of GDP. Conservative governments are found to reduce expenditures on social security and health care, but they tend to increase subsidies. This may be explained by their proximity to business interests that typically benefit from these subsidies. Our result suggest that while conservative governments do tend to reduce public spending and run smaller deficits, their impact on fiscal outcomes is more limited than they often claim.

     
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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/228078
    Series: IES working paper ; 2019, 37
    Subjects: Fiscal policy; political parties; budget deficit; Europe
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  5. Covid-19, economic growth and South African fiscal policy
    Author: Burger, Philippe; Calitz, Estian
    Published: August 2020
    Publisher:  Department of Economics, University of Stellenbosch, Stellenbosch

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    Series: Stellenbosch economic working papers ; WP 2020, 15
    Subjects: Covid-19; Coronavirus; Public debt; budget deficit; primary balance; economic growth; government expenditure; tax revenue
    Scope: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  6. The role of fiscal policies for external imbalances
    evidence from the European Union
    Author: Afonso, António; Coelho, José Carlos
    Published: 2021
    Publisher:  ifo Institute, Munich, Germany

    We revisit the relation between budget deficits and current account deficits for 28 European Union countries from 1996 to 2019. We find that an increase in budget deficit of 1 pp of GDP results in a deterioration of the current account deficit of... more

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    We revisit the relation between budget deficits and current account deficits for 28 European Union countries from 1996 to 2019. We find that an increase in budget deficit of 1 pp of GDP results in a deterioration of the current account deficit of 0.318 pp of GDP, which supports the Twin Deficits Hypothesis. On the other hand, dynamic panel estimates partially corroborate the Equivalence Ricardian Hypothesis in the presence of a fiscal rules index. In addition: i) the relation between the two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current account balance is observed; ii) after 2010, the budget balance positively affects the current account balance; and iii) the positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget deficit countries, and high exports countries.

     
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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/233802
    Series: EconPol working paper ; vol. 5, 57 (2021, February)
    Subjects: budget deficit; external deficit; European Union; fiscal rules; panel data
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  7. Fiscal policy and inflation expectations
    Author: Mello Costa, Miguel; Ponce, Jorge
    Published: [2020]
    Publisher:  [Banco Central del Uruguay], [Montevideo, Uruguay]

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    Series: Documento de trabajo / Banco Central del Uruguay ; no 2020, 004
    Subjects: Inflation expectations; budget deficit; fiscal policy; monetary policy; Uruguay
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  8. A revival of budget deficit and economic growth
    Author: Mavodyo, Elisha
    Published: [2020]
    Publisher:  EERI, Economics and Econometrics Research Institute, Brussels, Belgium

    South Africa has experienced high budget deficits accompanied by sluggish economic growth over the years. Fears mount that such a trend may worsen due to the advent of the Covid-19. Yet, the effect of budget deficit on economic growth remains one of... more

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    South Africa has experienced high budget deficits accompanied by sluggish economic growth over the years. Fears mount that such a trend may worsen due to the advent of the Covid-19. Yet, the effect of budget deficit on economic growth remains one of the widely debated topics in economics. This article gives empirical evidence on the budget deficit-economic growth nexus and the deficit spending channels that are growth stimulating in South Africa over the period 1980 to 2018. Relying on the Dynamic Ordinary Least Squares (DOLS), results show that budget deficit is growth promoting and that budget deficit is growth stimulating if it is channelled towards export-oriented industrialisation of ores and metals

     
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    hdl: 10419/251096
    Series: EERI research paper series ; no 2020, 04
    Subjects: DOLS; endogeneity; budget deficit; economic growth; export-oriented industrialisation
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  9. Optimal public debt threshold for Nepal
    Author: Prasai, Laxmi Prasad
    Published: [2024]
    Publisher:  Nepal Rastra Bank, [Kathmandu, Nepal]

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    Media type: Book
    Format: Online
    Series: NRB working paper ; no. 58 (May 2024)
    Subjects: Capital formation; fiscal policy; public debt; budget deficit; debt threshold; developing economies; economic growth
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  10. 60 %, -4 % and 6 %, a tale of thresholds for EU fiscal and current account developments
    Author: Afonso, António; Coelho, José Carlos
    Published: [2021]
    Publisher:  ifo Institute, Munich, Germany

    We study the relationship between the budget balance and the current account balance for European Union(EU) countries, using quarterly data from1995 to2020. Through the use of panel Granger causality tests and a panel SUR model, we conclude that the... more

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    We study the relationship between the budget balance and the current account balance for European Union(EU) countries, using quarterly data from1995 to2020. Through the use of panel Granger causality tests and a panel SUR model, we conclude that the relationship is bi-directional for the EU panelas a whole. Furthermore, we find that in Eurozone countries, before 2010, for those countries with an average current account balance-to-GDP ratio outside the range of -4 to6%, and also in countries whose average debt-to-GDP ratio is greater than 60%, the impact of the budget balance on the current account balance is greater. Conversely, in non-Eurozone countries, after 2010, in countries with a current account balance-to-GDP ratio of -4 to 6%, and also in countries with an average debt-to-GDP ratio of less than 60%, the impact of the fiscal balance on the current account balance is less relevant.

     
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    Other identifier:
    hdl: 10419/245909
    Series: EconPol working paper ; vol. 5, 69 (2021, September)
    Subjects: budget deficit; external deficit; European Union; panel data; time series
    Scope: 1 Online-Ressource (circa 32 Seiten)
  11. Stabilization and adjustment in MENA
    the case of Egypt
    Author: Abdel-Latif, Abla M.; Aboud, Sahar; Said, Rama; Seif, Racha; Dawoud, Ahmed
    Published: [2023]
    Publisher:  Economic Research Forum (ERF), Dokki, Giza, Egypt

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    Series: ERF working papers series ; no. 1663 (November 2023)
    Subjects: debt burden; budget deficit; internal challenges; present crisis; vicious circle; scenarios; institutional disorders; evidence-based analysis; institutional reform; high road for development; macroeconomic indicators; fiscal policy; monetary policy
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  12. Partisan fiscal policy
    evidence from Central and Eastern Europe
    Author: Schneider, Ondřej
    Published: [2019]
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper examines effects of political ideology of a governing party on fiscal outcomes, using data from eight Central and Eastern European countries in the 2001-2017 period. The analysis shows that there is a statistically significant effect of... more

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    This paper examines effects of political ideology of a governing party on fiscal outcomes, using data from eight Central and Eastern European countries in the 2001-2017 period. The analysis shows that there is a statistically significant effect of conservative governments on fiscal variables, namely they tend to reduce expenditures and improve fiscal balance by 0.4-0.7% of GDP. Conservative governments are found to reduce expenditures on social security and health care, but they tend to increase subsidies. This may be explained by their proximity to business interests that typically benefit from these subsidies. Our result suggest that while conservative governments do tend to reduce public spending and run smaller deficits, their impact on fiscal outcomes is more limited than they often claim.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/215016
    Series: Array ; no. 8014 (December 2019)
    Subjects: fiscal policy; political parties; budget deficit; European Union
    Scope: 1 Online-Ressource (circa 18 Seiten), Illustrationen
  13. Parameters of Kazakhstan's fiscal policy
    Author: Žakupova, Meruert M.; Hanetova, Ajaköz B.
    Published: [2023]
    Publisher:  National Bank of the Republic of Kazakhstan, [Astana]

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  14. Fiscal and current account imbalances
    the cases of Germany and Portugal
    Author: Afonso, António; Coelho, José Carlos
    Published: [2021]
    Publisher:  ifo Institute, Munich, Germany

    We investigate the bilateral relationship between government budget balances and current account balances for Portugal and Germany. We find that the response of the current account balance to the budget balance is greater in Portugal than in... more

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    We investigate the bilateral relationship between government budget balances and current account balances for Portugal and Germany. We find that the response of the current account balance to the budget balance is greater in Portugal than in Germany. On the other hand, the response of the budget balance to the current balance is higher in Germany than in Portugal. In Portugal and Germany, a fiscal rules index has a negative impact on the current account balance and the government effectiveness index has a positive impact on the government balance. The public debt as a percentage of GDP positively affects the current account balance in Portugal, and in Germany it does not. During the period of implementation of the external assistance programme in Portugal, the current account balance improved, while the government balance did not.

     
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    Other identifier:
    hdl: 10419/272955
    Series: EconPol working paper ; vol. 5, 72 (2021, December)
    Subjects: budget deficit; external deficit; Portugal; Germany; fiscal rules; time-series
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  15. Deficit financing with the national saving certificate and its macroeconomic consequences on Bangladesh's economy
    Author: Alam, Mohammad Mahabub
    Published: 2023
    Publisher:  Australian National University, Crawford School of Public Policy, Canberra

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    Series: CAMA working paper series ; 2023, 45 (September 2023)
    Subjects: NSC financing; budget deficit; fiscal policy; savings; investment; SVAR; Bangladesh
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  16. Political leaders' socioeconomic background and public deficits
    evidence from OECD countries
    Author: Hayo, Bernd; Neumeier, Florian
    Published: 2013
    Publisher:  Univ., Dep. of Business Administration & Economics, Marburg

    This paper empirically analyses the relationship between political leaders' socioeconomic backgrounds and public budget deficits utilising panel data on 21 OECD countries from 1980 to 2008. Building on sociological, as well as economic, research, we... more

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    This paper empirically analyses the relationship between political leaders' socioeconomic backgrounds and public budget deficits utilising panel data on 21 OECD countries from 1980 to 2008. Building on sociological, as well as economic, research, we argue that the socioeconomic status of political decision-makers, i.e., presidents or prime ministers, is an important determinant of fiscal budget decisions. Our theory-consistent findings show that the tenures of lower-class leaders - i.e., leaders of low socioeconomic status - are associated with a deficit-to-GDP ratio which is 1.6 percentage points higher than that during tenures of upperclass leaders.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/73139
    Edition: This version: 25 April 2013
    Series: Joint discussion paper series in economics ; 08-2013
    Subjects: Haushaltsdefizit; Regierungschef; Staatsoberhaupt; Sozialer Status; Intertemporale Entscheidung; Öffentlicher Haushalt; OECD-Staaten; budget deficit; political leaders; socioeconomic status; time preference
    Scope: Online-Ressource (37 S.), graph. Darst.
  17. Fiskalpolitik und Konjunktur
    Author: Boss, Alfred
    Published: 1996
    Publisher:  Inst. für Weltwirtschaft, Kiel

  18. Debt sustainability analysis for euro area sovereigns
    a methodological framework
    Author: Bouabdallah, Othman; Checherita-Westphal, Cristina; Warmedinger, Thomas; De Stefani, Roberta; Drudi, Francesco; Setzer, Ralph; Westphal, Andreas
    Published: April 2017
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The euro area sovereign debt crisis has highlighted the importance of reducing public debt levels and building up sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability analysis... more

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    The euro area sovereign debt crisis has highlighted the importance of reducing public debt levels and building up sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability analysis (DSA) to act as a warning system for national policies. This paper introduces a comprehensive DSA framework for euro area sovereigns that could be used for analysis of fiscal risks and vulnerabilities. Specifically, this framework consists of three main building blocks: (i) a deterministic DSA, which embeds debt simulations under a benchmark and various narrative shock scenarios; (ii) a stochastic DSA, providing for a probabilistic approach to debt sustainability; and (iii) other relevant indicators capturing liquidity and solvency risks. The information embedded in the three main DSA blocks can be summarised in a heat map, which can provide guidance on the overall assessment of risks to debt sustainability. This method reflects the need to have a broad-based assessment, cross-checking information and perspectives from various sources with a view to deriving a robust debt sustainability assessment.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
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    ISBN: 9789289928472
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    hdl: 10419/162202
    Series: Occasional paper series / European Central Bank ; no 185 (April 2017)
    Subjects: fiscal policy; public debt; euro area; budget deficit; budget estimate
    Scope: 1 Online-Ressource (42 Seiten), Diagramme, Tabellen
  19. The legacy debt and the joint path of public deficit and debt in the Euro area
    Author: Caruso, Alberto; Reichlin, Lucrezia; Ricco, Giovanni
    Published: 2015
    Publisher:  Publ. Off. of the Europ. Union, Luxembourg

    This paper studies the joint dynamics of public debt and public deficit in the euro area for the period 1981-2013 and computes projections up to 2020. We show that, since 2009, public debt and public deficit have been negatively related. On the basis... more

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    Thüringer Universitäts- und Landesbibliothek
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    This paper studies the joint dynamics of public debt and public deficit in the euro area for the period 1981-2013 and computes projections up to 2020. We show that, since 2009, public debt and public deficit have been negatively related. On the basis of a counter-factual simulation that conditions on past correlations with a large number of macroeconomic indicators and the observed GDP path since 2008 we find that the negative relation is anomalous with respect to previous historical experience. In contrast, private savings and private debt since 2008 have behaved in line with past experience. We define and estimate the "legacy debt" of the 2008 crisis and show that, if GDP and inflation will behave according to the International Monetary Fund (IMF) projection, by 2020 it will still account for 15% of total public debt.

     
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    Source: Union catalogues
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    ISBN: 9789279486760
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    Series: Array ; 010
    Subjects: Öffentliche Schulden; Haushaltsdefizit; Konjunktur; Wirtschaftsprognose; EU-Staaten; public debt; economic analysis; budget deficit; savings; macroeconomics; economic indicator; debt; euro area
    Scope: Online-Ressource (PDF-Datei, 32 S., 874 KB)
  20. Italy's spending maze runner
    an analysis of the structure and evolution of public expenditure in Italy
    Author: Lorenzani, Dimitri; Reitano, Vito Ernesto
    Published: December 2015
    Publisher:  Publications Office of the European Union, Luxembourg

    This paper explores the composition and developments of public expenditure in Italy and compares them with other big Member States. On the basis of this analysis, it draws several possible policy implications. Based on the latest available data by... more

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    This paper explores the composition and developments of public expenditure in Italy and compares them with other big Member States. On the basis of this analysis, it draws several possible policy implications. Based on the latest available data by economic classification and function, Italy's public expenditure appears to be increasingly biased towards the elderly, while growth-enhancing spending has been markedly restrained during the crisis. Debt-servicing costs absorb significantly higher resources than in the rest of the euro area, so that Italy's public expenditure remains above the euro area average as a share of potential GDP despite slightly lower primary expenditure. Overall, the paper suggests that it may be difficult in the future to contain Italy's primary expenditure solely by relying on spending cuts, while leaving the current perimeter of State action unchanged. A systematic and rigorously implemented spending review would be needed to increase the efficiency of public expenditure and make its composition more growth-friendly, in order to support ongoing structural reform efforts and boost the country's potential growth. Finally, positive spending review measures enacted so far in Italy, such as the so-called "Fornero reform" to reduce the much higher-than-average pension expenditure and ensure its sustainability in the long run, should be fully implemented also with the objective of increasing labour market participation and the adequacy of future entitlements.

     
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    Source: Union catalogues
    Language: English
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    ISBN: 9789279487026
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    Series: Array ; 023
    Subjects: Öffentliche Ausgaben; Allokation; Allokationseffizienz; Öffentliche Sozialausgaben; Bildungsfinanzierung; Italien; Eurozone; economic analysis; public expenditure; economic reform; pension scheme; debt; stability pact; budget deficit; economic growth; national budget; fiscal policy; Italy
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  21. Structural unemployment vs. NAWRU
    implications for the assessment of the cyclical position and the fiscal stance
    Author: Lendvai, Julia; Salto, Matteo; Thum-Thysen, Anna
    Published: 2015
    Publisher:  Europ. Comm., Directorate-General for Economic and Financial Affairs, Brussels

    This paper discusses the fiscal policy implications of applying an alternative output gap methodology. The alternative methodology replaces the NAWRU by the structural unemployment rate (SUR) estimated by DG ECFIN in the calculation of potential GDP.... more

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    This paper discusses the fiscal policy implications of applying an alternative output gap methodology. The alternative methodology replaces the NAWRU by the structural unemployment rate (SUR) estimated by DG ECFIN in the calculation of potential GDP. The note studies how the use of this method changes the properties of trend and cyclical variables and it analyses the properties of the estimated structural fiscal balance and fiscal effort for the EA12. The results suggest that the SUR-based potential growth and structural balance are somewhat less procyclical than the standard potential growth and structural balance. They are also somewhat less affected by forecast revisions at the end of the sample, i.e. the period relevant for fiscal policy. Also, the SUR-based indicators suggest worse underlying economic conditions in relatively good times and better underlying economic conditions in relatively bad times than the NAWRUbased indicators. Thereby, they tend to show a less favourable structural fiscal position in good times and a more favourable one in bad times. Quantitatively, differences in indicators are found to be larger for Member States which had sizeable fluctuations in the unemployment rate over the past decade. Given its different concept of the cycle and the trend component, other things equal, the SUR-method would provide incentives to accommodate highly persistent shocks (e.g. hysteresis), while the standard method considers these to be beyond the scope of fiscal policy.

     
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    ISBN: 9789279448263
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    Series: Array ; 552
    Subjects: structural balance; output gap; potential growth; debt; deficit; stabilisation; economic stabilisation; economic analysis; economic growth; economic fluctuation; fiscal policy; government policy; budget deficit; unemployment; public debt
    Scope: Online-Ressource (21 S.), graph. Darst.
  22. What drives the German current account?
    And how does it affect other EU member states
    Published: 2014
    Publisher:  Europ. Comm., Directorate-General for Economic and Financial Affairs, Brussels

    We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyze the determinants of Germany's current account surplus after the launch of the Euro. The most important... more

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    We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyze the determinants of Germany's current account surplus after the launch of the Euro. The most important factors driving the German surplus were positive shocks to the German saving rate and to ROW demand for German exports, as well as German labour market reforms and other positive German aggregate supply shocks. The convergence of REA interest rates to German rates due to the creation of the Euro only had a modest effect on the German current account and on German real activity. The key shocks that drove the rise in the German current account tended to worsen the REA trade balance, but had a weak effect on REA real activity. Our analysis suggests these driving factors are likely to be slowly eroded, leading to a very gradual reduction of the German current account surplus. An expansion in German government consumption and investment would raise German GDP and reduce the current account surplus, but the effects on the surplus are likely to be weak.

     
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    ISBN: 9789279351655
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    Series: Array ; 516
    Subjects: Leistungsbilanz; Außenwirtschaftliches Gleichgewicht; Wirkungsanalyse; Eurozone; Dynamisches Gleichgewicht; Theorie; Schätzung; Deutschland; EU-Staaten; national accounts; economic situation; euro area; economic model; macroeconomics; budget deficit; trade balance; Germany
    Scope: Online-Ressource (64 S.), graph. Darst.
  23. Understanding the emergence of public debt
    Author: Fochmann, Martin; Sadrieh, Abdolkarim; Weimann, Joachim
    Published: 2014
    Publisher:  CESifo, München

    We use a controlled laboratory experiment with and without overlapping generations to study the emergence of public debt. Public debt is chosen by popular vote, pays for public goods, and is repaid with general taxes. With a single generation, public... more

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    We use a controlled laboratory experiment with and without overlapping generations to study the emergence of public debt. Public debt is chosen by popular vote, pays for public goods, and is repaid with general taxes. With a single generation, public debt is accumulated prudently, never leading to over-indebtedness. With multiple generations, public debt is accumulated rapidly as soon as the burden of debt and the risk of over-indebtedness can be shifted to future generations. Debt ceiling mechanisms do not mitigate the debt problem. With overlapping generations, political debt cycles emerge, oscillating with the age of the majority of voters.

     
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    hdl: 10419/102111
    Series: Array ; 4820
    Subjects: public debt and taxation; government spending; budget deficit; balanced budget; common pool resources
    Scope: Online-Ressource ([1], 34 S.), graph. Darst.
  24. Overall assessment of the two balance-of-payments assistance programmes for Romania
    2009 - 2013
    Published: 2013

    Over the last four years, the European Union has supported Romania in dealing with the financial and economic crisis and in laying the foundations for future growth. more

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    Over the last four years, the European Union has supported Romania in dealing with the financial and economic crisis and in laying the foundations for future growth.

     
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    ISBN: 9789279293634
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    Series: Array ; 156
    Subjects: balance of payments; economic recovery; budget deficit; balance of payments assistance; Romania
    Scope: Online-Ressource (125 S.), graph. Darst.
  25. Privatisation and institutions
    a cross country analysis
    Author: Bortolotti, Bernardo; Siniscalco, Domenico; Fantini, Marcella
    Published: 2000
    Publisher:  CESifo, München

    Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which political, economic and institutional factors are shaping this process? This paper addresses the issue presenting new evidence from... more

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    Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which political, economic and institutional factors are shaping this process? This paper addresses the issue presenting new evidence from a sample of 49 countries. From an empirical analysis of the period 1977-96, the decision to privatise and the choice of privatisation method appear to be influenced by the governing political majority and public sector budget constraints, while the success of privatisation in terms of revenues and stakes sold requires suitable institutions and developed capital markets.

     
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    hdl: 10419/75490
    Series: CESifo Working Paper ; 375
    Subjects: privatisation; politics; budget deficit; investor protection; enforcement of law; capital markets
    Scope: Online-Ressource (41 S.)