Deficits and Debt in Industrialized Democracies

2015-03-24 Political Science

Author : Eisaku Ide
Release : 2015-03-24
Genre : Political Science
Kind : eBook
Book Rating : 873/5 ( reviews)

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Book Synopsis Deficits and Debt in Industrialized Democracies by : Eisaku Ide

Download or read book Deficits and Debt in Industrialized Democracies written by Eisaku Ide. This book was released on 2015-03-24. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Deficits, Debt, and Democracy

2012-01-01 Business & Economics

Author : Richard E. Wagner
Release : 2012-01-01
Genre : Business & Economics
Kind : eBook
Book Rating : 600/5 ( reviews)

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Book Synopsis Deficits, Debt, and Democracy by : Richard E. Wagner

Download or read book Deficits, Debt, and Democracy written by Richard E. Wagner. This book was released on 2012-01-01. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Political and Economic Determinants of Budget Deficits in the Industrial Democracies

1988 Budget deficits

Author : Nouriel Roubini
Release : 1988
Genre : Budget deficits
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Political and Economic Determinants of Budget Deficits in the Industrial Democracies by : Nouriel Roubini

Download or read book Political and Economic Determinants of Budget Deficits in the Industrial Democracies written by Nouriel Roubini. This book was released on 1988. Available in PDF, EPUB and Kindle. Book excerpt: 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

The Political Economy of Budget Deficits

1994-08-01 Business & Economics

Author : Mr.Alberto Alesina
Release : 1994-08-01
Genre : Business & Economics
Kind : eBook
Book Rating : 689/5 ( reviews)

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Book Synopsis The Political Economy of Budget Deficits by : Mr.Alberto Alesina

Download or read book The Political Economy of Budget Deficits written by Mr.Alberto Alesina. This book was released on 1994-08-01. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Global Waves of Debt

2021-03-03 Business & Economics

Author : M. Ayhan Kose
Release : 2021-03-03
Genre : Business & Economics
Kind : eBook
Book Rating : 453/5 ( reviews)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose. This book was released on 2021-03-03. Available in PDF, EPUB and Kindle. Book excerpt: 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.

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Deficits and Debt in Industrialized Democracies

Deficits, Debt, and Democracy

Political and Economic Determinants of Budget Deficits in the Industrial Democracies

The Political Economy of Budget Deficits

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