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Social Sciences x National Budget, Deficit, and Debt x clear all

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Ageing and the welfare state: securing sustainability

Volker Meier and Martin Werding.

in Oxford Review of Economic Policy

January 2010; p ublished online January 2010 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Demographic Economics; National Government Expenditures and Related Policies. 8780 words.

Over the next four decades, increasing old-age dependency ratios will exert an enormous upward pressure on welfare spending in most developed countries. As this is mainly due to existing...

Aggregate fiscal policy under the Labour government, 1997–2010

Simon Wren-Lewis.

in Oxford Review of Economic Policy

January 2013; p ublished online June 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 11278 words.

This paper explores the Labour government’s fiscal policy performance at the macroeconomic level. This analysis is in two halves. The first covers the period up until the Great Recession,...

Assets and liabilities and Scottish independence

Angus Armstrong and Monique Ebell.

in Oxford Review of Economic Policy

January 2014; p ublished online August 2014 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 6841 words.

This paper considers how the economically important assets, liabilities, and institutions in the UK could be divided if Scotland becomes an independent country. We find that on the basis of...

Austerity as epiphenomenon? Public assets before and beyond 2008

Heather Whiteside.

in Cambridge Journal of Regions, Economy and Society

October 2018; p ublished online September 2018 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Capitalist Systems. 8969 words.

Abstract

To what extent did the resurgence of austerity in the post-2008 context reverse or indelibly alter established directions and thinking in public...

Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades

Manuel Adelino and Miguel A. Ferreira.

in The Review of Financial Studies

July 2016; p ublished online January 2016 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Banking; Investment Banking; Financial Regulation; National Budget, Deficit, and Debt. 16940 words.

We study the causal effect of bank credit rating downgrades on the supply of bank lending. The identification strategy exploits the asymmetric impact of sovereign downgrades on the ratings...

Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt

Stéphane Guibaud, Yves Nosbusch and Dimitri Vayanos.

in The Review of Financial Studies

August 2013; p ublished online April 2013 .

Journal Article. Subjects: Money and Interest Rates; Economics; Taxation, Subsidies, and Revenue; National Budget, Deficit, and Debt. 23269 words.

We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are generations of agents at different lifecycle stages in an...

Bond Supply and Excess Bond Returns

Robin Greenwood and Dimitri Vayanos.

in The Review of Financial Studies

March 2014; p ublished online January 2014 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Economics; National Budget, Deficit, and Debt. 23179 words.

We examine empirically how the supply and maturity structure of government debt affect bond yields and expected returns. We organize our investigation around a term-structure model in which...

Budget Institutions and Fiscal Performance in Africa

Sophia Gollwitzer.

in Journal of African Economies

January 2011; p ublished online October 2010 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 13530 words.

This paper develops an index measuring the adequacy of the institutions, rules and procedures governing the budget process in forty-six African countries, presenting the most comprehensive...

Collective Action Clauses for the Eurozone

Michael Bradley and Mitu Gulati.

in Review of Finance

October 2014; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; International Financial Markets; Economics; Contract Law; International Finance. 19942 words.

One of the primary policy initiatives instituted in response to the Eurozone sovereign debt crisis is a requirement that all Eurozone sovereign bonds issued after January 1 2013 include...

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Credit ratings and the pricing of sovereign debt during the euro crisis

Joshua Aizenman, Mahir Binici and Michael Hutchison.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Investment Banking; Economics; International Finance. 11295 words.

This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time-varying...

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops

Emmanuel Farhi and Jean Tirole.

in The Review of Economic Studies

July 2018; p ublished online October 2017 .

Journal Article. Subjects: International Finance; Financial Regulation; National Budget, Deficit, and Debt. 22902 words.

Abstract

The recent unravelling of the Eurozone’s financial integration raised concerns about feedback loops between sovereign and banking insolvency. This...

Debt levels, debt composition, and sovereign spreads in emerging and advanced economies

Salvatore Dell’Erba, Ricardo Hausmann and Ugo Panizza.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt; International Finance. 12233 words.

This paper studies the relationship between sovereign spreads and the interaction between debt composition and debt levels in advanced and emerging market countries. It finds that in...

Dollars, Debt, and International Financial Institutions: Dedollarizing Multilateral Lending

Eduardo Levy Yeyati.

in The World Bank Economic Review

January 2007; p ublished online January 2007 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Economics; Macroeconomic Aspects of International Trade and Finance; International Finance. 9847 words.

Financial dollarization is increasingly seen as a concern because of its tendency to contribute to financial crises and output volatility. As a result the debate ...

Explaining Procyclical Fiscal Policy in African Countries

John Thornton.

in Journal of African Economies

June 2008; p ublished online January 2008 .

Journal Article. Subjects: National Budget, Deficit, and Debt; National Government Expenditures and Related Policies; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 3443 words.

Simple time series regressions for 37 low-income African countries during 1960–2004 suggest that government consumption is highly procyclical, with consumption responding more than...

Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis

Alexander Popov and Neeltje Van Horen.

in Review of Finance

August 2015; p ublished online November 2014 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Banking; International Finance; Money and Interest Rates. 16356 words.

We show that after the start of the euro area sovereign debt crisis, lending by non-GIIPS European banks with sizeable holdings of GIIPS sovereign bonds declined relative to nonexposed...

Fiscal adjustment to cyclical developments in the OECD: an empirical analysis based on real-time data

Roel Beetsma and Massimo Giuliodori.

in Oxford Economic Papers

July 2010; p ublished online December 2009 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 9289 words.

Using real-time data, we explore the determinants of both fiscal plans and their implementation for OECD countries over the period 1995–2006. First, based on forecasts we estimate standard...

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Fiscal policy and monetary integration in Europe: an update

Bertrand Candelon, Joan Muysken and Robert Vermeulen.

in Oxford Economic Papers

April 2010; p ublished online June 2009 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Public Economics. 10169 words.

By distinguishing between discretionary and non-discretionary fiscal policy, this paper analyses the stability of fiscal rules for EMU countries before and after the Maastricht Treaty....

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Fiscal Reforms and Public Investment in Africa

Christopher Adam and David Bevan.

in Journal of African Economies

March 2015; p ublished online February 2015 .

Journal Article. Subjects: National Budget, Deficit, and Debt; National Government Expenditures and Related Policies; Development Planning and Policy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Development. 11096 words.

Extending a model by Buffie et al. (2012), we explore the macroeconomic implications of public investment and fiscal reforms in an environment where the tax system is distortionary. We...

Fiscal Responses after Catastrophes and the Enabling Role of Financial Development

Martin Melecky and Claudio Raddatz.

in The World Bank Economic Review

February 2015; p ublished online January 2014 .

Journal Article. Subjects: Environmental Economics; National Government Expenditures and Related Policies; National Budget, Deficit, and Debt; Prices, Business Fluctuations, and Cycles. 8721 words.

Natural disasters may constitute a major shock to public finances and debt sustainability because of their impact on output and the need for government response with reconstruction and...

Foreign debt versus domestic debt in the euro area

Daniel Gros.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: National Budget, Deficit, and Debt. 7612 words.

The aftermath of the 2008 financial crisis has led to a sharp rise in public debt throughout the developed world. The problem is particularly acute within the euro area, where several...