On the Political Economy of Public Deficits and Debt

2014 ◽  
Vol 15 (1) ◽  
pp. 116-130 ◽  
Author(s):  
Gebhard Kirchgässner
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Public Debt ◽  
Considerable Increase ◽  
Oecd Countries ◽  
The Political ◽  
Public Budget ◽  
Public Finances ◽  
Long Run ◽  
Public Deficits

AbstractIn OECD countries, we have observed a considerable increase in public debt over recent decades caused by large and lasting deficits. What is the reason for this development and why is it rather different by country? There are two approaches to explain this. Traditional economic theory explains why it makes sense to allow deficits of public budgets in certain situations, which might result in a limited amount of public debt. It also shows the conditions for the sustainability of public finances namely that public debt stays below certain limits and, in particular, does not - in the long run - increase faster than GDP. Following the recommendations of this approach, public budget surpluses should be run in economic upswings to compensate for deficits in recessions. By contrast, politico-economic approaches explain why democratic governments have incentives to allow deficits even in periods of economic upswings. In the long run, this can lead to ever-increasing public debt. To prevent this, institutional provisions are necessary. In this respect, Swiss debt brakes at the national and cantonal levels as well as the new German rules are of particular interest.

Jean Tirole: The political economy of corporate finance (On the book by J. Tirole “The theory of corporate finance”)

2017 ◽  
pp. 128-141
Author(s):  
N. Ranneva
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Graduate Students ◽  
Corporate Finance ◽  
Critical Review ◽  
The Political ◽  
Institutional Economic ◽  
New Type ◽  
Finance Theory ◽  
Empirical Material

The present article undertakes a critical review of the new book of Jean Tirole, the winner of the 2014 Nobel Prize in Economics, “The theory of cor- porate finance”, which has recently been published in Russian. The book makes a real contribution to the profession by summarizing the whole field of corporate finance and bringing together a big body of research developed over the last thirty years. By simplifying modeling, using unified analytical apparatus, undertaking reinterpretation of many previously received results, and structuring the material in original way Tirole achieves a necessary unity and simplicity in exposition of extremely heterogeneous theoretical and empirical material. The book integrates the new institutional economic theory into classical corporate finance theory and by doing so contributes to making a new type of textbook, which is quite on time and is likely to become essential reading for all graduate students in corporate finance and microeconomics and for everyone interested in these disciplines.

Essays of a “comparatively progressive” economist (On the 150th birth anniversary of Vladimir Geleznoff)

2019 ◽  
pp. 135-145
Author(s):  
Viktor A. Popov
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
The Political ◽  
Russian History ◽  
Working Ability ◽  
Intellectual Inquiry ◽  
History Of

Deep comprehension of the advanced economic theory, the talent of lecturer enforced by the outstanding working ability forwarded Vladimir Geleznoff scarcely at the end of his thirties to prepare the publication of “The essays of the political economy” (1898). The subsequent publishing success (8 editions in Russia, the 1918­-year edition in Germany) sufficiently demonstrates that Geleznoff well succeded in meeting the intellectual inquiry of the cross­road epoch of the Russian history and by that taking the worthful place in the history of economic thought in Russia. Being an acknowledged historian of science V. Geleznoff was the first and up to now one of the few to demonstrate the worldwide community of economists the theoretically saturated view of Russian economic thought in its most fruitful period (end of XIX — first quarter of XX century).

التأثيرات السياسية في استدامة الدين العام في موازنة العراق 2019

2020 ◽  
Vol 2020 (66) ◽  
pp. 1-26
Author(s):  
م.م أحمد حامد جمعة ◽  
◽  
د. كمال فيلد البصري
Keyword(s):  
Public Debt ◽  
Public Spending ◽  
The Political ◽  
Financial Policy ◽  
Public Expenditures ◽  
Public Budget ◽  
Political Decision ◽  
The Public ◽  
Public Benefit ◽  
Political Impact

This study clarifies the analysis of the reality of the financial policy in the budget of Iraq 2019, and that analysis is evaluated by tracking the elements of the public budget from public expenditures and public revenues, and the study focuses on the size of the political impact on the path of public spending, as well as the analysis of public spending and revenues in various sectors and sections of the public budget. This study also shows the size of the risks resulting from the continuation of the financial deficit, as well as the risks of public debt according to the indicators of its sustainability analysis within the financial and economic indicators that express the risks of public debt. The study emphasized that public spending is still based on the political decision and does not achieve the principles and objectives of the economic budget that achieve the public benefit. The necessity requires efficient spending and fair distribution in order to avoid future public debt risks and their impact on future generations

The political economy of North-South commodity bargaining: the case of the International Sugar Agreement

1984 ◽  
Vol 38 (4) ◽  
pp. 709-731 ◽  
Author(s):  
Vincent A. Mahler
Keyword(s):  
Political Economy ◽  
European Community ◽  
World Trade ◽  
The Political ◽  
Short Term ◽  
International Commodity ◽  
Long Run ◽  
North And South

The historically unstable world trade in sugar has long stimulated multilateral efforts to stabilize sugar prices. In the negotiations leading to the International Sugar Agreement (ISA) of 1977, both producers and consumers were willing to make short-term concessions in the interest of reaching an accord that would benefit all in the long run–a pattern that has hardly been typical of North-South bargaining in general. But the ISA has failed to achieve its goal of more stable sugar prices in the years since its enactment. This failure is primarily due not to shortcomings in the agreement itself but rather to a major expansion of production in the only important sugar exporter that failed to ratify the ISA, the European Community. The ISA is important not only in its own right but also because it offers a good example of the promise–and the problems–of international commodity agreements in bringing about more stable and equitable relations between North and South.

The political economy of energy regulation in OECD countries

2011 ◽  
Vol 33 (5) ◽  
pp. 816-825 ◽  
Author(s):  
Chun Ping Chang ◽  
Aziz N. Berdiev
Keyword(s):  
Political Economy ◽  
Oecd Countries ◽  
The Political ◽  
Energy Regulation

The Political Economy of Charles E. Lindblom

1978 ◽  
Vol 72 (3) ◽  
pp. 1012-1016 ◽  
Author(s):  
Charles W. Anderson
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Institutional Design ◽  
The Political ◽  
Economic Systems ◽  
Market Mechanisms ◽  
Social Coordination ◽  
Political Economic ◽  
And Control ◽  
Coordination And Control

The consistent theme in Charles E. Lindblom's work is a vision of political economy as constitutional engineering. Lindblom sees the question of institutional design in terms of a mechanical metaphor in which political economic systems are contrived out of relatively simple components. Politics and Markets compares a broad range of capitalist and socialist systems as a means of evaluating market mechanisms and authority structures as instruments of social coordination and control. Lindblom's argument that the privileged power of the corporation poses a problem for liberal market-oriented societies is logically distinct from his case that the corporation fits “oddly” with democratic theory, and the latter may be the more significant theme for further inquiry in political economic theory.

The political economy of public debt

2012 ◽  
Vol 23 (3) ◽  
pp. 182-198 ◽  
Author(s):  
Geoffrey Brennan
Keyword(s):  
Political Economy ◽  
Public Debt ◽  
The Political

On the Political Economy of Long-Run Trends in Strike Activity

1978 ◽  
Vol 8 (2) ◽  
pp. 153-175 ◽  
Author(s):  
Douglas A. Hibbs
Keyword(s):  
United States ◽  
Political Economy ◽  
The United States ◽  
The Political ◽  
Coal Miners ◽  
Strike Activity ◽  
The United Kingdom ◽  
Long Run ◽  
Industrial Societies ◽  
General Strike

Outbursts of strike activity in many industrial societies during the late 1960s and early 1970s focused considerable attention on relations between labour, capital and the state in advanced capitalist systems and led to many inquiries into the sources of the ‘new’ labour militancy. The events of May–June 1968 in France, the ‘hot autumn’ of 1969 in Italy, and the nation-wide strikes of the coal miners in 1972 and 1974 in the United Kingdom (the first since the great General Strike of 1926) are the most dramatic examples, but sharp upturns in strike activity in Canada (1969, 1972), Finland (1971), the United States (1970) and smaller strike waves in other nations also contributed to the surge of interest in labour discontent.

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