scholarly journals Exceptionality and Colonial-State–Corporate Crimes in the Puerto Rican Fiscal and Economic Crisis

2020 ◽  
Vol 47 (3) ◽  
pp. 49-63
Author(s):  
José Atiles Osoria
Keyword(s):  
Puerto Rican ◽  
Economic Crisis ◽  
Public Debt ◽  
Development Policy ◽  
State Of Exception ◽  
Colonial State ◽  
The Public ◽  
Economic Development Policy ◽  
Derechos Humanos ◽  
Tax Haven

A sociolegal analysis of the sources of Puerto Rico’s fiscal and economic crisis points to the use of the colonial state of exception as an economic development policy facilitating the creation of a tax-haven-like economy and normalizing a series of a colonial-state–corporate crimes. The Puerto Rican people need to hold those who generated the crisis accountable both politically and legally. They must continue mobilizing and promoting the repoliticization of recovery efforts by not paying the public debt, taking legal action against financial predators and corrupt politicians, clawing back fees and refusing to pay any additional fees, giving more importance to the human rights of Puerto Ricans than to the rights of bondholders and vulture funds, and initiating a process of decolonization that will allow them to make decisions about their future. Un análisis sociolegal de los orígenes de la crisis fiscal y económica de Puerto Rico apunta al uso del estado de excepción colonial como una política de desarrollo económico que facilita la creación de una economía parecida a un paraíso fiscal y normaliza una serie de crímenes estado-coloniales y corporativos. El pueblo puertorriqueño debe responsabilizar a quienes generaron la crisis, tanto política como legalmente. Deben continuar movilizando y promoviendo la repolitización de los esfuerzos de reactivación al no pagar la deuda pública, emprender acciones legales contra depredadores financieros y políticos corruptos, recuperar tarifas y negarse a pagar tarifas adicionales, dando más importancia a los derechos humanos de los puertorriqueños que a los derechos de los portadores de bonos y fondos buitres, e iniciar un proceso de descolonización que les permita tomar decisiones sobre su futuro.

scholarly journals La reforma constitucional suiza : el origen de la "regla de oro fiscal"

2012 ◽  
pp. 455
Author(s):  
Mónica Arenas Ramiro
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Public Debt ◽  
Golden Rule ◽  
The European Union ◽  
Member States ◽  
The Public ◽  
Debt Brake ◽  
The Way

Si bien la crisis económica que estamos viviendo afecta a todos los Estados miembros de la Unión Europea, la manera de afrontarla de unos y otros varía considerablemente, sin que en ninguno de los casos parezcan producirse resultados óptimos. Por este motivo, desde la propia Unión, ante el peligro de que la ruptura económica y monetaria se produzca, se ha orientado el proceso de estabilidad fiscal aconsejando a sus Estados miembros introducir un límite al gasto público en sus textos constitucionales. Esta solución, adoptada por algunos países como Alemania, Francia, o España, ha sido recibida con cierta suspicacia y con pocas esperanzas. No obstante, este freno al endeudamiento público, esta «regla de oro fiscal», fue ya constitucionalizada por Suiza en el 2001 y los resultados son verdaderamente positivos. Su experiencia, y la semejanza con nuestra forma de organización territorial, puede arrojar un poco de luz a las medidas hasta ahora adoptadas.While the economic crisis affects all Member States in the European Union, the way to resist it varies considerably from each others, and nobody have the optimal results. For this reason, from the European Union faced with the danger of economic and monetary breakdown, has guided the process of fiscal stability recomending its Member States to introduce a debt brake in their national Constitutions. The solution adopted by countries like Germany, France, or Spain, has been greeted with suspicion and without hope. However, the public debt brake —the «financial golden rule»— was already constitutionalized by Switzerland in 2001 and the results were truly positive. His experience may shed some light on our steps.

scholarly journals ACUMULACIÓN DE DEUDA PÚBLICA Y POLÍTICA FISCAL EN AMÉRICA LATINA

2020 ◽  
Vol 79 (314) ◽  
pp. 3
Author(s):  
Josué Zavaleta González
Keyword(s):  
Latin America ◽  
Fiscal Policy ◽  
Gross Domestic Product ◽  
Economic Crisis ◽  
Public Debt ◽  
Public Investment ◽  
The Public ◽  
Debt Accumulation ◽  
Fiscal Austerity ◽  
America Latina

<p>La acumulación de deuda pública es uno de los problemas que más ocupa la atención del gobierno de cualquier economía. En relación con esto, desde un enfoque ortodoxo, las medidas de austeridad fiscal son la única alternativa para evitar y contrarrestar un grave problema de endeudamiento público. No obstante, recientemente se ha demostrado que la capacidad de estas medidas para resolver este problema es limitada y que incluso podrían agravarlo. En este contexto, y como una respuesta a las dificultades económicas que impondrá la crisis económica mundial por Covid-19, en este artículo demostramos tanto de forma teórica como empírica que una política fiscal expansiva, enfocada en incrementar la inversión pública, tiene la capacidad de reducir, o al menos controlar, la acumulación de deuda pública como porcentaje del producto interno bruto (PIB).</p><p> </p><p align="center">PUBLIC DEBT ACCUMULATION AND FISCAL POLICY IN LATIN AMERICA</p><p align="center"><strong>ABSTRACT </strong></p>Public debt accumulation is one of the problems to which governments pay more attention. In this regard, from an orthodox approach, fiscal austerity measures are the unique alternative to avoid and counteract a serious problem of public debt accumulation. However, it has recently been shown that the capacity of these policies to respond to this problem is limited and even could aggravate it. In this context, and as a response to the economic difficulties resulted from the global economic crisis imposed by the Covid-19, the aim of this paper is to show theoretically and empirically that an expansive fiscal policy, focused on increasing public investment, could reduce, or at least control, the public debt accumulation as a percentage of Gross Domestic Product (GDP).

scholarly journals Austerity for Whom?

2011 ◽  
Vol 7 (1 / 2) ◽  
Author(s):  
Stephen McBride ◽  
Heather Whiteside
Keyword(s):  
Economic Crisis ◽  
Public Debt ◽  
Social Spending ◽  
The Public ◽  
The Past ◽  
Fiscal Austerity ◽  
Temporal Dimensions ◽  
Over Time

In contrast to the recent multi-billion dollar bailouts offered to leading sectors of capital, fiscal austerity is poised to make a comeback worldwide. Labour will be forced to pay for the public debt accumulated in the aftermath of the recent global financial and economic crisis. Notwithstanding change and evolution in the neoliberal model over time, this return to austerity is consistent with overall policy in the neoliberal period which can be considered an era of permanent restraint in most areas of social spending. This article examines a variety of trends that have emerged over the past thirty years of neoliberal rule: the various facets of neoliberal policy and their temporal dimensions; as well as the results of market-reliance and spending reforms: growing affluence for a minority of Canadians while the majority lose ground and inequalities are further entrenched. Asking 'austerity for whom' directs attention at the interconnections between affluence and austerity that exist in Canada. Contrairement aux récents plans de sauvetage impliquant des milliards de dollars offerts aux principaux secteurs de l’économie, l'austérité budgétaire s’apprête à faire un retour à l’échelle planétaire. Les travailleurs n’auront d’autre choix que de rembourser la dette publique engendrée à la suite de la récente crise économique et financière mondiale. Malgré le changement et l'évolution dans le modèle néo-libéral au fil du temps, ce retour à l'austérité concorde avec la politique globale de la période néolibérale pouvant être considérée comme une époque de restrictions permanentes touchant la plupart des domaines de dépenses sociales. Cet article examine une série de tendances ayant émergé au cours des trente dernières années du pouvoir néo-libéral: les différents aspects de la politique néolibérale et leurs dimensions temporelles, ainsi que les résultats du recours au marché financier et de la réforme du contrôle de la dépense: forte croissance d'une minorité de Canadiens alors que la majorité perd du terrain enracinant davantage les inégalités. La question « l’austérité pour qui? » dirige l’attention vers l’interconnexion entre l’affluence et l’austérité qui existent au Canada.

scholarly journals Fiscal Sustainability And Fiscal Reaction Functions In The US And UK

2012 ◽  
Vol 11 (8) ◽  
pp. 935 ◽  
Author(s):  
Philippe Burger
Keyword(s):  
Fiscal Policy ◽  
Economic Crisis ◽  
Public Debt ◽  
Fiscal Sustainability ◽  
Smooth Transition ◽  
The Public ◽  
Reaction Functions ◽  
The Us ◽  
The Future ◽  
The Uk

Following the 2008/9 financial and economic crisis, public debt/GDP ratios in several countries rose to their highest levels in 40 years. Also in the US and the UK did the public debt/GDP ratios increase significantly, thereby putting the spotlight again on fiscal sustainability. Based on past behaviour, this article asks whether fiscal policy in these two countries is likely to be sustainable. The article investigates how the US and UK governments, by changing their deficits, react to changes in their debt positions. To do this, the article estimates fiscal reaction functions using Smooth Transition Regressions. It finds that based on past behaviour, fiscal policy in both the US and UK can be expected to remain sustainable. Based on the same past behaviour, and assuming this behaviour will continue in the future, the article also calculates the levels to which the public debt/GDP ratios in the US and UK can be expected to converge.

How to Survive the End of the World

2021 ◽  
pp. 176-215
Author(s):  
Marilisa Jiménez García
Keyword(s):  
Puerto Rico ◽  
Puerto Rican ◽  
Economic Crisis ◽  
Public Debt ◽  
The Political ◽  
The Us ◽  
The World ◽  
End Of The World ◽  
Youth Literature

This chapter contextualizes the contemporary era of youth literature and media in Puerto Rico and its diaspora, both those in the US and those returning to Puerto Rico. Looking at the 1980s into 2010s, this chapter analyzes the role of youth literature and culture in Puerto Rico’s contemporary struggles, including its economic crisis, public debt, the devastation of Hurricane Maria, and the political uprising which led to the resignation of former Governor Ricardo Rosello. Puerto Rican storytellers continue narrating Puerto Rico’s contemporary frontline struggles, from Broadway to comics to community-organized story times and children’s books.

scholarly journals Wpływ współczesnego kryzysu ekonomicznego na stan finansów publicznych państw Grupy Wyszehradzkiej

Ekonomia ◽  
2017 ◽  
Vol 23 (2) ◽  
pp. 57-73
Author(s):  
Mikołaj Mielczarek
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Public Debt ◽  
The European Union ◽  
The Czech Republic ◽  
Public Finances ◽  
The Public ◽  
Sector Analysis ◽  
The Impact ◽  
Visegrad Group

The impact of contemporary economic crisis on public finances of the Visegrad GroupThe article attempts to assess the state of public finances of the Visegrad Group V4 during the contemporary economic crisis. At the beginning there are shown two faces of the economic crisis in the European Union and that this crisis firstly took the form of abanking crisis, and next extend to the public finance sector. Analysis of GDP proved that when we have crisis in the European Union in all V4 countries there has been adecline in the volume of GDP, and in the next years there were rather its growth. Analysis of the budget deficit showed that in 2008-2015 the V4 countries had problems in complying with the deficit below 3% of GDP. At the same time analysis of public debt showed that as aresult of the economic crisis public debt in the Visegrad Group had atendency to rather increase, but in the Czech Republic, Poland and Slovakia, it was less than 60% of GDP, while in Hungary exceeded 71% of GDP.

IMPACT OF GOVERNMENT DEBT ON FINANCIAL SECURITY OF UKRAINE

2017 ◽  
Author(s):  
Olena Pikaliuk ◽  
◽  
Dmitry Kovalenko ◽  
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Positive Impact ◽  
The State ◽  
Financial Security ◽  
State Budget ◽  
The Public ◽  
Debt Security ◽  
The Stability ◽  
The Impact

One of the main criteria for economic development is the size of the public debt and its dynamics. The article considers the impact of public debt on the financial security of Ukraine. The views of scientists on the essence of public debt and financial security of the state are substantiated. An analysis of the dynamics and structure of public debt of Ukraine for 2014-2019. It is proved that one of the main criteria for economic development is the size of public debt and its dynamics. State budget deficit, attracting and using loans to cover it have led to the formation and significant growth of public debt in Ukraine. The volume of public debt indicates an increase in the debt security of the state, which is a component of financial security. Therefore, the issue of the impact of public debt on the financial security of Ukraine is becoming increasingly relevant. The constant growth and large amounts of debt make it necessary to study it, which will have a positive impact on economic processes that will ensure the stability of the financial system and enhance its security.

Public and Private Net Savings in Developing Countries: Some Empirical Tests for the Period 1972-88 (Distinguishedl Lecture)

1992 ◽  
Vol 31 (4I) ◽  
pp. 431-447
Author(s):  
Peter A. Cornelisse ◽  
Elma Van De Mortel
Keyword(s):  
Public Debt ◽  
World Economy ◽  
Socioeconomic Development ◽  
Critical Size ◽  
Public And Private ◽  
Critical Dimensions ◽  
The Public ◽  
Empirical Tests ◽  
Financial Issues

The severe shocks that rocked the world economy in the 1970s and the ensuing efforts to adjust and to renew economic growth have had a profound effect on the economic literature. Especially the external and public debt problems which reached critical dimensions in many countries attracted much attention. Thus, in the field of macroeconomics financial issues have gained more prominence over the last two decades. Studies relating to the fiscal deficit have been particularly numerous. The critical size of national public debts, the contribution of the public debt to external debt, the reduced confidence in the state as the guide in socioeconomic development and the role of fiscal policy in adjustment processes are among the main reasons for this increased interest.

Choice Of Technique And The Volume Of Saving (A Re-Examination Of The Cobb-Douglas Model)

1968 ◽  
Vol 8 (4) ◽  
pp. 606-617
Author(s):  
Mohammad Anisur Rahman
Keyword(s):  
Economic Development ◽  
Production Function ◽  
Development Policy ◽  
Social Goals ◽  
The Other ◽  
Economic Development Policy ◽  
Labour Intensity ◽  
The One ◽  
Choice Of Technique ◽  
The Relationship

The purpose of this paper is to re-examine the relationship between the degree of aggregate labour-intensity and the aggregate volume of saving in an economy where a Cobb-6ouglas production function in its traditional form can be assumed to give a good approximation to reality. The relationship in ques¬tion has an obviously important bearing on economic development policy in the area of choice of labour intensity. To the extent that and in the range where an increase in labour intensity would adversely affect the volume of savings, a con¬flict arises between two important social objectives, i.e., higher rate of capital formation on the one hand and greater employment and distributive equity on the other. If relative resource endowments in the economy are such that such a "competitive" range of labour-intensity falls within the nation's attainable range of choice, development planners will have to arrive at a compromise between these two social goals.

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

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