Politökonomische Erklärungen Zum Abbau Der Staatsverschuldung – Eine Erweiterte Perspektive

2004 ◽  
Vol 53 (2) ◽  
Author(s):  
Thomas Döring ◽  
Friedrich Thießen
Keyword(s):  
Public Debt ◽  
Industrial Countries ◽  
Fiscal Constraints ◽  
The Public ◽  
Political Ideologies ◽  
Public Choice Perspective ◽  
Budget Consolidation ◽  
Debt Policy ◽  
Political Decisions

AbstractSince the 1970s many industrial countries constantly accumulated public debt. This was a new phenomenon that had not been observed in the years before. Scientists tried to find explanations and analysed the development mainly from a public choice perspective. In the meantime signs occurred showing that the trend has reversed. Again, it was looked for explanations. Some authors tried to explain the observed shift towards a strategy of budget consolidation with changes in political ideologies and institutions. Others explained the phenomenon with the fiscal constraints which can be a long term consequence of high levels of public debt. However, some important questions remained open. This paper pursues the question whether the change in the public-debt-policy of politicians can be embedded into a broader framework. This broader framework should not only allow to analyze the development of public debt as a result of the debt-related policy of politicians in a narrow sense, but as a result of political decisions relating to government spending and taxation in general, i.e. from a public budget perspective in total.

Lässt sich ein Abbau der öffentlichen Verschuldung politökonomisch erklären?

2002 ◽  
Vol 51 (2) ◽  
Author(s):  
Thomas Döring
Keyword(s):  
Public Choice ◽  
Public Debt ◽  
Special Focus ◽  
Fiscal Illusion ◽  
Industrial Countries ◽  
Fiscal Constraints ◽  
Political Ideologies ◽  
Fiscal Behavior ◽  
Public Choice Perspective ◽  
Budget Consolidation

AbstractPublic debt is one of the controversial and therefore most exciting subjects in the field of public finance. Since the 1970s many industrial countries constantly accumulated public dept, and this development was explained mainly from a public choice perspective. In the meantime the trend has reversed. Therefore the paper pursues the question whether this change in the borrowing behavior of government can also be explained from a public choice view. For this purpose and with special focus on Germany, first, the fading away of fiscal illusion is considered, induced by the learning processes which the citizens have undergone in the meantime. In addition, changes in political ideologies and institutions are analyzed as well as the fiscal constraints which result from a permanent high governmental debt. It is argued that the sum of these factors is responsible for the fact that politicians do not pursue their previous fiscal behavior any longer and instead revert to a strategy of budget consolidation.

scholarly journals FACTORS OF GROWTH OF THE EFFICIENCY OF PUBLIC DEBT MANAGEMENT

2021 ◽  
pp. 5-11
Author(s):  
M. E. Kosov
Keyword(s):  
Public Debt ◽  
Financial Management ◽  
The State ◽  
Debt Management ◽  
Macroeconomic Factors ◽  
The Public ◽  
Correlation And Regression Analysis ◽  
Public Financial Management ◽  
Public Debt Management ◽  
Debt Policy

Public debt is an integral part of public finances of various countries, the process of its management, including formation, maintenance and repayment has a powerful impact on the macroeconomic system of the state. The subject of the study is the public debt of the Russian Federation. The article performs a correlation and regression analysis of factors that have a direct impact on the state of the Russia’s public debt under the conditions of the restrictions caused by the Covid-19 coronavirus infection, as well as the consequences of these restrictions. The paper proposes an econometric model that describes a system of indirect macroeconomic factors that are not directly related to the state’s debt policy, but show the strongest influence on the formation of public debt in modern realities and increase the efficiency of its management, as well as reflect the quality of public financial management in general. The author concludes that the demographic burden and the indicator reflecting the ratio of the budget deficit to the total budget revenue have the greatest impact on the effectiveness of public debt management.

scholarly journals Imbalance of the public finance in the context of Keynesian and Non-Keynesian effects of fiscal policy limitation

2017 ◽  
Vol 3 (3) ◽  
pp. 27-32
Author(s):  
Joanna Stawska
Keyword(s):  
Public Finance ◽  
Economic Growth ◽  
Fiscal Policy ◽  
Public Debt ◽  
Statistical Data ◽  
Gdp Growth ◽  
The Public ◽  
Methods Of Analysis ◽  
Restrictive Policy

The purpose of this article is to point out the importance of the size of public debt and deficit in the context of Keynesian and non-Keynesian effects of fiscal policy limitation. To achieve this objective primarily were used methods of analysis of the available literature and presentation of statistical data. Considerations include, among others, the presentation of public debt and deficit in the context of economic growth. Expansionary fiscal policy often caused by economic fluctuations contributes to the deepening of public finance imbalance with frequent decline in GDP growth. The restrictive policy has an influence on improving the situation of the public finance sector in the long-term with at least moderate economic growth.

scholarly journals Deuda pública en México: dinámica e implicaciones de política

2021 ◽  
Vol 39 (71) ◽  
pp. 22-43
Author(s):  
Oshiel Martínez Chapa ◽  
Jorge Eduardo Salazar Castillo ◽  
Saul Roberto Quispe Aruquipa
Keyword(s):  
Public Debt ◽  
Research Question ◽  
Social Spending ◽  
World Population ◽  
The Public ◽  
Oil Resources ◽  
Public Credit ◽  
Public Resources ◽  
The Cost

The purpose of this paper is to analyze the factors that have driven the public debt in Mexico and its consequences on the economy. The hypothesis proposed is that the increase in debt is related to factors such as discretion in the management of public resources, the guarantee of oil resources, the cost of financial bailouts and the growing social spending exercised. The research question is: How has public debt evolved in the medium and long term, and what are the consequences? The methodology used is qualitative in that it analyzes the facts and documents, and the second is quantitative in that it uses a regression model in which a growth rate of the variable in question is used. The data come from institutions such as the Bank of Mexico, the World Bank, the Ministry of Finance and Public Credit (SHCP), as well as World Population Review. The paper concludes by highlighting the need for governments to adopt responsible policies in order to influence growth and economic development, and not that austerity policies cause low investment and unemployment in the country.

scholarly journals The Public Debt of Latvia: Short-Term and Long-Terms Aspects

2017 ◽  
Author(s):  
Staņislavs Keišs ◽  
Alla Seregina
Keyword(s):  
Public Debt ◽  
Debt Management ◽  
Annual Reports ◽  
Long Term Effects ◽  
Debt Overhang ◽  
The Public ◽  
High Level ◽  
Criteria For Evaluation ◽  
The Eu

The article investigates the structure and dynamics of public debt of Latvia for the period from 2006–2016 year. The relevance of the study long-term effects of public debt on the economy of Latvia is predetermined by a significant increase in its volume of low GDP growth rates in recent years. This article discusses conceptual approaches and criteria for evaluation of the public debt. An analysis of the main reasons for the growth of public debt of Latvia after joining the EU, considers its specific characteristics and consequences as compared with the more developed EU countries on the basis of these annual reports of Latvia Treasury over the past ten years. Analysis of the structure of the debt of Latvia on maturity shows that an effective public debt management necessarily involves consideration of the long-term effects of the growth of public debt to the public. High level of the external indebtedness in the structure of Latvian public debt is a factor of the growth of “debt overhang” even following Maastricht criterions of public debt. As a result of the research is justification of differentiated approach necessity to the evaluation of public debt with considering of intertemporal effects.

David Ricardo on Public Policy: The Question of Motive

1995 ◽  
Vol 17 (1) ◽  
pp. 133-152 ◽  
Author(s):  
Nancy Churchman
Keyword(s):  
Public Debt ◽  
Income Tax ◽  
Napoleonic Wars ◽  
Policy Debate ◽  
The Public ◽  
The Subject ◽  
Military Expenditures ◽  
David Ricardo ◽  
Interest Payments ◽  
Debt Policy

Among the most controversial of David Ricardo's contributions to policy debate was his scheme for the redemption of the public debt by means of a “capital levy,” a one-time tax on the property of the nation. Public debt policy had been the subject of sporadic debate throughout the eighteenth century, but faced increased scrutiny by the time Ricardo came to address the subject. While government revenues were suffering from the repeal of the temporary income tax which had been imposed during the Napoleonic Wars, revenue requirements remained high, as the savings in terms of military expenditures were being offset by the need to make interest payments on a debt which had grown during the latter years of the war. Ricardo's analysis of public debt was not novel; nor was the proposal for a capital levy to achieve its redemption.

DEBT POLICY RULE, PRODUCTIVE GOVERNMENT SPENDING, AND MULTIPLE GROWTH PATHS: A NOTE

2012 ◽  
Vol 17 (4) ◽  
pp. 947-954 ◽  
Author(s):  
Alexandru Minea ◽  
Patrick Villieu
Keyword(s):  
Public Debt ◽  
Public Investment ◽  
High Growth ◽  
Growth Effect ◽  
The Public ◽  
Long Run ◽  
Endogenous Growth Model ◽  
Productive Government Spending ◽  
Definition Of ◽  
Debt Policy

In a very interesting endogenous growth model, Futagami, Iwaisako, and Ohdoi [Macroeconomic Dynamics 12 (2008), 445–462] study the long-run growth effect of borrowing for public investment. Their model exhibits (i) the multiplicity of balanced growth paths (BGPs) in the long run (two steady states) and (ii) a possible indeterminacy of the transition path to the high-growth BGP. The goal of this note is to show that their results depend on a sharp assumption, namely the definition of the public debt target as a ratio to private capital. If the target is defined in terms of public debt–to–GDP ratio, both results vanish: the model exhibits a unique BGP (no multiplicity) and the adjustment path to this unique equilibrium is determinate (no indeterminacy).

scholarly journals Fiscal Rule and Public Investment in Chile

2021 ◽  
Author(s):  
J. Rodrigo Fuentes ◽  
Klaus Schmidt-Hebbel ◽  
Raimundo Soto
Keyword(s):  
Public Debt ◽  
Negative Impact ◽  
Public Investment ◽  
Two Dimensions ◽  
The Public ◽  
Fiscal Rule ◽  
Substantial Progress ◽  
Escape Clauses ◽  
Empirical Approaches

This paper reviews the design and operation of the Chilean fiscal rule in the past 30 years. Using different empirical approaches, we assess its impact on fiscal procyclicality, public debt, and public investment. While there has been substantial progress in building a modern institutional framework for fiscal policy, we find that the rule is incomplete in two dimensions: it lacks an escape clause, and it needs to supplement the budget balance rule with a debt rule. The former is seen in the pervasive inability of the authorities to steer fiscal accounts back to their long-term sustainable path after the rule was breached the rule in 2009. The latter issue is illustrated by the speedy build-up of the public debt as a result of the need to finance fiscal deficits. We do not find, nevertheless, a negative impact of the rule on public investment. We propose reforms to improve on transparency and accountability, as well as to supplement the rule with escape clauses and a debt anchor.

scholarly journals Public Debt as a Problem of the European Union

2014 ◽  
Vol 5 (2) ◽  
pp. 21-34
Author(s):  
Paweł Piątkowski
Keyword(s):  
European Union ◽  
Economic Policy ◽  
Public Debt ◽  
Debt Crisis ◽  
Theoretical Background ◽  
The European Union ◽  
The Public ◽  
Debt Policy

The article is aimed at analyzing the consequences of debt crisis in European Union. Special attention is paid to changes in economic policy. In the first paragraph theoretical background of public debt is presented. In the second paragraph the level of public debt in European Union is compared with other countries. Finally, changes in the public debt policy are presented.

scholarly journals Fiscal maneuver and restructuring the Russian economy

2017 ◽  
pp. 5-27 ◽  
Author(s):  
A. Kudrin ◽  
I. Sokolov
Keyword(s):  
Public Health ◽  
Economic Growth ◽  
Fiscal Policy ◽  
Public Debt ◽  
Physical Capital ◽  
The Public ◽  
Russian Economy ◽  
General Government ◽  
Fiscal Rule

The paper discusses fiscal policy parameters for the period through 2024. The suggested way to ensure long-term fiscal stability is stabilization of both the general government revenues and expenditure in percent of GDP at levels differing by the public debt service payments, and then applying a new version of the fiscal rule. Redistribution of fiscal spending from “unproductive” to “productive” areas (primarily investment in human and physical capital) is considered as a way to boost economic growth. Possible use of additional spending on education, public health, and transport system is presented, as well as optimization of expenditures in “nonproductive” areas.

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