scholarly journals Ahmed Galal and Nadeem Ul Haque (eds). Fiscal Sustainability in Emerging Markets: International Experience and Implications for Egypt. Cairo/ New York: The Egyptian Center for Economic Studies. 2006. ix+289 pages. Paperback. Price not given.

2006 ◽  
Vol 45 (2) ◽  
pp. 315-317 ◽  
Author(s):  
Kalbe Abbas
Keyword(s):  
New York ◽  
Emerging Markets ◽  
Financial Stability ◽  
Urban Poverty ◽  
Public Investment ◽  
International Experience ◽  
Debt Management ◽  
Fiscal Sustainability ◽  
Social Expenditure ◽  
Long Run

Fiscal sustainability is required to attain and maintain the long-run steady-state growth in emerging markets, to create fiscal space for rural and urban poverty, to safeguard financial stability, and to achieve the overall Millennium Development Goals. This can be done by providing financial support and by encouraging further research in this area. This book analyses the issues in the context of international experience and its implications for Egypt. It touches on issues of fiscal deficit and public debt sustainability, debt management, efficiency and equity of social expenditure, and public investment, the will and power to achieve civil service reform, and transparency and equitability of the budgetary process. It fills a gap in research.

Fiscal Rules and Public Investment: The Case of Peru, 2000-2019

2021 ◽  
Author(s):  
Waldo Mendoza ◽  
Marco Vega ◽  
Carlos Rojas ◽  
Yuliño Anastacio
Keyword(s):  
Public Debt ◽  
Public Investment ◽  
Commodity Price ◽  
Fiscal Sustainability ◽  
Fiscal Rules ◽  
Long Run ◽  
Fiscal Rule ◽  
Commodity Price Shocks ◽  
Year 2000 ◽  
The Impact

This article has three goals. First, it describes the genesis of fiscal rules in Peru and its degree of compliance. Second, it estimates the effect of fiscal rules adoption on public investment. Last, it analyzes the impact of alternative fiscal rules on public investment and public debt sustainability. Our main results are as follows. First, the implementation of fiscal rules in the year 2000 caused a 60 to 80 percent fall in public investment relative to several counterfactuals. Second, our DSGE model suggests a Structural Fiscal Rule would have increased the consumers welfare in the period 2000-2019 more than other fiscal designs. This rule reduces the procyclicality of public investment under commodity price shocks and macroeconomic volatility under world interest rate shocks. Third, a Structural Fiscal Rule has the lowest probability of exceeding the current public debt limit (30 percent of GDP), although there is a trade-off between investment-friendly rules and fiscal sustainability issues. Nevertheless, our quantitative results are limited to short spans of analysis. With a long-run perspective, we may say that fiscal rulesdespite constant modifications and recurring non-compliancehave fulfilled their original and most important goal of achieving the consolidation of public finances.

scholarly journals New Strategies for Emerging Domestic Sovereign Bond Markets in the Global Financial Landscape

2007 ◽  
Vol 7 (2) ◽  
pp. 1850111 ◽  
Author(s):  
Hans J. Blommestein ◽  
Javier Santiso
Keyword(s):  
Emerging Markets ◽  
Financial Stability ◽  
Sovereign Debt ◽  
Financial System ◽  
Debt Management ◽  
Bond Markets ◽  
Budget Deficits ◽  
Remarkable Feature ◽  
Sovereign Bond ◽  
Sovereign Bond Markets

The forces shaping the revolution in banking and capital markets have radically changed the financial landscape during the past three decades. A remarkable feature of this changing new landscape has been the astonishing rate of internationalisation of the financial system in the last two decades, with emerging markets becoming increasingly important participants. At times this participation has led to excessive reliance on foreign financing, making the participation of these countries in the global financial system more vulnerable to shifts in expectations and perceptions. The sovereign debt management strategy suffered from many structural weaknesses, failing to take into account international best practices in financing budget deficits and developing domestic government securities markets. Consequently, emerging markets experienced episodes of serious financial crises. Against this background, this article focuses on new and more sophisticated strategies to develop domestic bond markets, taking into account the risk profile, complexities and other constraints of emerging markets. The article's central thesis is that risk-based public debt management and liquid domestic bond markets are important mutually reinforcing strategies for emerging financial markets to attain (1) enhanced financial stability, and (2) a more successful participation in the global financial landscape. It will also be shown that this twin-strategies approach requires taking a macroeconomic policy perspective.

scholarly journals IS THERE A DOMINANCE OF SOCIAL PROTECTION EXPENDITURE IN THE EUROPEAN UNION?

2020 ◽  
Author(s):  
Biljana Tashevska ◽  
Marija Trpkova – Nestorovska ◽  
Suzana Makreshanska – Mladenovska
Keyword(s):  
European Union ◽  
Social Dominance ◽  
Social Protection ◽  
Welfare States ◽  
Fiscal Sustainability ◽  
Public Expenditures ◽  
The European Union ◽  
Social Expenditure ◽  
Long Run ◽  
Fiscal Pressure

European welfare states, with their comprehensive and generous welfare model, create the largest part of general government expenditures in the European Union member countries. Given the rising trend of social expenditure and the long-run challenges coming from population ageing, this paper addresses the issue of social dominance, a situation in which, particularly when facing limited fiscal space, social expenditure could crowd-out other productive public expenditures, thus undermining growth potentials and possibly threatening fiscal sustainability. Using a panel regression analysis, the aim of the paper is to test whether social protection expenditure has crowded-out expenditures on other purposes in the European Union in the period 1995-2018. The results provide some evidence of crowding-out of infrastructure spending and education spending. Additionally, deficit financing and rising government debt have a significant adverse effect on spending on infrastructure, education and core public services, confirming that they are more prone to cutbacks in times of deteriorating public finance. These findings, along with the long-run fiscal pressure from the ‘greying population’ and the high political costs of welfare reforms suggest significant future risks of social dominance.

The Sustainable Debts of Philip II

2017 ◽  
Author(s):  
Mauricio Drelichman ◽  
Hans-Joachim Voth
Keyword(s):  
Sixteenth Century ◽  
Strong Evidence ◽  
Military Expenditure ◽  
Debt Service ◽  
Fiscal Sustainability ◽  
Short Term ◽  
Systematic Analysis ◽  
Philip Ii ◽  
Long Run

This chapter addresses the sustainability of debt. A systematic analysis based on the International Monetary Fund's (IMF) methodology to evaluate fiscal sustainability shows that Castile was able to service its debts in the long run. While liquidity was scarce during periods of intense warfare, years of relative peace brought large surpluses. The data collected from Castile's annual fiscal accounts produced new yearly series of revenue, military expenditure, short-term debt issues, and short-term debt service. The resulting database spans a full 31-year period—enough to employ modern quantitative techniques. This analysis provides strong evidence that Castile's fiscal position in the second half of the sixteenth century was on a solid footing. The chapter then assesses whether the events that led to major downturns in Castile's financial fortunes could have been anticipated.

Shaping Jazz

2013 ◽  
Author(s):  
Damon J. Phillips
Keyword(s):  
New York ◽  
Twentieth Century ◽  
Recording Industry ◽  
Early Twentieth Century ◽  
Art Form ◽  
Long Run

There are over a million jazz recordings, but only a few hundred tunes have been recorded repeatedly. Why did a minority of songs become jazz standards? Why do some songs—and not others—get re-recorded by many musicians? This book answers this question and more, exploring the underappreciated yet crucial roles played by initial production and markets—in particular, organizations and geography—in the development of early twentieth-century jazz. The book considers why places like New York played more important roles as engines of diffusion than as the sources of standards. It demonstrates why and when certain geographical references in tune and group titles were considered more desirable. It also explains why a place like Berlin, which produced jazz abundantly from the 1920s to early 1930s, is now on jazz's historical sidelines. The book shows the key influences of firms in the recording industry, including how record labels and their executives affected what music was recorded, and why major companies would re-release recordings under artistic pseudonyms. It indicates how a recording's appeal was related to the narrative around its creation, and how the identities of its firm and musicians influenced the tune's long-run popularity. Applying fascinating ideas about market emergence to a music's commercialization, the book offers a unique look at the origins of a groundbreaking art form.

Macroeconomic Shocks and Unconventional Monetary Policy

2019 ◽  
Keyword(s):  
Interest Rate ◽  
Financial Crisis ◽  
Emerging Markets ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Spillover Effects ◽  
Macroeconomic Shocks ◽  
Monetary Policies ◽  
Developed Economies

Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and, finally developed economies’ implementation of unconventional monetary policies. Especially the implementation of quantitative easing (QE), ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. One of the regions most profoundly affected by the crisis was Asia due to its high dependence on international trade and international financial linkages. The objective of this book is to explain how macroeconomic shocks stemming from the global financial crisis and recent unconventional monetary policies in developed economies have affected macroeconomic and financial stability in emerging markets, with a particular focus on Asia. In particular, the book covers the following thematic areas: (i) the spillover effects of macroeconomic shocks on financial markets and flows in emerging economies; (ii) the impact of recent macroeconomic shocks on real economies in emerging markets; and (iii) key challenges for the monetary, exchange rate, trade, and macroprudential policies of developing economies, especially Asian economies, and suggestions and recommendations to increase resiliency against external shocks.

Public investment, taxation, and long-run output in economies with multi-level governments

2012 ◽  
Vol 29 (5) ◽  
pp. 1603-1611 ◽  
Author(s):  
Philip Bodman ◽  
Harry Campbell ◽  
Thanh Le
Keyword(s):  
Public Investment ◽  
Long Run ◽  
Multi Level

Nationalizing the “refugee crisis”: A comparative analysis exploring how elite newspapers in four countries framed forced migration during World Refugee Day

2021 ◽  
pp. 073953292110501
Author(s):  
Noam Tirosh ◽  
Steve Bien-Aime ◽  
Akshaya Sreenivasan ◽  
Dennis Lichtenstein
Keyword(s):  
New York ◽  
Media Coverage ◽  
News Coverage ◽  
Forced Migration ◽  
New York Times ◽  
Refugee Crisis ◽  
Long Run ◽  
The Times ◽  
Elite Newspapers ◽  
Refugee Issues

This comparative study examines framing of migration-related stories (focused on media coverage of World Refugee Day [WRD]) between four countries, and framing developments over 18 years, specifically if (and how) the 2015 peak “refugee crisis” altered news coverage of refugee issues. Elite newspapers, the New York Times (USA), the Times of India, Sueddeutsche Zeitung (Germany) and Haaretz (Israel) were content analyzed. Newspapers gave only sparse attention to WRD itself, but WRD was a “temporal opportunity” to discuss migration that increased coverage. But the 2015 peak refugee crisis had little effect on coverage over the long run.

La grande crisi globale: una sfida per la politica industriale e per le imprese

2009 ◽  
pp. 9-19
Author(s):  
Riccardo Varaldo ◽  
Lucio Lamberti
Keyword(s):  
Financial Stability ◽  
Business Models ◽  
Jel Classification ◽  
Credit Crunch ◽  
Corporate Structure ◽  
Research And Innovation ◽  
Leading Role ◽  
Long Run ◽  
Rapid Action ◽  
Political Approach

- The years to come are going to be very complex for global economies, a true challenge for industrial policy and corporate decisions. The first priority has been to ensure financial stability and to mitigate the credit crunch effects on economies, but a new strategic issue has to be put rapidly in place: the public rescue policy for economies and corporates. All measures must be taken to avoid the disruption of societies and economies, and this effort needs to be coordinated at the European and international level. In the short term, Italian industries will be less affected due to a higher flexibility and a less procyclical banking effect, but they will be very vulnerable in the long run because of the fragility of the corporate structure. More than other countries, Italy needs rapid action and a strategic political approach. Research and innovation are a must, and universities have to play a leading role in this phase. Keywords: recession, credit crunch, supply chain, business models, R&D policies, industrial Policies Parole chiave: recessione, restrizione del credito, filiera, modelli di business, politiche di R&S, politiche industriali JEL Classification: L25

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