scholarly journals Republic of Latvia

2019 ◽  
Vol 19 (264) ◽  
Author(s):  
Keyword(s):  
Current Account ◽  
Public Debt ◽  
Balance Sheet ◽  
External Environment ◽  
Financial System ◽  
The Public ◽  
Current Account Deficits

The economy continued to expand rapidly in 2018, as growth surprised with a strong construction-driven upswing. Fiscal and current account deficits are at manageable levels, as is the public debt. The financial system remains stable, despite a significant balance sheet restructuring of banks servicing foreign clients. The growth outlook is favorable, but risks weigh on the downside due to a less supportive external environment.

scholarly journals The Eurozone crisis: Causes and policy

2012 ◽  
pp. 455-469
Author(s):  
Vladimir Grbic
Keyword(s):  
Current Account ◽  
Public Debt ◽  
Eurozone Crisis ◽  
The Public ◽  
Current Account Deficits

Fiscal instability, the growth of the public debt, current account deficits, especially in countries which are largely on the periphery of the Eurozone: Portugal, Ireland, Italy, Greece and Spain, the so-called PIIGS countries, have opened numerous questions and provoked various measures for their resolution. The article focuses on the analysis of the causes of the crisis and considers two main approaches to the issue, the anti-crisis measures undertaken now in the Eurozone, but also the evaluation of their performance. The article also identifies the need to construct new, unconventional policies, which should effectively respond to the challenges, so certain measures have been proposed in this direction.

Adapting to Expectations

2013 ◽  
Author(s):  
Brigitte Granville
Keyword(s):  
Public Debt ◽  
World Economy ◽  
Inflation Targeting ◽  
Academic Research ◽  
Balance Sheet ◽  
Inflation Risk ◽  
The Public ◽  
The World ◽  
Future Value ◽  
Value Of Money

This chapter considers the possible application of academic research to address the dire predicament of balance sheet recession and chronic stagnation characterizing large parts of the world economy since 2007. Contemporary policymakers have striven to stimulate demand despite huge debt overhangs and without undermining confidence in the future value of money or sustainability of the public finances and debt. However, as the analysis in the book has shown, excess public debt is fraught with future inflation risk. It highlights two characteristics underlying the best thinking about inflation: adaptation and remembering. It then addresses the question of how inflation targeting might be usefully applied to the post-2007 problems of recession and stagnation against a background of excessive indebtedness.

scholarly journals Public Investment in Bolivia

2019 ◽  
Vol 2019 (151) ◽  
Author(s):  
Yehenew Endegnanew ◽  
Dawit Tessema
Keyword(s):  
Public Debt ◽  
Large Scale ◽  
Structural Model ◽  
Public Investment ◽  
External Current ◽  
Medium Term ◽  
The Public ◽  
Current Account Deficits ◽  
Social And Economic Development ◽  
The Face

Bolivia’s “Patriotic Agenda 2025” sets targets for social and economic development propelled by state-led industrialization under a five-year development plan (2016–2020). Large-scale public investment has aimed to fill infrastructure gaps and raise productivity to ensure sustained medium-term growth. Pursuit of these goals in a period of lower hydrocarbon revenues has, however, contributed to widening fiscal and external current account deficits. The paper uses a structural model to outline different scenarios for the level of public investment in the face of declining hydrocarbon revenues. It finds that if public investment is sustained at current levels as a share of GDP while hydrocarbon revenues continue to decline, the sustainability of the public debt could be called into question.

Geldordnung, Geldschöpfung und Staatsfinanzierung

2013 ◽  
Vol 62 (2) ◽  
Author(s):  
Timm Gudehus
Keyword(s):  
Central Bank ◽  
Public Debt ◽  
Balance Sheet ◽  
State Funding ◽  
The Public ◽  
Monetary Stability ◽  
Money Creation ◽  
Accounting Rules ◽  
The Right ◽  
Monetary Order

AbstractThe current paper analyses the different kinds of money creation and their contribution to state funding. It shows that profits and beneficiaries of money creation depend on the monetary order and on the accounting rules of the central bank. Due to the possibility to create scriptural money by credit in almost unlimited quantity today the main beneficiaries of the creation of money are the commercial banks. If in a new monetary order, the right to create money in limited quantity is transferred exclusively to the central bank and its accounting rules are properly adapted, substantial conversion profits arise which can be used to pay off the major part of the public debt and to fund the state without affecting monetary stability. To demonstrate the possible effects the conversion profits and future profits of money creation are calculated for the Euro-system from the consolidated balance sheet 2010.

scholarly journals Can the Central Bank Alleviate Fiscal Burdens?

2019 ◽  
pp. 130-170
Author(s):  
Ricardo Reis
Keyword(s):  
Central Bank ◽  
Public Debt ◽  
Balance Sheet ◽  
Central Banks ◽  
Resource Constraint ◽  
Income Risk ◽  
The Real ◽  
The Public ◽  
The Government ◽  
The Impact

Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This chapter inspects the ability of the central bank to alleviate the fiscal burden by influencing different terms in the government resource constraint. It discusses five channels: (i) how inflation can (and cannot) lower the real burden of the public debt, (ii) how seigniorage is generated and subject to what constraints, (iii) whether central bank liabilities should count as public debt, (iv) how central bank assets create income risk and whether or not this threatens its solvency, and (v) how the central bank balance sheet can be used for fiscal redistributions. Overall, it concludes that the scope for the central bank to lower the fiscal burden is limited.

scholarly journals Japan's Public Sector Balance Sheet

2019 ◽  
Vol 19 (212) ◽  
Author(s):  
Yugo Koshima
Keyword(s):  
Public Sector ◽  
Interest Rates ◽  
Public Debt ◽  
Population Aging ◽  
Balance Sheet ◽  
Debt Management ◽  
Net Worth ◽  
The Public ◽  
Low Interest Rates ◽  
High Level

This paper compiles and reviews the evolution of Japan’s Public Sector Balance Sheet (PSBS). In the past, large crossholdings of assets and liabilities within the public sector played a role in sustaining a high level of public debt and low interest rates. The Fiscal Investment and Loan Fund (FILF) channeled all postal deposits and pension savings to financing of public sector borrowing. After the FILF refrom in 2000, however, the Post Bank and pension funds shifted their assets to the portfolio investments and are seeking to maximize risk-adjusted returns. This has changed the implications of crossholdings for public debt management. In the future, population aging is expected to add more pressures on the PSBS, which already saw a considerable decrease of net worth over the last three decades.

scholarly journals Twin Deficits: Evidence From Portugal, Italy, Spain and Greece

2020 ◽  
Vol 55 (5) ◽  
pp. 332-338
Author(s):  
Konstantinos P. Panousis ◽  
Minoas Koukouritakis
Keyword(s):  
Empirical Analysis ◽  
Current Account ◽  
Public Debt ◽  
Budget Deficits ◽  
Government Budget ◽  
Twin Deficits ◽  
External Imbalances ◽  
Eu Countries ◽  
Current Account Deficits ◽  
The Empirical Analysis

Abstract Since the mid-2000s, internal and external imbalances have increased in many EU countries. This contributed to the debate over whether government budget deficits affect current account deficits, known as twin deficits hypothesis. It implies that public debt is actually a burden for future taxpayers and thus a dangerous way for budget financing. Therefore, the fiscal measures implemented by policymakers may also affect the current account. This article tests the twin deficits hypothesis for Portugal, Italy, Spain and Greece for the period 1999–2017. The empirical analysis presented in the article finds evidence that strongly supports this hypothesis only for Italy and Greece. For Portugal and Spain, however, the evidence is quite weak.

scholarly journals Debt patterns of the peripheral economies of Europe: from the increased growth post-implementation of the Euro to the Great Recession

2019 ◽  
Vol 5 (1) ◽  
pp. 99
Author(s):  
Yasmim Dalila Barbant ◽  
Leonardo Flauzino de Souza
Keyword(s):  
Current Account ◽  
Economic Performance ◽  
Great Recession ◽  
Public Debt ◽  
Private Debt ◽  
Economic Agents ◽  
The Great Recession ◽  
Current Account Deficits ◽  
European Periphery ◽  
Public Deficits

<p>The main purpose of this article is to outline the specificities of the indebtedness process of each country of the European periphery — Greece, Italy, Ireland, Portugal, and Spain — that guided the behavior of the demand and the indebtedness of the domestic economic agents from 2000 to 2017. The main results indicated that from 2000 to 2008, all of the countries had foreign sector surpluses (current account deficits), which characterized distinct indebtedness processes of the domestic economic agents. The reversal of these processes was accompanied by larger public deficits and the replacement of private debt with public debt. With the exception of Ireland, the positive impacts on the economic performance of these countries between 2009 and 2017 came from the foreign sector through the devaluation of the euro in the period.</p>

scholarly journals Namibia

2019 ◽  
Vol 19 (295) ◽  
Author(s):  
Keyword(s):  
Income Inequality ◽  
Current Account ◽  
Public Debt ◽  
House Prices ◽  
Strong Growth ◽  
Current Account Deficits ◽  
Development Prospects

Namibia’s economy is rebalancing, but significant challenges remain. The fiscal and current account deficits have narrowed, and credit and house prices growth has decelerated. However, public debt remains on a rising path, reserve coverage is below adequate levels, and growth has recently halted. Past years of strong growth masked slowing productivity and deteriorating external competitiveness, hindering the country’s development prospects; while income inequality and unemployment remain persistently high.

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.

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