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Public Debt Dynamics of Europe and the U.S.

Public Debt Dynamics of Europe and the U.S.
A Book

by Dimitris N. Chorafas

  • Publisher : Elsevier
  • Release : 2013-10-19
  • Pages : 388
  • ISBN : 0124200273
  • Language : En, Es, Fr & De
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Public Debt Dynamics of Europe and the U.S., provides the evidence and implications of current policies by sovereigns and central banks, in dealing with the debt abyss. It brings in perspective the diversity of opinion reigning in modern economics and finance and outlines the themes which, among themselves, are defining the society in which we live. Our epoch has accepted the theory that leveraging is good for a person, a company or even a nation. This has led to the debt syndrome and its disastrous aftereffects. Throughout the book evidence emerges that piling up public debt can lead to an unmitigated disaster. This is demonstrated through case studies on Greece, Spain, Italy, France and the United States – in short, those western countries that nowadays have lost control of their senses and of their economy. This book uses real life examples, using case studies as evidence of good and bad approaches to social, economic and financial life. Live events also help as undisputable demonstrators of successes and failures in the search for solutions in getting out of the hole western governments find themselves. As Denis Healey, a former British chancellor of the Exchequer, once said: “The first law of holes is that if you are in one stop digging. Provides insight and implications on the current policies of sovereigns and central banks Uses real life practical examples and case studies on Greece, Spain, Italy, France and the United States Examines developing countries, particularly BRICS, and their exposure to debt Focuses on public health and the effects it has on the economy

Global Monetary Tightening: Emerging Markets Debt Dynamics and Fiscal Crises

Global Monetary Tightening: Emerging Markets Debt Dynamics and Fiscal Crises
A Book

by Mr. Julio Escolano,Ms. Christina Kolerus,Mr. Constant Lonkeng Ngouana

  • Publisher : International Monetary Fund
  • Release : 2014-12-12
  • Pages : 28
  • ISBN : 1498306918
  • Language : En, Es, Fr & De
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This paper finds that tightening global financial conditions can worsen emerging economies’ public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion. Latin America and emerging Europe are the regions most likely to be adversely affected. In addition, historical evidence—analyzed by means of a Poisson count model—suggests that the frequency of sovereign debt crises increases in emerging economies at the early stage of U.S. monetary tightening cycles, at times in which the term spread also rises. The timing may be related to abrupt switches of expectations about the future course of policy in the early stages of tightening cycles.

Global Monetary Tightening

Global Monetary Tightening
Emerging Markets Debt Dynamics and Fiscal Crises

by Mr.Julio Escolano,Ms.Christina Kolerus,Mr.Constant Lonkeng Ngouana

  • Publisher : International Monetary Fund
  • Release : 2014-12-12
  • Pages : 28
  • ISBN : 1475584695
  • Language : En, Es, Fr & De
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This paper finds that tightening global financial conditions can worsen emerging economies’ public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion. Latin America and emerging Europe are the regions most likely to be adversely affected. In addition, historical evidence—analyzed by means of a Poisson count model—suggests that the frequency of sovereign debt crises increases in emerging economies at the early stage of U.S. monetary tightening cycles, at times in which the term spread also rises. The timing may be related to abrupt switches of expectations about the future course of policy in the early stages of tightening cycles.

Off the Target

Off the Target
The Stagnating Political Economy of Europe and Post-Pandemic Recovery

by Muhammad Ali Nasir

  • Publisher : Springer Nature
  • Release : 2021-11-23
  • Pages : 316
  • ISBN : 3030881857
  • Language : En, Es, Fr & De
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This book describes the history of European integration and the Eurozone, before presenting ways in which the European Union can move forward. Charting integration from before the Second World War, the foundations of the Eurozone are examined to provide insight into the challenges faced by the European Union, including the Global Financial Crisis, over recent decades. The impact of TARGET2 and the European Monetary System are also discussed. This book aims to highlight ways that current challenges to European integration, such as the COVID-19 crisis, environmental degradation, and fiscal debt, can be overcome to promote economic growth and social advancement. It will be relevant to students, researchers, and policymakers interested in the political economy and European economic policy.

Banks, Bankers, and Bankruptcies Under Crisis

Banks, Bankers, and Bankruptcies Under Crisis
Understanding Failure and Mergers During the Great Recession

by D. Chorafas

  • Publisher : Springer
  • Release : 2014-07-17
  • Pages : 285
  • ISBN : 1137436999
  • Language : En, Es, Fr & De
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Banks, Bankers, and Bankruptcies Under Crisis uses case studies of failed banks, banks that would have failed without taxpayer intervention, and in some cases banks obliged to merge under government pressure, to better understand global banking today.

Business Efficiency and Ethics

Business Efficiency and Ethics
Values and Strategic Decision Making

by D. Chorafas

  • Publisher : Springer
  • Release : 2014-12-17
  • Pages : 294
  • ISBN : 113748425X
  • Language : En, Es, Fr & De
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Business Efficiency and Ethics presents both the theory of business efficiency and ethics, and a wealth of case studies based on practical experience. This unique perspective offers a framework for identifying this behaviour and reestablishing appropriate business behavior standards.

Global Debt Dynamics

Global Debt Dynamics
Crises, Lessons, Governance

by Andreas Antoniades,Ugo Panizza

  • Publisher : Routledge
  • Release : 2020-05-21
  • Pages : 172
  • ISBN : 0429619154
  • Language : En, Es, Fr & De
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This comprehensive volume explores debt dynamics and the intensification of debt crises across the globe, bringing together several recent but underexplored debt crises from different regional and socioeconomic contexts. Using detailed case studies, the authors recast the perils of debt-based growth in the context of regional/global imbalances; not to advocate ‘one-size-fits-all’ reforms, but to point to the need for accommodating diversity. They examine how current economic developments put developing and developed countries under new strain. They also interrogate the opportunities and challenges generated for developing countries by the new development finance landscape and newly (re)emerged geopolitical tensions. The book also explores the inability of existing dominant structures and thinking to effectively manage the multiple facets of the ongoing global debt crisis, pointing to responses that exacerbate rather than address unsustainable debt dynamics. The authors illustrate the adverse effects of ad hoc crisis management mechanisms which are not fit for purpose, and indicate the negative consequences that existing policies may have for democracy. They then put forward a framework for alternative thinking as well as concrete ideas on what needs to be done, in response. This book will be of great interest to students, scholars and professionals in the field of global debt studies. It was originally published as a special issue of the online journal Third World Thematics.

2014 Spillover Report

2014 Spillover Report
A Book

by International Monetary Fund

  • Publisher : International Monetary Fund
  • Release : 2014-06-25
  • Pages : 106
  • ISBN : 1498343201
  • Language : En, Es, Fr & De
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Global spillovers have entered a new phase. With crisis-related spillovers and risks fading, changing growth patterns are the main source of spillovers in the global economy at this juncture. Two key trends are highly relevant here. First, signs of self-sustaining recovery in some advanced economies indicate that the unwinding of exceptional monetary accommodation will proceed and lead to a tightening of global financial conditions in the coming years. An uneven recovery, though, suggests normalization will proceed at different times in different countries, with possible spillover implications. Second, growth in emerging markets is slowing on a broad basis since its precrisis peak and can carry noticeable spillover effects at the global level. Model code and programs used for the spillover simulations can be made available. Data used for the empirical analysis can be made available unless restricted by copyright or confidentiality issues.

Public Debt, Global Governance and Economic Dynamism

Public Debt, Global Governance and Economic Dynamism
A Book

by Luigi Paganetto

  • Publisher : Springer Science & Business Media
  • Release : 2014-07-08
  • Pages : 423
  • ISBN : 8847053315
  • Language : En, Es, Fr & De
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This volume presents a selection of contributions to the XXIV Villa Mondragone International Economic Seminar on “Public debt, global governance and economic dynamism”. For the past 23 years, the Seminar has provided an ideal opportunity to meet and discuss the most topical issues in economic research. The quality of the scientific contributions and ensuing debates has consistently been outstanding owing to the participation of leading experts, and the most recent Seminar was no exception. The Seminar was held against the backdrop of high levels of public debt, especially in Europe, combined with very low growth in productivity. Furthermore, markets have been dominated by financial instability, raising the question of whether this is the result of the high debt levels or insufficient economic dynamism. Among the topics covered in this book are the economic challenges and growth policies in the United States; issues relating to the G20, global governance and regional integration; EU governance, growth and the Eurozone crisis; and EMU policy and public debt. Individual contributions also address the impact of labor market reforms, the need for sectoral rebalancing in the Euro area, fiscal multipliers and public debt dynamics, and the effects of fiscal shocks in Italy. The book concludes with a contribution on policy recommendations.

Handbook of Macroeconomics

Handbook of Macroeconomics
A Book

by John B. Taylor,Harald Uhlig

  • Publisher : Elsevier
  • Release : 2016-12-01
  • Pages : 1370
  • ISBN : 0444594779
  • Language : En, Es, Fr & De
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Handbook of Macroeconomics surveys all major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues. It courageously examines why existing models failed during the financial crisis, and also addresses well-deserved criticism head on. With contributions from the world's chief macroeconomists, its reevaluation of macroeconomic scholarship and speculation on its future constitute an investment worth making. Serves a double role as a textbook for macroeconomics courses and as a gateway for students to the latest research Acts as a one-of-a-kind resource as no major collections of macroeconomic essays have been published in the last decade

Fiscal and Monetary Policy in the Eurozone

Fiscal and Monetary Policy in the Eurozone
Theoretical Concepts and Empirical Evidence

by Rosaria Rita Canale,Rajmund Mirdala

  • Publisher : Emerald Group Publishing
  • Release : 2019-05-13
  • Pages : 216
  • ISBN : 178743981X
  • Language : En, Es, Fr & De
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Fiscal and Monetary Policy in the Eurozone offers systematic analyses of the economic policy framework of the Eurozone and critiques current ideas about how to move forward, making it essential reading for postgraduate students of economics and of keen interest to researchers, policymakers, journalists, and financial strategists.

The Economic and Financial Market Consequences of Global Ageing

The Economic and Financial Market Consequences of Global Ageing
A Book

by Kieran McMorrow,Werner Röger

  • Publisher : Springer Science & Business Media
  • Release : 2012-11-07
  • Pages : 346
  • ISBN : 3540248218
  • Language : En, Es, Fr & De
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Many countries will be confronted with ageing populations in the coming decades. This will crucially affect the economic outlook for the economy. Population changes directly affect the size of the labour force and consequently potential employment and output growth. Because the timing and magnitude of demographic changes varies significantly across regions, international capital flows will play an important role for the allocation of investment. This book offers a comprehensive treatment of ageing related issues based on a five region overlapping generations model and provides a quantitative assessment until 2050.

Sustainability of EU Public Finances

Sustainability of EU Public Finances
A Book

by Fernando C. Ballabriga,Carlos Martinez-Mongay

  • Publisher : Unknown Publisher
  • Release : 2005
  • Pages : 30
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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We use a policy rule framework and focus on the response of the primary surplus to accumulated public debt to test a sufficient condition for sustainability. The evidence we report suggests that sustainability was prevalent in many EU countries before Maastricht, but also that the Maastricht impulse induced the shift towards sustainability in some of them. Additionally, although a clear distinction emerges in terms of the visibility of the Maastricht stress between the euro bloc, on the one hand, and the non-euro EU countries, the US and Japan, on the other, there is no evidence of bloc differences in terms of the long term soundness of public finances. On the basis of our analysis and results, we highlight the potential policy relevance of the reaction of the primary surplus to accumulated debt in the debate on the proper balance between fiscal stabilization and discipline in EMU.

Fiscal Monitor, April 2017

Fiscal Monitor, April 2017
Achieving More with Less

by International Monetary Fund. Fiscal Affairs Dept.

  • Publisher : International Monetary Fund
  • Release : 2017-04-19
  • Pages : 160
  • ISBN : 147556466X
  • Language : En, Es, Fr & De
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This publication is a survey by the IMF staff, published twice a year, in the spring and fall, as part of the IMF’s World Economic and Financial Surveys. The current issue analyzes the latest public finance developments, updates medium-term fiscal projections, and assesses policies aimed at placing public finances on a sustainable footing. An analytical chapter employs extensive firm-level data sets as well as new sources of data on tax policy and tax administration for advanced economies, emerging market economies, and low-income developing countries to assess the extent of resource misallocation within countries, focusing on how the design of the tax system may affect resource allocation.

States, Debt, and Power

States, Debt, and Power
'saints' and 'sinners' in European History and Integration

by Kenneth H. F. Dyson

  • Publisher : Oxford University Press, USA
  • Release : 2014
  • Pages : 771
  • ISBN : 0198714076
  • Language : En, Es, Fr & De
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'States, Debt, and Power' deals with one of the most pressing political and policy issues of the 21st century: the so-called 'crisis of debt' with its effects on perceptions of state power and of the relevance and value of democratic politics and of European integration.

World Economic Outlook, October 2012

World Economic Outlook, October 2012
Coping with High Debt and Sluggish Growth

by International Monetary Fund. Research Dept.

  • Publisher : International Monetary Fund
  • Release : 2012-10-08
  • Pages : 255
  • ISBN : 1616353899
  • Language : En, Es, Fr & De
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The October 2012 World Economic Outlook (WEO) assesses the prospects for the global recovery in light of such risks as the ongoing euro area crisis and the "fiscal cliff" facing U.S. policymakers. Reducing the risks to the medium-term outlook implies reducing public debt in the major advanced economies, and Chapter 3 explores 100 years of history of dealing with public debt overhangs. In emerging market and developing economies, activity has been slowed by policy tightening in response to capacity constraints, weaker demand from advanced economies, and country-specific factors, but policy improvements have raised these economies' resilience to shocks, an issue explored in depth in Chapter 4.

Imperative of Economic Growth in the Eurozone: Competitiveness, Capital Flows and Structural Reforms

Imperative of Economic Growth in the Eurozone: Competitiveness, Capital Flows and Structural Reforms
A Book

by Lubor Lacina,Antonin Rusek

  • Publisher : Vernon Press
  • Release : 2018-01-15
  • Pages : 268
  • ISBN : 1622733487
  • Language : En, Es, Fr & De
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European economic recovery appears to be taking hold. So is the European crisis over? The acute phase of the crisis passed, however a number of medium and long term issues remain. The policies of “internal devaluations” are working, albeit slowly, to restore competitiveness in the countries most affected by the crisis. However, growth remains at best sluggish. The medium and long term outlook remains highly uncertain, fomenting social tensions and endangering political stability. The restoration of economic dynamism is increasingly perceived as the answer to the question of the “European” future – economically, politically and socially. There is a broad consensus that dynamic structural reforms and the restoration of competitiveness at the level of the global economy are key answers to current European challenges. However, whatever the form these may take, the transfer of resources is implicit (and seemingly necessary), to underpin the current structure of eurozone. This indeed raises the question of governance – both fiscal and monetary. After all, the provision of resources implies an allocation – and it is hard to imagine that resources will be provided to the common pool unless the providers have some say with respect to allocation. And that requires some form of common (i.e. centralized) decision-making procedures, in all likelihood exceeding the common understanding of the acquis communautaire as it exists today – i.e. some form of the effective political arrangement. In this context, the basic idea which connects all contributions in this volume is the analysis of the problems which affected the Eurozone in the past decade and the challenges and dilemmas the Eurozone will face in the coming years.

Latin America

Latin America
New Challenges to Growth and Stability

by Ms.Dora M. Iakova,Mr.Luis M. Cubeddu,Gustavo Adler,Mr.Sebastian Sosa

  • Publisher : International Monetary Fund
  • Release : 2014-12-23
  • Pages : 270
  • ISBN : 1498328164
  • Language : En, Es, Fr & De
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Over the past fifteen years countries in Latin America made tremendous progress in strengthening their economies and improving living standards. Although output fell temporarily during the global financial crisis, most economies staged a rapid recovery. However, economic activity across the region has been cooling off and the region is facing a more challenging period ahead. This book argues that Latin America can rise to the challenge, and policymakers in the region are already implementing reforms in education, energy, and other sectors. More is needed, and more is possible, in Latin America’s quest to continue to improve living standards.

Developments in Macro-Finance Yield Curve Modelling

Developments in Macro-Finance Yield Curve Modelling
A Book

by Jagjit S. Chadha,Alain C. J. Durré,Michael A. S. Joyce,Lucio Sarno

  • Publisher : Cambridge University Press
  • Release : 2014-02-06
  • Pages : 570
  • ISBN : 1107044553
  • Language : En, Es, Fr & De
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State-of-the-art research from academics and policy-makers on the role of and challenges to monetary policy during the ongoing financial crisis.

The future of economic governance in the EU

The future of economic governance in the EU
12th report of session 2010-11, Vol. 2: Evidence

by Great Britain: Parliament: House of Lords: European Union Committee

  • Publisher : The Stationery Office
  • Release : 2011-03-28
  • Pages : 189
  • ISBN : 9780108473241
  • Language : En, Es, Fr & De
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Inquiry conducted by Sub-committee A (Economic and Financial Affairs, and International Trade)