Public Debt: Impact, Management and Challenges
Erschienen am 5. März 2021
196 Seiten
978-1-5361-9374-9 (ISBN)
Beschreibung
This book comprises four chapters, each of which examines public debt from a specific economic perspective. Chapter 1 studies potential fiscal externalities of the public debt in the framework of a monetary union. Chapter 2 examines the theoretical literature concerning how and if public debt impairs economic growth and finds no univocal and straightforward answer. Chapter 3 discusses the economic impact of the SARS-CoV-2 virus and addresses the question of whether limits to public debt ought to be respected or disregarded in the face of huge unemployment, collapsing tax revenues, and generous public expenditure programs. Lastly, Chapter 4 analyzes the response of central banks in emerging inflation targeting countries with floating exchange rates to changes in public debt.
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Inhalt
- Intro
- Contents
- Preface
- Monetary Policy and Width of Public Debt Externalities in a Monetary Union
- abstract
- 1. Introduction
- 2. Review of Economic Literature
- 3. A Modelling of Public Debt Externalities
- 3.1. Households
- 3.2. Firms
- 3.3. Budgetary Policy of the Government
- 3.4. Definition of the Global Equilibrium
- 4. Externalities of the Public Debt in a Monetary Union
- 4.1. Monetary Policy of the Common Central Bank
- 4.2. Consequences for Economic Activity and the Labor Market
- 5. Various Parameters Influencing Fiscal Externalities
- 5.1. The Institutional Independence of the ECB
- 5.2. The Case of Commitment of the Central Bank
- 5.3. A Central Bank Concerned with the Relative Situations of the Countries
- Conclusion
- Appendix A: Determination of the Demand Equation
- Appendix B: Excess of Economic Activity, Inflation Rate and Public Debt
- Appendix C: Equilibrium Economic Variables
- References
- Is There a Level of Public Debt that Impairs Economic Growth? In Search of a Theory
- Abstract
- 1. Introduction
- 2. Public Finance and the Debt Burden View
- 2.1. Debt Burden and Debt Service
- 2.2. Consolidation Policies
- 2.3. Fiscal Space
- 3. Unsustainable Debt, (Self-Fulfilling) Expectations, and Default
- 3.1. Sustainability
- 3.2. Sovereign Risk and the Confidence Channel
- 3.3. Default as a Government's Choice
- 3.4. Self-Fulfilling Expectations
- 4. Four Scenarios for the Debt-Growth Relationship
- 4.1. Debt in Intertemporal Perspective
- 4.2. Endogenous Growth with Efficient and Sustainable Public Debt
- 4.3. Sustainable but Inefficient Debt
- 4.4. Efficient but Unsustainable Debt: Again on Fiscal Consolidation
- 4.5. Inefficient and Unsustainable Debt
- Conclusion
- References
- Biographical Sketch
- Are There Limits to Public Debt in Neo-Classical Growth Models with Involuntary Unemployment?
- Abstract
- Introduction
- The Basic Model: The Log-Linear Cobb-Douglas OLG Model with Internal Public Debt, Exogenous Growth, and Involuntary Unemployment
- The Basic Model Extended by Human Capital Accumulation: The Log-Linear Cobb-Douglas OLG Model with Endogenous growth and Involuntary Unemployment
- Conclusion
- Acknowledgments
- References
- Do Central Banks Engage in Public Debt Management? The Case of Emerging Markets Inflation Targeters With Floating Exchange Rates
- Abstract
- Introduction
- Data and Methods
- Results
- Conclusion
- References
- Appendix
- Index
