The political economy of government debt: [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990]
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Amsterdam u.a.
North-Holland
1993
|
| Series: | Contributions to economic analysis
219 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIV, 325 S. graph. Darst. |
| ISBN: | 0444890521 |
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| 245 | 1 | 0 | |a The political economy of government debt |b [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] |c ed. by Harrie A. A. Verbon ... |
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| adam_text | ix
Contents
Preface VII
PART I: THEORETICAL ISSUES
Cäapter 1
x The Political Economy of Government Debt: A Survey
/^Ben van Velthoven, Harrie Verbon and Frans van Winden 3
I 1. Introduction 3
2. The Intertemporal Government Budget Constraint 4
3. The Effects of Government Debt 8
3.1. The Ricardian Vision 8
3.2. Critical Appraisal of the Ricardian Vision 9
3.3. The Neo Classical Vision 14
3.4. The Keynesian Vision 14
3.5. Normative Implications for Debt Policy 15
3.6. Conclusions and Some Further Remarks 18
4. Positive Theories of Public Debt 21
4.1. Some Basic Issues 21
4.2. The Public Choice Approach 22
4.3. The Macroeconomic Theory of Economic Policy Approach 25
4.4. Evaluation 29
References 32
Chapter 2
Long Term Debt Strategy: A Survey
Robin Boadway and David Wildasin 37
1. Introduction 37
2. Characterizing Public Debt 38
3. The Effect of Public Debt on the Economy 42
3.1. Public Debt in the Neo Classical Model 42
3.2. Public Debt in a Ricardo Barro World 46
3.3. Limitations of the Barro Neutrality Result 47
3.4. A Neo Classical World with Market Imperfections 48
4. Normative Aspects of Debt Policy 54
4.1. Capital Overaccumulation and Dynamic Inefficiency 54
4.2. Debt Policy as Lump Sum Intergenerational Redistribution 55
4.3. Debt Policy and Tax Distortions 58
4.4. Debt Policy and Imperfect Markets 60
4.5. Debt Policy and Intergenerational Equity 61
5. Concluding Remarks 62
References 65
x Contents
Chapter 3
The Politics of Intergenerational Redistribution
Guido Tabellini 69
1. Introduction 69
2. The Model 71
3. The Economic Equilibrium 73
4. Voting on Debt Repudiation 74
4.1. The Voters Preferences 75
4.2. The Median Voter 77
4.3. The Politically Viable Set 80
5. Equilibrium Intergenerational Redistribution 81
6. Concluding Remarks 84
Appendix 84
References 87
Chapter 4
Social Security and the Deficit in the US: A Political Economy Approach
Alex Cukierman 89
1. Introduction 89
2. Social Security and the Budget: Some Background Facts 92
2.1. The Evolution of Social Security within the Budget 92
2.2. Trust Funds and the Contribution of SS Surpluses to Financing
of Non SS Deficits 92
2.3. The Dependency Ratio and the Depletion of the Trust Funds 95
3. The 1983 SS Fixup and the Role of the Trust Fund as a Commitment Device 96
3.1. The 1983 SS Fixup and Its Aftermath 96
3.2. Public Attitudes toward SS and the Trust Fund as a (Partial)
Commitment Device 97
4. A Model of Congressional Behavior with Respect to SS and the Rest
of the Budget 100
4.1. Introduction 100
4.2. Legislative Equilibrium 101
4.3. The Effect of Changes in the Expected Fund Reserve Ratio
on Current Budgetary Decisions 102
5. Interpretation of Past Events in Light of the Model and its Implications
for the Current Policy Debate and the Future 104
5.1. Interpretation of Events During the First Half of the Eighties 104
5.2. Does a Trust Fund Accumulation Stimulate Public Savings? 105
5.3. Distributional Considerations 107
6. Concluding Reflections 108
Appendix 109
References 111
Contents xi
Chapter 5
Endogenous Technology, Budgetary Regimes and Public Debt
Casper van Ewijk and Theo van de Klundert 113
1. Introduction 113
2. Endogenous Technical Change 114
2.1. Modelling R D Activities in Aggregate Growth Models 114
2.2. Technology Policy: Some Casual Evidence 115
3. Private and Public Production of Technology 116
3.1. Dynamics 119
3.2. Aggregate Equilibrium 120
4. Macroeconomic Model 121
4.1. Budgetary Regimes 122
4.2. Statics 124
4.3. Stability 125
5. Fiscal Policy, Productivity Growth and Budgetary Regimes 127
5.1. Time Profile 129
6. Choice of Regime: Some Political Aspects 130
7. Conclusion 132
Appendix 133
References 134
/Chapter 6
) Economic and Monetary Union in Europe and Constraints on National
/ Budgetary Policies
Lans Bovenberg, Jeroen Kremers and Paul Masson 137
1. Introduction 137
2. EMU: A New Environment for Budgetary Policy 138
3. Monetary Union and Prospects for Budget Discipline 140
3.1. Adverse International Spillovers from Undisciplined Budgetary
Policies 141
4. Intergenerational Equity and Intertemporal Efficiency 146
5. Stabilization policy 148
5.1. Advantages of Budgetary Flexibility 148
5.2. Optimal Currency Areas and Budgetary Transfers 149
5.3. Dangers of Fine Tuning 150
5.4. International Coordination of Stabilization Policies 151
6. Concluding Comments 152
References 154
Chapter 7
Monetary Discipline and the Real Value of Government Debt: The Case
for an Independent Eurofed
Frederick van der Ploeg 157
1. Introduction 157
2. Competition among the Treasuries and Central Banks of a Monetary Union 159
2.1. The Model 159
xii Contents
2.2. Absence of Cooperation in the EMU Causes Excessive Inflation 160
2.3. The Case for an Independent Eurofed 163
2.4. The Paradox of Counterproductive Policy Coordination 166
3. European Monetary Union with an Independent Central Bank 167
3.1. The Model 167
3.2. The Non Cooperative Outcome 169
3.3. The Cooperative Outcome 172
4. Reasons for Joining the EMS 173
5. Conclusion 175
References 176
PART II: EMPIRICAL APPLICATIONS
Chapter 8
The Determinants of the Ricardian Equivalence in the OECD Countries
Sergio Perelman and Pierre Pestieau 181
1. Introduction 181
2. Testing Ricardian Equivalence with Time Series Cross Section Data 182
3. Ricardian Equivalence Indicators for Each Country 185
4. Conclusions 191
Appendix 191
References 193
Chapter 9
Debt Neutrality, Finite Horizons, and Private Savings Behavior
Albert Jaeger 195
1. Introduction 195
2. Public Debt Neutrality in a Finite Horizon Economy 196
3. Debt Neutrality and Private Savings Behavior 201
4. Conclusion 204
References 205
Chapter 10
Management of the Nominal Public Debt: Theory and Applications
Guillermo Calvo and Pablo Guidotti 207
1. Introduction 207
2. The Model 209
3. Public Debt Management: Numerical Simulations 214
4. Debt Maturity in Italy, Ireland, and the United States 222
5. Concluding Remarks 228
Appendix 230
References 231
Contents xiii
Chapter 11
Interest Rates and Government Debt: Are the Linkages Global rather
than National?
Vito Tanzi and Mark Lutz 233
1. Introduction 233
2. General Background 233
3. The Growth of Public Debt in OECD Countries 236
4. Debt and Interest Rates: Empirical Results 243
5. Concluding Remarks 252
References 253
Chapter 12
Self Correcting Real Deficits: A New Lesson in Functional Finance
Robert Eisner and Sang In Hwang 255
1. Introduction 255
2. Theory and Hypotheses 256
3. Description of Equations 258
4. Characteristics of the Models 262
4.1. The Stationary Model 262
4.2. The Growth Model 268
4.3. Other Simulations 269
5. Conclusions 271
Appendix 1 288
Appendix 2 291
References 294
Chapter 13
Positive Theories of Public Debt: Some Evidence for Germany
lakob de Haan and Dick Zelhorst 295
1. Introduction 295
2. The Tax Smoothing Theory of Public Debt 296
3. Political Determinants of Government Budget Deficits 297
4. Testing the Tax Smoothing Hypothesis of Public Debt for the FRG 299
5. Testing for Political Determinants of Government Debt Growth in the FRG 301
6. Some Concluding Comments 303
Appendix 303
References 304
Chapter 14
Suggestions for a New Set of Fiscal Indicators
Olivier Blanchard 307
1. Introduction 307
2. The Uses and Abuses of the CAB 308
2.1. The CAB as an Index of Discretionary Changes in Fiscal Policy 308
2.2. The CAB as an Index of Sustainability 309
xiv Contents
2.3. The CAB as an Index of Fiscal Policy on the Economy 310
2.4. The CAB as a Normative Index 312
3. Constructing Indicators: A General Strategy 312
4. Indicators of Discretionary Fiscal Policy 313
5. Indicators of Sustainability 314
5.1. The Arithmetic of Budget Constraints 314
5.2. Three Indices of Sustainability 316
6. Indicators of Fiscal Impact on Aggregate Demand 317
6.1. Consumption, Debt and Taxes 317
6.2. A Tentative Assessment 320
6.3. Three Indicators of Fiscal Impact 321
7. Indicators of Fiscal Distortions 322
8. Conclusion and Summary 323
References 324
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| spelling | The political economy of government debt [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] ed. by Harrie A. A. Verbon ... Amsterdam u.a. North-Holland 1993 XIV, 325 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Contributions to economic analysis 219 Debts, Public -- Congresses Debt relief -- Congresses Öffentliche Schulden (DE-588)4043153-8 gnd rswk-swf (DE-588)1071861417 Konferenzschrift 1990 Amsterdam gnd-content Öffentliche Schulden (DE-588)4043153-8 s DE-604 Verbon, Harrie 1951- Sonstige (DE-588)112343244 oth Contributions to economic analysis 219 (DE-604)BV000001445 219 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005438670&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The political economy of government debt [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] Contributions to economic analysis Debts, Public -- Congresses Debt relief -- Congresses Öffentliche Schulden (DE-588)4043153-8 gnd |
| subject_GND | (DE-588)4043153-8 (DE-588)1071861417 |
| title | The political economy of government debt [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] |
| title_auth | The political economy of government debt [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] |
| title_exact_search | The political economy of government debt [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] |
| title_full | The political economy of government debt [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] ed. by Harrie A. A. Verbon ... |
| title_fullStr | The political economy of government debt [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] ed. by Harrie A. A. Verbon ... |
| title_full_unstemmed | The political economy of government debt [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] ed. by Harrie A. A. Verbon ... |
| title_short | The political economy of government debt |
| title_sort | the political economy of government debt papers presented at the symposium on the political economy of government debt held at de nederlandsche bank amsterdam june 1990 |
| title_sub | [papers presented at the Symposium on the Political Economy of Government Debt held at De Nederlandsche Bank, Amsterdam, June 1990] |
| topic | Debts, Public -- Congresses Debt relief -- Congresses Öffentliche Schulden (DE-588)4043153-8 gnd |
| topic_facet | Debts, Public -- Congresses Debt relief -- Congresses Öffentliche Schulden Konferenzschrift 1990 Amsterdam |
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