Fiscal policy in the southern European Union countries: the aftermath of COVID-19
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cham
Springer
[2023]
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| Series: | Contributions to finance and accounting
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xxiii, 145 Seiten Illustrationen |
| ISBN: | 9783031297601 |
| ISSN: | 2730-6046 |
Staff View
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| 245 | 1 | 0 | |a Fiscal policy in the southern European Union countries |b the aftermath of COVID-19 |c Milan Bednář |
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| 650 | 4 | |a Europe—Economic conditions | |
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Record in the Search Index
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| adam_text | Contents 1 Introduction.................................................................................................. 1 2 Fiscal Policy and Government Debt in the Twenty-First Century. . 2.1 Basic Principles of Fiscal Policy........................................................ 2.2 Government Debt and Related Definitions....................................... 2.3 Adverse Effects of Excessive Debt Accumulation........................... 2.3.1 Sovereign Debt and Economic Growth................................ 2.4 Sovereign Debt Sustainability Assessments...................................... References...................................................................................................... 5 5 8 9 10 12 13 3 European Debt Crisis and Flaws of the Euro Area.............................. 3.1 Causes and Implications of the European Debt Crisis..................... 3.1.1 Implicit Bail-Out Mechanism................................................ 3.2 Optimum Currency Area Theory....................................................... 3.3 Systemic Flaws of the Euro Area....................................................... 3.3.1 Overly Ambitious Integration Ideology................................ 3.3.2 Country Composition of the Euro Area................................ 3.3.3 The Common Monetary Policy Under Fiscal Dominance.............................................................................. 3.3.4 Socialisation of Risks and Moral Hazard............................. 3.3.5 Snowball Effects andSystemic Inertia..................................
References...................................................................................................... 17 17 19 21 22 23 23 Sovereign Debt Channels in the Euro Area........................................... 4.1 Debt-Related Institutional Characteristicsof the Euro Area............ 4.2 Nature of Democracy and PoliticalCycles........................................ 4.3 Information Asymmetries.................................................................. 4.4 Keynesian Stabilisation Efforts......................................................... 4.5 Reputation and Expectations............................................................. 35 36 37 38 39 39 4 25 29 31 31 xi
xii Contents 4.6 Strict Preferences.................................................................................. 4.7 Current Macroeconomic Conditions and COVID-19 Pandemic. . 4.8 Future Prospects and Other Factors.................................................... References....................................................................................................... 40 41 41 42 5 European Fiscal and Debt Union.............................................................. 5.1 Definition of a Fiscal Union................................................................ 5.2 Potential Benefits and Costs................................................................ 5.3 Implicit Assumptions of a Viable Fiscal Centralisation................... 5.4 Economic Shocks and Centralised Fiscal Policy.............................. 5.5 COVID-19 Pandemic and European Debt Union............................. References...................................................................................................... 45 46 46 48 51 52 53 6 Specific Characteristics of EU4 Economies.............................................. 6.1 Main Country Characteristics.............................................................. 6.2 Positions of the Countries in the EU.................................................. 6.3 Country Positions in the European Union......................................... 6.4 Country Positions in the Euro Area.................................................... 6.5 EU4 Positions in Relation to Each Other..........................................
References...................................................................................................... 55 55 64 67 68 69 70 7 Fiscal Situation in the COVID-19 Aftermath......................................... 7.1 Main Fiscal Indicators........................................................................ 7.1.1 Headline Indicators................................................................ 7.1.2 Debt Structure and Related Indicators................................... 7.1.3 Selected Benchmarks............................................................. 7.2 Fiscal Stances, Fiscal Efforts, and Related Indicators...................... 7.2.1 Estimation of Structural Budget Balances........................... 7.2.2 Development of Estimated Indicators................................... 7.3 Debt Dynamics and Sustainability....................................................... 7.3.1 Historical Debt Dynamics of the EU4 Countries................ 7.3.2 Long-Term Debt Projections and SensitivityAnalysis . . . References...................................................................................................... 73 73 74 78 83 85 86 96 101 104 108 112 8 Long-Term Determinants and Efficiency of Fisca! Policies................. 8.1 Fiscal Reaction Functions................................................................... 8.2 Fiscal Multipliers................................................................................. References...................................................................................................... 115 115 121 127 9 Sovereign
Debt Resolution Prospects....................................................... 9.1 Debt Monetisation in the Euro Area.................................................. 9.2 Fiscal Consolidation............................................................................ 9.2.1 Temporary Measures: Sales of Assets.................................. 9.2.2 Long-Term Measures: Revenues and Expenditures........... 9.2.3 Long-Term Measures: Administrative Tools...................... 129 129 131 132 132 133
Contents xiii 9.3 Structural Reforms Promoting Economie Growth............................ 134 9.4 Government Default............................................................................ 136 9.5 Appropriate Solutions.......................................................................... 138 References........................................................................................................ 139 10 Conclusions.................................................................................................... 141
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| adam_txt |
Contents 1 Introduction. 1 2 Fiscal Policy and Government Debt in the Twenty-First Century. . 2.1 Basic Principles of Fiscal Policy. 2.2 Government Debt and Related Definitions. 2.3 Adverse Effects of Excessive Debt Accumulation. 2.3.1 Sovereign Debt and Economic Growth. 2.4 Sovereign Debt Sustainability Assessments. References. 5 5 8 9 10 12 13 3 European Debt Crisis and Flaws of the Euro Area. 3.1 Causes and Implications of the European Debt Crisis. 3.1.1 Implicit Bail-Out Mechanism. 3.2 Optimum Currency Area Theory. 3.3 Systemic Flaws of the Euro Area. 3.3.1 Overly Ambitious Integration Ideology. 3.3.2 Country Composition of the Euro Area. 3.3.3 The Common Monetary Policy Under Fiscal Dominance. 3.3.4 Socialisation of Risks and Moral Hazard. 3.3.5 Snowball Effects andSystemic Inertia.
References. 17 17 19 21 22 23 23 Sovereign Debt Channels in the Euro Area. 4.1 Debt-Related Institutional Characteristicsof the Euro Area. 4.2 Nature of Democracy and PoliticalCycles. 4.3 Information Asymmetries. 4.4 Keynesian Stabilisation Efforts. 4.5 Reputation and Expectations. 35 36 37 38 39 39 4 25 29 31 31 xi
xii Contents 4.6 Strict Preferences. 4.7 Current Macroeconomic Conditions and COVID-19 Pandemic. . 4.8 Future Prospects and Other Factors. References. 40 41 41 42 5 European Fiscal and Debt Union. 5.1 Definition of a Fiscal Union. 5.2 Potential Benefits and Costs. 5.3 Implicit Assumptions of a Viable Fiscal Centralisation. 5.4 Economic Shocks and Centralised Fiscal Policy. 5.5 COVID-19 Pandemic and European Debt Union. References. 45 46 46 48 51 52 53 6 Specific Characteristics of EU4 Economies. 6.1 Main Country Characteristics. 6.2 Positions of the Countries in the EU. 6.3 Country Positions in the European Union. 6.4 Country Positions in the Euro Area. 6.5 EU4 Positions in Relation to Each Other.
References. 55 55 64 67 68 69 70 7 Fiscal Situation in the COVID-19 Aftermath. 7.1 Main Fiscal Indicators. 7.1.1 Headline Indicators. 7.1.2 Debt Structure and Related Indicators. 7.1.3 Selected Benchmarks. 7.2 Fiscal Stances, Fiscal Efforts, and Related Indicators. 7.2.1 Estimation of Structural Budget Balances. 7.2.2 Development of Estimated Indicators. 7.3 Debt Dynamics and Sustainability. 7.3.1 Historical Debt Dynamics of the EU4 Countries. 7.3.2 Long-Term Debt Projections and SensitivityAnalysis . . . References. 73 73 74 78 83 85 86 96 101 104 108 112 8 Long-Term Determinants and Efficiency of Fisca! Policies. 8.1 Fiscal Reaction Functions. 8.2 Fiscal Multipliers. References. 115 115 121 127 9 Sovereign
Debt Resolution Prospects. 9.1 Debt Monetisation in the Euro Area. 9.2 Fiscal Consolidation. 9.2.1 Temporary Measures: Sales of Assets. 9.2.2 Long-Term Measures: Revenues and Expenditures. 9.2.3 Long-Term Measures: Administrative Tools. 129 129 131 132 132 133
Contents xiii 9.3 Structural Reforms Promoting Economie Growth. 134 9.4 Government Default. 136 9.5 Appropriate Solutions. 138 References. 139 10 Conclusions. 141 |
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| illustrated | Illustrated |
| index_date | 2024-07-03T22:06:28Z |
| indexdate | 2024-07-10T09:52:06Z |
| institution | BVB |
| isbn | 9783031297601 |
| issn | 2730-6046 |
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| physical | xxiii, 145 Seiten Illustrationen |
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| spelling | Bednář, Milan Verfasser aut Fiscal policy in the southern European Union countries the aftermath of COVID-19 Milan Bednář Cham Springer [2023] xxiii, 145 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Contributions to finance and accounting 2730-6046 Financial Economics European Economics Macroeconomics and Monetary Economics Public Economics Finance Europe—Economic conditions Macroeconomics Finance, Public Erscheint auch als Online-Ausgabe 978-3-031-29761-8 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034250793&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bednář, Milan Fiscal policy in the southern European Union countries the aftermath of COVID-19 Financial Economics European Economics Macroeconomics and Monetary Economics Public Economics Finance Europe—Economic conditions Macroeconomics Finance, Public |
| title | Fiscal policy in the southern European Union countries the aftermath of COVID-19 |
| title_auth | Fiscal policy in the southern European Union countries the aftermath of COVID-19 |
| title_exact_search | Fiscal policy in the southern European Union countries the aftermath of COVID-19 |
| title_exact_search_txtP | Fiscal policy in the southern European Union countries the aftermath of COVID-19 |
| title_full | Fiscal policy in the southern European Union countries the aftermath of COVID-19 Milan Bednář |
| title_fullStr | Fiscal policy in the southern European Union countries the aftermath of COVID-19 Milan Bednář |
| title_full_unstemmed | Fiscal policy in the southern European Union countries the aftermath of COVID-19 Milan Bednář |
| title_short | Fiscal policy in the southern European Union countries |
| title_sort | fiscal policy in the southern european union countries the aftermath of covid 19 |
| title_sub | the aftermath of COVID-19 |
| topic | Financial Economics European Economics Macroeconomics and Monetary Economics Public Economics Finance Europe—Economic conditions Macroeconomics Finance, Public |
| topic_facet | Financial Economics European Economics Macroeconomics and Monetary Economics Public Economics Finance Europe—Economic conditions Macroeconomics Finance, Public |
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