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Mountains of Debt: Crisis and Change in Renaissance Florence, Postwar Britain, and Postwar America

Michael Veseth

Published in print:
1991
Published Online:
October 2011
ISBN:
9780195064209
eISBN:
9780199854998
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195064209.001.0001
Subject:
Economics and Finance, Economic History

This book surveys the growth and decline of the Florentine economy, and that of Victorian Britain, and relates their experiences to the United States in the era following World War II, a period ... More


Government Transactions, Money, and Interest Rates

J. C. R. Dow and I. D. Saville

in A Critique of Monetary Policy: Theory and British Experience

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283195
eISBN:
9780191596186
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283199.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

In this chapter, the area of interest is the public sector. It begins by assessing the major theoretical implications of government action such as government spending and public‐sector debt. It ... More


Three City-State Experiences

David Stasavage

in States of Credit: Size, Power, and the Development of European Polities

Published in print:
2011
Published Online:
October 2017
ISBN:
9780691140575
eISBN:
9781400838875
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691140575.003.0006
Subject:
Economics and Finance, Economic History

This chapter examines public credit and political representation in three European city-states: Cologne, Genoa, and Siena. The goal is to identify the mechanisms at work that determined whether a ... More


Political agency and public finance

Timothy Besley

in Principled Agents?: The Political Economy of Good Government

Published in print:
2007
Published Online:
October 2011
ISBN:
9780199283910
eISBN:
9780191700279
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199283910.003.0004
Subject:
Economics and Finance, Public and Welfare

This chapter applies the political agency model to public finance issues. Section 4.2 lays out the basic agency problem and the main assumptions. Section 4.3 identifies the three basic kinds of ... More


Crises and Self-Fulfilling Expectations

Giovanni Piersanti

in The Macroeconomic Theory of Exchange Rate Crises

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199653126
eISBN:
9780191741210
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199653126.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses the basic analytical framework of “second-generation” models of currency crises and their extensions to deal with new characteristics of international financial crises such as ... More


Public Finance

Gerardo P. Sicat and Rahimaisa D. Abdula

in The Philippine Economy: Development, Policies, and Challenges

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195158984
eISBN:
9780199869107
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195158989.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

Reviews the Philippine public finance experience over two decades from 1980 to 2000. It notes that in some years, the government's dominant fiscal problems were caused, at least initially, by ... More


Assessing the City-State Advantage

David Stasavage

in States of Credit: Size, Power, and the Development of European Polities

Published in print:
2011
Published Online:
October 2017
ISBN:
9780691140575
eISBN:
9781400838875
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691140575.003.0004
Subject:
Economics and Finance, Economic History

This chapter examines whether the difference in the activities of representative assemblies in city-states and territorial states had implications for the evolution of public credit. It first ... More


The Causation of Major Recessions: Summary and Discussion of Empirical Findings

Christopher Dow

in Major Recessions: Britain and the World 1920-1995

Published in print:
2000
Published Online:
November 2003
ISBN:
9780199241231
eISBN:
9780191596179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199241236.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

The empirical findings of this study rest on two sorts of evidence: first, a set of detailed case studies of the five major UK recessions since 1920; and second, a statistical analysis that seeks to ... More


Independent Fiscal Institutions in the Face of Rising Public Indebtedness

Julia I. Bertelsmann

in Restoring Public Debt Sustainability: The Role of Independent Fiscal Institutions

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199644476
eISBN:
9780191749100
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199644476.003.0005
Subject:
Economics and Finance, Financial Economics

The author presents a number of arguments for the establishment of independent institutions to improve fiscal sustainability and avert debt crises. The main argument is based on recent empirical ... More


The New Mountains of Debt

Michael Veseth

in Mountains of Debt: Crisis and Change in Renaissance Florence, Postwar Britain, and Postwar America

Published in print:
1991
Published Online:
October 2011
ISBN:
9780195064209
eISBN:
9780199854998
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195064209.003.0009
Subject:
Economics and Finance, Economic History

The United States federal government began to experience increasingly severe symptoms of fiscal crisis as the 1980s progressed. Unable to achieve fiscal balance through normal means, the ... More


Banking, Public Finance, and the Economy: Greece, 1919–1933

George B. Dertilis and Constantine Costis

in Banking, Currency, and Finance in Europe Between the Wars

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288039
eISBN:
9780191596230
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288034.003.0019
Subject:
Economics and Finance, Macro- and Monetary Economics, Economic History

Three chronic economic problems afflicted Greece during the inter‐war period: the deficit on the trade account, high public expenditure combined with comparatively low revenues, and a heavy public ... More


The MCF from Public Sector Borrowing

Bev Dahlby

in The Marginal Cost of Public Funds: Theory and Applications

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262042505
eISBN:
9780262271141
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262042505.003.0008
Subject:
Economics and Finance, Econometrics

This chapter focuses on the marginal cost of public funds (MCF) from public sector borrowing. The chapter is organized as follows. Section 8.1 begins with a brief overview of the postwar literature ... More


Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Christian Gollier

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
book
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Our path of economic development has generated a growing list of environmental problems including the disposal of nuclear waste, exhaustion of natural resources, loss of biodiversity, climate change, ... More


Convexity, Excessive Risk and Bank Regulation

Peter d. Spencer

in The Structure and Regulation of Financial Markets

Published in print:
2000
Published Online:
October 2011
ISBN:
9780198776093
eISBN:
9780191695384
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198776093.003.0009
Subject:
Economics and Finance, Financial Economics

It was shown in previous chapters that non-financial penalties could reach incentive efficiency in a debt-financed system without collateral, but that, in practice, the probability of detection and ... More


Private and Public Debt Cycles in Current and Historical Perspective

Andres Solimano

in Global Capitalism in Disarray: Inequality, Debt, and Austerity

Published in print:
2016
Published Online:
November 2016
ISBN:
9780190626273
eISBN:
9780190626303
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190626273.003.0008
Subject:
Economics and Finance, International

This chapter focuses on the process of rapid accumulation of private and public debt in advanced capitalist countries (US, UK, Germany, France, Japan) and in countries of the European periphery ... More


Determinants of the Primary Fiscal Balance: Evidence from a Panel of Countries

Li Zeng

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines some stylized facts about the primary fiscal balance, a key determinant of public debt dynamics which, together with the level of the public debt stock and the differential ... More


The Relationship between Debt Levels and Growth

Manmohan S. Kumar and Jaejoon Woo

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the extent to which large public debts will adversely affect investment, productivity, and growth. Drawing on data from a panel of advanced and emerging market economies in the ... More


Income and GDP in the model with government

Kazimierz Łaski

Jerzy Osiatyński and Jan Toporowski (eds)

in Lectures in Macroeconomics: A Capitalist Economy Without Unemployment

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198842118
eISBN:
9780191878169
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198842118.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics, History of Economic Thought

In the modern capitalist economy, the government fulfills three main economic functions. First, through fiscal policy, it influences employment, prices, and the GDP growth rate. With progressive ... More


Escaping High Debt: The Narrow Path Ahead

Lorenzo Forni and Marialuz Moreno Badia

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0018
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines what the goal of fiscal adjustment should be and the extent to which other nonconventional measures can help in restoring and maintaining market confidence in advanced ... More


On the Effectiveness of Debt Brakes: The Swiss Experience

Lars P. Feld and Gebhard Kirchgässner

in Sustainability of Public Debt

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262140980
eISBN:
9780262280495
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262140980.003.0009
Subject:
Economics and Finance, Econometrics

This chapter examines the effects of the three types of constitutional or statutory clauses—fiscal decentralization, direct popular rights, and formal fiscal restraints—on public deficit and debt in ... More


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