Stefanie Walter
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199674930
- eISBN:
- 9780191753046
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199674930.003.0005
- Subject:
- Political Science, International Relations and Politics
The general research questions examined in this chapter are 1) How do externalities across borders pose fiscal challenges? and 2) Why are some countries more ready to adjust to these challenges than ...
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The general research questions examined in this chapter are 1) How do externalities across borders pose fiscal challenges? and 2) Why are some countries more ready to adjust to these challenges than others? The chapter concentrates on externalities generated by balance of payments imbalances. It hence addresses the following questions: Which fiscal challenges result from balance of payments (BoP) imbalances? How do countries adjust to such imbalances and what are the implications of these adjustment strategies for fiscal policy? What are the domestic distributional conflicts associated with different adjustment strategies? Why is adjustment frequently delayed? Finally, what can countries do to increase their readiness to confront emerging problems related to external imbalances early on?Less
The general research questions examined in this chapter are 1) How do externalities across borders pose fiscal challenges? and 2) Why are some countries more ready to adjust to these challenges than others? The chapter concentrates on externalities generated by balance of payments imbalances. It hence addresses the following questions: Which fiscal challenges result from balance of payments (BoP) imbalances? How do countries adjust to such imbalances and what are the implications of these adjustment strategies for fiscal policy? What are the domestic distributional conflicts associated with different adjustment strategies? Why is adjustment frequently delayed? Finally, what can countries do to increase their readiness to confront emerging problems related to external imbalances early on?
Maureen Lewis and Susan Stout
- Published in print:
- 2007
- Published Online:
- September 2009
- ISBN:
- 9780199237401
- eISBN:
- 9780191723957
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199237401.003.0042
- Subject:
- Public Health and Epidemiology, Public Health, Epidemiology
The role of the international financial institutions is of particular relevance, given their influence on government investment priorities. Despite assumptions to the contrary, the World Bank and the ...
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The role of the international financial institutions is of particular relevance, given their influence on government investment priorities. Despite assumptions to the contrary, the World Bank and the International Monetary Fund placed no ceilings on government spending. Both institutions are far more concerned with good government and the effective management of money, especially the efficient disbursement of funds. This chapter focuses on the role of international financial institutions, the effects of increased spending on macroeconomic and fiscal health, the constraints to this additional spending and, finally, the implications for the international financial institutions and other actors in reaching the twin objectives of sound economic policy and developing effectiveness in the effort to halt transmission of HIV and improve the treatment of AIDS.Less
The role of the international financial institutions is of particular relevance, given their influence on government investment priorities. Despite assumptions to the contrary, the World Bank and the International Monetary Fund placed no ceilings on government spending. Both institutions are far more concerned with good government and the effective management of money, especially the efficient disbursement of funds. This chapter focuses on the role of international financial institutions, the effects of increased spending on macroeconomic and fiscal health, the constraints to this additional spending and, finally, the implications for the international financial institutions and other actors in reaching the twin objectives of sound economic policy and developing effectiveness in the effort to halt transmission of HIV and improve the treatment of AIDS.
William G. Gale
- Published in print:
- 2019
- Published Online:
- April 2019
- ISBN:
- 9780190645410
- eISBN:
- 9780190939175
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190645410.003.0004
- Subject:
- Economics and Finance, Public and Welfare, Economic Systems
Chapter 3 outlines the fiscal challenge. Under current policies, the debt will rise from about 78 percent of GDP in 2018 to almost 180 percent by 2050. Social Security, Medicare, and Medicaid will ...
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Chapter 3 outlines the fiscal challenge. Under current policies, the debt will rise from about 78 percent of GDP in 2018 to almost 180 percent by 2050. Social Security, Medicare, and Medicaid will grow as the baby boomers retire and healthcare costs will likely rise. Interest payments will rise with higher debt and higher interest rates. Other spending—defense, investment, social programs—will actually shrink relative to the economy. Taxes won’t grow as fast as overall spending, leaving a growing mismatch between what people expect from government and what they contribute. Considering both objective and subjective factors, the optimal debt-to-GDP ratio should be around 60 percent by 2050. That’s high relative to historical norms for the United States, but even so, reaching that goal that would require a 24 percent tax increase or a 21 percent spending reduction, starting in 2021. Delay raises the required adjustment.Less
Chapter 3 outlines the fiscal challenge. Under current policies, the debt will rise from about 78 percent of GDP in 2018 to almost 180 percent by 2050. Social Security, Medicare, and Medicaid will grow as the baby boomers retire and healthcare costs will likely rise. Interest payments will rise with higher debt and higher interest rates. Other spending—defense, investment, social programs—will actually shrink relative to the economy. Taxes won’t grow as fast as overall spending, leaving a growing mismatch between what people expect from government and what they contribute. Considering both objective and subjective factors, the optimal debt-to-GDP ratio should be around 60 percent by 2050. That’s high relative to historical norms for the United States, but even so, reaching that goal that would require a 24 percent tax increase or a 21 percent spending reduction, starting in 2021. Delay raises the required adjustment.
François R. Velde
- Published in print:
- 2016
- Published Online:
- April 2016
- ISBN:
- 9780198704744
- eISBN:
- 9780191774041
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198704744.003.0030
- Subject:
- Law, Legal History
This chapter surveys the hyperinflations of the interwar period (1919–1939). It presents a historical overview and the standard economic interpretation of this phenomenon. The nineteenth century was ...
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This chapter surveys the hyperinflations of the interwar period (1919–1939). It presents a historical overview and the standard economic interpretation of this phenomenon. The nineteenth century was a period of unprecedented growth and globalization. From 1870 to 1913, world per capita gross domestic product (GDP) was estimated to have grown by 1.5% per year, enough to double every 45 years; in comparison, it had grown 20% from 1500 to 1820. Unfortunately, the consequences of World War I posed unprecedented fiscal challenges which led to severe inflation in several countries, especially in Europe. At the war’s end in 1918, nations had to manage a more or less large stock of paper money. They were also confronted with large amounts of debt, impaired economies, and disagreements about where the burden of future taxes should lie within society.Less
This chapter surveys the hyperinflations of the interwar period (1919–1939). It presents a historical overview and the standard economic interpretation of this phenomenon. The nineteenth century was a period of unprecedented growth and globalization. From 1870 to 1913, world per capita gross domestic product (GDP) was estimated to have grown by 1.5% per year, enough to double every 45 years; in comparison, it had grown 20% from 1500 to 1820. Unfortunately, the consequences of World War I posed unprecedented fiscal challenges which led to severe inflation in several countries, especially in Europe. At the war’s end in 1918, nations had to manage a more or less large stock of paper money. They were also confronted with large amounts of debt, impaired economies, and disagreements about where the burden of future taxes should lie within society.
David A. Wise (ed.)
- Published in print:
- 2014
- Published Online:
- January 2015
- ISBN:
- 9780226146096
- eISBN:
- 9780226146126
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226146126.001.0001
- Subject:
- Economics and Finance, Public and Welfare
The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and ...
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The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and significant, yet they are just one part of the rapidly changing landscape of aging in the United States and around the world. The impact of the financial crisis and its continuing ramifications have emerged as key concerns, adding to the fiscal challenges of government, and complicating people's financial planning for later life. This is the fifteenth in a series of NBER volumes synthesizing analyses of economics of aging research. The large majority of this research has been funded by the National Institute on Aging, which has made a longterm commitment to advancing the economics of aging field. A particular focus of the research reported in this volume deals with health, and its relationship to financial wellbeing. Health is perhaps the most essential aspect of what constitutes wellbeing as we age, affects one's ability to work at older ages, and is strongly associated with financial wellbeing. Additionally, health has societal implications, such as for labor markets, government finances and health care costs. Also emphasized in the volume is the potential for interventions and policy changes to improve health and wellbeing, using approaches that may be implemented throughout this system of health-related interactions.Less
The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and significant, yet they are just one part of the rapidly changing landscape of aging in the United States and around the world. The impact of the financial crisis and its continuing ramifications have emerged as key concerns, adding to the fiscal challenges of government, and complicating people's financial planning for later life. This is the fifteenth in a series of NBER volumes synthesizing analyses of economics of aging research. The large majority of this research has been funded by the National Institute on Aging, which has made a longterm commitment to advancing the economics of aging field. A particular focus of the research reported in this volume deals with health, and its relationship to financial wellbeing. Health is perhaps the most essential aspect of what constitutes wellbeing as we age, affects one's ability to work at older ages, and is strongly associated with financial wellbeing. Additionally, health has societal implications, such as for labor markets, government finances and health care costs. Also emphasized in the volume is the potential for interventions and policy changes to improve health and wellbeing, using approaches that may be implemented throughout this system of health-related interactions.
