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Fiscal Reconstruction: ‘Smoke and Mirrors’

Maurice Wright

in Japan's Fiscal Crisis: The Ministry of Finance and the Politics of Public Spending, 1975-2000

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199250530
eISBN:
9780191697937
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199250530.003.0025
Subject:
Political Science, Political Economy

The main objective of the Ministry of Finance (MOF) from the emergence of the fiscal crisis in 1975 onwards was to reduce the fiscal deficit on the General Account Budget and, in the longer term, to ... More


Are Recurrent Major Recessions Inevitable?

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:
10.1093/0199241236.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics

Previous chapters of this book have sought to explain why the major recessions of the twentieth century occurred; this chapter tries to answer the question of whether recurrent major recessions are ... More


The Effects of Fiscal Consolidation on Short-Term Growth: A Review and Implications for the UK

Katarzyna Anna Bilicka, Michael P. Devereux, and Clemens Fuest

in Taxation and the Financial Crisis

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199698165
eISBN:
9780191738630
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199698165.003.0010
Subject:
Economics and Finance, Financial Economics

This chapter analyses the economic situation in the UK as it attempts to recover from the financial and economic crisis that began in 2008. In particular, we focus on the probability that the fiscal ... More


Prologue

Mauricio Drelichman and Hans-Joachim Voth

in Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II

Published in print:
2014
Published Online:
October 2017
ISBN:
9780691151496
eISBN:
9781400848430
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691151496.003.0001
Subject:
Economics and Finance, Economic History

This prologue provides an overview of state debts and sovereign default in the sixteenth century, looking in particular at Philip II's defaults. The debts and defaults of Philip II suggest that there ... More


The Origins of Japan's Fiscal Crisis

Maurice Wright

in Japan's Fiscal Crisis: The Ministry of Finance and the Politics of Public Spending, 1975-2000

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199250530
eISBN:
9780191697937
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199250530.003.0002
Subject:
Political Science, Political Economy

This chapter traces the origins of Japan's fiscal crisis that emerged in the mid-1970s, and describes the symptoms and characteristics that persisted for the rest of the 20th century. The fiscal ... More


The Market Makes Its Money

John Hicks

in A Market Theory of Money

Published in print:
1989
Published Online:
November 2003
ISBN:
9780198287247
eISBN:
9780191596407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287240.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter traces the development of a competitive market for simple lending. Starting from the market for acceptances of bills of exchange, which needs no specialists in financial dealings ... More


Hong Kong's Financial Crisis Hong Kong's Financial Crisis History, Analysis, Prescription: (November–December 1982)

John Greenwood

in Hong Kong's Link to the US Dollar: Origins and Evolution

Published in print:
2007
Published Online:
September 2011
ISBN:
9789622098909
eISBN:
9789882207004
Item type:
chapter
Publisher:
Hong Kong University Press
DOI:
10.5790/hongkong/9789622098909.003.0005
Subject:
Economics and Finance, South and East Asia

This chapter analyzes Hong Kong's monetary problems and the growing problem of inflation since 1974. It argues that the Hong Kong government could not stop the currency slide through intervention in ... More


Conclusion

Lynette H. Ong

in Prosper or Perish: Credit and Fiscal Systems in Rural China

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450624
eISBN:
9780801465956
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450624.003.0007
Subject:
Political Science, Asian Politics

This book concludes by providing an update on the reform of China's rural credit cooperatives (RCCs) in the late 2000s, with particular emphasis on the costs of soft-budget constraints and bailouts ... More


The Hidden Advantage of Chinese Subsidies

Usha C. V. Haley and George T. Haley

in Subsidies to Chinese Industry: State Capitalism, Business Strategy, and Trade Policy

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199773749
eISBN:
9780199332571
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199773749.003.0017
Subject:
Economics and Finance, International

How did subsidies aid China in becoming so competitive in capital-intensive products for which it enjoyed no comparative advantage? Economic rationales cover subsidies for industrial development, ... More


Government Deficits and the Deindustrialization of America

Ronald I. McKinnon

in The Economists' Voice: Top Economists Take On Today's Problems

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231143653
eISBN:
9780231527866
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231143653.003.0012
Subject:
Economics and Finance, Public and Welfare

This chapter argues that the deindustrialization of America is to blame for the soaring federal deficit. The reason: the need for large infusions of foreign savings to finance government borrowing ... More


How Shared Economic Beliefs Shape Loan Size, Conditionality, and Enforcement Decisions

Stephen C. Nelson

in The Currency of Confidence: How Economic Beliefs Shape the IMF’s Relationship with Its Borrowers

Published in print:
2017
Published Online:
September 2017
ISBN:
9781501705120
eISBN:
9781501708305
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501705120.003.0002
Subject:
Political Science, Political Economy

This chapter examines how the economic beliefs held by the International Monetary Fund's (IMF) decision makers and the beliefs of the officials at the helm of the borrowing governments shape loan ... More


Staying Alive: IMF Lending Programs and the Political Survival of Economic Policymakers

Stephen C. Nelson

in The Currency of Confidence: How Economic Beliefs Shape the IMF’s Relationship with Its Borrowers

Published in print:
2017
Published Online:
September 2017
ISBN:
9781501705120
eISBN:
9781501708305
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501705120.003.0006
Subject:
Political Science, Political Economy

This chapter examines how the design and enforcement of the International Monetary Fund's (IMF) lending arrangements affect the political survival of economic policymakers in borrowing governments. ... More


Understanding the IMF and Its Borrowers

Stephen C. Nelson

in The Currency of Confidence: How Economic Beliefs Shape the IMF’s Relationship with Its Borrowers

Published in print:
2017
Published Online:
September 2017
ISBN:
9781501705120
eISBN:
9781501708305
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501705120.003.0001
Subject:
Political Science, Political Economy

This book examines the International Monetary Fund's (IMF) conditional lending, and particularly why each of the three core elements of its lending arrangements—the amount of credit granted to ... More


Playing Favorites: Quantitative Evidence Linking Shared Economic Beliefs to Variation in IMF Treatment

Stephen C. Nelson

in The Currency of Confidence: How Economic Beliefs Shape the IMF’s Relationship with Its Borrowers

Published in print:
2017
Published Online:
September 2017
ISBN:
9781501705120
eISBN:
9781501708305
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501705120.003.0003
Subject:
Political Science, Political Economy

This chapter examines quantitative evidence linking shared economic beliefs to variation in the International Monetary Fund's (IMF) treatment of borrowers. It first discusses the measures of IMF ... More


Raise the Debt: How Developing Countries Choose Their Creditors

Jonas B. Bunte

Published in print:
2019
Published Online:
February 2019
ISBN:
9780190866167
eISBN:
9780190909581
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190866167.001.0001
Subject:
Political Science, Political Economy, International Relations and Politics

Governments frequently borrow money. It is often assumed that it is creditors, and creditors alone, who determine what loans developing countries obtain. Yet this is only partially true: the data ... More


Implications, Extensions, and Speculations: The IMF and Its Borrowers, in and out of Hard Times

Stephen C. Nelson

in The Currency of Confidence: How Economic Beliefs Shape the IMF’s Relationship with Its Borrowers

Published in print:
2017
Published Online:
September 2017
ISBN:
9781501705120
eISBN:
9781501708305
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501705120.003.0007
Subject:
Political Science, Political Economy

This book has argued that neoliberal economic beliefs are embedded in the International Monetary Fund's (IMF) organizational culture. It has advanced a framework with pathways showing how these ... More


Termites and Wolves

William G. Gale

in Fiscal Therapy: Balancing Today's Needs with Tomorrow's Obligations

Published in print:
2019
Published Online:
April 2019
ISBN:
9780190645410
eISBN:
9780190939175
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190645410.003.0005
Subject:
Economics and Finance, Public and Welfare, Economic Systems

As discussed in Chapter 4, debt isn’t always bad. There have been good reasons to borrow money at times in the past—to fight wars and recessions and to make investments. Nevertheless, virtually all ... More


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