The Political Economy Of Government Debt

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Overview

This analysis of the political economy of government debt is divided into two parts. The first part deals with theoretical issues. Topics covered include: behavioral aspects; long term debt strategy; the political economy of redistribution; a model of intergenerational redistribution; the relationship between social security and the deficit in the US; the consequences of endogenous technology; and budgetary and monetary issues related to European integration. The second part of the volume concerns empirical applications, including the empirical relevance of the notion of debt neutrality; the management of the nominal government debt; the global linkages between interest rates and public debt; functional finance; some positive theories of government debt; and suggestions for fiscal indicators.

This analysis of the political economy of government debt is divided into two parts. The first part deals with theoretical issues. Topics covered include: behavioral aspects; long term debt strategy; the political economy of redistribution; a model of intergenerational redistribution; the relationship between social security and the deficit in the US; the consequences of endogenous technology; and budgetary and monetary issues related to European integration. The second part of the volume concerns empirical applications, including the empirical relevance of the notion of debt neutrality; the management of the nominal government debt; the global linkages between interest rates and public debt; functional finance; some positive theories of government debt; and suggestions for fiscal indicators.

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Product Details

  • ISBN-13: 9780444890528
  • Publisher: Emerald Group Publishing
  • Publication date: 7/1/1993
  • Series: Contributions to Economic Analysis
  • Pages: 340
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.81 (d)

Table of Contents

Preface
Pt. I Theoretical Issues
Ch. 1 The Political Economy of Government Debt: A Survey 3
Ch. 2 Long Term Debt Strategy: A Survey 37
Ch. 3 The Politics of Intergenerational Redistribution 69
Ch. 4 Social Security and the Deficit in the US: A Political Economy Approach 89
Ch. 5 Endogenous Technology, Budgetary Regimes and Public Debt 113
Ch. 6 Economic and Monetary Union in Europe and Constraints on National Budgetary Policies 137
Ch. 7 Monetary Discipline and the Real Value of Government Debt: The Case for an Independent Eurofed 157
Pt. II Empirical Applications
Ch. 8 The Determinants of the Ricardian Equivalence in the OECD Countries 181
Ch. 9 Debt Neutrality, Finite Horizons, and Private Savings Behavior 195
Ch. 10 Management of the Nominal Public Debt: Theory and Applications 207
Ch. 11 Interest Rates and Government Debt: Are the Linkages Global rather than National? 233
Ch. 12 Self-Correcting Real Deficits: A New Lesson in Functional Finance 255
Ch. 13 Positive Theories of Public Debt: Some Evidence for Germany 295
Ch. 14 Suggestions for a New Set of Fiscal Indicators 307
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