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We empirically identify, measure, and describe the heterogeneity of the debt-growth nexus and the underlying factors that may explain it using panel data for 115 countries from 1995 to 2016. First, countries are endogenously grouped using the grouped fixed effects (GFE) estimator. The GFE estimator endogenously splits the sample into five groups of countries with a distinct estimated effect of public debt-to-GDP ratio on economic growth and allows us to investigate group-specific time-varying impacts. Then, we use a panel data analysis to explore the potential drivers affecting these heterogeneous links’ time-varying magnitude. Our results suggest that the negative impact of public debt on economic growth is moderated by the quality of a country’s institutions and the proportion of productive expenditure but intensified by indebtedness and the maturity of the debt., Depto. de Análisis Económico y Economía Cuantitativa, Fac. de Ciencias Económicas y Empresariales, TRUE, inpress, Pagado por el autor

Tato bakalářská práce analyzuje vývoj zadluženosti České republiky za období 2018-2022. Práce se zaměřuje na veřejné rozpočty a jejich specifika. Zkoumá vývoj státního a veřejného dluhu, včetně ukazatelů z magického čtyřúhelníku. Na základě analýzy představuje práce pohled na potenciální vývoj a předkládá možná nápravná opatření., This bachelor thesis analyses the development of the Czech Republic´s indebtedness for the period 2018-2022. The thesis focuses on public budgets and their specifics. It examines the evolution of state and public debt, including indicators from the magic quadrilateral. Based on the analysis, the thesis presents a view of potential developments and presents possible corrective measures., Fakulta ekonomicko-správní, Student přednesl obhajobu práce s názvem Vývoj zadluženosti ČR.Cílem práce je zhodnotit vývoj a aktuální situaci v oblasti státního dluhu ČR, analyzovat hlavní faktory, které mají podstatný vliv na jeho výši a zhodnotit potenciální vývoj s ohledem na ekonomickou situaci ČR. Otázky vedoucího: O1:Které opatření v rámci řešení zadluženosti státu považujete za nejdůležitější? O2:Jaký je Váš názor na současné řešení důchodové reformy a jak tato problematika souvisí s výší státního dluhu a budoucím zadlužováním České republiky? O3:Je problém České republiky v otázce státního dluhu významný v porovnání s ostatními zeměmi v Evropské unii? Otázky položené v rámci rozpravy: O1: Ve výsledcích jste prováděl analýzu časových řad a následnou predikci. Víte, že v případě finančních trhů nefungují? O2: Na straně 48 uvádíte graf. Co vyjadřuje? O3: Proč byste propustil zrovna policisty? O4: Máte ještě nějaké jiné doporučení jak ušetřit? O5: Víte, kolik se vyplácí na výsluhách policistů? Student na otázky reagoval správně., Dokončená práce s úspěšnou obhajobou

This article examines the interrelationship between the public debt of states in Latin America and the Caribbean and the human right to education. It is theoretically framed within the process of financialisation, which refers to the increased influence of actors and logics of the financial sector in the economy, and how this can affect different social aspects, including access to education. Through a comparative analysis, it highlights the challenges faced by Latin American states in guaranteeing the right to education in a context of growing indebtedness. It also highlights possible alternative strategies and policies that could allow for a balance between debt obligations and the fulfilment of human rights, such as the implementation of fairer and more progressive fiscal policies., El presente artículo examina la interrelación entre la deuda pública de los Estados en América Latina y el Caribe y el derecho humano a la educación. La misma se enmarca teóricamente en el proceso de financierización, que refiere a la mayor influencia de actores y lógicas del sector financiero en la economía, y cómo esto puede afectar diferentes aspectos sociales, incluyendo el acceso a la educación. A través de un análisis comparativo, se evidencian los desafíos que enfrentan los Estados latinoamericanos para garantizar el derecho a la educación en un contexto de creciente endeudamiento. Se destacan también posibles estrategias y políticas alternativas que podrían permitir un equilibrio entre las obligaciones de deuda y el cumplimiento de los derechos humanos, como la implementación de políticas fiscales más justas y progresivas.

This study's objective is to evaluate Pakistan's growth-oriented fiscal policy elements from 1980 to 2023. This research uses secondary sources of data. The paper utilized the Autoregressive Distributed Lag (ARDL) model as analytical techniques to assess the short- and long-term dynamics between Pakistan's fiscal policy components and economic growth. According to our regression estimations, government expenditure slows down economic expansion, whereas taxes have a growth-oriented effect. The investigation also examined the significant and negative impact of debt. Interest rates, the control variable, strongly and adversely impact growth. The analysis concludes that shifting the balance of government spending from non-development to development goals is the only way to achieve sustained growth. In addition, the government ought to ensure political stability, create laws that will encourage business, build infrastructure using foreign loans, and use debt to develop human capital.

After the pandemic peak, public debt over GDP in Italy has fallen sharply thanks to high real and nominal economic growth; a few institutional changes have further reduced concerns about its medium-term sustainability. Yet, the debt ratio is still too high and needs to be reduced. The gradual adjustment path forecasted by the new Eu fiscal rules seems broadly able to reach this objective without imposing too harsh policies that might turn out to be economically and politically counter-productive. Still, without a serious reform of the Eu and the Eu budget, there remains the problem of how Italy and the other European countries will finance the new spending priorities dictated by the green deal and the mutated geo-political situation. And in the longer run, the demographic shock remains the most serious concern for public debt sustainability.

This article examines the effects of public debt on aggregate growth and some of its main channels utilising a larger dataset than those employed in most pre-COVID studies. We build a conditionalconvergence framework by performing a panel analysis that accommodates the autoregressive behaviour of the response variable. We discuss the difference-GMM and system-GMM techniques, focusing on critical issues inherent to such methods within the context of the debt-growth analyses, especially as concerns the internal instrument proliferation that typically arises when T is large. The estimates suggest that public debt adversely affects aggregate growth, productivity and capital accumulation, especially over the five-year horizon. However, the marked differences between advanced and emerging economies, along with crucial methodological issues typically associated with GMM approaches in macroeconomic frameworks, prompt crucial questions about the reliability of such techniques in analysing the debt-growth nexus and in generalising the resulting findings and policy recommendations.

This study aims to examine the effects of inflation, Foreign Direct Investment (FDI), public debt, and poverty on economic growth in European Union countries currently experiencing recession. The research utilizes secondary data from sources such as the World Bank, Eurostat, European Parliament, International Monetary Fund (IMF), European Central Bank, Organization for Economic Cooperation and Development (OECD), and other relevant sources from the years 2018 to 2022. By employing classical assumption tests for cross-sectional regression, the results indicate that public debt significantly influences the level of economic growth, while inflation, foreign direct investment, and poverty variables do not significantly affect the economic growth rate. The implication is that governments should not only pursue high economic growth figures but also focus on ensuring that economic growth is of high quality and equitable, considering other aspects such as societal welfare and the satisfaction of the population.

A significant increase in the amount of public debt in Latin America has been seen in recent years. Using the methodology of feasible generalized least squares for panel data, this article found that the public expenditure, the real exchange rate, the price index and imports are the main contributors to the accumulation of debt. Although it is possible to check that government expenditure is the biggest trigger, it also shows that periods of presidential elections were a significant factor in the formation of public debt in Latin American countries, Une augmentation considérable du montant de la dette publique en Amérique latine a été observée ces dernières années. En utilisant la méthode des moindres carrés généralisés pour les données de panel à effets fixes, cet article montre que les dépenses publiques, le taux de change réel, le niveau des prix et les importations sont les principaux contributeurs à l’accumulation de la dette. Bien qu’il soit possible de vérifier que la dépense publique est le principal déclencheur, il est également démontré que les périodes d’élection présidentielle ont été un facteur important dans la constitution de la dette publique dans les pays d’Amérique latine, Un considerable aumento del monto de deuda pública en Latinoamérica se ha observado en los últimos años. Empleando la metodología de mínimos cuadrados generalizados factibles para datos de panel con efectos fijos, este artículo encuentra que el gasto público, el tipo de cambio real, el nivel de precios y las importaciones son los mayores contribuyentes a la acumulación de deuda. Si bien, se logra comprobar que el gasto público es el mayor detonante, también se demuestra que los periodos de elecciones presidenciales han sido un factor significativo en la constitución de la deuda pública en los países latinoamericanos

This article explains the condition of public indebtedness of municipalities in Mexico from 2009 to 2021, specifically identifying the impact of the legal reforms on public finances in 2015 and the pandemic period 2020-2021. This research was conducted based on information from INEGI public finances on municipal and Mexico City. Is a quantitative study that used the Excel and STATA programs to obtain the vulnerability and sustainability indicators of municipal debt, as well as an ordinary least squares model to identify correlations between the main variables. From 2009 to 2021 there was an increase, annual average, of municipal debt of 11.8%.The 2015 reforms did not prevent over-indebtedness in the following years. Regarding the debt indicators, differentiated results are presented between those of vulnerability and the two sustainability indicators. The institutional context favors the violation of indebtedness ceilings., Este artículo explica la condición de endeudamiento público de los municipios de México de 2009 a 2021, identificando de manera específica el impacto de las reformas legales de 2015 y del periodo pandémico 2020-2021. Este estudio toma como base la información del Instituto Nacional de Estadística y Geografía (Inegi) sobre finanzas públicas municipales y de la Ciudad de México. Es un estudio cuantitativo que empleó los programas Excel y Stata para obtener los indicadores de vulnerabilidad y sostenibilidad de la deuda municipal, así como un modelo de mínimos cuadrados ordinarios para identificar las correlaciones entre las principales variables. De 2009 a 2021 hubo un aumento del endeudamiento promedio anual municipal de 11,8% (B:2013). Las reformas de 2015 no evitaron el sobreendeudamiento posterior. En los indicadores de deuda se presentan resultados diferenciados entre el indicador de vulnerabilidad y los indicadores de sostenibilidad. El contexto institucional favorece la superación de techos de endeudamiento y ello debe ser considerado por los legisladores. Este estudio toma como base la información del INEGI sobre finanzas públicas municipales y de la Ciudad de México. Es un estudio cuantitativo que empleó el software de INFOSTAT para obtener los indicadores de vulnerabilidad y sostenibilidad de la deuda municipal, así como ejercicios de regresión lineal en torno a las variables de finanzas públicas. De 2009 a 2021 hubo un aumento del endeudamiento promedio anual municipal de 11.8% (B:2013). Las reformas de 2015 no evitaron el sobreendeudamiento posterior. En los indicadores de deuda se presentan resultados diferenciados entre el indicador de vulnerabilidad y los indicadores de sostenibilidad. El contexto institucional favorece la superación de techos de endeudamiento y ello debe ser considerado por los legisladores.

Rationale This article analyses Spanish general government debt in 2023 based on the statistics prepared and published by the Banco de España and drawing comparisons with other euro area countries. Takeaways •In 2023 Spain’s public debt-GDP-ratio fell by 3.9 percentage points (pp) to 107.7%. •The central government remained the most indebted sub-sector, with a debt-to-GDP ratio of 98.1%. •The debt ratio for the euro area overall stood at 88.6% of GDP, down by 2.2 pp on 2022.

Public and private debt plays a critical role in bridging government financing gaps especially in developing countries like Zambia with low economic growth (World Bank, 2017). Notwithstanding this fact, public debt can however be viewed as a doubled-edged sword. Public debt has become an important problem for most countries over the last decades. Despite acquiring this level of debt, most of the country’s population has continued to live in excess poverty and only a few are successfully employed. The study utilized descriptive and correlational designs and sought to determine the relationship between the independent variables (private and public debt) and economic growth, investment and social progress index .The study utilised economic secondary data from 1964 to 2020 a period of 56years. The result found that public debt has negatively affected the rate of growth in the Zambian economy over the period of study. This implies that an increase in public debt will decrease economic growth. However, public debt impact on investment was found not significant at p value 0.05, despite the coefficient indicating a weak positive correlation. The association between private debt, investment, economic growth by GDP and NGDP was found to be positively correlated and significant p-values (0.0092<0.05). However, it was revealed that increasing the amount debt especially public debt affects and reduces the level of economic growth. The study revealed that private debt increases investment and domestic saving which means that they positively impact economic growth. Private debt by individuals and corporations was found to have positive effects on some social progress indicators such as literacy, carbon emission per capita, electricity access and GDP per capital growth. Finally, it was recommended that a scrutinizing agency should be established before the acquisition of debt. As this would help in reducing the acquisition of debts which have little significance in improving the

La pandemia de COVID-19 marcó un punto de inflexión para las finanzas públicas en América Latina y el mundo. Las medidas fiscales adoptadas en 2020 para hacer frente a la emergencia sanitaria fueron numerosas y afectaron a la dinámica de la deuda. Si bien la situación se revirtió parcialmente en los años siguientes, la deuda pública sigue siendo superior a su promedio histórico reciente en la mayoría de los países de la región. En este contexto, la sostenibilidad de la dinámica de la deuda pública ha adquirido una renovada importancia. En este documento ampliamos un marco estándar de Análisis de Sostenibilidad de la Deuda (DSA, por sus siglas en inglés) que toma en consideración características significativas de las economías latinoamericanas —como la existencia de deuda denominada en moneda extranjera— mediante la introducción de un modelo económico que determina conjuntamente los valores futuros de variables macroeconómicas clave. A continuación calculamos diferentes escenarios para Brasil, Chile, Colombia, México y Perú que ilustran cómo los cambios de política fiscal y estructural afectan a la dinámica de la deuda pública., The COVID-19 pandemic marked a watershed for public finances in Latin America and around the world. Fiscal measures adopted in 2020 to cope with the health emergency were substantial and affected debt dynamics. While the situation partially reverted in the following years, public debt is still higher than its recent historical average for most countries in the region. In this context, the sustainability of public debt dynamics has taken on renewed importance. In this paper, we extend a standard Debt Sustainability Analysis (DSA) framework that considers significant features of Latin American economies – such as the existence of foreign currency denominated debt – by introducing an economic model that jointly determines future values of key macroeconomic variables. We then compute different scenarios for Brazil, Chile, Colombia, Mexico, and Peru, illustrating how fiscal and structural policy changes affect the dynamics of public debt.

Islandia sufrió la quiebra casi total de su sistema bancario en 2008, desatándose como consecuencia de ello una crisis económica de gran magnitud. El rescate parcial de los bancos y los importantes déficit públicos en los años siguientes al colapso han supuesto un enorme incremento de la deuda pública. Sin embargo, el coste de la misma para el Gobierno ha sido cada vez menor. Este trabajo sostiene que el factor más determinante para explicar este fenómeno es la intervención del Gobierno en el mercado financiero, a través del establecimiento de una intensa regulación de la salida de capitales así como la nacionalización parcial del sector bancario, The banking system in Iceland was on the verge of total collapse in 2008 and that was the starting point of a huge economic crisis. Since then, public debt has increased remarkably due to both the partial rescue of banks and the financing of the public deficit that the crisis has produced. However, as time went on, the cost of the public debt has become increasingly lower for the Government. This paper argues that one of the most important factors to explain this phenomenon is Government intervention in financial markets, through the establishment of strong capital outflows regulation and the partial nationalization of the banking sector.., Depto. de Economía Aplicada, Estructura e Historia, Fac. de Ciencias Económicas y Empresariales, TRUE, pub

El programa OMT mediante el que el Banco Central Europeo puede adquirir deuda pública de los Estados de la eurozona que sufren una crisis fiscal fue recurrido ante el Tribunal Constitucional alemán, que a su vez planteó una cuestión prejudicial al Tribunal de Justicia de la Unión Europea. En este comentario se reconstruyen los argumentos principales de las tres decisiones dictadas en el asunto. Se sostiene en las conclusiones que el Tribunal de Justicia ha eludido, más que dado respuesta, a las cuestiones fundamentales planteadas por el guardián de la constitucionalidad alemana, al no tener en cuenta la diferencia fundamental entre amplia discrecionalidad en el ejercicio de las competencias y en la definición de las mismas, y al asumir implícitamente (a invitación del abogado general) que el programa OMT era una medida excepcional, cuando el mismo es síntoma del colapso del marco normativo de la Unión Económica y Monetaria., The constitutionality of the ECB programme of acquisition of public debt of states suffering a fiscal crisis was challenged before the German Constitutional Court, which, in its turn, pose a preliminary question to the European Court of Justice, revolving around the validity of the programme under EU law. In this case note, I reconstruct the key arguments put forward in three judicial decisions on the case. It is my claim that the European Court of Justice avoided, instead of tackling, the fundamental questions posed by the guardian of the German Fundamental Law. In particular, the ECJ ignored the key distinction between discretionality in the exercise of conferred powers and discretionality in the elucidation of the powers of an institution, and assumed (on the basis of the prescient arguments of the Advocate General) that the OMT programme was an emergency measure, when in fact it is but the symptom of the collapse of the basic norms framing public power in the Economic and Monetary Union., Depto. de Filosofía y Sociedad, Fac. de Filosofía, TRUE, pub

En el presente trabajo se hace un estudio de la relación existente entre la Política Monetaria Común (PMC) y la deuda pública de los diferentes Estados Miembros de la eurozona. Para ello, se parte de una sucinta revisión de la literatura con la finalidad de poner de manifiesto cual ha sido la relevancia de la autoridad monetaria a la hora de abordar este asunto a nivel teórico. El BCE no ha permanecido inexorable ante los distintos acontecimientos económicos de los que ha sido parte. Ello ha hecho que tuviera que ir adaptándose y reconfigurando parte de los instrumentos originales de los que se dotó y de las estrategias óptimas para ello. Y esa evolución en la forma de proceder, ha tenido la consecuente relevancia en la deuda soberana de diferentes países. Por último, haremos una exhaustiva comparación entre el papel desarrollado por el BCE en la Crisis de la Deuda Soberana, por un lado y el desempeñado, por su parte, en la Crisis de la Covid-19 con el impacto significativo que las mismas tuvieron en las Cuentas públicas de los países. Asimismo, se podrá observar las diferencias y similitudes existentes entre dichos períodos. Todo ello, sin dejar de tener presente el papel que ha desempeñado la política fiscal a nivel interno en cada Estado Miembro y en la eurozona; así como el establecimiento de las reglas fiscales en el seno de la UE., In the present undergraduate thesis project, a study is made of the relationship between the Common Monetary Policy (CMP) and the public debt of the different Member States of the eurozone. To do this, we start with a brief review of the literature in order to show what has been the relevance of the monetary authority when it comes to addressing this issue at a theoretical level. The ECB has not remained inexorable in the face of the various economic events of which it has been a part. This has made it necessary to gradually adapt and reconfigure part of the original instruments with which it was endowed and the optimal strategies for it. And this evolution in the way of proceeding has had the consequent relevance in the sovereign debt of different countries. Finally, we will make an exhaustive comparison between the role played by the ECB in the Sovereign Debt Crisis, on the one hand, and that played, on the other hand, in the Covid-19 Crisis, with the significant impact that they had on the public accounts of the countries. Likewise, it will be possible to observe the differences and similarities between said periods. All of this, without failing to bear in mind the role that fiscal policy has played internally in each Member State and in the euro area; as well as the establishment of fiscal rules within the EU.

Effective usage of borrowed resources can become a factor in economic growth, while unwarranted increases in debt levels may have a destabilizing effect on the economy and create risks to a country's economic security. In the absence of a comprehensive system for regulating the formation, repayment, and servicing of public debt at the legislative level, and without clearly defined directions of debt policy, recent years in Ukraine have seen a rapid increase in the volumes of gross public debt. Consequently, this situation poses a threat to the economic and financial security of our country. The volumes of public borrowings, their dynamics, and structure directly or indirectly influence all spheres of the state's financial and economic activities, which is why statistical analysis of the structure and volumes of the country's debt burden acquires special importance in the process of managing financial security. One of the main summarizing indicators of the state of indebtedness is the ratio of the total volume of public debt to Gross Domestic Product (GDP). This ratio enables an assessment of the level of debt burden on the state's economy and also reflects its ability to settle with creditors based on its economic potential.

An important element of fiscal policy is the timely response to economic cycles, the prevention of economic crises, adherence to maximum limits for the budget deficit and public debt. Issues of medium-term and strategic budget planning hold priority importance. Formulating a long-term strategy and identifying target areas is crucial. However, given the limited budget funds, it is necessary to determine the priority areas of financing to ensure the functions of the state and the socioeconomic development of the country [4]. Managing a budget deficit and developing strategies to balance a budget are crucial aspects of fiscal policy, particularly for governments aiming to maintain financial stability and promote economic growth.

In the first year of the war, a significant number of measures was already taken in the direction of fundraising, including external grant-based and concessional funding, expanding cooperation with the IMF, and with the governments of various countries. It should be noted, that during the war, debt management had a different character. The emphasis shifted to the volume of financing rather than its terms because the country's survival depended on the amount of funding available. However we should remember, that the government debts should be repaid, and it is important the conditions of borrowings.

Purpose: The purpose of this study is to analyse the impact of the European Central Bank’s (ECB) Public Sector Purchase Programme (PSPP) on Spanish sovereign debt. Design/methodology/approach: The authors assess the impact of the PSPP on Spanish Government bonds from two different transmission channels (the signalling and the portfolio substitution) with two effects for each of them (the announcement and the expectation effects for the former and the stock and the rebalancing effects for the latter). The empirical study has been undertaken with event study methodology, controlled by macroeconomic variables, panel data and cross-sectional regression analyses. Findings: The results show that both the ECB’s purchases under the PSPP and the announcements reduced Spanish Government bond yields. Compared to previous literature the Spanish Government bond yields reductions are larger than those for other countries. Research limitations/implications: The authors’ approach to the impact of investors’ expectations is interesting, although they cannot draw evidence on this issue due to the lack of data. Practical implications: From an economic perspective, the ECB can change economic agents’ expectations without actually carrying out any programme, only by announcing such a programme. Originality/value: This paper contributes to the literature examining the PSPP from different transmission channels in Spain, taking into account the announcements, the expectations, the purchases and the variation in debt holdings relating to the PSPP from the beginning of the programme until 2020. Due to the large degree of heterogeneity across euro area countries, the results in this paper should improve our understanding of the relative differences in the impact of the PSPP and, thus, be of interest to academics and policymakers.

At the last few years, both the level of indebtedness and interest rates have increased considerably in the country, generating concern in the economy, especially regarding the limitation of public resources that could be generated. Therefore, the present study analyzes the sustainability of the external public debt in the period 2000-2020. To this end, an autoregressive model of debt has been estimated, which includes variables of income, debt and expenses, as well as the estimated a set of indicators, such as the Primary Gap, Blanchard, Debt / GDP ratio, among others. The results indicate that the debt is weakly sustainable and the adjustment coefficient estimates that approximately 27% of the imbalances in the short term are being corrected in the subsequent period towards the long-term trajectory. Therefore, it is important to renegotiate interest rates to reduce the commitment acquired for debt service, especially since 2014 and, thereby, free up resources to meet the socio-economic needs of the population., Durante los últimos años, tanto el nivel de endeudamiento como las tasas de interés se han incrementado considerablemente en el país, generando preocupación en la economía especialmente, en cuanto a la limitación de recursos públicos que se podría generar. El presente estudio analiza la sostenibilidad de la deuda pública externa en el periodo 2000-2020. Para ello, se ha estimado un modelo autorregresivo de deuda en los que se incluye variables de ingresos, deuda y gastos, así como se ha estimado un conjunto de indicadores, tales como de la Brecha primaria, de Blanchard, razón Deuda / PIB, entre otros. Los resultados indican que la deuda es sostenible débilmente y el coeficiente de ajuste estima que aproximadamente el 27% de los desequilibrios en el corto plazo se está corrigiendo en el periodo subsiguiente hacia la trayectoria de largo plazo. Por lo que resulta importante la renegociación de las tasas de interés para disminuir el compromiso adquirido por servicio de deuda especialmente desde 2014 y, con ello, liberar recursos para atender necesidades de carácter socio económico en la población.

Bartomeu Santjust, a knight who was registered as a resident in Barcelona, passed away at the end of 1464. The Historical Archive of the City of Barcelona holds a post-mortem inventory of his deeds, which includes numerous documents related to the forty debt securities that he owned at the time of his death, underscoring the importance of debt in Santjust’s finances. This article has three main objectives. Firstly, to provide a brief biography of Bartomeu Santjust to shed light on the knight’s origins and possible motivations for entering the debt market. Next, to determine which of Santjust’s titles had originally been sold by public institutions and which ones by private bodies and individuals, as well as their respective characteristics. Finally, to explore the mechanisms Bartomeu employed to amass such an impressive annuities portfolio., Bartomeu Santjust, caballero domiciliado en Barcelona, murió a finales de 1464. En el Archivo Histórico de la Ciudad de Barcelona se conserva un inventario postmortem de sus escrituras, entre las cuales se incluía numerosa documentación relacionada con los cuarenta censales que poseía a su muerte. No hay duda, pues, de la importancia de la deuda en las finanzas de Santjust. Partiendo de esta premisa, este artículo tiene tres objetivos principales. En primer lugar, realizar una breve biografía de Bartomeu Santjust para entender los orígenes de este caballero y sus posibles motivaciones a la hora de introducirse en el mercado del crédito. Seguidamente, constatar cuáles de los títulos de Santjust habían sido originalmente vendidos por instituciones públicas y cuáles por entes e individuos privados, así como sus características respectivas. Por último, ver a través de qué mecanismos consiguió Bartomeu construir su espectacular cartera de censales.

This paper aims to quantify the effects of government expenditure and its components, i.e. government consumption and investment, on output and public debt sustainability. The Local Projections approach is applied to a dataset of 14 OECD countries considered for the 1981–2017 period. Fiscal policy shocks have been identified using the Blanchard and Perotti strategy and the narrative approach based on fiscal consolidation episodes. Multipliers of total government spending are above the unit and government investment multipliers are higher than consumption ones. Although all fiscal policy shocks reduce the public debt-to-GDP ratio, government investment is the most effective tool for promoting public debt sustainability.

Transcurridos ya 10 años desde la instauración del Fondo de Liquidez Autonómico (FLA) como mecanismo de financiación adicional, a través del cual el Estado trataba de asegurar la viabilidad financiera de las comunidades autónomas, siguen planteándose numerosas críticas en torno a la lesión del principio de autonomía financiera que supone tanto la rígida condicionalidad fiscal y financiera impuesta a los entes subcentrales como la férrea supervisión y control llevada a cabo por el Estado. A través de este trabajo se efectúa un análisis crítico del funcionamiento y las consecuencias de este instrumento de apoyo a la liquidez de las comunidades autónomas, valorando los resultados obtenidos y formulando una serie de reflexiones que, con visión prospectiva, coadyuven a resolver las cuestiones problemáticas pendientes, con especial referencia a la conveniencia o no de pervivencia del FLA, así como a la gestión de la enorme deuda acumulada por parte de las autonomías., Ten years after the establishment of the Autonomous Liquidity Fund (FLA) as an additional financing mechanism through which the State tried to ensure the financial viability of the autonomous communities, numerous criticisms continue to be raised regarding the damage caused to the principle of financial autonomy not only by the rigid fiscal and financial conditionality imposed on sub-central entities, but also by the strict supervision and control carried out by the State. This paper attempts to provide a critical analysis of the operation and consequences of this instrument to support the liquidity of the autonomous communities, assessing the results obtained and formulating a series of reflections that, with a prospective vision, help to resolve the pending problematic issues, with special reference to whether or not the FLA should survive, as well as the management of the enormous debt accumulated by the autonomous communities.

Despite the relative popularity of fiscal rules, they are per se, no panacea for improving fiscal performance. Fiscal rule effectiveness is enhanced when policymakers consider i) the quality of rule design; ii) supporting mechanisms to boost compliance and provide a forward-looking orientation to fiscal policy; iii) the impact of rules on different dimensions of public finances, such as the composition of public spending; and iv) clear, ex-ante guidance for the return to fiscal rule compliance after invoking an escape clause. There is ample space to improve rule-based fiscal frameworks in emerging markets.

We assess the quantitative relevance of expectations-driven sovereign debt crises, focusing on the Southern European crisis of the early 2010s and the Argentine default of 2001. The source of multiplicity is the one in Calvo (1988). Key for multiplicity is an output process featuring long periods of either high growth or stagnation that we estimate using data for those countries. We find that expectations-driven debt crises are quantitatively relevant but state dependent, as they only occur during stagnations. Expectations are a major driver explaining default rates and credit spread differences between Spain and Argentina.

Debt has risen around the world, and Latin America and the Caribbean is no exception. Total debt has grown to US$5.8 trillion, or 117 percent of GDP, for the region and as much as 140 percent of GDP for its five largest economies. Public debt soared to over 70 percent of GDP during the pandemic, and corporates issued substantial amounts to survive the crisis. While the spending that led to this debt helped the region weather the pandemic, it is now weighing down the economy. This book examines the rise in debt in Latin America and the Caribbean and offers recommendations to policymakers to ensure debt is used wisely, avoid the harmful impacts, manage high debt levels well, and bring down debt where it is too high. It is hoped that the analyses and policy suggestions in this volume contribute to successfully confronting the challenges, lowering risk, boosting growth, and improving living standards across the region and beyond.

This paper provides new evidence on the effect of debt on economic growth through two alternative methodological approaches. On the one hand, by using a panel error correction model with a sample of 130 countries between 1980 and 2020, we found evidence of the existence of a range of debt-to-GDP ratios for which economic growth remains positive after debt surges. This threshold may lie between 32 percent and 136 percent, with optimal economic growth achieved at an 84 percent debt-to-GDP ratio for the whole sample of countries. The error correction form for the economic growth was dynamically consistent and non-linear with respect to the debt-to-GDP ratio. On the other hand, recent evidence has shown that commodity price volatility increases external debt accumulation for commodity-exporting countries. Still, there is no evidence of the effects of debt surges on these countries' economic growth. This paper provides original insights into the relationship between economic growth and the debt-to-GDP ratio for commodity and non-commodity-driven economies by employing a regression discontinuity design (RDD) approach. This method allows us to estimate differences in economic growth around an estimated threshold without assuming any specific function for the underlying relationship between the two variables. Our findings suggest that non-commodity-driven economies benefit from a higher threshold (85 percent) than commodity-exporting economies (50 percent).

Fiscal rules have gained popularity as tools to strengthen debt sustainability by constraining policy discretion. However, their track record in the case of emerging markets is mixed, as setting up a fiscal rule has been no guarantee of debt stabilization. International experience and empirical evidence regarding the working of fiscal rules suggest that paying attention to the quality of rule design, the mechanisms behind better compliance, forward guidance on return to the rule, and the impacts on different dimensions of public finances (particularly spending composition) is key to enhancing fiscal rule performance. In addition, fiscal rules should be complemented with credible medium-term fiscal frameworks and independent fiscal councils that together set relevant policy anchors to support effectively the goal of safeguarding fiscal sustainability.

Latin America and the Caribbean faces a triple social, fiscal and growth challenge that is limiting the development of the region and its population. Poverty and inequality levels have worsened, public coffers continue to grapple with the impact of the pandemic, and growth remains below potential. This report explores the main challenges for the region in 2023 in the monetary, fiscal, labor, and financial arenas and identifies public policies that will help policymakers chart a path forward. Latin America and the Caribbean has the tools to address its triple challenge. It needs to harness them to prepare the macroeconomic ground for renewed growth.

Debt has risen around the world, and Latin America and the Caribbean is no exception. Total debt has grown to US$5.8 trillion, or 117 percent of GDP, for the region and as much as 140 percent of GDP for its five largest economies. Public debt soared to over 70 percent of GDP during the pandemic, and corporates issued substantial amounts to survive the crisis. While the spending that led to this debt helped the region weather the pandemic, it is now weighing down the economy. This book examines the rise in debt in Latin America and the Caribbean and offers recommendations to policymakers to ensure debt is used wisely, avoid the harmful impacts, manage high debt levels well, and bring down debt where it is too high. It is hoped that the analyses and policy suggestions in this volume contribute to successfully confronting the challenges, lowering risk, boosting growth, and improving living standards across the region and beyond.

The governments response to the COVID-19 pandemic left Latin America and the Caribbean economies with increased levels of sovereign debt as a percentage of output, bringing up the question of debt sustainability in the region. The literature has identified two testable conditions on the fiscal reaction function for debt sustainability: i) a positive response of primary balances to debt (Bohn, 1995) and ii) the response of primary balances to debt should be higher than the growth adjusted interest rate (Ghosh et al., 2013). This paper revisits these conditions, both from the theoretical and empirical perspective. It introduces a new “implicit growth” measure which is the relevant one for the debt-to-GDP ratio dynamics. It also tests empirically both conditions for economies in the region. The results suggest that debt is likely sustainable in the region, although it cannot be assured at a 95 percent confidence level. A deep look at the causes of this results pointed towards fiscal fatigue, the fact that primary balances become less responsive to debt levels the higher the latter are. At post-pandemic debt levels sustainability is far from certain. The results here indicate decisive action is required to ensure debt will fall back to prudent levels.

Total public debt in most emerging markets grew before and after the pandemic with a sizable share in foreign currency. Along this trend, interest payments increased even in the presence of active fiscal rules in some countries. How should debt management of public debt be set under a fiscal rule? This document studies how optimal currency composition reduces the cost of debt and facilitates fiscal rule compliance but increases budget risk. Using a small open economy model, we provide evidence that optimal foreign currency holdings in Chile, Colombia, and Mexico depart considerably from observed; remaining low (high) in periods of favorable (adverse) external or domestic macroeconomic and financial conditions.

This paper explores the effect of inflation supply and demand shocks on government debt. It identifies the shocks using a sign-restricted Structural Vector Autoregression (SVAR) model with quarterly data. Estimations of dynamic panel regressions and local projections suggest that supply shocks lead to persistent increases in government debt, while demand shocks result in long-lasting declines. Furthermore, high debt levels increase economic vulnerability, amplifying the impacts of both supply and demand shocks by more than three times. Specifically, supply shocks increase debt through higher borrowing costs and more prolonged depreciation, whereas demand shocks erode debt through persistent reductions in primary balance, driven by increased revenues.

This database compiles up-to-date standardized statistics on sovereign debt issuances for the Latin American and Caribbean (LAC) region and contains biannual data starting in 2006 through December 2022. Sovereign debt data is classified by legislation, creditor, currency, and maturity amongst others for 26 countries. The availability of valid, comparable, and standardized public debt data is essential for the implementation of sound policies in LAC countries. This is why at the core of the LAC Debt Group initiative is the development of a standardized sovereign debt database to help debt managers, policymakers, and other actors of financial markets analyze the evolution and composition of public debt in the region and conduct cross-country comparisons. The information of this database is provided by the public debt offices of LAC countries in response to a questionnaire specifically designed to allow comparability of data. The questionnaire, whose response is non-compulsory, is intended to compile up-to-date standardized statistics for objective and homogeneous definitions of public debt.

The aim of this article is to review the main approaches of modern monetary theory (MMT) and to present, based on this theory, An empirical contrast for the period 2007-2018 between the treasury operations of the national government and the monetary operations of the Bank of the Republic of Colombia. It was found that the deficit of the Government Treasury and the net disbursements of TES securities were regularly compensated by the monetary operations of the Bank of the Republic, which evidenced the capacity of the issuer to control short- and medium-term interest rates, as described by the MMT. Despite the self-legal restrictions for the issuer to finance the government, the results presented validate the coordination of the fiscal and monetary operations proposed by the MMT. According to this, it is possible to aim at full employment, through guaranteed work, which, however, must be accompanied by a process of productive transformation., Résumé : L'objectif de cet article est de passer en revue les principales approches de la Théorie Monétaire Moderne (MMT, pour ses initiales en anglais), ainsi que mettre en évidence quelques postulats de cette théorie. Pour ce faire, nous étudions le rapport entre les opérations budgétaires du Trésor Public et les opérations monétaires de la Banque Centrale de Colombie pour la période 2007-2018. Nous constatons que le déficit du Trésor Public et les remboursements nets de titres – les TES – étaient régulièrement compensés par les opérations monétaires de la Banque Centrale, ce qui témoignait de la capacité de la Banque Centrale à contrôler les taux d'intérêt à court et moyen terme, comme le décrit la MMT. Malgré les contraintes légales qui empêchent à la Banque Centrale de financer l'État, les résultats montrent qu’il existe une coordination des opérations budgétaires et monétaires. Il s’agit d’une situation mise en évidence par la MMT. Néanmoins, l’objectif du plein emploi est toujours possible au moyen du travail garanti, lequel doit s'accompagner d'un processus de transformation productive., El objetivo de este artículo es el de revisar los principales planteamientos de la Teoría Monetaria Moderna (MMT, por sus siglas en inglés) y presentar, con base en esta teoría, un contraste empírico para el periodo 2007-2018, entre las operaciones de la tesorería del gobierno nacional y las operaciones monetarias del Banco de la República de Colombia. Se encontró que el déficit de la Tesorería del gobierno y los desembolsos netos de títulos TES, fueron compensados regularmente por las operaciones monetarias del Banco de la República, lo que evidenció la capacidad del emisor para controlar las tasas de interés de corto y mediano plazo, tal como lo describe la MMT. Pese a las auto restricciones legales para que el emisor financie al gobierno, los resultados presentados validan la coordinación de las operaciones fiscales y monetarias planteadas por la MMT. De acuerdo con esto, es posible tener como objetivo el pleno empleo, a través del trabajo garantizado, lo cual no obstante, debe acompañarse de un proceso de trasformación productiva.

This work presents a model of credit rationing under the effects of judiciary in- efficiency and criminal extraction. Under low judiciary quality and high criminality, we argue that banks are more likely to lend to the government rather than private enterprises. We argue that credit rationing increased local public debt in Mexico before coming into effect the new law of Financial Discipline for States and Municipalities in 2016. Our scientific objective is explaining the supply of bank loans to the local public sector in Mexico under low institutional quality and credit rationing. We use Panel regression analysis and also applied an Autoregresive Distributed Lag model to obtain the long term growth rates. We also used Clustering analysis in order to classify states in Mexico in terms of their debt, defaults in the industry sector, crime and judicial inefficiency rates. Our empirical analysis shows that judiciary inefficiency and criminality induced higher amounts of bank loans to state governments during the period of 2004 to 2016. We also found that defaults in the industry sector also increased the amount of bank loans to local governments in Mexico, which may explain in part that the rationed credit is redirected to the public sector. We argue that keeping the quality of institutions low may induce higher bank lending to states, so there might be little incentive to improve the judiciary and public safety. The possible solution is to improve judicial efficiency and decrease criminality in order to reduce credit rationing and subsequently ensure local public debt stability in the long term, Este trabajo presenta un modelo de racionamiento del crédito bajo los efectos de la ineficiencia judicial y la extracción criminal. En condiciones de baja calidad judicial y alta criminalidad, argumentamos que es más probable que los bancos presten al gobierno en lugar de a las empresas privadas. Argumentamos que el racionamiento crediticio incrementó la deuda pública local en México antes de la entrada en vigencia de la nueva ley de Disciplina Financiera para Estados y Municipios en 2016. Nuestro objetivo científico es explicar la oferta de crédito bancario al sector público local en México bajo condiciones de baja calidad institucional y racionamiento de crédito. Utilizamos análisis de regresión de panel y también aplicamos un modelo Autorregresivo de Rezagos Distribuidos para obtener las tasas de crecimiento a largo plazo. También utilizamos el análisis de Clusters para clasificar los estados de México en términos de su deuda, morosidad en el sector industrial, índices de delincuencia e ineficiencia judicial. Nuestro análisis empírico muestra que la ineficiencia judicial y la criminalidad indujeron mayores montos de préstamos bancarios a los gobiernos estatales durante el período de 2004 a 2016. También encontramos que los incumplimientos financieros en el sector industrial también aumentaron el monto de los préstamos bancarios a los gobiernos locales en México, lo que puede explicar en parte que el crédito racionado se redirecciona al sector público. Argumentamos que mantener baja la calidad de las instituciones puede inducir mayores préstamos bancarios a los estados, por lo que podría haber pocos incentivos para mejorar el poder judicial y la seguridad pública. La recomendación es mejorar la eficiencia judicial y disminuir la criminalidad para reducir el racionamiento del crédito y asegurar la estabilidad de la deuda pública local en el largo plazo.

This is the peer reviewed version of the following article: Uchida Yuki, Ono Tetsuo. GENERATIONAL DISTRIBUTION OF FISCAL BURDENS: A POSITIVE ANALYSIS. International Economic Review, iere.12654 (2023), which has been published in final form at https://doi.org/10.1111/iere.12654. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited., This study presents an overlapping generations model to analyze the impact of population aging on fiscal policy and intergenerational fiscal burden. Aging populations incentivize governments to increase capital and labor income tax rates and the public debt-to-GDP ratio, consistent with OECD evidence. Our model-based simulation for Japan and the United States (2000-2070) reveals that Japan will experience higher labor income tax rates, a greater public debt-to-GDP ratio, and a lower government expenditure-to-GDP ratio compared to the United States. From 2040 onwards, Japan is predicted to surpass the United States in terms of the capital taxrate.

During a period of pro-independence mass mobilizations and diminishing financial confidence, the government of Catalonia attached a traditional idea of the rural household to its market in public debt. This article analyzes how nationalistic understandings of household are mobilized to support the struggle for independence and promote austerity policies. It also examines how an ethos of Catalan kinship drives the expansion of the household frontier of finance into the political imagination of the nation. The ethnographic story of this article is about a bond that transferred 30 percent of the region’s public liabilities from institutional investors to Catalan households between 2010 and 2014. I trace out the commercial life of this bond from government offices to bank branches to a small rural town near Barcelona. This approach to financialization shows that the reconstitution of the household as another sphere of market relations has been reoriented after the 2008 financial crisis. My main argument suggests that the financialization of the household in Spain facilitates the making of a financial frontier for Catalonia in which widespread fiscal discontent is transformed into political capital.

En el presente estudio se analiza a través de la evidencia empírica la tesis ortodoxa del excesivo gasto público, generador de déficit y deuda pública, como causante de la actual crisis que viven los países de la periferia europea. Tras observar la tendencia de estas variables en la última década en el Estado español y la Unión Europea se concluye con unas reflexiones finales sobre susodicha tesis., In this research it is analyzed through empirical evidence the orthodox thesis about excessive public expenditure, generator of public deficit and debt, as cause of the current crisis in the peripherical european countries. After looking at the tendency of these variables within the last decade in Spain and the European Union it concludes with some reflections about the aforesaid thesis., Instituto Complutense de Estudios Internacionales, TRUE, pub

Número monográfico: La Crisis en la UEM, Desde diciembre de 2009 y hasta 2012 la eurozona ha mostrado una situación de fuerte incertidumbre económica vinculada a la deuda pública. Los países periféricos han tenido que asumir políticas de ajuste estructural muy similares a las de los países latinoamericanos en los años 80 y 90, que han introducido presiones adicionales sobre el déficit público de los países señalados además de generar una etapa de estancamiento con riesgo de deflación. Durante la llamada crisis de la deuda soberana se ha vivido pendiente del spread como indicador de riesgo de crédito soberano, y como excusa para implementar las políticas de austeridad; ahora que hay una expectativa de recuperación de los indicadores macroeconómicos y un bajo nivel del spread en países como España, Irlanda o Portugal, parece inferirse justo lo contrario: el riesgo soberano ha disminuido. El problema de la crisis de la deuda requiere una explicación multicausal que debe vincularse a un conjunto de decisiones y actuaciones de instituciones públicas y privadas y no a una interpretación convencional del spread como prima de riesgo. En el artículo se analiza la evolución del spread en relación con las acciones de la Comisión Europea y otras instituciones como el Banco Central Europeo y con diferentes momentos de incertidumbre macroeconómica internacional., Since December 2009 until 2012 the euro area has shown a situation of strong economic uncertainty linked to government debt. The peripheral countries have had to adopt policies very similar to those of Latin Americans countries in the 80's, that have introduced additional pressure on the budget deficit of the countries mentioned in addition to generating a phase of stagnation with deflationary risk. During the call crisis of sovereign debt the government bond spread has been used as an indicator of sovereign credit risk, and as an excuse to implement austerity policies; now that there is an expectation of recovery of macroeconomic indicators and a low bond spread in countries like Spain, Ireland and Portugal, the opposite seems to be inferred: the sovereign risk has decreased. The problem of the debt crisis requires a multi-causal explanation must be linked to a set of decisions and actions of public and private institutions and not a conventional interpretation of the spread as risk premium. In the article we analyze the evolution of the spread in relationship with the actions of the European Commission and others institutions like European Central Bank and with different moments of international macroeconomic uncertainty., Instituto Complutense de Estudios Internacionales, TRUE, pub

In this paper, we examine the effect of public debt on Gross Domestic Product (GDP) in 15 Latin American economies (Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela) for the period 1960-2015. The short-run impact of debt on GDP growth is positive, but it is closer to zero beyond public debt-to-GDP ratios between 64% and 71% (i.e. up to this threshold, additional debt has a stimulating impact on growth). In the long run, the threshold is between 95% and 97%., En este artículo se examina el efecto de la deuda pública sobre el Producto Interno Bruto (PIB) en 15 economías latinoamericanas (Argentina, Bolivia, Brasil, Chile, Colombia, Costa Rica, República Dominicana, Honduras, México, Nicaragua, Panamá, Paraguay, Perú, Uruguay and Venezuela) para el período 1960-2015. El impacto a corto plazo de la deuda en el crecimiento del PIB es positivo, pero próximo a cero más allá de la razón de deuda pública/PIB ubicados entre 64% y 71% (es decir, hasta este umbral, la deuda adicional tiene un impacto estimulante en el crecimiento). A largo plazo, el umbral está entre el 95% y el 97%.

This article studies the institutional framework and the empirical evolution of Colombian public debt for the period 2001-2020 within a post-Keynesian approach. The objective is to render clear the potential that debt emission has as a macroeconomic policy instrument, and consequently to propose various policy routes for Colombian government. These policy routes suggest a different path than the one indicated by the orthodox economic tradition that has ruled the policy practiced in Colombia. In particular, taking into account the institutional and external limitations of fiscal policy, the revival of the ‘Development Bank’ inside the Central Bank of Colombia, and insist in and the need of cooperation and coordination of macroeconomic policies with the countries of the region are insisted., Este artículo estudia el marco institucional y la evolución empírica de la deuda pública colombiana para el periodo 2001-2020 desde la teoría post-Keynesiana. El objetivo es hacer visible el potencial que tiene la emisión de deuda pública como política macroeconómica y consecuentemente proponer algunas rutas de política económica. Estas rutas sugieren un camino diferente al trazado por la economía ortodoxa que ha dominado en Colombia. En particular, teniendo en cuenta las limitaciones institucionales y externas que afronta el gasto público en Colombia, se considera volver a instituir el ‘Banco de Desarrollo’ como parte del Banco de la República de Colombia, e insistir en la necesidad de la cooperación y coordinación de políticas macroeconómicas con los países de la región.

The existence of a diversity of factors that affects the productive activities generated in Mexico causes impacts on business growth. The objective of the research was to analyze the use of public debt as a financial tool used by governments to promote better conditions in infrastructure, spaces and/or public services that help to promote the productivity and well-being of the regions, allowing to know how the debt public impacts regional development and competitiveness, particularly in the state of Tamaulipas, Mexico. It is a descriptive investigation with a quantitative approach, of correlational scope using the multivariate technique of ordinary least squares. From the results obtained, the existence of a subnational debt delineated under a sample of positive trend in the acquisition of long-term debt is highlighted. state level, contrary to the decrease that occurs from the municipal level; however, the determination of greater investment in public spaces that shows a public debt ratio with an increase that favors the competitiveness of some sectors. It is concluded that there is a significant positive relationship between public debt and investment, additionally there is evidence of improvements in the conditions for greater social and economic development., La existencia de una diversidad de factores que incide en las actividades productiva generada en México causa impactos en el crecimiento empresarial. El objetivo de la investigación fue analizar el uso de la deuda pública como herramienta financiera utilizada por los gobiernos para propiciar mejores condiciones en infraestructura, espacios y/o servicios públicos que coadyuven en fomentar la productividad y bienestar de las regiones, permitiendo conocer cómo la deuda pública impacta el desarrollo y la competitividad regional, particularmente en el estado de Tamaulipas, México. Se trata de una investigación descriptiva con enfoque cuantitativo, de alcance correlacional utilizando la técnica multivariante de mínimos cuadrados ordinarios De los resultados obtenidos, se resalta la existencia de una deuda subnacional delineada bajo una muestra de tendencia positiva en la adquisición de deuda a largo plazo a nivel estatal, contrario a la baja que se presenta desde lo municipal; sin embargo, la determinación de mayor inversión en espacios públicos que muestra un ratio de deuda pública con un incremento que propician competitividad de algunos sectores. Se concluye que existe una relación positiva significativa entre la deuda pública y la inversión, adicionalmente se evidencia mejoras en las condiciones para un mayor desarrollo social y económico.

In this book, profesor Tooze unravels, through a vibrant narrative of th events, the convulsive events associated to the global financial crisis, which began in 2008 in the U.S. and collapsed international finances worldwide for almost a decade. Entering into the always opaque environments of international finance, he sheds light on the mechanisms and risks of an international financial system that is tightly connected between the various institutions and countries on all continents. His analysis of the causes and Governments’ economic choices is rigorous and accurate. At the same time, it provides a number of considerations to the decisions taken with a clear impact on global citizens, the real protagonist of this whole situation., En esta obra el profesor Tooze desbroza, mediante un vibrante relato de los hechos, los convulsos acontecimientos de la crisis financiera global, que comenzó en 2008 en EE. UU. y colapsó durante casi una década las finanzas internacionales del mundo entero. Adentrándose en los siempre opacos entornos de las finanzas internacionales arroja luz sobre los mecanismos y los riesgos de un sistema financiero internacional nítidamente conectado entre las diversas instituciones y países de todos los continentes. Su análisis de las causas y opciones económicas adoptadas desde los gobiernos es rigurosa y certera. Al tiempo, diversas consideraciones a las decisiones tomadas con un claro impacto en la ciudadanía global, auténtica protagonista de toda esta situación.

Bakalářská práce se zaměřuje na doporučení Evropské komise k udržení zdravých veřejných financí, charakteristiku veřejných rozpočtů a analýzu ekonomické situace a veřejného dluhu zemí Visegrádské skupiny. První kapitola je zaměřena na vymezení veřejných financí v rozpočtové soustavě a následují veřejné rozpočty a veřejné dluhy. Třetí kapitola pojednává o Evropské unii, důležitých smlouvách a pravidlech pro hospodaření s veřejnými prostředky. V poslední části práce se nachází analýza, která nejprve popisuje plnění veřejného rozpočtu daných zemí a vývoj veřejného dluhu při zavádění fiskálních pravidel. Ve vyhodnocení této analýzy jsou zahrnuta doporučení od Evropské komise členským státům, které by měla podpořit snížení výše zadlužení., The bachelor's thesis focuses on the recommendations of the European Commission to maintain healthy public finances, the characteristics of public budgets and the analysis of the economic situation and public debt of the countries of the Visegrad Group. The first chapter is focused on the definition of public finances in the budget system, followed by public budgets and public debts. The third chapter discusses the European Union, important treaties and rules for managing public funds. In the last part of the thesis, there is an analysis that first describes the fulfillment of the public budget of the given countries and the development of the public debt during the introduction of fiscal rules. The evaluation of this analysis includes recommendations from the European Commission to member states, which should support the reduction of the amount of indebtedness., Fakulta ekonomicko-správní, Studentka přednesla obhajobu práce s názvem: Komparace přístupů vybraných zemí k zajištění rozpočtové odpovědnosti. Cílem práce bylo charakterizovat přístupy, které používají vybrané země k zajištění zdravých veřejných financí, uvedené přístupy byly porovnávány s doporučeními Evropské komise a také došlo k zhodnocení dopadů těchto opatření na oblast veřejných financí daných zemí. Během rozpravy byly položeny dotazy dle posudku vedoucího bakalářské práce: Otázka č. 1: Podstatou práce je komparace jednotlivých národních systémů na zajištění rozpočtové odpovědnosti. Bylo by možné přiblížit hlavní odlišnosti příslušných systémů? Otázka č. 2: Situace v posledních letech zapříčinila zrychlení zadlužování ČR. Bylo by možné shrnout základní doporučení významných vybraných institucí na národní i evropské úrovni k tomuto problému? Následně byl položen doplňující dotaz: Otázka č. 3: Dokázala byste blíže vymezit pojmy fiskální pravidlo a dluhová brzda, která označujete za synonyma? Studentka na otázky reagovala., Dokončená práce s úspěšnou obhajobou

This study addresses a critical gap in the existing body of research by exploring the relationship between macroeconomic variables and poverty in Malaysia from 1992 to 2022. Employing the Fully Modified Ordinary Least Squares (FMOLS) method, the research investigates the impact of three key independent variables - unemployment, public debt, and inflation - on the dependent variable, the poverty rate. The findings reveal significant insights: unemployment positively affects the poverty rate, underlining the vulnerability of unemployed individuals to poverty. In contrast, public debt emerges as a negative determinant of poverty, emphasizing the importance of prudent fiscal management for poverty reduction. Intriguingly, inflation does not exhibit a statistically significant association with the poverty rate. These results offer a valuable contribution to the limited macroeconomic studies on poverty in Malaysia, shedding light on the intricate dynamics between economic variables and poverty, and provide valuable guidance for policymakers and researchers alike in the pursuit of targeted poverty alleviation strategies tailored to the Malaysian context.

The old politics of public debt is austerity - aggressive spending cuts to repay debt. Intuitively, the post-pandemic environment is an opportunity for progressive political-economic change, although the same was true after the 2008 global financial crisis. After 2008, many countries saw the increase of austerity ideas, with governments restricting spending to avoid public debt. Blyth argues 'we were all temporary Keynesians' during the 2008 recession, but the 'dangerous idea' of austerity returned. Graeber also argues debt creates 'moral confusion', which causes voters to accept the logic of repaying debt and consequential spending cuts. With significant increases in debt occurring during the pandemic, we can ask whether we are again only temporarily Keynesians, whether austerity politics will return, or whether a new politics of public debt is emerging that aims to avoid class-based resistance to spending cuts but grow the economy so that debt is less of a problem. While research cannot predict future developments, it can explore the factors that have influenced previous austerity policies. This thesis conducts a content analysis of government and opposition speeches on annual government budgets in the United States, United Kingdom, Canada and Australia to test how rhetoric has evolved since the late 1980s in response to increased public debt caused by the early 1990s, 2008 and 2020 recessions. It argues political parties have gradually reframed the urgency of repaying debt and softened spending restriction rhetoric since 1990. The analysis demonstrates a long-existing trend of parties reframing rhetoric about the causes and proposed solutions to increased debt. With the benefit of a longer-term view of the 2008 crisis, evidence indicates it was austerity that was temporary, rather than Keynesianism. The thesis builds upon previous work that has highlighted factors that encourage parties to repay debt, including the power of capital interests and moral anti-debt o, Thesis (Masters), Master of Arts Research (MARes), School of Hum, Lang & Soc Sc, Arts, Education and Law, Full Text

This article analyzes the relationship between fiscal sustainability and environmental sustainability. First, the results of the fiscal balance, the evolution of public debt, and the sustainability scenarios of this debt are addressed. Second, the main features of consumption patterns in Paraguay are exposed in order to assess potential contributions of environmental taxation to consumption during the just climate transition. Finally, this article evaluates the potential impacts on public finances of the production and consumption adjustment process to build a low carbon and climate resilient economy., En este trabajo se analiza la relación entre sostenibilidad fiscal y sostenibilidad ambiental. Se aborda, en primer lugar, los resultados del balance fiscal, de la evolución de la deuda pública, y los escenarios de sostenibilidad de esta deuda. Luego, se exponen los principales rasgos que caracterizan a los patrones de consumo de Paraguay a efectos de evaluar las potenciales contribuciones de la tributación ambiental al consumo durante la transición climática justa. Por último, se analizan los impactos potenciales sobre las finanzas públicas del proceso de ajuste de la producción y el consumo para construir una economía baja en carbono y resiliente al clima.