Read Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

Francesco Caselli

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Description:1. Public debt expanded rapidly in several industrial countries during the 1980s (Figure 1) reflecting a combination of weak primary fiscal balances and self-sustaining debt dynamics. High public debt has been of concern for several reasons (Giavazzi and Spaventa, 1988). The expense of servicing a high public debt, which in some countries accounts for a large share of government spending and increased substantially over the 1970s and '80s (Figure 2), may contribute to chronic fiscal imbalances, and must ultimately be financed through distortionary taxation.2 A high public debt may also constrain the monetary authorities' ability to pursue price stability: at the most straightforward level, an unsustainable debt may put pressure on the central bank to monetize some debt to alleviate the burden-a risk that the 60 percent Maastricht debt limit is intended to reduce.3 The interest cost of servicing the public debt is key both to its sustainability and to the burden it places on the public finances and the real economy; this paper will examine the determinants of this cost.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries. To get started finding Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries, you are right to find our website which has a comprehensive collection of manuals listed.
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Pages: 23

Format: PDF, EPUB & Kindle Edition

Publisher: Not Avail

Release: 1998

ISBN: 6613881694

Description: 1. Public debt expanded rapidly in several industrial countries during the 1980s (Figure 1) reflecting a combination of weak primary fiscal balances and self-sustaining debt dynamics. High public debt has been of concern for several reasons (Giavazzi and Spaventa, 1988). The expense of servicing a high public debt, which in some countries accounts for a large share of government spending and increased substantially over the 1970s and '80s (Figure 2), may contribute to chronic fiscal imbalances, and must ultimately be financed through distortionary taxation.2 A high public debt may also constrain the monetary authorities' ability to pursue price stability: at the most straightforward level, an unsustainable debt may put pressure on the central bank to monetize some debt to alleviate the burden-a risk that the 60 percent Maastricht debt limit is intended to reduce.3 The interest cost of servicing the public debt is key both to its sustainability and to the burden it places on the public finances and the real economy; this paper will examine the determinants of this cost.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries. To get started finding Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

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Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

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