Financial Markets and Public Finance: Sovereign Risks, Credit Markets and Fiscal Federalism

Dr. Erik R. Fasten

doi:10.5771/9783845239859

Summary

Die Staatsschulden der Industriestaaten haben in den letzten Jahren besorgniserregende Höhen erreicht und nähren in Verbindung mit den Risiken des Finanzsektors die Sorge vor steigender finanzieller und ökonomischer Instabilität.

Der Autor analysiert die Hauptinterdependenzen zwischen Finanzmärkten und öffentlichen Finanzen in verschiedenen Dimensionen: Wie bewerten Märkte fiskalische Nachhaltigkeit und Eventualverbindlichkeiten von Regierungen? Welche Institutionen können die Staatsverschuldung auf sub-nationaler Ebene eingrenzen? Welche Institutionen verbessern die Funktionsweise auf Märkten und wie funktionieren diese? Welche Kanäle der Übertragung von Fiskalpolitik auf die wirtschaftliche Aktivität sind relevant? Und wie lassen sich die Staatsschuldenkrisen eindämmen? Ferner werden nachhaltige Lösungsmöglichkeiten dieser Fragestellungen detailliert aufgezeigt.

Search publication

Bibliographic data

Edition: 1/2012
Copyright year: 2012
ISBN-Print: 978-3-8329-6579-2
ISBN-Online: 978-3-8452-3985-9
Publisher: Nomos, Baden-Baden
Series: Neue Studien zur Politischen Ökonomie
Volume: 10
Language: English
Pages: 169
Product type: Book Titles

Titelei/Inhaltsverzeichnis No access Pages 2 - 16 Erik R. Fasten
Introduction No access Pages 17 - 18 Erik R. Fasten
1. Introduction No access Pages 19 - 20 Erik R. Fasten
2. Related Literature No access Pages 20 - 22 Erik R. Fasten
3. Theoretical Motivation No access Pages 22 - 25 Erik R. Fasten
4. 1. Cost of public debt in the euro area No access Pages 25 - 28 Erik R. Fasten
  2. Market-based implicit default probabilities No access Pages 28 - 33 Erik R. Fasten
5. 1. Primary data set No access Pages 33 - 36 Erik R. Fasten
  2. Risk transfer from the private to the public sector No access Pages 36 - 37 Erik R. Fasten
  3. Cross-country spillovers No access Pages 37 - 41 Erik R. Fasten
  4. Implications of the results No access Pages 41 - 44 Erik R. Fasten
6. Conclusion No access Pages 44 - 46 Erik R. Fasten
1. Introduction No access Pages 47 - 47 Erik R. Fasten
2. 1. Role of Public Debt No access Pages 47 - 54 Erik R. Fasten
  2. Devolution tendencies No access Pages 54 - 58 Erik R. Fasten
  3. Institutions to contain indebtedness No access Pages 58 - 62 Erik R. Fasten
3. 1. Data Description No access Pages 62 - 66 Erik R. Fasten
  2. Econometric Models and Results No access Pages 66 - 66 Erik R. Fasten
  3. Static Analysis No access Pages 66 - 69 Erik R. Fasten
  4. Dynamic Analysis No access Pages 69 - 70 Erik R. Fasten
4. Application to Germany No access Pages 70 - 75 Erik R. Fasten
5. Conclusion No access Pages 75 - 76 Erik R. Fasten
1. Introduction No access Pages 77 - 78 Erik R. Fasten
2. Related literature No access Pages 78 - 79 Erik R. Fasten
3. The Setup No access Pages 79 - 81 Erik R. Fasten
4. 1. The market without the certifier No access Pages 81 - 83 Erik R. Fasten
  2. One-sided certification No access Pages 83 - 88 Erik R. Fasten
  3. Comparison of one-sided certification No access Pages 88 - 90 Erik R. Fasten
  4. Two-sided certification No access Pages 90 - 95 Erik R. Fasten
5. Application to the Rating Market No access Pages 95 - 100 Erik R. Fasten
6. Conclusion No access Pages 100 - 102 Erik R. Fasten
1. Introduction No access Pages 103 - 104 Erik R. Fasten
2. Related Literature No access Pages 104 - 107 Erik R. Fasten
3. 1. Construction of the Effective Marginal Tax Rate No access Pages 107 - 110 Erik R. Fasten
  2. Application to the German Tax System No access Pages 110 - 115 Erik R. Fasten
  3. Effective Marginal Tax rate in Germany No access Pages 115 - 116 Erik R. Fasten
4. 1. Macroeconomic Environment No access Pages 116 - 118 Erik R. Fasten
  2. Estimations and results No access Pages 118 - 123 Erik R. Fasten
5. Results and Transmission channel No access Pages 123 - 124 Erik R. Fasten
6. Conclusion No access Pages 124 - 126 Erik R. Fasten
1. 1. Computation of market-implied default probabilities No access Pages 127 - 134 Erik R. Fasten
  2. Stylised sovereign balance sheet No access Pages 134 - 135 Erik R. Fasten
  3. Sources of risk for the public balance sheet No access Pages 135 - 136 Erik R. Fasten
  4. Financial market rescue measures: Direct impact No access Pages 136 - 137 Erik R. Fasten
  5. Financial market rescue measures: Contingent liability No access Pages 137 - 138 Erik R. Fasten
  6. Risk-neutral default probabilities compared to rating assignments No access Pages 138 - 139 Erik R. Fasten
  7. Standard deviation of default probabilities of selected Euro area countries No access Pages 139 - 139 Erik R. Fasten
  8. Key variables applied in the panel estimations No access Pages 139 - 140 Erik R. Fasten
  9. Exposure of banks in sample countries No access Pages 140 - 143 Erik R. Fasten
2. 1. Institutional rules and deficits No access Pages 143 - 144 Erik R. Fasten
  2. Empirical results No access Pages 144 - 145 Erik R. Fasten
3. 1. Summary results No access Pages 145 - 146 Erik R. Fasten
  2. Erik R. Fasten
    1. Proof of Proposition 4 No access Erik R. Fasten
    2. Proof of Lemma 1 No access Erik R. Fasten
    3. Proof of Lemma 2 No access Erik R. Fasten
    4. Proof of Proposition 5 No access Erik R. Fasten
    5. Proof of Lemma 3 No access Erik R. Fasten
    6. Proof of Lemma 4 No access Erik R. Fasten
    7. Proof of Lemma 5 No access Erik R. Fasten
    8. Proof of Proposition 6 No access Erik R. Fasten
    9. Proof of Corollary 6 No access Erik R. Fasten
    10. Proof of Lemma 8 No access Erik R. Fasten
    11. Proof of Lemma 8 No access Erik R. Fasten
    12. Proof of Lemma 9 No access Erik R. Fasten
    13. Proof of Lemma 10 No access Erik R. Fasten
    14. Proof of Proposition 7 No access Erik R. Fasten
4. 1. Construction of the effective tax rate No access Pages 153 - 154 Erik R. Fasten
  2. Differences of the imputation systems: full imputation system No access Pages 154 - 155 Erik R. Fasten
  3. Differences of the imputation systems: half income system No access Pages 155 - 156 Erik R. Fasten
  4. Sources of variables No access Pages 156 - 157 Erik R. Fasten
  5. Price-Earnings Ratios in Selected Countries No access Pages 157 - 158 Erik R. Fasten
Bibliography No access Pages 159 - 169 Erik R. Fasten