Public Debt Sustainability

Barry W. Poulson; John Merrifield; Steve H. Hanke

doi:10.5771/9781666902570

Summary

As countries recover from the coronavirus pandemic, they are confronted with an even more challenging debt crisis. Xavier Debrun argues in the foreword that in deciding where we go from here that there is no longer a consensus regarding the optimum design and enforcement of fiscal rules. Rather we must address a series of questions and challenges to the conventional wisdom. This book provides an opportunity for scholars to explore these questions from an international perspective, with reference to European countries, and emerging nations as well as the United States.

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Bibliographic data

Copyright year: 2022
ISBN-Print: 978-1-6669-0256-3
ISBN-Online: 978-1-6669-0257-0
Publisher: Lexington, Lanham
Language: English
Pages: 376
Product type: Edited Book

1. Contents No access
2. 1. Note No access
3. Acknowledgments No access
1. Low Debtor Countries No access
2. High Debtor Emerging Nations No access
3. High Debtor Developed Nations No access
4. Questions Explored in This Book No access
5. Notes No access
6. References No access
1. 1. Introduction: Missed Opportunities No access
  2. “No One’s Talking about It”. . . So Talk about It No access
  3. Rules: The Landscape for Deliberation No access
  4. Organizing for Reform No access
  5. Proposals with Potential No access
  6. When Opportunity Knocks No access
  7. Conclusion: Be Prepared No access
  8. Notes No access
  9. References No access
2. 1. The Climacteric in U.S. Economic Growth No access
  2. Debt Fatigue in the United States No access
  3. Monetary Rules and Monetary Policy No access
  4. Designing New Fiscal Rules No access
  5. Conclusion No access
  6. Notes No access
  7. References No access
1. 1. Introduction1 No access
  2. Swedish Public Debt from 1750 to 2020 No access
  3. The Evolution of the Present Swedish Fiscal Framework No access
  4. The Future of the Swedish Fiscal Framework No access
  5. The Corona Crisis and Public Debt No access
  6. Can and Should Sweden Serve as an Example for Other Countries? No access
  7. Conclusion No access
  8. Notes No access
  9. References No access
2. 1. Introduction No access
  2. Background to the Creation of the Debt Brake No access
  3. The Design of the Debt Brake No access
  4. Reforms and Challenges No access
  5. Concluding Remarks No access
  6. Notes No access
  7. References No access
3. 1. Introduction No access
  2. Short History of Fiscal Rules in Germany No access
  3. The “Debt Brake” in Detail No access
  4. Success Factors No access
  5. Challenges No access
  6. Conclusion No access
  7. Notes No access
  8. References No access
1. 1. A Stroll Down Memory Lane No access
  2. Types of Exchange Rate Regimes No access
  3. Currency Boards No access
  4. The Indonesian Currency Board Affair No access
  5. Argentina’s Convertibility System Was Not a Currency Board No access
  6. Dollarization No access
  7. “Dollarization” in Panama, Montenegro, Zimbabwe, and Ecuador No access
  8. A Currency Doctor’s Rules of the Road No access
  9. Lessons Learned from Milton Friedman No access
  10. The Currency Board Critics’ Clichés No access
  11. Currency Boards and Dollarization Deliver Hard Budget Constraints No access
  12. A Currency Doctor Prepares for His Next Patient No access
  13. Note No access
  14. References No access
2. 1. Introduction No access
  2. The Debate on Fiscal Rules No access
  3. Public Debt and Fiscal Rules in Emerging Markets No access
  4. Concluding Remarks No access
  5. Notes No access
  6. References No access
3. 1. Introduction No access
  2. The Peronist Economic Policy Paradigm No access
  3. The Economic Consequences of Peronism No access
  4. Digression: Rules and Monetary Stability No access
  5. Conclusion No access
  6. Notes No access
  7. References No access
1. 1. Subsidized Financial Repression No access
  2. Decreased Private Investment No access
  3. Credit Market Distortions No access
  4. Increased Political Risk for the Fed No access
  5. More Accessible Money Spigot No access
  6. Weakened Monetary Policy Effectiveness No access
  7. The Federal Reserve’s Pre-2008 Operating Framework No access
  8. Interest on Excess Reserves: The Fed’s Post-2008 Operating Framework No access
  9. The Fed’s New Framework, Fiscal Policy, and COVID-19 No access
  10. Exotic Monetary Policy and Systemic Fiscal Imbalances No access
  11. Conclusion No access
  12. Notes No access
  13. References No access
2. 1. Introduction No access
  2. Debt Crisis 1: The Great Recession No access
  3. Federal Reserve Response to the 2008 Crisis No access
  4. Federal Reserve’s Role in the Great Recession Debt Expansion No access
  5. Is There an Inflation Mystery in the Federal Reserve’s Response to the First Debt Crisis? No access
  6. The Years between the Two Debt Crises No access
  7. Debt Crisis 2: The COVID-19 Pandemic No access
  8. Back to the Federal Debt Crisis No access
  9. Conclusion No access
  10. Notes No access
3. 1. Introduction No access
  2. The Relevance of the Argentine Case No access
  3. Argentina’s Fiscal and Monetary Anomie in Historical Context No access
  4. The Argentine Disease: A Brief Historical Background No access
  5. Populism, Anomie, Culture, and Institutions No access
  6. Argentina, Chile, and Uruguay in Comparative Perspective No access
  7. Conclusion No access
  8. Notes No access
  9. References No access
1. 1. Introduction: The Centrality of Entitlement Reform to Fiscal Reform No access
  2. The Historical Roots of Social Security’s Financing Shortfall No access
  3. Persistent Failure to Stabilize Social Security Finances No access
  4. Strengthening Social Security’s Finances through Automatic Adjustment Mechanisms No access
  5. Budget Implications of Medicare Trust Fund Financing No access
  6. Persistent Failure to Stabilize Medicare Finances No access
  7. Medicaid No access
  8. Tax Expenditures and Other Entitlement Programs No access
  9. Automatic Stabilizers in the General Federal Budget No access
  10. Automatic Process Solutions No access
  11. Conclusion No access
  12. Notes No access
  13. References No access
2. 1. Introduction No access
  2. The Inadequacy of Pay-As-You-Go Trust Fund Accounting No access
  3. Growing Use of Accrual Accounting in Government Fiscal Assessments No access
  4. The Financial Report of the U.S. Government No access
  5. The Annual Trustees’ Reports and the Federal Budget Process No access
  6. A Reform Framework No access
  7. Conclusion No access
  8. Notes No access
  9. References No access
Appendix A No access Pages 353 - 356
Appendix B No access Pages 357 - 362
Index No access Pages 363 - 368
About the Editors No access Pages 369 - 370
About the Contributors No access Pages 371 - 376