Monetary and fiscal policy coordination with a high public debt
Monetary policy in Italy has large repercussions on the size of the government budget. wp449.pdf by Debt Free on Scribd
Monetary policy in Italy has large repercussions on the size of the government budget. wp449.pdf by Debt Free on Scribd
This paper analyses the Granger-causality relationship between the growth of the real GDP per capita and the public debt, here represented by the ratio of the current primary surplus/GDP and the ratio of the gross Government debt/GDP. getFile24.pdf by Debt Free on Scribd
We study firms that reduced private debt by repaying bank loans with proceeds from junk bonds. Thedebt contracts differ dramatically, and the contractual restrictions in bank debt are tighter. Samplefirms are profitable, but experience operating earnings declines just prior to the junk bond issues. Theearnings declines further tighten restrictions in bank debt, and the firms…
The worldwide growth slowdown after 1975 was a major negative fiscalshock; lower growth lowers the present value of tax revenues and primary surpluses and thus makes a given level of debt more burdensome. Most countries failed to adjust to thenegative fiscal consequences of the growth implosion and so public debt to GDP ratiosexploded. The growth…