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Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for models with complete labor markets as well as taking into account labor market imperfections. The focus in this book is on fiscal policy issues, but it also deals with monetary policy aspects. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.
Starting point of this book is the observation that an increase in public debt must be accompanied by a rise in the primary surplus of the government to guarantee sustainability of public debt. The book first elaborates on that principle from a theoretical point of view and then tests whether empirical evidence for that rule can be found. Additional tests are implemented to gain further evidence on sustainability of public debt. In order to allow for time varying coefficients penalized spline estimations are performed. The theoretical chapters present endogenous growth models and assume that the primary surplus rises as public debt increases so that sustainability of public debt is given. Implications of public deficits and debt are studied assuming full employment and for unemployment. The conclusion summarizes the findings and compares the results of the different models. Finally, policy implications are given showing how governments should deal with high public debt to GDP ratios.
Jacob Henry Schiff (1847–1920), a German-born American Jewish banker, facilitated critical loans for Japan in the early twentieth century. Working on behalf of the firm of Kuhn, Loeb & Co., Schiff’s assertiveness in favour of Japan separated him from his fellow German Jewish financiers and the banking establishment generally. This book’s analysis differs from the consensus that Schiff funded Japan largely out of enmity towards Russia but rather sought to work with Japan for over thirty years. This was as much a factor in his actions surrounding the Russo-Japanese War (1904–1905) as his concern to thwart Russian antisemitism. Of interest to financial historians alongside Japanese historians and academics of both genres, this book provides a lively and thoroughly researched volume that precisely focuses on Schiff’s mastery of banking.
该书在开放宏观的视角下,运用理论与实证、历史与比较的分析方法,在分析美国政府债务演进的基础上,结合经验数据对美国政府债务的风险和可持续性进行了实证研究,试图揭示美国债务未来发展方向,并对债务调整及其溢出影响进行了深入剖析,尤其对美国政府债务调整对中国的溢出影响进行了进一步分析,并提出相应政策建议。
Die Staatsverschuldung hat in den meisten westlichen Industrieländern mittlerweile so hohe Ausmaße erreicht, dass ihre Beherrschung zum größten Thema und zur schwierigsten Aufgabe der Politik geworden ist – und es auf lange Zeit bleiben wird. In klaren, für Leser ohne ökonomische Vorbildung verständlichen Worten erläutern Hanno Beck und Aloys Prinz in diesem Band die wichtigsten Begriffe, Fakten und Zusammenhänge, die man über Staatsverschuldung wissen muss. Die Autoren stellen die maßgebenden Argumente für und wider Staatsverschuldung vor und erklären, wie es zu den hohen Schuldenständen in Deutschland und anderen Ländern kommen konnte, und welche Auswirkungen das auf unsere Wirtschaft hat. Der Politik bleiben immer weniger Möglichkeiten, die Schulden zu begrenzen und die aktuelle Euro-Krise zu überwinden.
This contributed volume combines approaches of the current inequality debate with aspects of finance based on profound macroeconomic model analyses. Research on inequality has had a long tradition in economics. With the financial crisis from 2007, not only output decreased tremendously, but also inequality has risen since then. The book presents selected contributions of a workshop held at Bielefeld University in 2016 and features additional papers written by experts in the field. A mixture of established researchers and young scholars presents both theoretical and empirical frameworks to analyze the subject.
The methods described here include eigenvalue estimates and reduction techniques for lower bounds, parallelization, genetic algorithms, polyhedral approaches, greedy and adaptive search algorithms.
Ancient Knowledge Networks is a book about how knowledge travels, in minds and bodies as well as in writings. It explores the forms knowledge takes and the meanings it accrues, and how these meanings are shaped by the peoples who use it.Addressing the relationships between political power, family ties, religious commitments and literate scholarship in the ancient Middle East of the first millennium BC, Eleanor Robson focuses on two regions where cuneiform script was the predominant writing medium: Assyria in the north of modern-day Syria and Iraq, and Babylonia to the south of modern-day Baghdad. She investigates how networks of knowledge enabled cuneiform intellectual culture to endure and ...
In her book, Juliane Kanitz not only examines the frequently asked question of why Muslim women wear a headscarf, but also concentrates on how it is worn. She is concerned with the cultural, aesthetic and fashionable preferences of women and not primarily with the religious motives that are otherwise often the focus of attention. In addition to a contribution to research on the Muslim headscarf, the author presents theoretical and empirical supplements to Islamic fashion and Islam in Germany as a whole. She also discusses the debate on Europeanization, in which arguments against Muslims are put forward, and develops some perspectives on the topic of the headscarf in Germany that have not yet been taken into account, made possible by the new perspective of fashion.