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Author: Benno Ferrarini
Publisher: Routledge
ISBN: 0415522218
Category : Business & Economics
Languages : en
Pages : 227
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Book Description
Addressing the global financial crisis has required fiscal intervention on a substantial scale by governments around the world. The consequent buildup of public debt, in particular its sustainability, has moved to center stage in the policy debate. If the Asia and Pacific region is to continue to serve as an engine for global growth, its public debt must be sustainable. Public Debt Sustainability in Developing Asia addresses this issue for Asia and the Pacific as a whole as well as for three of the most dynamic economies in the region: the People’s Republic of China, India, and Viet Nam. The book begins with a discussion of the reasons for increased attention to debt-related issues. It also introduces fiscal indicators for the Asian Development. Bank’s developing member countries and economies. The sustainability of their debt is assessed through extant approaches and with the most up-to-date data sources. The book also surveys the existing literature on debt sustainability, outlining the main issues related to it, and discusses the key implications for the application of debt sustainability analysis in developing Asia. Also highlighted is the importance of conducting individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g., federal), and the like, as well as the impact of debt on interest rates. The book further provides in-depth debt sustainability analyses for the People’s Republic of China, India, and Viet Nam. Public Debt Sustainability in Developing Asia offers a comprehensive analytical and empirical update on the sustainability of public debt in the region. It breaks new ground in examining characteristics that are crucial to understanding sustainability and offers richer policy analysis that should prove useful for policymakers, researchers, and graduate students.
Author: Benno Ferrarini
Publisher: Routledge
ISBN: 0415522218
Category : Business & Economics
Languages : en
Pages : 227
Get Book Here
Book Description
Addressing the global financial crisis has required fiscal intervention on a substantial scale by governments around the world. The consequent buildup of public debt, in particular its sustainability, has moved to center stage in the policy debate. If the Asia and Pacific region is to continue to serve as an engine for global growth, its public debt must be sustainable. Public Debt Sustainability in Developing Asia addresses this issue for Asia and the Pacific as a whole as well as for three of the most dynamic economies in the region: the People’s Republic of China, India, and Viet Nam. The book begins with a discussion of the reasons for increased attention to debt-related issues. It also introduces fiscal indicators for the Asian Development. Bank’s developing member countries and economies. The sustainability of their debt is assessed through extant approaches and with the most up-to-date data sources. The book also surveys the existing literature on debt sustainability, outlining the main issues related to it, and discusses the key implications for the application of debt sustainability analysis in developing Asia. Also highlighted is the importance of conducting individual country studies in view of wide variations in definitions of public expenditure, revenues, contingent liabilities, government structures (e.g., federal), and the like, as well as the impact of debt on interest rates. The book further provides in-depth debt sustainability analyses for the People’s Republic of China, India, and Viet Nam. Public Debt Sustainability in Developing Asia offers a comprehensive analytical and empirical update on the sustainability of public debt in the region. It breaks new ground in examining characteristics that are crucial to understanding sustainability and offers richer policy analysis that should prove useful for policymakers, researchers, and graduate students.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149832892X
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
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Author: Alfred Greiner
Publisher: Springer
ISBN: 3319093487
Category : Business & Economics
Languages : en
Pages : 284
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Book Description
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.
Author: Hari Krishna Dwivedi
Publisher: Oxford University Press
ISBN: 0198903138
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
In 2020, for the first time in history, the world's debt as a percentage of its gross domestic product exceeded 100%. Although it has come down slightly since then, there are concerns about where the next debt crisis will happen, given that Pakistan and Sri Lanka have already found themselves in debt crises. India's overall fiscal health and macro-economic conditions remain stable, but the same may not be completely true when the discussion shifts to India's subnational entities. In Debt Sustainability of Subnational Governments in India: Lessons from International Debt Crises, Dwivedi attempts to answer this question by analysing the debt sustainability of the states in the context of many emerging issues and challenges to their fiscal health with the aim of providing usable and practical recommendations that can ensure the fiscal health of the subnational governments in India and across the world. Focusing on the state or provincial governments, Dwivedi addresses the debt that the government undertakes to fund its programmes and examines whether such governments are indulging in taking excessive debt. Some of the aspects covered in the book include international experiences with excessive borrowings or debt creation and the learnings from these experiences, trends of state government debt (subnational debt), emerging issues that pose challenges to state finances, and recommendations to control debt from spiralling out of control.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403
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Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author: Pinaki Chakraborty
Publisher: Oxford University Press
ISBN: 0198930453
Category : Business & Economics
Languages : en
Pages : 424
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Book Description
Over time, the scope of public finance, as a branch of economics, has expanded with the changing role of governments. When considered from the positive as well as normative perspectives, this subject is no longer confined to the understanding of only public revenue or taxation, public expenditure, and public debt. Issues related to climate finance and climate change, environmental federalism, and the trans-jurisdictional implications of global public goods have emerged as themes of critical relevance. When it comes to public financial management, several new areas have become relevant for policy, including the understanding of fiscal transparency, legislative control over borrowing, and the establishment of independent fiscal institutions such as fiscal councils. Fiscal Policy and Public Financial Management presents a range of contributions dealing with the evolving frontiers of research on the subject. It highlights specific themes related to direct and indirect taxes, tax evasion, public expenditure and debt, fiscal and environmental federalism, fiscal transparency, budget management, climate change and climate finance, and public sector investment appraisals. The diverse array of issues covered in this volume thus provides important analytical insights on the complexity and challenges of fiscal management in India and the emerging issues in public financial management, including climate finance.
Author: Saiyed Raza Hashim
Publisher: Springer Nature
ISBN: 9811901856
Category : Business & Economics
Languages : en
Pages : 464
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Book Description
This book presents perspectives by eminent economists, social scientists and policy makers, exploring in depth the post-reform developments in India, including issues pertaining to growth and equity, issues which have been at the core of life-time work of Prof. R. Radhakrishna. The book brings out how some public policy instruments created to promote growth have turned out to be regressive, promoting inequalities and creating a highly asymmetric federalism in India. It examines the efficacy of fiscal and monetary reforms and also emphasises the need for strengthening the institutions of governance, particularly judiciary and police, in order to boost investors’ confidence. It presents exercises in econometric modelling for explaining factors in growth and vetting policies, and explores the issue of governance and institutions. The book provides insights into the working of an emerging economy and a large democracy which has to strive for public acceptability of the tensions of its negotiations between equity and growth. With its depth of academic excellence and breadth of topics covered, it is a ‘must read’ for researchers, policy makers, industry watchers, think tanks, and NGOs.
Author: Craig Burnside
Publisher: World Bank Publications
ISBN: 9780821358740
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
Topics discussed in this publication include: an introduction to theoretical and practical aspects of fiscal sustainability; theoretical prerequisites for fiscal sustainability analysis; debt indicators in the measurement of vulnerability; cyclical adjustment of budget surplus; pro-cyclical fiscal policy using Mexico's fiscal accounts as a case study; fiscal rules and the experience of Chile; currency crises and models for deal with financing costs.
Author: Sheoli Pargal
Publisher: World Bank Publications
ISBN: 146480303X
Category : Business & Economics
Languages : en
Pages : 133
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Book Description
This review of the Indian power sector at the state level finds that priority should be given to implementing a robust regulatory framework and governance practices to ensure better utility performance.
Author: Martin Melecky
Publisher: World Bank Publications
ISBN: 1464816689
Category : Business & Economics
Languages : en
Pages : 271
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Book Description
The COVID-19 crisis, which has sent economies in South Asia and around the world into a deep recession, has highlighted South Asia’s rising debt levels and sizable hidden liabilities. State-owned enterprises, state-owned commercial banks, and public-private partnerships have been at the center of the rising debt wave and the latest pandemic response. Historically,South Asia has relied on these direct public interventions more than other regions. The interventions have helped governments tackle key development challenges and rapidly deliver relief measures during crises. However, because of their inefficiencies and weak governance, the interventions are also a significant source of public indebtedness and macrofinancial risks. Hidden Debt examines the trade-off between tackling development challenges through direct state presence in the market and avoiding unsustainable debt due to economic inefficiencies of such off†“balance sheet operations, which greatly leverage public capital. The study recommends a reform agenda based on the four interrelated principles of purpose, incentives, transparency, and accountability (PITA). The reforms can mitigate the risks that off†“balance sheet operations will become the source of the next financial crisis in South Asia.
