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Book part
Publication date: 19 February 2020

Christina Laskaridis

After the end of the Napoleonic War, few issues of public policy dominated discussions in England as fervently as the issue of currency and the national debt. A time of civil…

Abstract

After the end of the Napoleonic War, few issues of public policy dominated discussions in England as fervently as the issue of currency and the national debt. A time of civil unrest and social radicalisation, the circulation of ideas and pamphlets was prolific. The difficulties of post-war reconstruction sparked a long debate on issues of monetary reform and repayment of the national debt. The growth of national debt increased the size of the financial market and had important consequences for a changing class dynamic in domestic political affairs. The distributional aspects of the conflict were present, as was the satirical mockery of mishandling of public affairs. In much of the subsequent scholarship the organisation of taxation and expenditure, and the financial system and the issue of currency have been analysed as separate. This chapter brings them together. In particular, it focuses on Ricardo’s monetary thought and his views on public finance and contextualises them in light of his contemporaries.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought
Type: Book
ISBN: 978-1-83867-699-5

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Article
Publication date: 1 May 1997

Anghel N. Rugina

The equation of unified knowledge says that S = f (A,P) which means that the practical solution to a given problem is a function of the existing, empirical, actual realities and…

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Abstract

The equation of unified knowledge says that S = f (A,P) which means that the practical solution to a given problem is a function of the existing, empirical, actual realities and the future, potential, best possible conditions of general stable equilibrium which both pure and practical reason, exhaustive in the Kantian sense, show as being within the realm of potential realities beyond any doubt. The first classical revolution in economic thinking, included in factor “P” of the equation, conceived the economic and financial problems in terms of a model of ideal conditions of stable equilibrium but neglected the full consideration of the existing, actual conditions. That is the main reason why, in the end, it failed. The second modern revolution, included in factor “A” of the equation, conceived the economic and financial problems in terms of the existing, actual conditions, usually in disequilibrium or unstable equilibrium (in case of stagnation) and neglected the sense of right direction expressed in factor “P” or the realization of general, stable equilibrium. That is the main reason why the modern revolution failed in the past and is failing in front of our eyes in the present. The equation of unified knowledge, perceived as a sui generis synthesis between classical and modern thinking has been applied rigorously and systematically in writing the enclosed American‐British economic, monetary, financial and social stabilization plans. In the final analysis, a new economic philosophy, based on a synthesis between classical and modern thinking, called here the new economics of unified knowledge, is applied to solve the malaise of the twentieth century which resulted from a confusion between thinking in terms of stable equilibrium on the one hand and disequilibrium or unstable equilibrium on the other.

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International Journal of Social Economics, vol. 24 no. 5
Type: Research Article
ISSN: 0306-8293

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Book part
Publication date: 15 April 2020

Alexander Chudik, M. Hashem Pesaran and Kamiar Mohaddes

This chapter contributes to the growing global VAR (GVAR) literature by showing how global and national shocks can be identified within a GVAR framework. The usefulness of the…

Abstract

This chapter contributes to the growing global VAR (GVAR) literature by showing how global and national shocks can be identified within a GVAR framework. The usefulness of the proposed approach is illustrated in an application to the analysis of the interactions between public debt and real output growth in a multicountry setting, and the results are compared to those obtained from standard single country VAR analysis. We find that on average (across countries) global shocks explain about one-third of the long-horizon forecast error variance of output growth, and about one-fifth of the long-run variance of the rate of change of debt-to-GDP. Evidence on the degree of cross-sectional dependence in these variables and their innovations are exploited to identify the global shocks, and priors are used to identify the national shocks within a Bayesian framework. It is found that posterior median debt elasticity with respect to output is much larger when the rise in output is due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross-country average of the median debt elasticity is 1.45 when the rise in output is due to a fiscal expansion as compared to 0.76 when the rise in output follows from a favorable output shock.

Book part
Publication date: 18 December 2007

Klas Fregert and Roger Gustafsson

We construct yearly fiscal series for Sweden between 1719 and 2003 including expenditures, revenues, deficits and debt. We present measures for the fiscal branch of the central…

Abstract

We construct yearly fiscal series for Sweden between 1719 and 2003 including expenditures, revenues, deficits and debt. We present measures for the fiscal branch of the central government as well as for the consolidated fiscal and monetary branch, which includes fiscal seigniorage. We evaluate the reliability and consistency of the series by calculating the difference between budget deficits and the change in debt to test if the differences are serially uncorrelated around zero, which we confirm.

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Research in Economic History
Type: Book
ISBN: 978-1-84950-459-1

Article
Publication date: 29 August 2022

Amanpreet Kaur, Vikas Kumar, Rahul Sindhwani, Punj Lata Singh and Abhishek Behl

Due to the financial disturbances created by the COVID-19 pandemic and the burden on the government exchequer, it is expected to see a rise in the knowledge base of the research…

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Abstract

Purpose

Due to the financial disturbances created by the COVID-19 pandemic and the burden on the government exchequer, it is expected to see a rise in the knowledge base of the research corpus so far as the government's fiscal sustainability is concerned. Therefore, the present research examines a systematic quantitative analysis of public debt sustainability research by applying a bibliometric approach. Research also analyzes journals, institutions, countries and authors contributing to public debt sustainability.

Design/methodology/approach

This paper scrutinizes the published scientific research on public debt sustainability based on the dataset of 535 articles from 1991 to 2021 obtained from the Scopus database. Biblioshiny (R-based application) and VoSviewer software were used to perform bibliometric analysis through Performance analysis and science mapping techniques. The authors combined co-citation analysis (CCA), bibliometric analysis, keyword co-occurrence analysis (KCA) and a conceptual thematic map of the most cited articles to find the intellectual structure.

Findings

The research identified three dominating clusters, e.g. fiscal sustainability and policy rules, empirical sustainability testing and debt and growth dynamics. Another finding was that most articles were analytical and empirical and few descriptive articles were found. Owing to the empirical nature of the domain, the issues concerning public debt sustainability have continued to change over the past decades for different economies, reflecting the complexity and diversity of economic structures of different economies at different times.

Originality/value

The insight of this article provides academicians and researchers with a more refined comprehension of the conceptual and intellectual structure of the research corpus. The present research complements the existing literature review studies by pushing the research towards emerging or less developed issues such as financial and debt crises.

Details

International Journal of Emerging Markets, vol. 19 no. 4
Type: Research Article
ISSN: 1746-8809

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Book part
Publication date: 20 March 2023

Ndongo Samba Sylla

This chapter addresses the issue of the Global South external debt by mobilizing insights from Modern Monetary Theory, Ecological Economics, and Dependency Theory. It argues that…

Abstract

This chapter addresses the issue of the Global South external debt by mobilizing insights from Modern Monetary Theory, Ecological Economics, and Dependency Theory. It argues that the external debt problem of Southern governments is a reflection of their subordinate economic and monetary status. It shows why the argument of foreign currency shortage often used to explain the need for Southern governments to issue foreign currency debts remains superficial. In contrast to the usual focus on creditors, the chapter highlights the role played by foreign direct investment in the genesis of the chronic external indebtedness of most Southern countries. It argues then that the external debt of the South must be understood holistically not only as a manifestation of the unequal ecological exchange between the North and the South but also as an instrument that has contributed to reproducing and amplifying this pattern. Under these conditions, the cancellation or restructuring of the South's external debt stock and a few other unlikely concessions by the Northern countries will not be enough to abolish the “debt system.” This is an important lesson from the antiimperialist critique of the mid-1970s New International Economic Order (NIEO) agenda that current movements for Southern debt cancellation and Climate Justice would do well to remember.

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Imperialism and the Political Economy of Global South’s Debt
Type: Book
ISBN: 978-1-80262-483-0

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Article
Publication date: 18 October 2022

Nicholas Apergis

This study explores the role of rising US student loan debt in explaining income inequality.

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Abstract

Purpose

This study explores the role of rising US student loan debt in explaining income inequality.

Design/methodology/approach

The study uses the autoregressive distributed lag (ARDL) modeling approach to explore the short- and long-run impact of college debt on income inequality in the US through quarterly data over the period 2000–2019.

Findings

The results demonstrate the detrimental impact of student debt on national and regional income inequality. Moreover, the regional analysis highlights a more pronounced impact of student debt on income distribution in South and West regions. The findings document that these regions, with the lower student debt proportions, have the lowest average cost of attending college. Finally, the analysis explores two potential channels – i.e. race and homeownership – that could explain the link between college student debt and income inequality.

Practical implications

The results can be helpful for policymakers and researchers to formulate practical approaches for assessing and addressing the rising national student debt and income inequality.

Originality/value

This is the first, to the best of the author's knowledge, study that explores the impact of US college debt on income inequality.

Article
Publication date: 1 May 1996

Uzir A. Malik

Privatisation which was made popular as a policy instrument in the western economies during the early 1980s has now become a global economic phenomenon. The Malaysian response to…

Abstract

Privatisation which was made popular as a policy instrument in the western economies during the early 1980s has now become a global economic phenomenon. The Malaysian response to it, however, was relatively early. When the Thatcher government in Britain and the Reagan administration in the United States started their economic liberalisation policy during the period, the Malaysian government under the administration of Prime Minister Dr Mahathir Mohamed immediately saw its potential not only in balancing the role of government and the private sector but also as instruments for lessening the national debt burden and attaining national economic restructuring.

Details

Managerial Finance, vol. 22 no. 5
Type: Research Article
ISSN: 0307-4358

Expert briefing
Publication date: 22 June 2017

Nigeria's state debts.

Details

DOI: 10.1108/OXAN-DB221671

ISSN: 2633-304X

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Geographic
Topical
Article
Publication date: 17 May 2011

Peter Yeoh

The purpose of this paper is to discuss and evaluate the sovereign default restructuring options in the European Monetary Union (EMU).

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Abstract

Purpose

The purpose of this paper is to discuss and evaluate the sovereign default restructuring options in the European Monetary Union (EMU).

Design/methodology/approach

The paper examines financial policy options from a politico‐economic‐legal perspective. It relies primarily on secondary data analysis.

Findings

Sovereign default restructuring an unthinkable phenomenon in the hitherto affluent EMU could now be a possibility because of the lack of political cohesion and the realities of two‐speed European Union.

Research limitations/implications

The paper relies extensively on secondary data. Future research through empirical multiple case studies would enrich the insights of this paper.

Practical implications

Insights from the paper would be of benefit to lawmakers, financial supervisors, financial institutions and investors in general.

Originality/value

The paper's main value lies in its use of multiple lenses to evaluate a serious financial issue in the EMU.

Details

International Journal of Law and Management, vol. 53 no. 3
Type: Research Article
ISSN: 1754-243X

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