Sustainability of Public Debt
AbstractIn recent decades, governments have built up substantial public debt, which is often accompanied by a growing public sector and fiscal policies that neglect long-term considerations. The contributors to this CESifo volume consider whether the development of public debt in the United States and six EU countries is sustainable--that is, whether fiscal policies in these countries can be continued without creating the potential for government bankruptcy. The sustainability of public debt presents a challenge not only to public policy design but also to economic theory. This collection is the first book-length analysis of the theoretical foundations of public debt sustainability concepts and their application to the empirical study of actual budgetary policies. Conditions for public debt sustainability are derived and applied to various institutional environments. Country studies cover the United States, Italy, the Netherlands, Austria, Denmark, the United Kingdom, and Switzerland, with special emphasis in the EU chapters on the fiscal criteria for entrance into the European Monetary Union and the Stability and Growth Pact. The contributors find that in most countries, fiscal policy turns out to be sustainable in the long run and that all countries (with the possible exception of Italy) were able to return to a sustainable path after a period of unsustainability.
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Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262140985 and published in 2008.
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public debt; United States; Italy; Netherlands; Austria; Denmark; United Kingdom; Switzerland;
Find related papers by JEL classification:
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
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- Gebhard Kirchgässner & Silika Prohl, 2006.
"Sustainability of Swiss Fiscal Policy,"
CESifo Working Paper Series
1689, CESifo Group Munich.
- Andrew Hughes Hallett, 2008. "Sustainable fiscal policies and budgetary risk under alternative monetary policy arrangements," Economic Change and Restructuring, Springer, vol. 41(1), pages 1-28, March.
- Giancarlo Corsetti & Michael P. Devereux & Luigi Guiso & John Hassler & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2010. "Chapter 4: US adjustment needs," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 101-110, 02.
- Andrew Hughes Hallett & Svend Jensen, 2011. "Stable and enforceable: a new fiscal framework for the Euro area," International Economics and Economic Policy, Springer, vol. 8(3), pages 225-245, September.
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