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Saving, Investment, Government Finance And The Current Account: The Dutch Experience

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  • KEUZENKAMP, H.A.
  • VAN DER PLOEG, F.

Abstract

The problems experienced by the Dutch economy during the last seven years are discussed, problems for future development of the Dutch economy pinpointed and the political-economic debate in the Netherlands surveyed. Ten rules for sound government finance are formulated, and it is argued that the political reality of budget cuts has led to the crowding-out of government investment. Consequently, government productive assets have not kept up with the explosion of government debt, so the net worth of the public sector has declined since 1982. Dutch monetary policy is geared towards the discipline of not using seigniorage for government finance and pegging the stock of nominal government debt. Consumption smoothing suggests that, given liberalized capital markets, investment should be financed through the current account of the the balance of payments, but little evidence can be found for this. This may be due to the `structural budget deficit' rule which has been implemented by Jelle Zijlstra.

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Bibliographic Info

Paper provided by Tilburg - Center for Economic Research in its series Papers with number 9049.

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Length: 55 pages
Date of creation: 1990
Date of revision:
Handle: RePEc:fth:tilbur:9049

Contact details of provider:
Postal: TILBURG UNIVERSITY, CENTER FOR ECONOMIC RESEARCH, 5000 LE TILBURG THE NETHERLANDS.
Phone: 31 13 4663050
Fax: 31 13 4663066
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Web page: http://center.uvt.nl/
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Related research

Keywords: monetary policy ; investments ; debt;

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References

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  1. Barro, Robert J., 1979. "On the Determination of the Public Debt," Scholarly Articles 3451400, Harvard University Department of Economics.
  2. Begg, David K. H., 1988. "The advantage of tying one's hands: EMS discipline and Central Bank credibility : Francesco Giavazzi and Marco Pagano," European Economic Review, Elsevier, vol. 32(5), pages 1075-1077, June.
  3. Mankiw, N. Gregory, 1987. "The optimal collection of seigniorage : Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 327-341, September.
  4. Lawrence H. Summers, 1989. "Tax Policy and International Competitiveness," NBER Working Papers 2007, National Bureau of Economic Research, Inc.
  5. repec:fth:harver:1463 is not listed on IDEAS
  6. Obstfeld, Maurice, 1988. "The advantage of tying one's hands: EMS discipline and Central Bank credibility : Francesco Giavazzi and Marco Pagano," European Economic Review, Elsevier, vol. 32(5), pages 1077-1082, June.
  7. Rudiger Dornbusch, 1989. "Credibility, Debt and Unemployment: Ireland's Failed Stabilization," NBER Working Papers 2785, National Bureau of Economic Research, Inc.
  8. Braverman, A. & Stiglitz, J.E., 1988. "Credits Rationing, Tenancy, Productivity, And Inequality," Papers 25, Princeton, Woodrow Wilson School - Discussion Paper.
  9. Van Der Ploeg, F., 1990. "Budgetary Aspects Of Economic And Monetary Integration Inn Europe," Papers 9037, Tilburg - Center for Economic Research.
  10. Francesco Giavazzi & Marco Pagano, 1991. "The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330 National Bureau of Economic Research, Inc.
  11. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June.
  12. Keuzenkamp, Hugo & van der Ploeg, Frederick, 1990. "Perceived Constraints for Dutch Unemployment Policy," CEPR Discussion Papers 438, C.E.P.R. Discussion Papers.
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Citations

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Cited by:
  1. Reuven Glick & Michael Hutchison, 1992. "Fiscal policy in monetary unions: implications for Europe," Working Papers in Applied Economic Theory 92-02, Federal Reserve Bank of San Francisco.
  2. Ploeg, F. van der, 1990. "Short-sighted politicians and erosion of government assets," Discussion Paper 1990-69, Tilburg University, Center for Economic Research.

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