Details

"This book examines the issue of debt sustainability from an international perspective, with reference to European countries, emerging nations, and the United States"--.

• Cover
• Half Title
• Title Page
• Copyright Page
• Contents
• Foreword
  • Note
• Acknowledgments
• Introduction
  • Low Debtor Countries
  • High Debtor Emerging Nations
  • High Debtor Developed Nations
  • Questions Explored in This Book
  • Notes
  • References
• Part I: Rules-Based Fiscal Policy in the United States
• Chapter 1: Organizing Congress for Budget Reforms
  • Introduction: Missed Opportunities
  • “No One’s Talking about It”. . . So Talk about It
  • Rules: The Landscape for Deliberation
  • Organizing for Reform
  • Proposals with Potential
  • When Opportunity Knocks
  • Conclusion: Be Prepared
  • Notes
  • References
• Chapter 2: Debt Fatigue and the Climacteric in U.S. Economic Growth
  • The Climacteric in U.S. Economic Growth
  • Debt Fatigue in the United States
  • Monetary Rules and Monetary Policy
  • Designing New Fiscal Rules
  • Conclusion
  • Notes
  • References
• Part II: Rules-Based Fiscal Policy in Europe
• Chapter 3: Preparing for the Next Crisis: Lessons from the Successful Swedish Fiscal Framework
  • Introduction1
  • Swedish Public Debt from 1750 to 2020
  • The Evolution of the Present Swedish Fiscal Framework
  • The Future of the Swedish Fiscal Framework
  • The Corona Crisis and Public Debt
  • Can and Should Sweden Serve as an Example for Other Countries?
  • Conclusion
  • Notes
  • References
• Chapter 4: The Swiss Federal Debt Brake and Its Unbudgeted Surpluses
  • Introduction
  • Background to the Creation of the Debt Brake
  • The Design of the Debt Brake
  • Reforms and Challenges
  • Concluding Remarks
  • Notes
  • References
• Chapter 5: The German “Debt Brake”: Success Factors and Challenges1
  • Introduction
  • Short History of Fiscal Rules in Germany
  • The “Debt Brake” in Detail
  • Success Factors
  • Challenges
  • Conclusion
  • Notes
  • References
• Part III: Rules-Based Fiscal and Monetary Policy in Emerging Nations
• Chapter 6: A Money Doctor’s Reflections on Currency Reforms and Hard Budget Constraints1
  • A Stroll Down Memory Lane
  • Types of Exchange Rate Regimes
  • Currency Boards
  • The Indonesian Currency Board Affair
  • Argentina’s Convertibility System Was Not a Currency Board
  • Dollarization
  • “Dollarization” in Panama, Montenegro, Zimbabwe, and Ecuador
  • A Currency Doctor’s Rules of the Road
  • Lessons Learned from Milton Friedman
  • The Currency Board Critics’ Clichés
  • Currency Boards and Dollarization Deliver Hard Budget Constraints
  • A Currency Doctor Prepares for His Next Patient
  • Note
  • References
• Chapter 7: Fiscal Rules and Public Debt: An Emerging Market Perspective1
  • Introduction
  • The Debate on Fiscal Rules
  • Public Debt and Fiscal Rules in Emerging Markets
  • Concluding Remarks
  • Notes
  • References
• Chapter 8: Populist Economic Thought: The Legacy of Juan Domingo Perón
  • Introduction
  • The Peronist Economic Policy Paradigm
  • The Economic Consequences of Peronism
  • Digression: Rules and Monetary Stability
  • Conclusion
  • Notes
  • References
• Part IV: Is Non-Conventional Monetary Policy Supporting or Undermining Fiscal Stabilization Policy?
• Chapter 9: Monetary Policy and the Worsening U.S. Debt Crisis
  • Subsidized Financial Repression
  • Decreased Private Investment
  • Credit Market Distortions
  • Increased Political Risk for the Fed
  • More Accessible Money Spigot
  • Weakened Monetary Policy Effectiveness
  • The Federal Reserve’s Pre-2008 Operating Framework
  • Interest on Excess Reserves: The Fed’s Post-2008 Operating Framework
  • The Fed’s New Framework, Fiscal Policy, and COVID-19
  • Exotic Monetary Policy and Systemic Fiscal Imbalances
  • Conclusion
  • Notes
  • References
• Chapter 10: The Federal Reserve and the Debt Crises
  • Introduction
  • Debt Crisis 1: The Great Recession
  • Federal Reserve Response to the 2008 Crisis
  • Federal Reserve’s Role in the Great Recession Debt Expansion
  • Is There an Inflation Mystery in the Federal Reserve’s Response to the First Debt Crisis?
  • The Years between the Two Debt Crises
  • Debt Crisis 2: The COVID-19 Pandemic
  • Back to the Federal Debt Crisis
  • Conclusion
  • Notes
• Chapter 11: The High Costs of Fiscal and Monetary Anomie: Argentina since 1945
  • Introduction
  • The Relevance of the Argentine Case
  • Argentina’s Fiscal and Monetary Anomie in Historical Context
  • The Argentine Disease: A Brief Historical Background
  • Populism, Anomie, Culture, and Institutions
  • Argentina, Chile, and Uruguay in Comparative Perspective
  • Conclusion
  • Notes
  • References
• Part V: The Ultimate Challenge for Fiscal Sustainability
• Chapter 12: The Failure to Establish Effective Rules for Financing U.S. Federal Entitlement Programs
  • Introduction: The Centrality of Entitlement Reform to Fiscal Reform
  • The Historical Roots of Social Security’s Financing Shortfall
  • Persistent Failure to Stabilize Social Security Finances
  • Strengthening Social Security’s Finances through Automatic Adjustment Mechanisms
  • Budget Implications of Medicare Trust Fund Financing
  • Persistent Failure to Stabilize Medicare Finances
  • Medicaid
  • Tax Expenditures and Other Entitlement Programs
  • Automatic Stabilizers in the General Federal Budget
  • Automatic Process Solutions
  • Conclusion
  • Notes
  • References
• Chapter 13: Fiscal Rules for Social Security and Medicare: Would Accrual Accounting Help?
  • Introduction
  • The Inadequacy of Pay-As-You-Go Trust Fund Accounting
  • Growing Use of Accrual Accounting in Government Fiscal Assessments
  • The Financial Report of the U.S. Government
  • The Annual Trustees’ Reports and the Federal Budget Process
  • A Reform Framework
  • Conclusion
  • Notes
  • References
• Appendix A
  • Chapter 2: The Dynamic Simulation Model
• Appendix B
• Index
• About the Editors
• About the Contributors