| Description |
1 online resource (189 pages) |
| Contents |
Machine generated contents note: 1. Introduction -- 2. The Crisis and the Calls for Policy Responses -- 3. Central Banks as Lenders of Last Resort -- 4. The Pressures on Germany to Help Save the Euro -- 5. The Fiscal Situation before the Crisis -- 6. The EMU Rules and Goodhart's Law -- 7. On Public Debts, Fiscal Deficits, and the Maastricht Rules -- 8. Fiscal Policy During the Recent Crisis -- 9. Fiscal Policy and the Fiction of Fungible Labor -- 10. The EMU and the USA: What Are the Differences? -- 11. Trade Balances within Monetary Unions -- 12. On Central Banks' Payment Systems within Unions -- 13. Strategies to Get Out of the Fiscal Crisis -- 14. Is There a Fundamental Law of Public Expenditure Growth? -- 15. Concluding Remarks |
| Summary |
Dollars, Euros, and Debt suggests that an increase in public spending is the wrong medicine, because it was precisely the increase in public spending that created some of the structural problems that are now confused with, or have led to, the cyclical slowdowns. The book argues that, over the years, and in a growing number of countries, the high and increasing levels of public spending were, first and progressively, being financed by higher tax levels and, subsequently, by increasing borrowing. In the early years of the twenty-first century governments started facing strong taxpayers' resistance to tax increases. Thus, they relied more and more on public borrowing, pushing the public debts to high levels. More recently they started facing stronger resistance by private lenders, that led to the progressive easing of monetary conditions by central banks. The central banks' actions have made it difficult to separate fiscal from monetary actions and have hidden some of the true deterioration in the fiscal accounts. They have also increased future uncertainty and potential 'time consistency' problems. The book evaluates the effects of 'fiscal stimulus packages', especially when they start from precarious fiscal conditions, and presents a novel 'law of public expenditure growth', and suggests how that law may help in the design of 'exit strategies' from the current crisis. It also discusses similarities and differences between the monetary union that the euro and the monetary union that is the dollar |
| Bibliography |
Includes bibliographical references (pages 175-181) and index |
| Notes |
Print version record |
| Subject |
Fiscal policy.
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Debts, Public.
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Economic policy.
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Financial crises
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BUSINESS & ECONOMICS -- Economics -- Macroeconomics.
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POLITICAL SCIENCE -- Economic Conditions.
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UE/CE Euro.
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UE/CE UEM = Union économique et monétaire.
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Dollar.
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Politique fiscale.
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Dette publique.
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Dépenses publiques.
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Crise financière.
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Banques centrales.
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UE/CE Etats membres.
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Debts, Public
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Economic policy
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Financial crises
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Fiscal policy
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Etats-Unis d'Amérique.
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| Form |
Electronic book
|
| ISBN |
9781137346476 |
|
1137346477 |
|
9781299827530 |
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1299827535 |
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