000			03266cam a2200433 i 4500
001			0000025547
005			20230921135154.0
008			130614s2013 enkm b a001 0 eng
010			_a2013022485
020			_a9781137346469
020			_a1137346469
035			_a(OCoLC)834978733
035			_a.b37101663 _b060ga _c-
035			_a(OCoLC)834978733
042			_ac=Program for Cooperative Cataloging
050	0	0	_aHJ192.5 _b.T36 2013
082	0	0	_a339.5/2 _223
100	1		_aTanzi, Vito,
245	1	0	_aDollars, euros and debt : _bhow we got into the fiscal crisis and how we get out of it / _cVito Tanzi.
260			_aHoundmills, Basingstoke, Hampshire : _bPalgrave Macmillan, _c2013.
300			_aix, 189 pages ; _c23 cm.
336			_atext _2rdacontent
337			_aunmediated _2rdamedia
338			_avolume _2rdacarrier
504			_aIncludes bibliographical references (pages 175-181) and index.
520			_aThe current economic crisis has been assumed to reflect a cyclical problem, and some economists have asked that it be dealt with by "fiscal stimulus packages, " especially packages associated with public spending. This action is similar to that of giving steroids to a patient who suffers from a serious illness. It might make him or her feel temporarily better, but it actually aggravates the illness. Dollars, Euro's, 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 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. Over the years governments started facing strong taxpayers' resistance to tax increases. Thus, they relied more and more on public borrowing, pushing public debts to high levels. More recently, some countries started facing stronger resistance by private lenders, and this 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 uncertainty and have created 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 is the euro and the monetary union that is the dollar. Book jacket.
650		0	_aFiscal policy.
650		0	_aDebts, Public.
650		0	_aEconomic policy.
650		0	_aFinancial crises.
650		7	_aFiscal policy. _2sears
650		7	_aPublic debts. _2sears
650		7	_aEconomic policy. _2sears
650		7	_aFinancial crises. _2sears
908			_a150204
913			_aN
989		7	_a20230822095114.0
999			_c6552 _d6552