Political Geography: Europe / Topic: Debt

Author:: Thierry Warin
Publication Date:: 06-2005
Content Type:: Working Paper
Institution:: Minda de Gunzburg Center for European Studies, Harvard University
Abstract:: The paper addresses the question of the fiscal perspectives within the Economic and Monetary Union (EMU). By using a panel data analysis associated with an interpretation in terms of differences instead of levels, the results show a steady convergence of public deficits across the EMU, and that the EMU needs either to comply with the Lisbon agenda, or some kind of a growth strategy, or reduce the interest of the debt in order to regain some fiscal flexibility while abiding by the Stability and Growth Pact (SGP).
Topic:: International Relations, Debt, and Economics
Political Geography:: Europe

Author:: Henry L. Clarke
Publication Date:: 01-2004
Content Type:: Working Paper
Institution:: The Wilson Center
Abstract:: The Brcko District of Bosnia and Herzegovina is small, with less than 100,000 people. In 2001, about 30 public companies were selected for privatization. At the outset, there were good reasons to ask whether the District would have any success in privatizing them. Many of the public companies had been shut down for up to ten years, while the rest were operating at a small fraction of their pre-1991 output. There was not a single company that was profitable enough to be sold successfully on the basis of its performance, none had adequate working capital or marketing arrangements, many were deeply in debt, some had too many nonworking “employees” and the equipment of most companies that was not damaged during the war was worn out or obsolete.
Topic:: Debt, Government, Politics, and Privatization
Political Geography:: Europe, Bosnia, and Herzegovina

Author:: Barry Eichengreen, George C. Pardee, and Helen N. Pardee
Publication Date:: 10-2003
Content Type:: Working Paper
Institution:: Institute of European Studies
Abstract:: This paper reviews the controversy over Europe's Stability and Growth Pact and offers a proposal for its reform. It argues that Europe would be best served by focusing on the fundamental causes of unsustainable debts — public enterprises that are too big to fail, unfunded public pension schemes that are too big to ignore, inefficient and costly labor market and social welfare problems, and budget making institutions that create common pool and free-rider problems — rather than on arbitrary numerical indicators like whether the budget deficit is above or below 3 per cent of GDP. It proposes defining an index of institutional reform with, say, a point each for reform of budget making arrangements, reform of public pension schemes, and reform of labor markets and unemployment insurance. Countries receiving three points would be exempt from the Pact's numerical guidelines, since there is no reason to think that they will be prone to chronic deficits. The others, whose weak institutions render them susceptible to chronic deficits, would in contrast still be subject to its warnings, sanctions and fines.
Topic:: Conflict Resolution, Debt, and Economics
Political Geography:: Europe

Author:: Kurt Schuler and George A. Selgin
Publication Date:: 06-1999
Content Type:: Working Paper
Institution:: The Cato Institute
Abstract:: On August 17, 1998, Russia devalued the ruble and stopped payment on its government debt, creating a financial crisis that continues today. Some observers have blamed the financial crisis, and the poor performance of the Russian economy generally, on government policies that they claim are rigidly laissez faire. However, a closer look at the Russian financial system reveals that it remains fundamentally socialist, though it has superficial capitalist features.
Topic:: Debt, Economics, Government, and Financial Crisis
Political Geography:: Russia, Europe, and Asia

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