Suchergebnisse

We study debt mutualisation in the Euro area. Bearing in mind other existing proposals we provide an alternative Blue, Yellow and Red Bonds proposal: blue, would cover debt up to 60% of GDP, yellow would include debt from 60% up to 90% of GDP, and red would cover debt above 90% of GDP. Although not with joint liability, the rationale behind the Yellow Bonds with a joint issuance is the attraction of liquidity, which would be beneficial, especially for the countries with high yields. This could give more room to public authorities.

This book, first published in 1990, analyses contemporary Yugoslavian development strategy in its historical and political context, assessing how corruption, negligence, and an emphasis on industry to the detriment of agriculture and trade, have all played a part in bringing Yugoslavia close to financial and political chaos. The book concludes by considering the contemporary prospects for a more integrated policy approach in the midst of the country's political crisis.

1. Introduction / Gene Park and Eisaku Ide -- 2. The difficulty of fiscal consolidation in France / Anna Konishi and Frederic Tristram -- 3. Fiscal performance in Germany : the role of electoral competition / Achim Kemmerling and Zbigniew Truchlewski -- 4. Fiscal performance in Italy : a historical institutionalist approach / Benedicta Marzinotto -- 5. Explaining Japan's fiscal performance : why has it become an Outlier? / Masayuki Takahashi and Takaharu Shimada -- 6. Fiscal performance in South Korea (1970-2012) : budgetary reforms with growing non-budgetary indiscipline / Myung-Koo Kang -- 7. Fiscal performance in Sweden / Jonas Edlund and Morinao Iju -- 8. Long-run fiscal consolidations in the United States : the history at the federal level / W. Elliot Brownlee -- 9. Politics, fiscal performance, and external sources of budget discipline in the United States, 1970-2013 -- 10. Weaving the basket : elusive fiscal convergence in the European Union / Edward A. Fogarty -- 11. Conclusion / Eisaku Ide and Gene Park.