Skip to main content
Fachgebiete
Automobil + Motoren Bauwesen + Immobilien Business IT + Informatik Elektrotechnik + Elektronik Energie + Nachhaltigkeit Finance + Banking Management + Führung Marketing + Vertrieb Maschinenbau + Werkstoffe Versicherung + Risiko
DE
EN
Bücher
Zeitschriften
Themenseiten
Organisationspsychologie Projektmanagement Marketing Smart Manufacturing
Weitere Formate
Podcasts Webinare Technik Webinare Wirtschaft Kongresse Veranstaltungskalender Awards
Jetzt Einzelzugang starten
Zugang für Unternehmen
Referenzkunden
SLX-Digitalkonferenz: Zukunftswerkstatt 2024

Mehr Umsatz mit Top-Kontakten

Am 7. Mai erfahren Sie, wie Vertriebsteams Leadgenerierung, Leadnurturing und Leadstrategien effizient steuern können.
Erweiterte Suche
Anmelden
nach oben
Erschienen in:
Financial Sustainability in Governments. A New Concept and Measure for Meeting New Information Needs Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

7. Financial Sustainability and Public Debt Management in Central Government

verfasst von : Yuri Biondi, Marion Boisseau-Sierra

Erschienen in: Financial Sustainability in Public Administration

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

By exploring the link between sovereign debt capacity and financial sustainability in central government, this chapter disentangles financial sustainability mechanisms that are specific to the public sector. These mechanisms point to: (i) public debt management and its refinancing process, which transforms sovereign debt in quasi-money; (ii) the taxing power, and (iii) the assurance of collective obligations and guarantees such as unfunded ‘pay-as-you-go’ pension schemes. In this context, some evergreen issues are raised such as: Can public debt sustainability be examined on the same basis as private debt sustainability? Are sustainability and funding linked? Shall governments fully repay their debt one day?

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Jetzt informieren
Vorheriges Kapitel Enabling Financial Sustainability Through Integrated Reporting
Nächstes Kapitel The Sustainability of Local Government Finances in England, Germany, and the Netherlands: The Impact of Intergovernmental Regulatory Regimes
Literatur
Andolfatto, David, and Li Li. 2013. Is the Fed Monetizing Government Debt? Economic Synopses (Federal Reserve Bank of St. Louis), 5.
Arrow, Kenneth, Alan Blinder, Peter Diamond, Eric Maskin, William Sharpe, Robert Solow, Charles Schultze, and Laura Tyson. 2011. Open Letter to US President Barack Obama. http://​www.​cbpp.​org/​. Accessed 28 July 2011.
Augusztinovics, Maria. 2002. Issues in Pension System Design. International Social Security Review 55 (1): 21–35.CrossRef
Balassone, Fabrizio, Daniele Franco, and Stefania Zotteri. 2006. EMU Fiscal Indicators: A Misleading Compass? Empirica (Springer) 33 (2–3): 63–87.
Barr, Nicholas. 2002. Reforming Pensions: Myths, Truths, and Policy Choices. International Social Security Review 55 (2): 3–36.CrossRef
Beard, Thomas R., and W. Douglas McMillin. 1986. Government Budgets and Money: How are they Related? The Journal of Economic Education 17 (2): 107–119.CrossRef
Bell, Stephanie. 2001. The Role of the State and the Hierarchy of Money. Cambridge Journal of Economics 25 (2): 149–163.
Biondi, Yuri. 2015. The HM’Treasure’s Island’: A Theoretical Analysis of Central Government Accounting Standards in UK. Accounting in Europe 13 (1): 81–102.CrossRef
Biondi, Yuri. 2016a. Accounting Representations of Public Debt and Deficits in European Central Government Accounts: An Exploration of Anomalies and Contradictions. Accounting Forum 40 (3): 205–219.CrossRef
Biondi, Yuri. 2016c. Debt Capacity and Financial Sustainability in Central Government. In Global Encyclopedia of Public Administration, Public Policy, and Governance, ed. A. Farazmand, 1–6. Springer.
Biondi, Yuri, and Marion Boisseau-Sierra. 2017b. Accounting for Pension Obligations in the European Union: A Case Study for EPSAS and Transnational Budgetary Supervision. Accounting, Economics and Law: A Convivium. Forthcoming.
Blanchard, Olivier, and Francesco Giavazzi. 2004. Improving the SGP Through a Proper Accounting of Public Investment. Discussion Paper Centre for Economic Policy Research (No. 4220).
Blejer, Mario I., and Adrienne Cheasty. 1991. The Measurement of Fiscal Deficits: Analytical and Methodological Issues. Journal of Economic Literature 29 (4): 1644–1678.
Broadbent, Jane, and Richard Laughlin. 2003. Public Private Partnerships: An Introduction. Accounting, Auditing & Accountability Journal 16 (3): 332–341.CrossRef
Buti, Marco. 2014. A Consistent Trinity for the Eurozone. VoxEU. org 8.
Buti, Marco, João Nogueira Martins, and Alessandro Turrini. 2007. From Deficits to Debt and Back: Political Incentives Under Numerical Fiscal Rules. CESifo Economic Studies (CESifo Group) 53 (1): 115–152.CrossRef
Buiter, W.H. 2007. Seigniorage. National Bureau of Economic Research (No. w12919).
Chan, James L., and Qi Zhang. 2013. Government Accounting Standards and Policies. In Handbook of Public Financial Management, eds. Richard Allen, Richard Hemming and Barry Potter. New York: Palgrave Macmillan (Citeseer).
Dabla-Norris, Era, Kalpana Kochhar, Nujin Suphaphiphat, Frantisek Ricka, and Evridiki Tsounta. 2015. Causes and Consequences of Income Inequality: A Global Perspective. Washington, DC: International Monetary Fund.
Daffin, Chris, and David Hobbs. 2011. Comparison of Public Sector Finance Measures from the National Accounts and Whole of Government Accounts. Economic and Labour Market Review 5 (7): 1–7.CrossRef
De Grauwe, Paul and Ji Yuemei. 2013. Fiscal Implications of the ECB’s Bond Buying Program. Open Economies Review 24 (5): 843–852.
DeLong, J.B., and L.H. Summers. 2012. “Fiscal Policy in a Depressed Economy.” Brookings Papers on Economic Activity: 233–297.
Duchaussoy, Vincent, and Eric Monnet. 2014. La Banque de France et le financement direct et indirect du Trésor pendant la Première Guerre mondiale : un modèle français? In La Mobilisation Financière Pendant La Grande Guerre, eds. Florence Descamps and Laure Quennouëlle-Corre, 143–172. Paris: Institut de la gestion publique et du développement économique.
Ellwood, Sheila. 2002. The Financial Reporting (R)Evoluton in the UK Public Sector. Journal of Public Budgeting, Accounting & Financial Management 14 (4): 565.
Ellwood, Sheila. 2003. Bridging the GAAP across the UK Public Sector. Accounting and Business Research 33 (2): 105–121.CrossRef
European Commission. 2010. Council Regulation (EU) No 679/2010. Brussels: EC.
European Commission. 2015. Communication from the European Commission. Marking the Best use of the Flexibility within the Existing Rules of the Stability and Growth Pact. Brussels: EC.
Fourcade, Marion. 2016. State Metrology: The rating of sovereigns and the judgment of Nations. In The Many Hands of The State, eds. Kimberly Morgan, and Ann Orloff. Cambridge: Cambridge University Press.
GASB. 2006. Why Governmental Accounting and Financial Reporting is—and should be—Different? White Paper from the Government Accounting Standard Board, March 2006.
Greenwood, Robin, and Dimitri Vayanos. 2010. Price Pressure in the Government Bond Market. The American Economic Review 100 (2): 585–590.CrossRef
Holzmann, Robert, Robert J. Palacios, and Asta Zviniene. 2004. Implicit Pension Debt: Issues, Measurement and Scope In International Perspective, vol. 403. Labor Markets, Pensions, Social Assistance, World Bank: Social Protection.
Humphrey, Christopher, Peter Miller, and Robert W. Scapens. 1993. Accountability and Accountable Management in the UK Public Sector. Accounting, Auditing & Accountability Journal 6 (3): 7–29.CrossRef
Ishikawa, T. 2014. Extraterritorial discovery in aid of execution and state immunity: Case comment on republic of Argentina v. NML capital, ltd., 573 U.S. ___ 2014. Accounting, Economics and Law: A Convivium 5 (2): 173–192. DOI: http://​dx.​doi.​org/​10.​1515/​ael-2014-0016.
Ize, Alain. 2006. Spending Seigniorage: Do Central Banks have a Governance Problem? IMF Economic Review 54 (3): 563–589.
Junker, Jean-Claude, Donald Tusk, Jeroen Dijsselbloem, Mario Draghi, and Martin Schulz. 2015. Completing Europe’s Economic and Monetary Union. Brussels: European Commission.
Koen, Vincent, and Paul Van den Noord. 2005. Fiscal Gimmickry in Europe: One-off Measures and Creative Accounting. Paris: OECD Publishing.
Lagarde, Christine. 2015. Lifting the Small Boats, Address at Grandes Conferences Catholiques, Brussels, June 17.
Le Mestric, Mickaël. 2005. La dette publique, une notion imparfaite. L’exemple de la dette française. Mémoire sous la direction de M.C Esclassan. Paris 1 Panthéon Sorbonne, 112.
Lemoine, Benjamin. 2013. Dette publique, débat confisqué. Pourquoi la France emprunte-t-elle sur les marchés? La Vie des idées 12.
Lemoine, Benjamin. 2015. L’ordre de la dette. Enquête sur les infortunes de l’état et la prospérité du marché. A cura di Edition La Découverte.
Lienau, Odette. 2014. Rethinking Sovereign Debt: Politics, Reputation, and Legitimacy in Modern Finance. Cambridge, MA: Harvard University Press.CrossRef
Mack, Janet, and Christine Ryan. 2006. Reflections on the Theoretical Underpinnings of the General-Purpose Financial Reports of Australian Government Departments. Accounting, Auditing\& Accountability Journal 19, (4): 592–612.
McCulloch, Brian W., and Ian Ball. 1992. Accounting in the Context of Public Sector Management Reform. Financial Accountability & Management 8 (1): 7–12.CrossRef
McLeay, Michael, Radia Amar, and Ryland Thomas. 2014a. Money Creation in the Modern Economy, Bank of England’s Monetary Analysis Directorate. Quarterly Bulletin Q1. Tech. rep., Bank of England.
McLeay, Michael, Radia Amar, and Ryland Thomas. 2014b. “Money in the modern economy: an introduction”, Bank of England’s Monetary Analysis Directorate. Quarterly Bulletin Q1. Tech. Rep., Bank of England.
Mink, Reimund, and Marta Rodríguez Vives. 2004. Government Deficit and Debt in the EMU. Rules, International Economy and Growth.
Mishkin, Frederic S. 2009. The Economics of Money, Banking, and Financial Markets. Bergen, NJ: Pearson education.
Oulasvirta, Lasse Olavi. 2014. Governmental Financial Accounting and European Harmonisation: Case Study of Finland. Accounting, Economics and Law 4 (3): 237–263.
Perroux, François. 1949. Les comptes de la nation, apparences et réalités dans notre comptabilité nationale. vol. 5. Presses universitaires de France.
Ponds, Eduard, Clara Severinson, and Juan Yermo. 2014. Funding in Public Sector Pension Plans-International Evidence. National Bureau of Economic Research.
Pouzin, Gilles. 2014. L’UMR ampute les rentes des retraités du Corem! Déontofi.com.
Rauh, Joshua D. 2016. Hidden Debt, Hidden Deficits: How Pension Promises Are Consuming State and Local Budgets. Stanford, CA: Hoover Institution.
Reinhart, Carmen M., and Kenneth S. Rogoff. 2010. Growth in a Time of Debt. American Economic Review 100 (2): 573–578.
Rosa, Audrey. 2013. Solidarité et impôt: recherche sur les fondements de l’impôt moderne. Ph.D dissertation, Universite Toulouse 1.
Saint-Etienne, Christian. 2007. Comment améliorer la gouvernance économique européenne? Revue française d’économie 21 (4): 127–143.CrossRef
Salsman, Richard Michael. 2012. The Political Economy Of Public Credit. Ph.D. dissertation, Duke University.
Sauviat, Catherine. 2014. Maria Chaves Jardim, Syndicats et fonds de pension durant le gouvernement Lula. Paris, L’Harmattan. Travail et Emploi 140: 72–74.
Singh, Manmohan, and Peter Stella. 2013. Money and Collateral. IMF Working Paper, 1–21.
Stewart, Lawrence. 1999. From Welfare State to the Civil Society: The Constitutive use of Accounting in the Reform of the NZ Public Sector. Critical Perspectives on Accounting 10 (2): 223–246.
Stewart, Jenny. 2002. Public Sector Management. In Government, Politics, Power, and Policy in Australia, eds. J. Summers, D. Woodward, and A. Parkin, 67–88. Sidney: Pearson Education Australia.
Stiglitz, Joseph E., and Daniel Heymann. 2014. Life After Debt: The Origins and Resolutions of Debt Crisis. Basingstoke: Palgrave Macmillan.CrossRef
Treasury, H.M. 2010b. Financial Reporting Manual 2010–2011. London.
Turner, Adair. 2015. “The Case for Monetary Finance – An Essentially Political Issue.” IMF Jacques Polak Research Conference, 5th November,in Washington DC, USA.
Wehlau, Diana, and Jörg Sommer. 2004. Pension policies after EU enlargement: Between financial market integration and sustainability of public finances. Working Paper ZeS-Arbeitspapier, No. 10/2004.
Metadaten
Titel
Financial Sustainability and Public Debt Management in Central
verfasst von
Yuri Biondi
Marion Boisseau-Sierra
Copyright-Jahr
2017
Buch
Financial Sustainability in Public Administration

Print ISBN: 978-3-319-57961-0

Electronic ISBN: 978-3-319-57962-7

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-57962-7_7