Public Spending and the Deficit Research Papers (original) (raw)

L'inflazione non è "aumento dei prezzi", ma aumento della liquidità circolante. L'aumento dei prezzi è solo una conseguenza. L'aumento vertiginoso dei prezzi al consumo è causato dalla politica monetaria delle banche centrali che hanno pompato denaro irresponsabilmente, dalla crisi del 2007 ad oggi, soprattutto in occasione della pandemia di Covid. I governi, dal canto loro, a causa dei danni che hanno causato con i lockdown, aumentano la spesa pubblica per ristori e bonus, aggravando ancora il problema. Si uscirà mai da questa spirale?

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- Fiscal policy, Monetary Policy, Public Spending and the Deficit, Inflation

Modern Monetary Theory (MMT) is an empirical monetary theory and makes special use of balance sheets and booking entries as the methodological foundation of scientific progress. Regarding the functional design of modern monetary systems, in which the government has no debts in foreign currency nor guarantees a fixed exchange rate, modern money is essentially a tax credit. This is credited by the central bank as monopolist of the currency to the participating banks when, for example, the government increases spending. This means that the government has a fundamental role to play in the economy. Full employment, price stability and sustainable resource management are unlikely to be achieved without a theory of fiscal governance. Some reform proposals targeting the public purpose, such as the Green New Deal or the Euro Treasury, are based on MMT and could easily be implemented in the Eurozone.

- by Dirk H Ehnts
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- Public Spending and the Deficit, Public Debt, Tax Credits, Chartalism

Con riferimento al Piano Nazionale di Ripresa e Resilienza, appena presentato dal governo italiano alla Commissione europea, al di là dei numeri su cui si dovranno fare approfondimenti – sia con riferimento al piano europeo sia a quello italiano che inevitabilmente si inscrive al suo interno – possiamo fin d’ora fare tre considerazioni di ordine generale, in termini di:
METODO: chi decide cosa? come e quando si implementa? chi controlla?
OBIETTIVI: che cosa e quanto? in quale direzione? con quale priorità?
MEZZI: chi paga?
I tre punti sono ovviamente fortemente interrelati: il metodo influisce sugli obiettivi e gli obiettivi sul metodo, ed entrambi sono condizionati dai mezzi utilizzati.
Il metodo è dirigistico, gli obiettivi in parte ideologici e i mezzi da utilizzare a debito, cioè con future tasse sui già vessati contribuenti italiani ed europei.
Non certamente le migliori premesse, col rischio di andare verso sistemi economici-sociali-politici sempre più accentrati, a scapito della libertà e della sussidiarietà.
Il collasso demografico dell’Italia e dell’Europa, vera e profonda causa dell’avvitamento del modello di crescita dei Paesi sviluppati, non trova adeguata attenzione.

- by Maurizio Milano
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- Public Spending and the Deficit, Public Debt, Fiscal Policies, Next generation EU

It is not possible for inflation or hyperinflation to be caused by anything other than the rate of growth of monetary demand being faster than the rate of growth of aggregate output. At this point we need a brief note on what is meant by monetary demand which is comprised of two components, that is the money stock (M) and the speed it flows through the economy (V). Therefore, M x V = aggregate monetary demand. This means that not only money printing but also accelerating velocity will determine the rate of inflation. This is seen particularly clearly under hyperinflation. As inflation accelerates the value of money falls ever faster and people do not want to hold on to money and therefore pass it on as quickly as possible. An interesting point is that this is reversed under deflation when the value of money is rising. After this clarification, we can conclude from the analysis conducted so far that the main culprits in generating inflation are the government and monetary authorities, which are responsible for the money supply through fiscal and monetary policies. Even if commonly represented as a cure for unemployment, inflation – as we hope we have demonstrated – can be at best a temporary relief, which instead produces even more unemployment at the peak of its expansion. Furthermore, inflation poses a serious threat to liberal democracies by awakening the desire for more government control. While Hayek proposed a system of competing currencies as a potential way to fight inflation tendencies, the return to balanced budgets – for a gradual spending cut – remains the best path for keeping national economies on the way toward a sound and prosperous future.

- by Carmelo Ferlito
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- Monetary theory, Unemployment, Fiscal policy, Monetary Policy

Con rendimenti nominali nulli sugli investimenti obbligazionari, rischi di tassi negativi anche sulla liquidità depositata in banca, in un contesto di inflazione in risalita a causa dell’effetto combinato delle politiche monetarie ultra-espansive delle principali Banche Centrali del mondo, a cui si sono aggiunti post-CoViD piani fiscali aggressivi dei governi, diventerà sempre più arduo per i risparmiatori proteggere il potere d’acquisto dei propri risparmi. Che fare, dunque? Abbozziamo una risposta, per limitare i danni: sì, perché per gli anni a venire si tratterà di giocare in difesa, non in attacco.

- by Maurizio Milano
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- Savings, Public Spending and the Deficit, Public Debt, Inflation

The term of sustainability, about what the economists started to talk from the beginning of 1990s, has
became so important and been actual up to now. According to budget policies sustainability is an accomplishment of
governments on the administration of their responsibility on public expenditures for today and future. Sustainability
of debts points out if the government has power to cover the entire budget deficits and its own debts or the debts are
much bigger then government can cover. In another words sustainability of debts help us to be able to measure the
possibility of insolvency of governments. If a government is trying to cover its continuous budget deficits with run up
debts, this policy will cause rapid increasing in borrowing costs and interest rates and finally this kind of borrowing
policy will be failed. There are three methods to measure the sustainability of debts; accounting method, the indicators
of sustainability and intertemporal budget constraint theory. In this paper we analyzed that sustainability of Turkish
budget deficits with assist of 1970-2005 data and cointegration analysis. Evidences show that the sustainability is
weak in the period.

OZET 1929 yılında yasanan Büyük Buhrandan sonra uzun yıllar boyunca Keynesyen ekonomi ve onun talep yönlü iktisat anlayısı birçok iktisatçı tarafından kabul görmüstür. Keynesyen iktisatçılara göre kamu harcamalarındaki artıs, yurt içi hasıla da artısa yol açmaktadır. Bu sebeple hükümetler ekonomik durgunluk veya kriz belirtilerinin izlendiği dönemlerde talebi veya ekonomiyi canlandırmak amacıyla kamu harcamalarını arttırmayı tercih ederler. Keynes'in iktisat anlayısının aksine, Alman iktisatçı Adolph Wagner'a göre ise kamu harcamalarındaki artıs milli gelirdeki artısın nedeni değil sonucudur. Bu nedenle milli hâsılada yasanan artıs kamu harcamalarında artısa yol açmaktadır. Bu çalısmanın amacı Wagner Kanununun Türkiye ekonomisi için 1998:1-2015:4 dönemi itibariyle iki farklı spesifikasyon çerçevesinde test etmektir. Elde edilen bulgulara göre, kamu harcamaları ile GSYH arasında ve kisi basına düsen kamu harcamaları ile kisi basına düsen GSYH arasında çift yönlü olmak üzere bir nedensellik iliskisi tespit edilememistir. Bu sonuç doğrultusunda incelenen spesifikasyonlar ve dönem itibariyle Türkiye için Wagner Kanunu geçerli değildir.

- by Mustafa Caner TIMUR
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- Macroeconomics, Public Spending and the Deficit

Gli spazi di libertà dei privati sono sempre più ristretti dalle politiche interventiste dei governi. La spesa a debito, l'espansione della liquidità circolante e la nuova economia verde hanno fatto esplodere i debiti e poi anche... more

- by Maurizio Milano
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- Keynesian Economics, Central Banks, Public Spending and the Deficit, Inflation

In 1905, Georg Friedrich Knapp published The State Theory of Money in his native German, claiming that money is a "creature of law" and not connected to metals via some intrinsic value. When the English translation appeared in 1924, apparently at the wishes of John Maynard Keynes, the German version had run through four editions, upon which the last the translation builds. There also had been considerable debate about "Chartalism" - the idea that money derived its acceptance by legal means - in the German academic literature. Among others, Knut Wicksell and Georg Simmel commented on it. Since so far there has not been any English-language publication on this issue, it is deemed worthwhile to provide such. After presenting the main arguments that Knapp makes in his book, the academic reviews that followed are presented and evaluated.

- by Dirk H Ehnts
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- Economics, Public Finance, Taxation, Monetary theory