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Author: Neil H. Buchanan Publisher: ISBN: Category : Languages : en Pages :
Book Description
Congressional Republicans, starting in 2011, embarked upon an unprecedented strategy of budgetary brinkmanship, threatening not to increase the statutory debt ceiling by the amount necessary to accommodate their own taxing and spending decisions. Starting from the very beginning, Neil H. Buchanan provided legal and economic analysis of the political debate and the potential economic catastrophe that could ensue, demonstrating that the debt ceiling statute is unconstitutional and that the president is required to treat the debt ceiling as a dead letter. This book is a collection of Buchanan's essays, written contemporaneously, analyzing the political chaos of the first three debt ceiling crises that Republicans created and that the country narrowly survived.
Author: Neil H. Buchanan Publisher: ISBN: Category : Languages : en Pages :
Book Description
Congressional Republicans, starting in 2011, embarked upon an unprecedented strategy of budgetary brinkmanship, threatening not to increase the statutory debt ceiling by the amount necessary to accommodate their own taxing and spending decisions. Starting from the very beginning, Neil H. Buchanan provided legal and economic analysis of the political debate and the potential economic catastrophe that could ensue, demonstrating that the debt ceiling statute is unconstitutional and that the president is required to treat the debt ceiling as a dead letter. This book is a collection of Buchanan's essays, written contemporaneously, analyzing the political chaos of the first three debt ceiling crises that Republicans created and that the country narrowly survived.
Author: Neil H. Buchanan Publisher: Carolina Academic Press ISBN: 1611634423 Category : Law Languages : en Pages : 198
Book Description
In 2011, the new Republican majority in the House of Representatives embarked on a radical and dangerous path, threatening to refuse to increase the limit on federal debt. This new Republican strategy threatened to bring about the first federal default in the history of the United States – a default that would be caused not by economic necessity, but by political opportunism. Because no one had ever threatened to force the federal government to default on its obligations, politicians and scholars found themselves in uncharted territory. Most commentary was superficial and ad hoc, failing to take seriously the profound legal and economic questions that the Republican strategy raised. Neil H. Buchanan, an economist and a tax law scholar, emerged as the only expert analyst who systematically engaged in depth with all of the issues surrounding the debt ceiling. This book brings together Professor Buchanan’s accessible and lively analysis of the debt ceiling disasters as they have unfolded since 2011. He also provides an overview of where we now stand. He explains why the debt ceiling forces the President to choose between nothing but illegal and unconstitutional options. He shows that the President must obey the spending and taxing laws rather than the debt ceiling law, that novel strategies such as minting platinum coins are both illegal and dangerous, and that the only way to stop the debt ceiling disasters from continuing into the future is for the President to take a constitutional stand today.
Author: Scott Reynolds Nelson Publisher: Vintage ISBN: 0307474321 Category : History Languages : en Pages : 370
Book Description
Pundits will argue that the 2008 financial crisis was the first crash in American history driven by consumer debt. But in this spirited, highly engaging account, Scott Reynolds Nelson demonstrates that consumer debt has underpinned almost every major financial panic in the nation’s history. From William Duer’s attempts to profit off the country’s post-Revolutionary War debt to an 1815 plan to sell English coats to Americans on credit, to the debt-fueled railroad expansion that precipitated the 1857 crash: in each case, the chain of banks, brokers, moneylenders, and insurance companies that separated borrowers and lenders made it impossible to distinguish good loans from bad. Bound up in this history are stories of national banks funded by smugglers, fistfights in Congress over the gold standard, America’s early dependence on British bankers, and how presidential campaigns were forged in controversies over private debt. An irreverent, wholly accessible, eye-opening book.
Author: Ryota Nakatani Publisher: International Monetary Fund ISBN: 1513514881 Category : Business & Economics Languages : en Pages : 28
Book Description
A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertain donor grants. The question that arises is how should small developing countries formulate a fiscal policy to achieve economic stability and fiscal sustainability when prone to various shocks? We study how natural disasters affect long-term debt dynamics and propose fiscal policy rules that could help insulate the economy from such unexpected shocks. We propose fiscal rules to address these shocks and uncertainties using the example of Papua New Guinea. Our study finds the advantages of expenditure rules, especially a recurrent expenditure rule based on non-resource and non-grant revenue, interdependently determined by government debt and budget balance targets with expected disaster shocks. This paper contributes to the literature and policy dialogue by theoretically analyzing the impact of natural disasters on debt sustainability and proposing fiscal rules against natural disasters and climate changes. Our fiscal policy framework is practically applicable for many developing countries facing increasing frequency and impact of natural disasters and climate change. Our rules-based fiscal framework is crucial for sustainable and countercyclical macroeconomic policies to build resilience against devastating natural hazards.
Author: International Monetary Fund. Western Hemisphere Dept. Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 91
Book Description
With ECCU economies slowly emerging from the pandemic with scars, the impact of the war in Ukraine is a setback to the nascent recovery. Higher food and energy prices, amid ongoing supply disruptions and intra-regional transportation bottlenecks, are raising inflation, eroding income, lowering output growth, worsening fiscal and external positions, and threatening food and energy security. As a result, inflation is expected to hover over 51⁄2 percent in 2022. Real GDP is projected to grow by 71⁄2 percent in 2022, leaving output still well below the pre-pandemic level. Fiscal deficits are projected to remain sizable, given continued pandemic- and disaster-related spending and temporary support to address rising living costs, thereby keeping gross financing needs and public debt at elevated levels in the near term. The financial system has remained broadly stable so far, with adequate capital and liquidity buffers, but nonperforming loans remain high and could rise further following the expiration of the ECCB’s loan moratoria program. The outlook is subject to large downside risks, primarily from further increases in commodity prices and new COVID variants amid vaccine hesitancy, in addition to the ever-present threat of natural disasters.
Author: International Monetary Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 91
Book Description
Grenada’s economy was hit hard by the pandemic, with a decline in real output of 14 percent in 2020 from both a collapse of tourism-related activities and the suspension of in-person classes at Saint George’s University (SGU). Growth in 2021 is estimated to have partly recovered to 5.6 percent, driven by construction and agriculture. The authorities’ policy response helped mitigate the pandemic’s impact through containment measures, increased health and social spending, and an expanded public investment program (including to build resilience to natural disasters). Central government debt rose to 70 percent of GDP in 2021 (from 59 percent in 2019) and the external position has worsened. The financial sector has so far weathered the crisis well.
Author: International Monetary Fund. Western Hemisphere Dept. Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 105
Book Description
St. Vincent and the Grenadines is recovering from the pandemic and 2021 volcanic eruptions. Despite the authorities’ strong efforts to contain deficits, critical fiscal responses to these shocks pushed up public debt, which—while assessed as sustainable—remains at high risk of distress should future shocks materialize. The economy is projected to grow by 5 percent in 2022, supported by large-scale investment projects and recoveries in tourism and agriculture. Surging commodity prices, fueled by Russia’s war in Ukraine, are expected to raise inflation sharply to 5.8 percent in 2022, adding to fiscal and external pressures and weighing on the recovery. So far, the financial system has weathered the shocks relatively well. The outlook is subject to significant downside risks primarily from an abrupt slowdown in trading partners’ growth, potential delays in investment projects including due to supply chain disruptions, and the ever-present threat of frequent natural disasters.
Author: Neil H. Buchanan
Author: Neil H. Buchanan
Author: Neil H. Buchanan
Author: Scott Reynolds Nelson
Author: Ryota Nakatani
Author: International Monetary Fund. Western Hemisphere Dept.
Author: International Monetary
Author: International Monetary Fund. Western Hemisphere Dept.
Author: United States. Congress. Senate. Committee on Appropriations
Author: United States. Congress. House. Committee on Foreign Affairs
Author: United States. Congress. House. Foreign Affairs