An economists' Manifesto on unemployment in the European Union,

Modigliani, Franco; Fitoussi, Jean‐Paul; Moro, Beniamino; Snower, Dennis J.; Solow, Robert M.; Steinherr, Alfred; Labini, Stefano Sylos

doi:10.1016/s0926-6437(99)00006-2

Cited by 22 publications

(9 citation statements)

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“…For this purpose, initial government size of each period is included which is measured by government consumption ratio to GDP. Modigliani et al [50] also use trade openness as a control variable. Following them, we include the sum of exports and imports as a percentage of GDP.…”

Section: Model Specification and Estimation Methodologymentioning

confidence: 99%

“…Some argue that public borrowing can enhance the economy when it is intended for public investment. Modigliani et al [50], Creel and Fitoussi [51], Le Cacheux [52] and Blanchard and Giavazzi [53] support the idea of 'the Golden Rule of Public Finance (GRPF).' The main idea behind the Golden Rule is that public borrowing is harmful only when it is used for current expenditure but not when it accumulates public capital, i.e., the purpose and composition of public borrowing matters.…”

Section: Public Debt and Economic Growthmentioning

confidence: 99%

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Public Debt, Corruption and Sustainable Economic Growth

Kim

2017

Sustainability

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Abstract:There are many studies that look into the relationship between public debt and economic growth. It is hard to find, however, research addressing the role of corruption between these two variables. Noticing this vacancy in current literature, we strive to investigate the effect of corruption on the relationship between public debt and economic growth. For this purpose, the pooled ordinary least squares (OLS), fixed effects models and the dynamic panel generalized method of moments (GMM) models (Arellano-Bond, 1991) are estimated with data of 77 countries from 1990 to 2014. The empirical results show that the interaction term between public debt and corruption is statistically significant. This confirms the hypothesis that the effect of public debt on economic growth is a function of corruption. The sign of the marginal effect is negative in corrupt countries, but public debt enhances economic growth within countries that are not corrupt, i.e., highly transparent.

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Section: Model Specification and Estimation Methodologymentioning

confidence: 99%

Section: Public Debt and Economic Growthmentioning

confidence: 99%

Public Debt, Corruption and Sustainable Economic Growth

Kim

2017

Sustainability

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“…but at market conditions: workers are to work in ‘more flexible labour markets’, where contracts are ‘attractive for employers’ (Kok, 2003, p. 9). The possibility that there are not enough jobs in Europe is not discussed, despite the fact that it has long been advocated by a number of economists (see notably Modigliani et al. , 1998).…”

Section: The Ees Today: a Constraining Supply‐side Policymentioning

confidence: 99%

The European Employment Strategy: Towards More and Better Jobs?*

Raveaud¹

2007

J of Common Market Studies

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The European Employment Strategy (EES) is the employment policy of the European Union. According to its 2000 orientations, the EES was to promote 'more and better jobs'. In fact, the EES has not lived up to this promise. First, the EES has not been able to put the quality of jobs firmly on its agenda. On the contrary, the EES argues in favour of more flexible jobs. Second, the EES criticizes countries such as Sweden and Denmark for their high levels of taxes and unemployment benefits, despite the results these countries achieve in terms of employment. The orientations of the EES can be understood as deriving from mainstream economics; it is argued that they go against the European social model. Copyright (c) 2007 The Author(s); Journal compilation (c) 2007 Blackwell Publishing Ltd.

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“…To this end Member States should […] redirect public expenditures towards physical and human capital accumulation." Modigliani et al (1998) and Blanchard and Giavazzi (2003), in turn, proposed to exclude net public investment from the measure of the budget deficit underlying the Stability and Growth Pact in order to prevent future fiscal consolidation in the euro area from negatively affecting public capital spending. Finally, at the end of the 1990s, the government in the United Kingdom launched a large multi-annual spending programme aimed at reversing the falling trend in the ratio of public capital spending to GDP, which had fallen to a very low level by 1997 (HM Treasury 2002).…”

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confidence: 99%

Is There a Lack of Public Capital in the European Union?

Kamps

2005

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Is there a lack of public capital in the European Union? Terms of use: Documents in IntroductionThe decline in government investment in many OECD countries has alerted policy makers and researchers alike. In the Broad Economic Policy Guidelines, the European Commission (2001) recommended the member countries of the European Union to draw "an appropriate balance and sequencing […] between running down public debt, cutting taxes and financing public investment in key areas. To this end Member States should […] redirect public expenditures towards physical and human capital accumulation." Modigliani et al. (1998) and Blanchard and Giavazzi (2003), in turn, proposed to exclude net public investment from the measure of the budget deficit underlying the Stability and Growth Pact in order to prevent future fiscal consolidation in the euro area from negatively affecting public capital spending. Finally, at the end of the 1990s, the government in the United Kingdom launched a large multi-annual spending programme aimed at reversing the falling trend in the ratio of public capital spending to GDP, which had fallen to a very low level by 1997 (HM Treasury 2002).Figure 1 displays the ratios of government investment and government capital stock to GDP for a group of 22 OECD countries and for a group of 14 European Union member states. 1 The left-hand panel of the figure shows that in both groups of countries government investment in relation to GDP declined strongly in the 1970s and remained roughly stable in the 1980s. In the 1990s, government investment in relation to GDP again fell in the EU, probably reflecting in part fiscal consolidation efforts in the run-up to Economic and Monetary Union, while in other OECD countries-especially in Japan-government investment grew. Based on the evolution of public investment, the right-hand panel of Figure 1 depicts the evolution of public capital stocks.While government investment in relation to GDP has fallen strongly in OECD countries on average over the past three decades, the ratio of government capital to GDP has decreased only slightly. Had the high investment rates of the early 1970s been sustained, government capital to GDP ratios would even have increased. Whether the recent decline in the ratio of government capital to GDP is a reason for concern depends on the economic benefits and costs of additional government capital and is, thus, an empirical question.The calls for an expansion of public capital spending, esp...

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An economists' Manifesto on unemployment in the European Union,

Cited by 22 publications

References 0 publications

Public Debt, Corruption and Sustainable Economic Growth

Public Debt, Corruption and Sustainable Economic Growth

The European Employment Strategy: Towards More and Better Jobs?*

Is There a Lack of Public Capital in the European Union?

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