Public debt and the limits of fiscal policy to increase economic growth

Research that seeks to estimate the effects of fiscal policies on economic growth has ignored the role of public debt in this relationship. This study proposes a theoretical model of endogenous growth, which demonstrates that the level of the public debt-to-gross domestic product (GDP) ratio should negatively impact the effect of fiscal policy on growth. This occurs because government indebtedness extracts part of the savings of the young to pay interest on the debts of the older generation, who are no longer saving. Therefore, the payment of debt interest assumes an allocation exchange role between generations that is similar to a pay-as-you-go pension system, which results in changes in the savings rate of the economy. The major conclusions of the theoretical model were tested using an econometric model to provide evidence for the validity of this conclusion. Our empirical analysis controls for timeinvariant, country-specific heterogeneity in the growth rates. We also address endogeneity issues and allow for heterogeneity across countries in the model parameters and for cross-sectional dependence.

Public policies and the competitiveness of agricultural exports

Includes bibliography

La inversión pública y el ciclo de los proyectos = Public investment and the project cycle

Incluye Bibliografía

Fiscal Panorama of Latin America and the Caribbean 2016: Public finances and the challenge of reconciling austerity with growth and equality

Latin America’s fiscal accounts deteriorated slightly during 2015, registering an average deficit of 3.0% of GDP and average gross public debt of 34.7% of GDP. Of the 19 countries considered, the fiscal deficit and public debt as a share of GDP both increased in 11. The region started to build up public debt, most of it domestic, after the 2008 international financial crisis to meet the growing financing needs resulting from the worsening growth situation.

Public Monuments and the Development of Siamese Nationalism, 1908-1945

A careful study of Siam's public monuments is the key to understanding the development of the Siamese nation in its formative period, from 1908 to 1945. As Siam's elites attempted to modernize the state in order to compete with the more developed powers of the West, they recognized that nationalism could potentially be used as a force to increase popular unity, consolidate modernization programs, legitimize their own authority, and protect the country from foreign conquest. The problem they faced, however, was how best to communicate nationalism to the people. Different factions throughout this era had their own idea of what it meant to be Siamese, and all of them wanted to control the national image. But literacy in Siam was extremely low, and art too expensive for most individuals to possess. Public political monuments, the focus of this thesis, therefore became the primary means of manifesting and propagating the underlying tenets of the new Siamese nation. Public monuments express the changing imaginings of the Siamese nation in this period of enormous transformations and turbulence, through the motives behind their commissioning, the political messages they convey, and popular reactions to the monuments. Three primary strains of Siamese nationalism emerged during this period: royalist nationalism, republican nationalism, and military nationalism. These three imaginings of the nation continually developed and interacted with each other, but each was particularly dominant at a given time in Siamese history. Monuments of the royalist period (1908-1925) embody the desire of Siam's kings to not only promote national pride amongst the Siamese people, but also advocate an image of nation and king as one. Monuments of the republican period (1925-1939) express the changing and sometimes contradictory events of their times, as they demonstrate new national values based on the sovereignty of the people, the value of the constitution, and the growing power of the military. And monuments of the military period (1939-1945) espouse an assertive and militaristic national image of warfare, patriotism, authority, and vigor. This thesis explores the nationalistic themes expressed in these monuments, and how these themes played out in the course of Siam's wider history.

Electoral and Financial Bookkeeping: A Comparison of Pre-Electoral Pledges on Public Spending and the Outcome of Post-Electoral Budget Debates

In the wake of the financial crisis, budgetary discipline has taken centre stage in politics. More than ever a country's budget mirrors the true policy preferences of the legislative majority beyond all political discourse and cheap talk. The paper sheds light on mandate fulfilment in the field of public spending and fiscal policy in general. Based on previous work on pledge fulfilment in Switzerland the paper compares publicised pre-electoral statements of MPs on public spending and the development of the public finances with their post-electoral legislative behaviour during budget debates and votes. The findings of the paper confirm the results of the aforementioned earlier studies and point to the potential of budgetary statements for future mandate fulfilment research.

Still the “pivot”: Russia’s self-conception and view of the euro crisis as perceived in public opinion and the Rossiiskaya Gazeta, 2011-12. EU Centre in Singapore Working Paper No. 8, August 2012

In his influential and disputed 1904 lecture, “The Geographical Pivot of History,” Halford Mackinder argued that the Russian heartland was the fulcrum of many historical and geostrategic currents across Eurasian space. While the thesis has been thought surpassed by recent technological advances in transportation, it serves as a useful heuristic device to open certain thematic lines of analysis apparent in the presentation of the ongoing “EUrocrisis” by the country’s newspaper of record, the Rossiiskaya Gazeta.