Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Fiscal austerity (2)
- Austerity (1)
- Debt overhang (1)
- Economic effects of sovereign debt (1)
- Economic growth (1)
-
- Economic property rights (1)
- Fiscal consolidation (1)
- Fiscal policy (1)
- G.M. Hodgson (1)
- Global Financial Crisis (1)
- Great Recession (1)
- IMF (1)
- International Monetary Fund (1)
- OECD (1)
- Organisation for Economic Co-operation and Development (1)
- Politics (1)
- Property rights (1)
- Right of possession (1)
- SDRM (1)
- Sovereign Debt Restructuring Mechanism (1)
- Sovereign debt (1)
- Publication Type
Articles 1 - 4 of 4
Full-Text Articles in Law
Why 'Fiscal Austerity'? A Review Of Recent Evidence On The Economic Effects Of Sovereign Debt, Catherine Bosner-Neal
Why 'Fiscal Austerity'? A Review Of Recent Evidence On The Economic Effects Of Sovereign Debt, Catherine Bosner-Neal
Indiana Journal of Global Legal Studies
Concerns about the economic effect of high sovereign debt levels have motivated policy makers to constrain or reduce the growth of fiscal deficits, a practice commonly known now as "fiscal austerity." However, what do we know about the economic impacts of sovereign debt? This article provides an overview of some recent empirical economic research into this question. The article first discusses data and estimation challenges confronted by empirical research into the impact of sovereign debt on economic growth. The article then reviews several studies, which vary by country sample, time period studied, and estimation technique employed. The article also reviews …
The Politics Of Fiscal Austerity: Democracies And Foresight, Paul L. Posner
The Politics Of Fiscal Austerity: Democracies And Foresight, Paul L. Posner
Indiana Journal of Global Legal Studies
Daunting fiscal policy challenges face democratic systems throughout the world. Fiscal austerity in the wake of the Great Recession prompted nations in the Organisation for Economic Co-operation and Development (OECD) to institute major spending cuts and tax increases, increases that caused political and social fallout for years to come. While economies and budgets have improved in the past several years, significant fiscal adjustments lie ahead due to aging populations and the seemingly inexorable growth of health care costs. Faced with larger cohorts of retirees and fewer workers, nations will have to come to grips with a fiscal reality of higher …
Austerity, Debt Overhang, And The Design Of International Standards On Sovereign, Corporate, And Consumer Debt Restructuring, Susan Block-Lieb
Austerity, Debt Overhang, And The Design Of International Standards On Sovereign, Corporate, And Consumer Debt Restructuring, Susan Block-Lieb
Indiana Journal of Global Legal Studies
Following the Asian Financial Crisis, sovereign debt defaults prompted calls by the International Monetary Fund (IMF) for a statutory Sovereign Debt Restructuring Mechanism (SDRM). In promoting the SDRM, IMF leaders argued that countries' sovereign debt problems needed something like U.S. Chapter 11, which is to say that IMF leaders supported the SDRM proposal with reference to legal claims rather than relying on purely economic arguments about the welfare benefits of resolving debt overhang. Framing the debate in this way caught on, but by 2005 the IMF board of directors had rejected the SDRM proposal. The current Global Financial Crisis similarly …
"Economic Property Rights" As "Nonsense Upon Stilts": A Comment On Hodgson, Daniel H. Cole
"Economic Property Rights" As "Nonsense Upon Stilts": A Comment On Hodgson, Daniel H. Cole
Articles by Maurer Faculty
Hodgson's (2015) critique of extra-legal 'property rights' - in this case, so-called 'economic property rights' - is right on target. This Comment contributes two further points to his critique. First, the notion of 'economic property rights' is based on what Gilbert Ryle (1949) referred to as a 'category mistake', conflating physical possession, which is a brute fact about the world, with the right or entitlement to possession, which is a social or institutional fact that cannot exist in the absence of some social contract, convention, covenant, or agreement. The very notion of a non-institutional 'right' is oxymoronic. Second, the fact …