By Eric Lichten
The athor perspectives the economic quandary as either a product and the method of sophistication fight. . . . Interview information and records are mixed to offer an invaluable and engaging counter-perspective delicate to the contingencies of fight. "Choice"
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Extra resources for Class, power, & austerity: the New York City fiscal crisis
1), provides the starting point for the analysis. The only difference is that, instead of considering money financing for the fiscal approach, the relationship now is based on the current account financing. 2) for the fiscal approach is Ddtf’ = rtf’ – gt’ 1 + gt’ f’ dt–1 – nica** t . 5) The key results are similar to those obtained for the fiscal accounting approach to debt sustainability. As before, the first key factor affecting the ratio of debt to GDP is the difference between the real interest rate on the debt and the real growth rate of GDP.
The second factor is the primary balance, including seigniorage or the creation or printing of money by the government. Thus, if the average interest rate is structurally higher than the GDP growth rate, the debt-to-GDP ratio will Debt Sustainability for Low-Income Countries 27 rise unless the government runs a sufficiently large primary fiscal surplus. Keeping the debt-to-GDP ratio stable also will require a primary surplus. If, on the other hand, the growth rate of GDP exceeds the average rate of interest on public debt, keeping the debt-to-GDP ratio stable or even reducing it is compatible with running a primary fiscal deficit.
External Approach We now turn to a discussion of the sustainability of the combined public and private debt from a foreign exchange or external point of view. The idea is to measure sustainability in terms of a foreign exchange constraint instead of the fiscal constraint. A sustainable fiscal stance may not be sufficient for external sustainability if private sector investment exceeds private sector savings. Conversely, an unsustainable fiscal deficit may translate into a sustainable external position if the balance of private savings minus private investment is positive and compensates for an unsustainable fiscal deficit.