scholarly journals Public Wealth in the United States

2019 ◽  
Vol 19 (139) ◽  
pp. 1
Author(s):  
Fabien Gonguet ◽  
Klaus-Peter Hellwig
Keyword(s):  
World War Ii ◽  
Public Sector ◽  
Global Financial Crisis ◽  
Stress Test ◽  
Balance Sheet ◽  
The United States ◽  
Net Worth ◽  
The Us ◽  
History Of ◽  
The Global Financial Crisis

We analyze the US public sector balance sheet and project it forward under the assumption that current policies remain in place. We first document the history of the balance sheet and its components since World War II, with a detailed account of its evolution during and after the global financial crisis. While, based on assets and liabilities alone, public sector net worth is negative, additional challenges arise from commitments to future spending implied by current legislation and demographic trends. To quantify the risks to the balance sheet, we then apply the macroeconomic scenarios from the Federal Reserve’s bank stress test to the public sector balance sheet.

scholarly journals Burning the buffer: New Zealand's budgetary response to COVID-19

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ian Ball
Keyword(s):  
New Zealand ◽  
Financial Management ◽  
Global Financial Crisis ◽  
Balance Sheet ◽  
Content Type ◽  
Net Worth ◽  
Fiscal Impacts ◽  
Financial Management System ◽  
The Global Financial Crisis

PurposeThe New Zealand Government has progressively strengthened its balance sheet position since the mid-1990s, other than for the four years immediately following the global financial crisis and the Canterbury earthquakes. This paper describes the nature and the forecast and actual fiscal impacts of the COVID-19 response, and identifies the transparency mechanisms which reveal these impacts. It also expresses a viewpoint on the implications of the COVID-19 response for the future resilience of the Government's fiscal position.Design/methodology/approachThe paper draws on the suite of official budgetary documents to demonstrate both the transparency of the disclosures on the COVID-19 impact and the substance of the forecast and actual fiscal impacts.FindingsThe paper reveals the change in the long-term fiscal aspirations of the New Zealand Government from one of achieving and maintaining a significant net worth buffer, to one which accommodates in the long-term a markedly smaller buffer and lower level of net worth.Originality/valueThe public financial management system in New Zealand is notable for its transparency. The Government's response to the pandemic is used to illustrate the nature and extent of that transparency.

scholarly journals A Historical Overview of the 21st-Century Protectionism

2021 ◽  
Vol 4 (10) ◽  
pp. 5
Author(s):  
Nicolas D. Albertoni
Keyword(s):  
World War Ii ◽  
Trade Policy ◽  
21St Century ◽  
Global Financial Crisis ◽  
Historical Context ◽  
The United States ◽  
Bretton Wood System ◽  
Historical Overview ◽  
Policy Dynamics ◽  
The Global Financial Crisis

The main goal of this paper is to situate current trade policy debates in a proper historical context by analyzing the main trade policy milestones of the 21st-century. It does not attempt to offer an extensive historical overview of trade policy, which has been done masterfully by other scholars, but to analyze the events that have led to a stagnation of the multilateral trade system and rising protectionism. This paper begins with the winding road of trade liberalization since World War II, briefly tracing how we arrived from the early stages of the Bretton Wood System to the current moment of stagnation of the multilateral system and rising protectionism. It then turns to four key events to understand the current new reality: China’s accession to the World Trade Organization (WTO) in 2001, the Global Financial Crisis (GFC) of 2008 to 2009, the trade war between the United States and China, and the effects of the COVID-19 pandemic in trade policy dynamics. It concludes with some final comments on the relevance of understanding current trade debates from a historical perspective.

scholarly journals Penyebab Krisis Finansial Global tahun 2008: Kegagalan Financial Development dalam Mendorong Pertumbuhan dan Stabilitas Ekonomi

2018 ◽  
Vol 11 (1) ◽  
pp. 155
Author(s):  
Yohanes William Santoso
Keyword(s):  
United States ◽  
Financial Development ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
The United States ◽  
Subprime Mortgages ◽  
Us Economy ◽  
The Us ◽  
Ease Of Access ◽  
The Global Financial Crisis

The Global Financial Crisis has raised questions for economists on the causes of the issue and how to prevent similar case in the future. One of the causes of the crisis was a large and rapid increase of credit accumulation in the United States (US) on the period of 2000 to 2007. While according to the theory of Financial Development, credit is one of the indicator that shows the ongoing national financial system. Credit includes the access get credit and the ability of financial institution to lend credit. Both can be seen in the United States, proved by the ease of access to home loans and increasing amount of subprime mortgages. In accordance with the theory of financial development, the US economy should had experienced growth and stability. However, the rapid increase of credit accumulation in US has led to instability and crisis. The anomaly proves the failure of Financial Development and encourage the International Monetary Fund (IMF) to review the theory and prove its relevance in explaining economic growth and stability.

scholarly journals France

2019 ◽  
Vol 19 (321) ◽  
Author(s):  
Keyword(s):  
At Risk ◽  
Global Financial Crisis ◽  
Housing Prices ◽  
Balance Sheet ◽  
International Comparisons ◽  
Stress Tests ◽  
Balance Sheets ◽  
Net Worth ◽  
Near Term ◽  
The Global Financial Crisis

Corporates. The debt of French nonfinancial corporations has been on a rising trend in percent of GDP, especially in recent years, in contrast what is observed in peer European countries. This trend on non-consolidated data is mostly accounted for by bond issuances and loans among nonfinancial corporations (NFCs) while bank credit to NFCs has also grown but at a slower pace. While, across countries, French firms do not appear to be more indebted on average or to be more likely to have their debt-at-risk than their peers, there exists a tail of firms with debt-at-risk that has remained fatter than before the global financial crisis, despite the low interest rate environment. Moreover, some banks may have somewhat significant exposures to individual large indebted corporates. Stress tests show that under downside macrofinancial scenarios, corporate debt may increase significantly (up to around 11 percent of GDP in the broad sample of firms) but would remain broadly manageable. However, banks’ large exposures to corporates with debt at risk would increase significantly under the adverse scenario and in aggregate would amount to a significant share of capital. • Households. There is no clear evidence of vulnerabilities in households’ balance sheets at an aggregated level. Households have continued to build their financial net worth by accumulating financial assets even faster than debt. Their saving rate is healthy, and they appear to invest their inflows primarily in safe assets. Household debt is not high in international comparisons. However, some households—lower income, younger—may have experienced a deterioration of their balance sheet along certain dimensions. Such potential pockets of vulnerabilities should be further studied when data are available. The residential real market appears to be broadly aligned with its supply-side and demand-side fundamentals, and there are limited near-term downside risks to housing prices. However, there is a need to remain prudent, because the likelihood of adverse price developments is sensitive to negative shocks to macrofinancial conditions.

The World Economy from 1999 to 2007

2018 ◽  
Author(s):  
Rob Vos
Keyword(s):  
Financial Crisis ◽  
World Economy ◽  
Global Financial Crisis ◽  
Commodity Prices ◽  
The Us ◽  
Stock Market Bubbles ◽  
Economic Trends ◽  
History Of ◽  
The Global Financial Crisis ◽  
Dot Com

Between 1999 and 2007, global economic trends were characterized by the aftermath of the Asian financial crisis, the bubble and burst of the dot-com crisis, and a global recovery which triggered a boom in commodity prices and inflated housing and stock market bubbles in the US and other high-income countries. These trends culminated into the global financial crisis of 2008–9. Few observers saw this crisis coming. UN economists did. This chapter looks at what UN economists saw as risks, but other observers failed to see: (a) the widening savings–investment imbalances across countries; (b) the risks of cheap money in the context of unregulated finance; (c) the decoupling of economic growth between developed and developing countries; and (d) the risk of imminent exchange rate instability. Revisiting the history of this period is relevant for drawing lessons for the understanding of today’s buildup of another dot-com bubble and its possible consequences.

scholarly journals "You know, I used to be a Jew"

2020 ◽  
Vol 1 (1) ◽  
pp. 29-50
Author(s):  
Mark Reinhardt
Keyword(s):  
World War Ii ◽  
American Studies ◽  
White Supremacy ◽  
Settler Colonialism ◽  
The United States ◽  
World War ◽  
Interdisciplinary Field ◽  
The Family ◽  
The Us ◽  
History Of

Beginning with the unlikely pairing of Max Reinhardt and Groucho Marx, this article unpacks an old, politically troubling Jewish joke as a way of tracing two trajectories that unfolded between Austria and the United States. The first follows the author's family, the second the interdisciplinary field of American studies. The joke's commentary on the dilemmas of assimilation, as played out in the family history, frames a more sustained examination of how national identity was understood by the American studies project consolidated in Salzburg and the US just after World War II. Focusing on how the new field's ways of engaging and occluding problems of race, subordination, exploitation, and land-theft shaped an interpretation of American democracy's history and prospects, the article puts these issues in the context of Donald Trump's election as president and the urgency of understanding not only the ruptures but also the historical continuities his presidency represents. Against the backdrop of those reflections, the article considers how contemporary American studies does and might engage the continuities. The field must help shape a national narrative both accessible in idiom and able to reckon with the ongoing history of white supremacy and settler colonialism. Doing that entails not only moving beyond but also borrowing anew from that early, Salzburg-style formation of American studies. It may also benefit from the Jewish joke: the conclusion and two postscripts read the joke's limitations in the light of recent social struggles yet also note its unnerving relevance to the Trump-era resurgence of antisemitism.

scholarly journals The global financial crisis: Implications for capital to agribusiness

2012 ◽  
Vol 6 (1-2) ◽  
pp. 59-62
Author(s):  
Bruce L. Ahrendsen
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Balance Sheet ◽  
The United States ◽  
The European Union ◽  
Financial Obligations ◽  
General Business ◽  
The Global Financial Crisis

The global economy has continued to experience lingering effects of the global financial crisis that began in 2007. Although attention was initially given to the liquidity crisis and survival of some the world’s largest corporations and institutions, the financial crisis is likely to have long-lasting implications for agribusiness. As the world slowly recovers from the crisis, another round of problems are emerging as governments and international institutions attempt to unwind the positions they took in an effort to prevent the global economic bubble from bursting. Perhaps the most problematic factor for businesses is access to capital in sufficient amounts and at affordable rates. Governments and institutions, particularly in the United States (U.S.) and the European Union, have increased their financial obligations as the result of activities taken to curtail the economic crisis. These financial obligations and the associated financial risks place pressure on financial markets and tend to restrain the availability of capital and increase the cost of capital for businesses. However, the U.S. agricultural credit market has not experienced problems to the same extent as general business (commercial and industrial) and real estate credit markets have. In general, U.S. farm businesses have a strong balance sheet, adequate repayment capacity, sufficient amount of assets to offer collateral for loans, and reasonable profits. Thus, U.S. farm businesses have had an ample supply of credit at relatively low interest rates.

Catholic Politics in the United States: Challenges in the Past, Present, and Future

The Forum ◽  
2013 ◽  
Vol 11 (4) ◽  
Author(s):  
Ted G. Jelen
Keyword(s):  
World War Ii ◽  
Catholic Church ◽  
Roman Catholic ◽  
The United States ◽  
Immigrant Church ◽  
World War ◽  
Political Roles ◽  
The Us ◽  
History Of ◽  
American Catholic

AbstractThroughout the history of the US, the Catholic Church has occupied a variety of political roles. This essay identifies three distinctive periods of Catholic politics: An era in which US Catholicism represented a primarily “immigrant” church (approximately from the mid-19th century to World War II), a period of assimilation and acculturation (roughly 1945–1980), and a period of integration into the dominant partisan and ideological cleavages of American politics (approximately 1980 to the present). Each of these eras was characterized by a distinctive pattern of interaction among the American Catholic laity, the organized Roman Catholic hierarchy in the US, and the Vatican.

A Xenoglossary for the Americas

2017 ◽  
Author(s):  
Harris Feinsod
Keyword(s):  
World War Ii ◽  
The United States ◽  
Wallace Stevens ◽  
World War ◽  
Jose Lezama Lima ◽  
Poetic Identity ◽  
The Us ◽  
History Of ◽  
Supreme Fiction ◽  
Global Language

This chapter advances a “tropological history” of inter-Americanism by showing how foreign words (xenoglossia) became a key poetic device for Wallace Stevens, José Lezama Lima, and Jorge Luis Borges after World War II, at the low ebb of political inter-Americanism. It shows how Stevens’s monumental “Notes Toward a Supreme Fiction” used this device in order to reimagine the poetic identity of the Americas—a gesture resonant with the US Congress’s contemporaneous debates about globalization. While Stevens’s “lingua franca et jocundissima” (his self-designated attempt to fashion a playful, sonorous global language) was rebuked in the United States by nationalistic postwar critics, the chapter demonstrates how it belongs to a rich vein of postwar poetry by Borges and Lezama, who respond to national and insular literary formations with similar turns toward international language norms and the style of “post-symbolism.”

Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014

2016 ◽  
pp. 26-46
Author(s):  
Marcin Jan Flotyński
Keyword(s):  
United States ◽  
European Union ◽  
Financial Markets ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
The European Union ◽  
High Volatility ◽  
The Global Financial Crisis ◽  
Domestic Products

The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.

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