Kalecki’s Macroeconomics of Public Finance and of Monetary Policy

Lebanon, a multi-confessional state, is undergoing a deep socioeconomic change that could trigger a review of its constitutional arrangement. The tiny republic on the Mediterranean was born in 1920 as a liberal democracy with a market economy, where the Christians had the upper hand in politics and the economy. In 1975, Lebanon witnessed a major war that lasted for fifteen years, and a new political system emerged in 1989, dubbed the Ta’ef Accord. The new constitutional arrangement, also known as the “second republic,” transferred major powers to the Muslims. Under the new republic, illiberal policies were adopted in reconstruction, public finance, and monetary policy, coupled with unprecedented corruption at the highest levels. On 17 October 2019, the country exploded in a social revolution which could precipitate the death of the second republic or the demise of the country as another victim of predator neoliberalism.

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Visiting Frank P. Ramsey: The Public Finance Concept of Optimal Monetary Policy

SSRN Electronic Journal ◽

10.2139/ssrn.985331 ◽

2007 ◽

Author(s):

Pedro Garcia Duarte

Keyword(s):

Public Finance ◽

Monetary Policy ◽

Optimal Monetary Policy ◽

The Public

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Public finance, monetary policy and banking supervision

Islamic Finance ◽

10.4337/9781786433503.00015 ◽

2019 ◽

pp. 180-206

Keyword(s):

Public Finance ◽

Monetary Policy ◽

Banking Supervision

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A note on the effects of public finance on the economy

South African Journal of Economic and Management Sciences ◽

10.4102/sajems.v2i2.2580 ◽

1999 ◽

Vol 2 (2) ◽

pp. 308-314

Author(s):

Eui-Gak Hwang

Keyword(s):

Public Finance ◽

Monetary Policy ◽

Government Expenditure ◽

Tax Burden ◽

Empirical Estimation ◽

South Korean ◽

Growing Economy

This note attempts to measure the effects of aggregate government expenditure on GNP growth and monetary policy in a growing economy. A version of the standard St Louis model is used for empirical estimation. Related effects were also estimated by means of South Korean data for the period 1970-1988. The findings, inter alia, support the position that government bondholding is regarded as an asset, not a future tax burden.

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Policy Autonomy, Coordination or Harmonization in the Persistently Heterogeneous European Union?

DANUBE Law and Economics Review ◽

10.1515/danb-2016-0004 ◽

2016 ◽

Vol 7 (1) ◽

pp. 53-71 ◽

Cited By ~ 1

Author(s):

Luděk Kouba ◽

Michal Mádr ◽

Danuše Nerudová ◽

Petr Rozmahel

Keyword(s):

Public Finance ◽

European Union ◽

Monetary Policy ◽

Tax Competition ◽

Fiscal Federalism ◽

Path Dependence ◽

Welfare States ◽

Individual Member ◽

Integration Process ◽

The Eu

Abstract Within the context of the continuing integration process in Europe, this paper addresses the question of whether policies in the EU should head towards autonomy, coordination or harmonization. Taking the path dependence effect into account, it is the authors’ opinion that Europe has gone too far in its integration process to be able to continue with policies being fully under the competences of individual member countries. However, the habitual question still arises: does fiscal policy need to be harmonized to a level comparable to monetary policy as these two policies, necessarily, complement each other? This paper argues that it does not. There are three main arguments discussed. Firstly, the authors build on the theory of fiscal federalism. Secondly, there are significantly different regimes of welfare states and extents of social policies among European countries, which strongly determine the character of public finance. And thirdly, the tax systems across Europe are also highly divergent, with many features of continuing tax competition.

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