LEADER 03904oam 22006132 450 001 9910263844403321 005 20180810082855.0 010 $a0-472-90092-7 024 7 $a10.3998/mpub.9726915 035 $a(CKB)4100000002743989 035 $a(OAPEN)645364 035 $a(MiU)10.3998/mpub.9726915 035 $a(MiAaPQ)EBC6532628 035 $a(Au-PeEL)EBL6532628 035 $a(OCoLC)1013477427 035 $a(MdBmJHUP)muse73579 035 $a(ScCtBLL)d2621043-a6cc-40ac-ac89-e3d154dbb2e3 035 $a(MiAaPQ)EBC6796729 035 $a(Au-PeEL)EBL6796729 035 $a(oapen)https://directory.doabooks.org/handle/20.500.12854/34063 035 $a(Perlego)2329605 035 $a(ODN)ODN0006091185 035 $a(oapen)doab34063 035 $a(oapen)doab71962 035 $a(EXLCZ)994100000002743989 100 $a20171109d2018 uy 0 101 0 $aeng 135 $aurm|#---a|uu| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aIn the red $ethe politics of public debt accumulation in developed countries /$fZso?fia Barta 210 1$aAnn Arbor :$cUniversity of Michigan Press,$d[2018] 210 4$d{copy}2018 215 $a1 online resource (xiv, 210 pages) $cillustrations, charts; PDF, digital file(s) 311 08$a0-472-12346-7 311 08$a0-472-13064-1 320 $aIncludes bibliographical references and index. 327 $aIntro -- Contents -- List of Illustrations -- List of Abbreviations -- Acknowledgments -- One. The Puzzle of Relentlessly and Alarmingly Growing Debt -- Two. Fiscal Polarization, International Exposure, and Sustained Debt Accumulation -- Three. Evolving Social Coalitions, Intense Polarization, and Moderate Exposure: Italy -- Four. Fiscal Discord and Accord in Open Economies: Belgium versus Ireland -- Five. Fiscal Discord in Closed Economies: Greece and Japan -- Six. Variations on Three Themes: Social Coalitions, Fiscal Polarization, and International Exposure -- Notes -- References -- Index. 330 $aWhy do rich countries flirt with fiscal disaster? Between the 1970s and the 2000s, during times of peace and prosperity, affluent countries-like Belgium, Greece, Italy, and Japan-accumulated so much debt that they became vulnerable and exposed themselves to the risk of default. In the past three decades, an extensive scholarly consensus emerged that these problems were created by fiscal indiscipline, the lack of sufficient concern for budgetary constraints from policy makers as they try to please voters. This approach formed the foundation for the fiscal surveillance system that attempted to bring borrowing in European countries under control via a set of fiscal rules. In the Red demonstrates that the problem of sustained, large-scale debt accumulation is an adjustment issue rather than a governance failure. Irrespective of whether the original impetus for borrowing arose from exogenous changes or irresponsible decision making, policy makers invariably initiate spending cuts and/or tax increases when debt grows at an alarming rate for several years in a row. Zso?fia Barta argues that explaining why some countries accumulate substantial amounts of debt for decades hinges on understanding the conditions required to allow policy makers to successfully put into place painful adjustment measures. 517 3 $aPolitics of public debt accumulation in developed countries 606 $aDebts, Public$zDeveloped countries 607 $aDeveloped countries$xForeign economic relations 615 0$aDebts, Public 676 $a336.3/4091722 686 $aBUS069000$aPOL000000$2bisacsh 700 $aBarta$b Zso?fia$0849906 712 02$aMichigan Publishing (University of Michigan) 801 0$bMiU 801 1$bMiU 906 $aBOOK 912 $a9910263844403321 996 $aIn the red$91897764 997 $aUNINA