The primary aim of this thesis is to examine whether the policy recommendations made by the European Central Bank in response to the financial crisis of 2008 were biased towards fiscal consolidation. It posits that such policies, commonly known as austerity, were underpinned by estimates of the fiscal multiplier that were lower than those of international and independent researchers. To analyse this, it provides a systematic overview of the ECB's fiscal multiplier estimates by performing a meta-regression analysis on all ECB working papers making multiplier estimates published between 1992 and 2012, and comparing the results against those of a larger dataset containing multiplier estimates made. It finds that the multiplier estimates of the ECB are significantly lower than the norm, which is potentially suggestive of bias. This thesis contributes to the literature on ideational bias in economic policy-making by providing a systematic literature review that helps inform the discussion on austerity in the EU. It also servers as a replication and expansion of previous meta-regression studies on the fiscal multiplier, by being the first study that specifically examines the estimates of a specific institution.

O objetivo deste trabalho é discutir a relação entre crescimento econômico e endividamento público. Para isso, o trabalho inicia com uma análise histórica mostrando a evolução do endividamento público e do sistema monetário ao longo dos últimos séculos, discutindo também alguns episódios clássicos de crises de dívida. Em um segundo momento, o trabalho discute os determinantes para a sustentabilidade da dívida pública através da abordagem de conceitos como original sin, debt intolerance, currency mismatches e sudden stops. Com a análise histórica e a definição de alguns dos principais determinantes da sustentabilidade da dívida pública, o trabalho encerra com a discussão a respeito da relação entre crescimento econômico e endividamento público, contrastando as visões ortodoxas e heterodoxas sobre o tema. Através desta análise conclui-se que não é possível afirmar que existe relação negativa entre crescimento econômico e endividamento público como defendem os autores ortodoxos. Além disso, a assimetria do sistema monetário mundial, elemento pouco presente nas análises ortodoxas, é uma fonte importante de tensões na gestão da dívida pública. / The objective of this dissertation is to discuss the relationship between economic growth and public debt. For that, this dissertation begins with a historic analysis showing the evolution of public debt and of the monetary system over the past centuries, discussing also some classic episodes of debt crises. In a second stage, this dissertation discusses the determinants for public debt sustainability by addressing concepts like original sin, debt intolerance, currency mismatches and sudden stops. With the historical analysis and the definition of some key determinants of public debt sustainability, the work concludes with a discussion about the relationship between economic growth and public debt, contrasting the orthodox and heterodox views on the subject. Through this analysis it follows that it is not possible to say that there is a negative relationship between economic growth and public debt as the orthodox argue. Furthermore, the asymmetry of the global monetary system, a little discussed element in the orthodox analysis, is an important source of tensions in the management of public debt.

O objetivo deste trabalho é discutir a relação entre crescimento econômico e endividamento público. Para isso, o trabalho inicia com uma análise histórica mostrando a evolução do endividamento público e do sistema monetário ao longo dos últimos séculos, discutindo também alguns episódios clássicos de crises de dívida. Em um segundo momento, o trabalho discute os determinantes para a sustentabilidade da dívida pública através da abordagem de conceitos como original sin, debt intolerance, currency mismatches e sudden stops. Com a análise histórica e a definição de alguns dos principais determinantes da sustentabilidade da dívida pública, o trabalho encerra com a discussão a respeito da relação entre crescimento econômico e endividamento público, contrastando as visões ortodoxas e heterodoxas sobre o tema. Através desta análise conclui-se que não é possível afirmar que existe relação negativa entre crescimento econômico e endividamento público como defendem os autores ortodoxos. Além disso, a assimetria do sistema monetário mundial, elemento pouco presente nas análises ortodoxas, é uma fonte importante de tensões na gestão da dívida pública. / The objective of this dissertation is to discuss the relationship between economic growth and public debt. For that, this dissertation begins with a historic analysis showing the evolution of public debt and of the monetary system over the past centuries, discussing also some classic episodes of debt crises. In a second stage, this dissertation discusses the determinants for public debt sustainability by addressing concepts like original sin, debt intolerance, currency mismatches and sudden stops. With the historical analysis and the definition of some key determinants of public debt sustainability, the work concludes with a discussion about the relationship between economic growth and public debt, contrasting the orthodox and heterodox views on the subject. Through this analysis it follows that it is not possible to say that there is a negative relationship between economic growth and public debt as the orthodox argue. Furthermore, the asymmetry of the global monetary system, a little discussed element in the orthodox analysis, is an important source of tensions in the management of public debt.

Following the 2008/9 global financial crisis and ensuing economic uncertainty, the roll out of austerity politics has seen significant welfare retrenchment and a recalibration of the state-citizen relationship which can arguably be characterised by a process of punitive Neoliberalism. Nevertheless, the impacts of austerity politics are proving to be geographically uneven: spatially, there is significant evidence that the northern and western parts of Britain, particularly towns and cities therein, are especially prone to the punitive impacts of neoliberal austerity politics, while socially, some parts of society (e.g. the young, the disabled) find themselves exposed to the worst effects of austerity. Conducted under the period of a Conservative-Liberal Democrat UK Coalition Government (2010-2015) this thesis starts by considering the degree to which punitive austerity policies are economically necessary or driven by political ideology. Alongside this it determines whether austerity politics is a (re)new(ed) approach to welfare provision and the state-citizen relationship. The empirical parts of the thesis examine the tactics and strategies utilised by those conducting (the state), implementing (welfare providers and employers), and recipients (people and employees) of welfare-to-work policies, before considering what adaptations, innovations, co-operation, resistance and coping strategies are being employed by these stakeholders in response to austerity politics. In the final part, I argue that whilst many of the neoliberalised policies devised by the Coalition Government have been a renewal and reinvention of those already in place, this is part of a broader trend which is marked by the emergence of a more punitive Neoliberalism associated with a work-first welfare regime.

Despite a clear impact on the Canadian economy, little is known about the subsequent health impacts of the 2008 Global Financial Crisis (GFC). This thesis aims to fill this gap in knowledge by conducting a secondary analysis of Canadian Community Health Survey (CCHS) data to assess the impact of the GFC on health in Canada – a country that has not yet been thoroughly studied from this angle. Based on when the respondent completed the survey, exposure to the GFC was categorized into four phases: pre-crisis, crisis, stimulus, and austerity. Outcomes investigated include measures of mental health, physical health, and health-related behaviours. Statistically significant associations were observed between several health outcomes and the austerity period as compared to the pre-crisis period. Austerity has been linked to worsening health in other studies and represents an example of how the policy response can have greater detrimental impact on health than the financial crisis itself.

Si la crise de 2008 a plongé l'économie dans une période difficile et pleine d'incertitudes, elle peut du moins se vanter d'avoir enclenché un chantier des réformes de la sphère financière. Dans un contexte où la régulation internationale relève de plus en plus du soft law, le Comité de Bâle joue un rôle important dans l’élaboration de règles permettant de construire un secteur bancaire plus sûr d’autant plus que les règles de Bâle III ont pour objectif de rétablir la confiance dans le système bancaire et financier qui fut ébranlé, mais aussi d’éviter la survenance d’une crise à l’avenir. À l’aide de règles plus strictes et d’outils innovants, la régulation est allée plus loin que par le passé. Toutefois, les dangers découlant d’un contournement des règles prudentielles par les banques sont bel et bien présents. La question de l’efficacité des stratégies de régulation prudentielle qui peut être de nouveau débordée et prise de court par une autre crise est sérieusement posée. Les réponses réglementaires arrivent généralement a posteriori, alors qu’il faudrait agir en amont. Certes, les États ont souvent porté secours à leurs banques mais ils n’auront pas forcément les mêmes moyens à chaque nouvelle crise. Dans ce contexte, les problématiques liées à l’interconnexion entre risque souverain et risque bancaire ainsi qu’aux politiques d’austérité ont été abordées, tout comme les questions concernant les agences de notations, la titrisation ou encore les partenariats public-privé qui ont entre autres été analysés. Dans un monde qui change, de nouveaux défis se présentent et un regard vers des horizons plus lointains nous a amenés à nous intéresser à la nouvelle politique de déréglementation du nouveau président des États-Unis, mais il était aussi opportun de s’intéresser aussi au Liban dont le système bancaire a réussi à échapper à la crise mondiale. De plus, le système bancaire et financier devra sans doute faire avec des phénomènes comme le « bitcoin » ou la « finance islamique », qui malgré leur fragilité, sont en développement. Finalement, la thèse vise à montrer les limites du système actuel et des mesures envisagées. / While the 2008 crisis has plunged the economy into a difficult period full of uncertainty, it can at least boast of having launched reforms of the financial sphere. In a context where international regulation is increasingly a matter of soft law, the Basel Committee plays an important role in developing rules to build a more secure banking sector, especially as the Basel III rules aim to restore confidence in the banking and financial system that was shaken, but also to prevent the occurrence of a new crisis. By means of stricter rules and innovative tools, regulation has gone further than in the past. However, the dangers arising from the circumvention of prudential rules by banks are indeed present. The question of the effectiveness of prudential regulation strategies, which may again be overwhelmed and taken aback by another crisis, is seriously raised. Regulatory responses usually come afterwards, whereas action should be taken upstream. Countries have often helped their banks, but they will not necessarily have the same resources in every new crisis. In this context, issues related to the interconnection between sovereign and banking risks and austerity policies were discussed, as were issues related to rating agencies, securitization and public-private partnerships. In a changing world, new challenges arise and a look at further horizons has led us to take an interest in the new deregulation policy of the new President of the United States, but it was also timely to take an interest in Lebanon, whose banking system has managed to escape the global crisis. Moreover, the banking and financial system will probably have to deal with phenomena such as "bitcoin" or "Islamic finance", which, despite their fragility, are developing. Finally, the thesis aims to show the limits of the current system and the measures envisaged.

No description available.

The current Greek debt crisis has forced the Greek government to adopt austerity measures. In this paper, the most favourable debt reduction strategies among all the other strategies, for both Greece and its creditors will be examined. These strategies have been recently suggested in the economic world, to help achieve deficit reduction and enhance the growth rate of Greece. This is very important for the economic world - to avoid the insolvency of Greece and to find the best debt reduction strategy which is favourable for both the parties, so that the Greek public debt-to-GDP ratio can reach a level of sustainability within a reasonable timespan. In an endeavour to answer the research question, a simulation framework has been carried out based on the economic model as given by Cline, (2011). When using this economic model, g has been made endogenous and it is dependent on the extent of austerity. This has been taken into consideration while carrying out the simulation exercises for this paper. Furthermore, three different debt reduction strategies (the lowering of interest rates, debt write-off and increasing the primary surplus) have been implemented, considering the different scenarios of the economy, when executing these simulation exercises. After carrying out the simulation framework, it has been concluded that the further reduction of the interest rate would be the most favorable debt reduction strategy for both Greece and its creditors. This interest rate strategy would not only lower the Greek public debt-to-GDP to a sustainable level within a reasonable time period, but will also keep the growth rate positive in the long run during this period of weak economic recovery.

Background: Macroenvironmental effects are causing change in consumers decision making. These changes can affect the consumers choice of groceries, hence also the purchasing of sustainable groceries. Generation Z are perceived to be environmentally conscious, however the cohort choosing the sustainable choice of groceries are both rejected and accepted by previous literature. Further, Swedish students are facing budget austerity during the autumn of 2022 as the CSN grant and loan isn’t raised until the spring of 2023. With increased inflation, rising living costs, students are forced to make choices that are not entirely up to them. Purpose: The aim of the research is to investigate which factors influence the decision making for Swedish generation Z students when grocery shopping for sustainable food. Further also to research if budget austerity has an impact on choosing the sustainable option when shopping for groceries. Method: The method explains how the qualitative, exploratory interviews were conducted, and the study chooses a non-probable, convenience sample to be able to gather as much data as possible from the students and investigate what the deciding factors are. Conclusion: The findings indicate that there are many factors influencing the decision making for Swedish generation Z students. However, the main factor is the price affecting the generation Z students to not choose the sustainable groceries, one reason could be budget austerity. It is also observed that generation Z students are not as sustainable conscious as the literature reveals.

No / The current austerity in government spending has far reaching implications, not only for individuals but for the context in which a welfare state is perceived. The position has been reached at the same time as equality legislation makes some groups more visible. This article is an early attempt at drawing out the relationship between lesbian, gay and bisexual (LGB) people and welfare spending cuts, made observable because of legislation requiring impact assessment. This article draws on research into impact prepared by the author, in affiliation with the Bradford LGBT Strategic Partnership, and considers LGB claims to welfare and to citizenship.