Esta tesis esta compuesta por tres capítulos. Los dos primeros capítulos estudian los efectos macroeconómicos de una consolidación fiscal y estímulos fiscales cuando la deuda privada es elevada. El tercer capítulo, estudia proyecciones de deuda púbica para el caso español bajo diferentes escenarios macroeconómicos. En el primer capítulo se analiza los efectos macroeconómicos de diferentes planes de consolidación fiscal en los que el gobierno reduce de forma gradual la ratio deuda pública-PIB y el sector privado está altamente endeudado. Lo resultados muestran que en el largo plazo, la consolidación fiscal genera beneficios en términos de output que son mayores en el caso en el que el sector público este altamente endeudado. En el corto plazo, la efectividad de la política fiscal en un escenario de deuda alta, depende del instrumento fiscal utilizado. Finalmente se analiza el bienestar social, encontrando que la política de consolidación fiscal produce una ganancia en términos de bienestar cuando el gasto público o el impuesto al consumo se utilizan como instrumento y este bienestar es mayor en el caso de endeudamiento privado alto. Sin embargo, cuando el instrumento fiscal son los impuestos al trabajo o al capital, se produce una pérdida de bienestar que es amplificada en un escenario de endeudamiento alto. En el segundo capítulo, se estudia como el tamaño de los multiplicadores fiscales depende del nivel de endeudamiento privado. Este artículo contribuye al debate de los efectos de los estímulos fiscales demostrando que el impacto de las políticas fiscales depende del nivel de endeudamiento, considerando el endeudamiento de los hogares y empresas. Finalmente, en el tercer capítulo se examina las proyecciones de deuda para la economía española bajo diferentes escenarios macroeconómicos. Se encuentra que la deuda aumentará hasta un 174% en 2035 si se cumple el escenario macroeconómico que predice la Comisión Europea. En el caso de considerar una subida de impuestos, la deuda disminuye pero lejos de llegar a los niveles pre-COVID.

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The length and depth of the Great Recession of 2008 provides an opportunity to examine the policy behavior of local governments unlike any window since the 1930's post Depression era. Utilizing Peterson's (1981) City Limits typology as a framework for local government policy allows for an evaluation of whether or not the economic downturn caused local governments to change their relative expenditures between policy categories. The City Limits typology has been widely used in the literature to explain how expenditures define a local government's role in economic development. The typology has had limited use in a pre-post natural experimental research design to determine if a local government has 'shifted' policy priorities as measured by changes in expenditures among and between policy categories. This research design and the use Peterson's framework combine for a study that has not yet been conducted under similar conditions. Most of the existing literature, including the research from the 1980's, failed to account for inter-state differences that directly affect local government expenditures and policy. Concentrating solely on Florida local governments, this study eliminates the confounding nature of a national study and ensures that the unit of analysis is comparable for research purposes. The study utilizes actual expenditure data for all cities and counties in Florida from FY2006 through FY2011. The research tests for the relationships between changes in policy priorities from pre- to post-recession, and the type of government, form of government, and various socio-economic factors. The research contributes to a new body of knowledge that is just beginning to emerge in the literature about how local governments respond to periods of extreme fiscal stress. The findings suggest that cities and counties had an inverse response from pre- to post-recession with cities shifting toward developmental expenditures and counties prioritizing allocational spending. Differences were also found between forms of government. In addition, the density of population was found to contribute differently to shifts in expenditures for cities and counties. The study identifies emerging patterns that can help local governments understand past behavior and better anticipate future economic downturns.

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Indiana University-Purdue University Indianapolis (IUPUI) / This study is an interpretative phenomenological analysis that explored the meanings homeowners associated with their lived experience of foreclosure. In the wake of the 2006 housing crash and 2008 Great Recession, questions have been posed about the continued efficacy of homeownership as an asset-based strategy. In addition, the conversation has been dominated by traditional economic and business interests. Discussions about housing policy and foreclosure response have marginalized the voice of vulnerable populations. The literature on housing policy reflects a positivist perspective that privileges analysis of unit production, economic costs and benefits. Secondary attention is given to exploring housing and foreclosure from a critical and constructivist standpoint. Consequently, this study intentionally engaged people who have experienced foreclosure. Depth and meaning were uncovered through interpretative phenomenological analysis. A purposive sample of five homeowners who experienced foreclosure was identified. The five homeowners participated in semi-structured interview. Transcribed interviews were analyzed using the six-step process articulated for interpretive phenomenological analysis (IPA). IPA combines three philosophical foundations—phenomenology, hermeneutics, and idiography—to approach qualitative and experiential research. The findings of this study discovered that foreclosure represents disconnection for the participants. Specifically, due to experiencing foreclosure, participants felt separated from their self-identity, from housing finance literacy, from their relationship with their mortgage lender and servicers, from the benefits of homeownership and from self-sufficiency due to their social service-based, helping-based, and/or low-wage employment. Study findings both affirm and challenge relevant theoretical frameworks. In addition, this research underscores the need for social work education to address financial literacy. Further, social work practitioners should be prepared to either provide or refer consumers to home-buyer education and training. Social workers should also challenge exploitative consumer practices and offer empowering alternatives in their place. Lastly, this research offers strategies and practices to strengthen housing policy and foreclosure response for the benefit of consumers.

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This thesis analyses whether the concept of monetary sovereignty evolves under the impact of globalization and financial integration, and provides a framework for assessing what this implies. Thereby, this thesis contributes to a better understanding of both the contemporary exercise of sovereign powers in monetary and financial matters and of the driving forces behind the evolution of international law in this field. As elaborated in chapter 1, the contemporary concept of monetary sovereignty proposed by this thesis is not static but dynamic in nature. Due to the dual nature of sovereignty as a concept having not only positive but also important normative components, monetary sovereignty cannot become eroded under the impact of legal and economic constraints. Chapter 2 examines the ongoing hybridization of international monetary law arising from changes in the sources of this complex body of law, from the unsuitability of the categories of ‘hard’ and ‘soft’ law for characterizing all normative evolutions in this field, and from the rise of private and transnational monetary law. Chapter 3 scrutinizes the phenomenon of exchange rate misalignment under monetary and trade law. Intrinsically related, it assesses which aspects of the IMF’s legal framework should be reformed in order to tackle contemporary challenges to the stability of the international monetary system, such as global current account imbalances. Chapter 4 analyses the increasing regionalization of monetary sovereignty. It argues that, to the extent that transferring sovereign powers to a monetary union is what provides a state’s population with maximum monetary and financial stability, the underlying transfers are not a surrender of monetary sovereignty, but its effective exercise under the form of cooperative sovereignty. Finally, chapter 5 assesses the implications of the contemporary concept of monetary sovereignty proposed herein for the reorganization of the international financial architecture in the wake of the Great Recession.