How to have a fiscal crisis: lessons from Philadelphia

Article Abstract:

Philadelphia borrowed $375 million from the municipal bond market as a one-year loan in Sep. 1990. Investors refused to grant the loan after discovering that the city incurred more than $73.8 million in accumulated deficits and faced an expected deficit of $132.6 million for FY 1991, which the proposed borrowing sought to cover. Fiscal policy that established additional aid for city poverty and improved compensation contracts were suggested to generate savings and cut taxation.

Economic policy, Philadelphia, Pennsylvania, Local budgets

---

Fiscal policy, the terms of trade, and the external balance

Article Abstract:

A study was conducted on the effects of fiscal policies on a large economy's external balance and its terms of trade. The external balance is the difference between the change in the ownership of wealth among the citizens of each country and the change in the dissemination of world wealth in terms of each country's assets. Results show that an increase in government spending on imported goods lessens the country's terms of trade but enhances its net foreign asset position.

Terms of trade

---

The case for a new fiscal constitution

Article Abstract:

The US Constitution imposes substantive limits on federal expenditures. However, federal spending from the time of the Great Depression and onwards ignored the limits imposed by the Constitution on the spending powers of Congress. As a result, the federal budget deficit continues to grow at an alarming rate. There are proposals for constitutional amendments that will limit federal borrowing and require the government to impose limits on spending.

Laws, regulations and rules, Causes of, Budget, Budgeting, Budgets, Budget deficits

Similar abstracts:

• Abstracts: Tax projections and the budget: lessons from the 1980's. The response of household consumption to income tax refunds
• Abstracts: Role of the state in the social sector in southeast Asia. The impact of the crisis on poverty and equity. Development strategies, agricultural policies and agricultural development in Southeast Asia
• Abstracts: Information and advertising: the case of fat consumption in the United States. Computing the Impact of Social Security Using the Life Cycle Consumption Function
• Abstracts: Alternative funding resources for higher education. The Macroeconomic Merits of a Marginal Employment Subsidy
• Abstracts: Self-employment and windfall gains: evidence from the Swedish lottery. Employment, Income Distribution and Economic Growth in Seven Small Open Economies

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.