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Format: 1 online resource (250 pages)

Edition: 1st ed.

ISBN: 1-80511-202-3

Note: Intro -- Acknowledgements -- Preface -- Franco Bassanini, Sebastian Dullien, Alberto Quadrio Curzio, and Xavier Ragot -- Introduction -- Floriana Cerniglia, Francesco Saraceno and Andrew Watt -- References -- PART I. State of the Art -- 1. Europe -- Andrea Brasili, Atanas Kolev, Debora Revoltella, Jochen Schanz, and Annamaria Tueske -- 1.1. Public Investment, Current Dynamics, and Plans -- 1.2 Public Investment in Europe: The Most Recent Data -- 1.3 Projections of Public Investment and Capital Transfers in Member States' Stability and Convergence Programmes -- 1.3.1 Projections of Public Investment in Member States' Stability and Convergence Programmes -- 1.3.2 The Role of Capital Transfers and Investment Grants -- 1.4 The Role of the Recovery and Resilience Facility (RRF) -- 1.5 Is the Old Framework 'Biting' with Respect to Plans? Will Member States Diminish their Investment Attitude? -- 1.5.1 Interest Expenditures are Projected to Rise Slightly -- 1.5.2 General Government Deficits are Projected to Decline -- 1.5.3 The evolution of fiscal stance: changes in the structural primary balance -- 1.6 Congestions and Bottlenecks in Public Investment in EU -- 1.7 Concluding Remarks -- References -- 2. Financing Public Investment in France -- Mathieu Plane and Francesco Saraceno -- 2.1 The Historical Evolution of Public Investment -- 2.2 The Public-Investment Dynamics since the COVID Crisis -- 2.3 Net Investment Increases but the Pace of Public-Capital Accumulation is Still Low -- 2.4 General Government Net Wealth: Still Positive but a Strong Decrease Since 2008 -- 2.5 Savings and Investment Financing: The Large Gap Between the Central Government and Local Authorities -- 2.6 How is Public Investment Financed in France? -- 2.6.1 Who Does What? -- 2.6.2 Co-financing is Becoming the Norm -- 2.7 Is French Public Debt Sustainable? -- References. , 3. Germany Lacks Political Will to Finance Needed Public-Investment Boost -- Katja Rietzler, Andrew Watt, and Ekaterina Juergens -- 3.1 Situation and Recent Developments -- 3.2 What Does the German Population Expect? Results from an IMK Survey -- 3.3 Financing Government Investment Spending -- 3.3.1 General Overview -- 3.3.2 Fiscal Situation of the Federal Government -- 3.3.3 Fiscal Situation of the Federal States -- 3.3.4 Fiscal Situation of Local Government -- 3.4 What has Been Achieved under the German RRF Plan? -- 3.5 Outlook -- References -- 4. Italy's Public Investments. The NRRP and Beyond -- Giovanni Barbieri, Floriana Cerniglia, Enzo Dia -- 4.1 Introduction -- 4.2 Italy's NRRP -- 4.3 Challenges of the NRRP -- 4.4 Italian Public Finance: Public Investment Beyond the NRRP -- References -- 5. Public Investment, Deficit and Public Debt in Spain, 1995-2022 -- Francisco Pérez and Eva Benages -- 5.1 Introduction -- 5.2 The Trajectory of Public Investment in Spain, 1995-2022 -- 5.3 From Investment to Capital Accumulation -- 5.4 Investment and Public Deficit Financing -- 5.5 Conclusions -- References -- PART II. Challenges -- 6. Escaping Fragmentation and Secular Stagnation. The EU Policy Mix and Investment Financing -- Pier Carlo Padoan -- 6.1 Introduction -- 6.2 Phases of European Growth -- 6.3 Secular Stagnation and the Growth Environment -- 6.4 The NGEU Policy Response -- 6.4.1 Public Investment -- 6.4.2 Structural Reforms -- 6.4.3 Financing Needs and the Role of Private Investment -- 6.5 Summary and Conclusions -- References -- 7. From Crisis to Crisis, Can Europe Count on National Promotional Banks as Silver Bullets? -- Laurent Zylberberg -- 7.1 Introduction -- 7.2 A Particularly Difficult Economic Environment for the European Union -- 7.2.1 Europe has been Facing Increasing Investment Needs for Many Years. , 7.2.2 These Needs are Part of Successive and Sometimes Simultaneous Crises -- 7.2.3 The European Economic Environment is also Characterised by Other Penalizing Factors -- 7.3 Assets to Meet These Major Challenges -- 7.3.1 A Dense Network of Strong, Robust NPBIs Anchored as Close as Possible to the Ground -- 7.3.2 A Dynamic Started with the Juncker Plan and the Role of the EIB -- 7.3.3 Enabling NPBIs to Make Full Use of their Potential -- 7.4 One Step Beyond… -- References -- 8. Making Green Public Investments a Reality in the EU Fiscal Framework and the EU Budget -- Atanas Pekanov and Margit Schratzenstaller -- 8.1 Introduction -- 8.2 Fiscal Framework -- 8.3 Options to Support GPI in the EU Fiscal Framework -- 8.3.1 GPI Exemption Clause in the SGP -- 8.3.2 Introduction of a 'Green Investment Golden Rule' -- 8.3.3 A Benchmark for GPI as a Share of Government Expenditures -- 8.3.4 An EU Climate Fund -- 8.4 Green Public Investment in the EU Budget -- 8.5 Conclusions -- References -- 9. Financing Climate Investment in the EU: the Role of Monetary and Financial Policies -- Yannis Dafermos and Maria Nikolaidi -- 9.1 Introduction -- 9.2 Central Banking Tools -- 9.3 Financial Regulation/Supervision Tools -- 9.4 Conclusions -- References -- 10. In Search of Lost Time: An Ensemble of Policies to Restore Fiscal Progressivity and Address the Climate Challenge -- Demetrio Guzzardi, Elisa Palagi, Tommaso Faccio, and Andrea Roventini -- 10.1 Introduction -- 10.2 Recent Worrying Trends in Tax Progressivity -- 10.3 Turning the Tide: Policy Tools to Increase Tax Progressivity -- 10.3.1 Wealth Tax -- 10.3.2 Capital Gains Tax -- 10.3.3 Corporate Tax -- 10.4 Tax Progressivity for a Just, Green Transition -- 10.5 Conclusions -- References -- 11. European Public Goods -- Marco Buti, Alessandro Coloccia, and Marcello Messori -- 11.1 Introduction -- 11.2 Key Features of EPGs. , 11.3 Identifying EPGs -- 11.4 Financing and Delivering EPGs -- 11.5 Conclusions -- References -- 12. Options for a Permanent EU Sovereign Fund: Meeting the Climate-Investment Challenge and Promoting Macroeconomic Stability -- Philipp Heimberger and Andreas Lichtenberger -- 12.1 Introduction -- 12.2 Arguments for a New, Additional, EU Sovereign Fund -- 12.3 Options for a New European Sovereign Fund -- 12.3.1 A Permanent EU Investment Fund for Climate and Energy -- 12.3.2 European Public Goods: Focusing on the Pan-European Dimension -- 12.3.3 A Rainy-Day Fund for Macroeconomic Stabilisation -- 12.4 An EU Sovereignty Fund? -- 12.5 Conclusions -- References -- Contributor Biographies -- List of Figures -- List of Tables.

Additional Edition: ISBN 1-80511-200-7

Language: English

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Format: 1 online resource (250 pages)

Edition: 1st ed.

ISBN: 9781805112020

Note: Intro -- Acknowledgements -- Preface -- Franco Bassanini, Sebastian Dullien, Alberto Quadrio Curzio, and Xavier Ragot -- Introduction -- Floriana Cerniglia, Francesco Saraceno and Andrew Watt -- References -- PART I. State of the Art -- 1. Europe -- Andrea Brasili, Atanas Kolev, Debora Revoltella, Jochen Schanz, and Annamaria Tueske -- 1.1. Public Investment, Current Dynamics, and Plans -- 1.2 Public Investment in Europe: The Most Recent Data -- 1.3 Projections of Public Investment and Capital Transfers in Member States' Stability and Convergence Programmes -- 1.3.1 Projections of Public Investment in Member States' Stability and Convergence Programmes -- 1.3.2 The Role of Capital Transfers and Investment Grants -- 1.4 The Role of the Recovery and Resilience Facility (RRF) -- 1.5 Is the Old Framework 'Biting' with Respect to Plans? Will Member States Diminish their Investment Attitude? -- 1.5.1 Interest Expenditures are Projected to Rise Slightly -- 1.5.2 General Government Deficits are Projected to Decline -- 1.5.3 The evolution of fiscal stance: changes in the structural primary balance -- 1.6 Congestions and Bottlenecks in Public Investment in EU -- 1.7 Concluding Remarks -- References -- 2. Financing Public Investment in France -- Mathieu Plane and Francesco Saraceno -- 2.1 The Historical Evolution of Public Investment -- 2.2 The Public-Investment Dynamics since the COVID Crisis -- 2.3 Net Investment Increases but the Pace of Public-Capital Accumulation is Still Low -- 2.4 General Government Net Wealth: Still Positive but a Strong Decrease Since 2008 -- 2.5 Savings and Investment Financing: The Large Gap Between the Central Government and Local Authorities -- 2.6 How is Public Investment Financed in France? -- 2.6.1 Who Does What? -- 2.6.2 Co-financing is Becoming the Norm -- 2.7 Is French Public Debt Sustainable? -- References. , 3. Germany Lacks Political Will to Finance Needed Public-Investment Boost -- Katja Rietzler, Andrew Watt, and Ekaterina Juergens -- 3.1 Situation and Recent Developments -- 3.2 What Does the German Population Expect? Results from an IMK Survey -- 3.3 Financing Government Investment Spending -- 3.3.1 General Overview -- 3.3.2 Fiscal Situation of the Federal Government -- 3.3.3 Fiscal Situation of the Federal States -- 3.3.4 Fiscal Situation of Local Government -- 3.4 What has Been Achieved under the German RRF Plan? -- 3.5 Outlook -- References -- 4. Italy's Public Investments. The NRRP and Beyond -- Giovanni Barbieri, Floriana Cerniglia, Enzo Dia -- 4.1 Introduction -- 4.2 Italy's NRRP -- 4.3 Challenges of the NRRP -- 4.4 Italian Public Finance: Public Investment Beyond the NRRP -- References -- 5. Public Investment, Deficit and Public Debt in Spain, 1995-2022 -- Francisco Pérez and Eva Benages -- 5.1 Introduction -- 5.2 The Trajectory of Public Investment in Spain, 1995-2022 -- 5.3 From Investment to Capital Accumulation -- 5.4 Investment and Public Deficit Financing -- 5.5 Conclusions -- References -- PART II. Challenges -- 6. Escaping Fragmentation and Secular Stagnation. The EU Policy Mix and Investment Financing -- Pier Carlo Padoan -- 6.1 Introduction -- 6.2 Phases of European Growth -- 6.3 Secular Stagnation and the Growth Environment -- 6.4 The NGEU Policy Response -- 6.4.1 Public Investment -- 6.4.2 Structural Reforms -- 6.4.3 Financing Needs and the Role of Private Investment -- 6.5 Summary and Conclusions -- References -- 7. From Crisis to Crisis, Can Europe Count on National Promotional Banks as Silver Bullets? -- Laurent Zylberberg -- 7.1 Introduction -- 7.2 A Particularly Difficult Economic Environment for the European Union -- 7.2.1 Europe has been Facing Increasing Investment Needs for Many Years. , 7.2.2 These Needs are Part of Successive and Sometimes Simultaneous Crises -- 7.2.3 The European Economic Environment is also Characterised by Other Penalizing Factors -- 7.3 Assets to Meet These Major Challenges -- 7.3.1 A Dense Network of Strong, Robust NPBIs Anchored as Close as Possible to the Ground -- 7.3.2 A Dynamic Started with the Juncker Plan and the Role of the EIB -- 7.3.3 Enabling NPBIs to Make Full Use of their Potential -- 7.4 One Step Beyond… -- References -- 8. Making Green Public Investments a Reality in the EU Fiscal Framework and the EU Budget -- Atanas Pekanov and Margit Schratzenstaller -- 8.1 Introduction -- 8.2 Fiscal Framework -- 8.3 Options to Support GPI in the EU Fiscal Framework -- 8.3.1 GPI Exemption Clause in the SGP -- 8.3.2 Introduction of a 'Green Investment Golden Rule' -- 8.3.3 A Benchmark for GPI as a Share of Government Expenditures -- 8.3.4 An EU Climate Fund -- 8.4 Green Public Investment in the EU Budget -- 8.5 Conclusions -- References -- 9. Financing Climate Investment in the EU: the Role of Monetary and Financial Policies -- Yannis Dafermos and Maria Nikolaidi -- 9.1 Introduction -- 9.2 Central Banking Tools -- 9.3 Financial Regulation/Supervision Tools -- 9.4 Conclusions -- References -- 10. In Search of Lost Time: An Ensemble of Policies to Restore Fiscal Progressivity and Address the Climate Challenge -- Demetrio Guzzardi, Elisa Palagi, Tommaso Faccio, and Andrea Roventini -- 10.1 Introduction -- 10.2 Recent Worrying Trends in Tax Progressivity -- 10.3 Turning the Tide: Policy Tools to Increase Tax Progressivity -- 10.3.1 Wealth Tax -- 10.3.2 Capital Gains Tax -- 10.3.3 Corporate Tax -- 10.4 Tax Progressivity for a Just, Green Transition -- 10.5 Conclusions -- References -- 11. European Public Goods -- Marco Buti, Alessandro Coloccia, and Marcello Messori -- 11.1 Introduction -- 11.2 Key Features of EPGs. , 11.3 Identifying EPGs -- 11.4 Financing and Delivering EPGs -- 11.5 Conclusions -- References -- 12. Options for a Permanent EU Sovereign Fund: Meeting the Climate-Investment Challenge and Promoting Macroeconomic Stability -- Philipp Heimberger and Andreas Lichtenberger -- 12.1 Introduction -- 12.2 Arguments for a New, Additional, EU Sovereign Fund -- 12.3 Options for a New European Sovereign Fund -- 12.3.1 A Permanent EU Investment Fund for Climate and Energy -- 12.3.2 European Public Goods: Focusing on the Pan-European Dimension -- 12.3.3 A Rainy-Day Fund for Macroeconomic Stabilisation -- 12.4 An EU Sovereignty Fund? -- 12.5 Conclusions -- References -- Contributor Biographies -- List of Figures -- List of Tables.

Additional Edition: Print version: Cerniglia, Floriana Financing Investment in Times of High Public Debt Cambridge, UK : Open Book Publishers,c2023

Language: English

Keywords: Electronic books.

URL: Click to View

UID:

Format: 1 online resource (250 pages)

Edition: 1st ed.

ISBN: 1-80511-202-3

Note: Intro -- Acknowledgements -- Preface -- Franco Bassanini, Sebastian Dullien, Alberto Quadrio Curzio, and Xavier Ragot -- Introduction -- Floriana Cerniglia, Francesco Saraceno and Andrew Watt -- References -- PART I. State of the Art -- 1. Europe -- Andrea Brasili, Atanas Kolev, Debora Revoltella, Jochen Schanz, and Annamaria Tueske -- 1.1. Public Investment, Current Dynamics, and Plans -- 1.2 Public Investment in Europe: The Most Recent Data -- 1.3 Projections of Public Investment and Capital Transfers in Member States' Stability and Convergence Programmes -- 1.3.1 Projections of Public Investment in Member States' Stability and Convergence Programmes -- 1.3.2 The Role of Capital Transfers and Investment Grants -- 1.4 The Role of the Recovery and Resilience Facility (RRF) -- 1.5 Is the Old Framework 'Biting' with Respect to Plans? Will Member States Diminish their Investment Attitude? -- 1.5.1 Interest Expenditures are Projected to Rise Slightly -- 1.5.2 General Government Deficits are Projected to Decline -- 1.5.3 The evolution of fiscal stance: changes in the structural primary balance -- 1.6 Congestions and Bottlenecks in Public Investment in EU -- 1.7 Concluding Remarks -- References -- 2. Financing Public Investment in France -- Mathieu Plane and Francesco Saraceno -- 2.1 The Historical Evolution of Public Investment -- 2.2 The Public-Investment Dynamics since the COVID Crisis -- 2.3 Net Investment Increases but the Pace of Public-Capital Accumulation is Still Low -- 2.4 General Government Net Wealth: Still Positive but a Strong Decrease Since 2008 -- 2.5 Savings and Investment Financing: The Large Gap Between the Central Government and Local Authorities -- 2.6 How is Public Investment Financed in France? -- 2.6.1 Who Does What? -- 2.6.2 Co-financing is Becoming the Norm -- 2.7 Is French Public Debt Sustainable? -- References. , 3. Germany Lacks Political Will to Finance Needed Public-Investment Boost -- Katja Rietzler, Andrew Watt, and Ekaterina Juergens -- 3.1 Situation and Recent Developments -- 3.2 What Does the German Population Expect? Results from an IMK Survey -- 3.3 Financing Government Investment Spending -- 3.3.1 General Overview -- 3.3.2 Fiscal Situation of the Federal Government -- 3.3.3 Fiscal Situation of the Federal States -- 3.3.4 Fiscal Situation of Local Government -- 3.4 What has Been Achieved under the German RRF Plan? -- 3.5 Outlook -- References -- 4. Italy's Public Investments. The NRRP and Beyond -- Giovanni Barbieri, Floriana Cerniglia, Enzo Dia -- 4.1 Introduction -- 4.2 Italy's NRRP -- 4.3 Challenges of the NRRP -- 4.4 Italian Public Finance: Public Investment Beyond the NRRP -- References -- 5. Public Investment, Deficit and Public Debt in Spain, 1995-2022 -- Francisco Pérez and Eva Benages -- 5.1 Introduction -- 5.2 The Trajectory of Public Investment in Spain, 1995-2022 -- 5.3 From Investment to Capital Accumulation -- 5.4 Investment and Public Deficit Financing -- 5.5 Conclusions -- References -- PART II. Challenges -- 6. Escaping Fragmentation and Secular Stagnation. The EU Policy Mix and Investment Financing -- Pier Carlo Padoan -- 6.1 Introduction -- 6.2 Phases of European Growth -- 6.3 Secular Stagnation and the Growth Environment -- 6.4 The NGEU Policy Response -- 6.4.1 Public Investment -- 6.4.2 Structural Reforms -- 6.4.3 Financing Needs and the Role of Private Investment -- 6.5 Summary and Conclusions -- References -- 7. From Crisis to Crisis, Can Europe Count on National Promotional Banks as Silver Bullets? -- Laurent Zylberberg -- 7.1 Introduction -- 7.2 A Particularly Difficult Economic Environment for the European Union -- 7.2.1 Europe has been Facing Increasing Investment Needs for Many Years. , 7.2.2 These Needs are Part of Successive and Sometimes Simultaneous Crises -- 7.2.3 The European Economic Environment is also Characterised by Other Penalizing Factors -- 7.3 Assets to Meet These Major Challenges -- 7.3.1 A Dense Network of Strong, Robust NPBIs Anchored as Close as Possible to the Ground -- 7.3.2 A Dynamic Started with the Juncker Plan and the Role of the EIB -- 7.3.3 Enabling NPBIs to Make Full Use of their Potential -- 7.4 One Step Beyond… -- References -- 8. Making Green Public Investments a Reality in the EU Fiscal Framework and the EU Budget -- Atanas Pekanov and Margit Schratzenstaller -- 8.1 Introduction -- 8.2 Fiscal Framework -- 8.3 Options to Support GPI in the EU Fiscal Framework -- 8.3.1 GPI Exemption Clause in the SGP -- 8.3.2 Introduction of a 'Green Investment Golden Rule' -- 8.3.3 A Benchmark for GPI as a Share of Government Expenditures -- 8.3.4 An EU Climate Fund -- 8.4 Green Public Investment in the EU Budget -- 8.5 Conclusions -- References -- 9. Financing Climate Investment in the EU: the Role of Monetary and Financial Policies -- Yannis Dafermos and Maria Nikolaidi -- 9.1 Introduction -- 9.2 Central Banking Tools -- 9.3 Financial Regulation/Supervision Tools -- 9.4 Conclusions -- References -- 10. In Search of Lost Time: An Ensemble of Policies to Restore Fiscal Progressivity and Address the Climate Challenge -- Demetrio Guzzardi, Elisa Palagi, Tommaso Faccio, and Andrea Roventini -- 10.1 Introduction -- 10.2 Recent Worrying Trends in Tax Progressivity -- 10.3 Turning the Tide: Policy Tools to Increase Tax Progressivity -- 10.3.1 Wealth Tax -- 10.3.2 Capital Gains Tax -- 10.3.3 Corporate Tax -- 10.4 Tax Progressivity for a Just, Green Transition -- 10.5 Conclusions -- References -- 11. European Public Goods -- Marco Buti, Alessandro Coloccia, and Marcello Messori -- 11.1 Introduction -- 11.2 Key Features of EPGs. , 11.3 Identifying EPGs -- 11.4 Financing and Delivering EPGs -- 11.5 Conclusions -- References -- 12. Options for a Permanent EU Sovereign Fund: Meeting the Climate-Investment Challenge and Promoting Macroeconomic Stability -- Philipp Heimberger and Andreas Lichtenberger -- 12.1 Introduction -- 12.2 Arguments for a New, Additional, EU Sovereign Fund -- 12.3 Options for a New European Sovereign Fund -- 12.3.1 A Permanent EU Investment Fund for Climate and Energy -- 12.3.2 European Public Goods: Focusing on the Pan-European Dimension -- 12.3.3 A Rainy-Day Fund for Macroeconomic Stabilisation -- 12.4 An EU Sovereignty Fund? -- 12.5 Conclusions -- References -- Contributor Biographies -- List of Figures -- List of Tables.

Additional Edition: ISBN 1-80511-200-7

Language: English

UID:

Format: 1 online resource (250 pages)

Edition: 1st ed.

ISBN: 1-80511-202-3

Note: Intro -- Acknowledgements -- Preface -- Franco Bassanini, Sebastian Dullien, Alberto Quadrio Curzio, and Xavier Ragot -- Introduction -- Floriana Cerniglia, Francesco Saraceno and Andrew Watt -- References -- PART I. State of the Art -- 1. Europe -- Andrea Brasili, Atanas Kolev, Debora Revoltella, Jochen Schanz, and Annamaria Tueske -- 1.1. Public Investment, Current Dynamics, and Plans -- 1.2 Public Investment in Europe: The Most Recent Data -- 1.3 Projections of Public Investment and Capital Transfers in Member States' Stability and Convergence Programmes -- 1.3.1 Projections of Public Investment in Member States' Stability and Convergence Programmes -- 1.3.2 The Role of Capital Transfers and Investment Grants -- 1.4 The Role of the Recovery and Resilience Facility (RRF) -- 1.5 Is the Old Framework 'Biting' with Respect to Plans? Will Member States Diminish their Investment Attitude? -- 1.5.1 Interest Expenditures are Projected to Rise Slightly -- 1.5.2 General Government Deficits are Projected to Decline -- 1.5.3 The evolution of fiscal stance: changes in the structural primary balance -- 1.6 Congestions and Bottlenecks in Public Investment in EU -- 1.7 Concluding Remarks -- References -- 2. Financing Public Investment in France -- Mathieu Plane and Francesco Saraceno -- 2.1 The Historical Evolution of Public Investment -- 2.2 The Public-Investment Dynamics since the COVID Crisis -- 2.3 Net Investment Increases but the Pace of Public-Capital Accumulation is Still Low -- 2.4 General Government Net Wealth: Still Positive but a Strong Decrease Since 2008 -- 2.5 Savings and Investment Financing: The Large Gap Between the Central Government and Local Authorities -- 2.6 How is Public Investment Financed in France? -- 2.6.1 Who Does What? -- 2.6.2 Co-financing is Becoming the Norm -- 2.7 Is French Public Debt Sustainable? -- References. , 3. Germany Lacks Political Will to Finance Needed Public-Investment Boost -- Katja Rietzler, Andrew Watt, and Ekaterina Juergens -- 3.1 Situation and Recent Developments -- 3.2 What Does the German Population Expect? Results from an IMK Survey -- 3.3 Financing Government Investment Spending -- 3.3.1 General Overview -- 3.3.2 Fiscal Situation of the Federal Government -- 3.3.3 Fiscal Situation of the Federal States -- 3.3.4 Fiscal Situation of Local Government -- 3.4 What has Been Achieved under the German RRF Plan? -- 3.5 Outlook -- References -- 4. Italy's Public Investments. The NRRP and Beyond -- Giovanni Barbieri, Floriana Cerniglia, Enzo Dia -- 4.1 Introduction -- 4.2 Italy's NRRP -- 4.3 Challenges of the NRRP -- 4.4 Italian Public Finance: Public Investment Beyond the NRRP -- References -- 5. Public Investment, Deficit and Public Debt in Spain, 1995-2022 -- Francisco Pérez and Eva Benages -- 5.1 Introduction -- 5.2 The Trajectory of Public Investment in Spain, 1995-2022 -- 5.3 From Investment to Capital Accumulation -- 5.4 Investment and Public Deficit Financing -- 5.5 Conclusions -- References -- PART II. Challenges -- 6. Escaping Fragmentation and Secular Stagnation. The EU Policy Mix and Investment Financing -- Pier Carlo Padoan -- 6.1 Introduction -- 6.2 Phases of European Growth -- 6.3 Secular Stagnation and the Growth Environment -- 6.4 The NGEU Policy Response -- 6.4.1 Public Investment -- 6.4.2 Structural Reforms -- 6.4.3 Financing Needs and the Role of Private Investment -- 6.5 Summary and Conclusions -- References -- 7. From Crisis to Crisis, Can Europe Count on National Promotional Banks as Silver Bullets? -- Laurent Zylberberg -- 7.1 Introduction -- 7.2 A Particularly Difficult Economic Environment for the European Union -- 7.2.1 Europe has been Facing Increasing Investment Needs for Many Years. , 7.2.2 These Needs are Part of Successive and Sometimes Simultaneous Crises -- 7.2.3 The European Economic Environment is also Characterised by Other Penalizing Factors -- 7.3 Assets to Meet These Major Challenges -- 7.3.1 A Dense Network of Strong, Robust NPBIs Anchored as Close as Possible to the Ground -- 7.3.2 A Dynamic Started with the Juncker Plan and the Role of the EIB -- 7.3.3 Enabling NPBIs to Make Full Use of their Potential -- 7.4 One Step Beyond… -- References -- 8. Making Green Public Investments a Reality in the EU Fiscal Framework and the EU Budget -- Atanas Pekanov and Margit Schratzenstaller -- 8.1 Introduction -- 8.2 Fiscal Framework -- 8.3 Options to Support GPI in the EU Fiscal Framework -- 8.3.1 GPI Exemption Clause in the SGP -- 8.3.2 Introduction of a 'Green Investment Golden Rule' -- 8.3.3 A Benchmark for GPI as a Share of Government Expenditures -- 8.3.4 An EU Climate Fund -- 8.4 Green Public Investment in the EU Budget -- 8.5 Conclusions -- References -- 9. Financing Climate Investment in the EU: the Role of Monetary and Financial Policies -- Yannis Dafermos and Maria Nikolaidi -- 9.1 Introduction -- 9.2 Central Banking Tools -- 9.3 Financial Regulation/Supervision Tools -- 9.4 Conclusions -- References -- 10. In Search of Lost Time: An Ensemble of Policies to Restore Fiscal Progressivity and Address the Climate Challenge -- Demetrio Guzzardi, Elisa Palagi, Tommaso Faccio, and Andrea Roventini -- 10.1 Introduction -- 10.2 Recent Worrying Trends in Tax Progressivity -- 10.3 Turning the Tide: Policy Tools to Increase Tax Progressivity -- 10.3.1 Wealth Tax -- 10.3.2 Capital Gains Tax -- 10.3.3 Corporate Tax -- 10.4 Tax Progressivity for a Just, Green Transition -- 10.5 Conclusions -- References -- 11. European Public Goods -- Marco Buti, Alessandro Coloccia, and Marcello Messori -- 11.1 Introduction -- 11.2 Key Features of EPGs. , 11.3 Identifying EPGs -- 11.4 Financing and Delivering EPGs -- 11.5 Conclusions -- References -- 12. Options for a Permanent EU Sovereign Fund: Meeting the Climate-Investment Challenge and Promoting Macroeconomic Stability -- Philipp Heimberger and Andreas Lichtenberger -- 12.1 Introduction -- 12.2 Arguments for a New, Additional, EU Sovereign Fund -- 12.3 Options for a New European Sovereign Fund -- 12.3.1 A Permanent EU Investment Fund for Climate and Energy -- 12.3.2 European Public Goods: Focusing on the Pan-European Dimension -- 12.3.3 A Rainy-Day Fund for Macroeconomic Stabilisation -- 12.4 An EU Sovereignty Fund? -- 12.5 Conclusions -- References -- Contributor Biographies -- List of Figures -- List of Tables.

Additional Edition: ISBN 1-80511-200-7

Language: English

UID:

Format: 1 online resource (xiv, 234 pages) : , 52 illustrations, 17 tables.

ISBN: 9781805112020 , 9781805112037 , 9781805112051 , 9781805112051

Content: "The fourth book in the 'European Public Investment Outlook' series focuses on the urgent issue of how to finance needed investment in critical tangible and intangible infrastructure given high levels of public debt, a thorny problem facing many governments across Europe. Drawing on expertise from academics, researchers at public policy institutes and international governance bodies, the contributors analyse the current situation and prospects and propose feasible solutions. Financing Investment in Times of High Public Debt offers a powerful combination of high-level analysis of cross-continental policies and trends, with close examination of specific contexts in France, Italy, Germany and Spain. The chapters in Part II explore challenges including how to finance climate investments, the extent to which national promotional banks can offer solutions, EU budget reform and recent trends in tax progressivity. This book is essential reading for economists, policymakers, and anyone interested in implementing and financing public policy in Europe and wanting to better understand the intricacies of EU governance and institutions."--Publisher's website.

Note: Available through Open Book Publishers. , Introduction / Floriana Cerniglia, Andrew Watt, Francesco Saraceno -- 1. Europe / Andrea Brasili, Atanas Kolev, Annamaria Tueske, Jochen Schantz, Debora Revoltella -- 2. Financing Public Investment in France / Mathieu Plane, Francesco Saraceno -- 3. Germany Lacks Political Will to Finance Needed Public-Investment Boost / Katja Rietzler, Ekaterina Juergens, Andrew Watt -- 4. Italy's Public Investments : The NRRP and Beyond / Giovanni Barbieri, Floriana Cerniglia, Enzo Dia -- 5. Public Investment, Deficit and Public Debt in Spain, 1995-2022 / Francisco Perez, Eva Benages -- 6. Escaping Fragmentation and Secular Stagnation: The EU Policy Mix and Investment Financing / Pier Carlo Padoan -- 7. From Crisis to Crisis, Can Europe Count on National Promotional Banks as Silver Bullets? (pp. 113-136) Laurent Zylberberg 8. Making Green Public Investments a Reality in the EU Fiscal Framework and the EU Budget / Atanas Pekanov, Margit Schratzenstaller-Altzinger -- 9. Financing Climate Investment in the EU: The Role of Monetary and Financial Policies / Yannis Dafermos, Maria Nikolaidi -- 10. In Search of Lost Time: An Ensemble of Policies to Restore Fiscal Progressivity and Address the Climate Challenge / Elisa Palagi, Demetrio Guzzardi, Tommaso Faccio, Andrea Roventini -- 11. European Public Goods / Alessandro Coloccia, Marco Buti, Marcello Messori -- 12. Options for a Permanent EU Sovereign Fund: Meeting the Climate-Investment Challenge and Promoting Macroeconomic Stability / Andreas Lichtenberger, Phillip Heimberger. , Mode of access: World Wide Web.

Language: English

URL: Connect to e-book

URL: Connect to cover image

UID:

Format: 1 online resource (xiv, 227 pages)

ISBN: 9781805112020 , 1805112023 , 9781805112037 , 1805112031 , 9781805112044 , 180511204X , 9781805112051 , 1805112058

Content: "The fourth book in the 'European Public Investment Outlook' series focuses on the urgent issue of how to finance needed investment in critical tangible and intangible infrastructure given high levels of public debt, a thorny problem facing many governments across Europe. Drawing on expertise from academics, researchers at public policy institutes and international governance bodies, the contributors analyse the current situation and prospects and propose feasible solutions. Financing Investment in Times of High Public Debt offers a powerful combination of high-level analysis of cross-continental policies and trends, with close examination of specific contexts in France, Italy, Germany and Spain. The chapters in Part II explore challenges including how to finance climate investments, the extent to which national promotional banks can offer solutions, EU budget reform and recent trends in tax progressivity. This book is essential reading for economists, policymakers, and anyone interested in implementing and financing public policy in Europe and wanting to better understand the intricacies of EU governance and institutions."--Publisher's website.

Note: Intro -- Acknowledgements -- Preface -- Franco Bassanini, Sebastian Dullien, Alberto Quadrio Curzio, and Xavier Ragot -- Introduction -- Floriana Cerniglia, Francesco Saraceno and Andrew Watt -- References -- PART I. State of the Art -- 1. Europe -- Andrea Brasili, Atanas Kolev, Debora Revoltella, Jochen Schanz, and Annamaria Tueske -- 1.1. Public Investment, Current Dynamics, and Plans -- 1.2 Public Investment in Europe: The Most Recent Data -- 1.3 Projections of Public Investment and Capital Transfers in Member States' Stability and Convergence Programmes , 1.3.1 Projections of Public Investment in Member States' Stability and Convergence Programmes -- 1.3.2 The Role of Capital Transfers and Investment Grants -- 1.4 The Role of the Recovery and Resilience Facility (RRF) -- 1.5 Is the Old Framework 'Biting' with Respect to Plans? Will Member States Diminish their Investment Attitude? -- 1.5.1 Interest Expenditures are Projected to Rise Slightly -- 1.5.2 General Government Deficits are Projected to Decline -- 1.5.3 The evolution of fiscal stance: changes in the structural primary balance -- 1.6 Congestions and Bottlenecks in Public Investment in EU , 1.7 Concluding Remarks -- References -- 2. Financing Public Investment in France -- Mathieu Plane and Francesco Saraceno -- 2.1 The Historical Evolution of Public Investment -- 2.2 The Public-Investment Dynamics since the COVID Crisis -- 2.3 Net Investment Increases but the Pace of Public-Capital Accumulation is Still Low -- 2.4 General Government Net Wealth: Still Positive but a Strong Decrease Since 2008 -- 2.5 Savings and Investment Financing: The Large Gap Between the Central Government and Local Authorities -- 2.6 How is Public Investment Financed in France? -- 2.6.1 Who Does What? , 2.6.2 Co-financing is Becoming the Norm -- 2.7 Is French Public Debt Sustainable? -- References -- 3. Germany Lacks Political Will to Finance Needed Public-Investment Boost -- Katja Rietzler, Andrew Watt, and Ekaterina Juergens -- 3.1 Situation and Recent Developments -- 3.2 What Does the German Population Expect? Results from an IMK Survey -- 3.3 Financing Government Investment Spending -- 3.3.1 General Overview -- 3.3.2 Fiscal Situation of the Federal Government -- 3.3.3 Fiscal Situation of the Federal States -- 3.3.4 Fiscal Situation of Local Government , 3.4 What has Been Achieved under the German RRF Plan? -- 3.5 Outlook -- References -- 4. Italy's Public Investments. The NRRP and Beyond -- Giovanni Barbieri, Floriana Cerniglia, Enzo Dia -- 4.1 Introduction -- 4.2 Italy's NRRP -- 4.3 Challenges of the NRRP -- 4.4 Italian Public Finance: Public Investment Beyond the NRRP -- References -- 5. Public Investment, Deficit and Public Debt in Spain, 1995-2022 -- Francisco Pérez and Eva Benages -- 5.1 Introduction -- 5.2 The Trajectory of Public Investment in Spain, 1995-2022 -- 5.3 From Investment to Capital Accumulation

Additional Edition: Print version: Financing investment in times of high public debt. ISBN 9781805112013

Language: English

Keywords: Electronic books.

URL: https://books.openbookpublishers.com/10.11647/obp.0386.pdf

URL: Open Book Publishers

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