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Government debt (also known as public debt or national debt) is money (or credit) owed by any level of government; either central government, federal government, municipal government or local government. This article does not cite any references or sources. ...
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Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ...
Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank Money supply Fiscal policy Spending Deficit Debt Trade policy Tariff Trade agreement Finance Financial market Financial market participants Corporate Personal Public Banking Regulation The term direct tax has more than one meaning: a colloquial...
The term indirect tax has more than one meaning. ...
Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank Money supply Fiscal policy Spending Deficit Debt Trade policy Tariff Trade agreement Finance Financial market Financial market participants Corporate Personal Public Banking Regulation An income tax is a tax levied on the financial income...
This article is the current Taxation Collaboration of the Month. ...
A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of an asset that was purchased at a lower price. ...
Stamp duty is a form of tax that is levied on documents. ...
A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ...
Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank Money supply Fiscal policy Spending Deficit Debt Trade policy Tariff Trade agreement Finance Financial market Financial market participants Corporate Personal Public Banking Regulation Value added tax (VAT), or goods and services tax (GST), is...
A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion on income), as opposed to a graduated, or progressive, scheme. ...
The tax, tariff and trade laws of a political region, state or trade bloc determine which forms of consumption and production tend to be encouraged or discouraged. ...
First discussed by the Physiocrats in France, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. ...
A tax (also known as a dutyor Zakat in islamic economics) is a charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ...
A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion of income), as opposed to a graduated, or progressive, scheme. ...
A progressive tax is a tax imposed so that the tax rate increases as the amount to which the rate is applied increases. ...
Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank Money supply Fiscal policy Spending Deficit Debt Trade policy Tariff Trade agreement Finance Financial market Financial market participants Corporate Personal Public Banking Regulation A regressive tax is a tax imposed so that the tax...
Tax advantage refers to the economic bonus which applies to certain accounts or investments that are, by statute, tax-reduced, tax-deferred, or tax-free. ...
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Comparison of tax rates around the world is a difficult and somewhat subjective enterprise. ...
This table lists OECD countries by total tax revenue as percentage of GDP (as of 2005). ...
Not to be confused with Political economy. ...
It has been suggested that monetary theory be merged into this article or section. ...
In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ...
Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ...
Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ...
A budget deficit occurs when an entity (often a government) spends more money than it takes in. ...
This article does not cite any references or sources. ...
This article does not cite any references or sources. ...
A trade pact is a wide ranging tax, tariff and trade pact that usually also includes investment guarantees. ...
Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ...
This article does not cite any references or sources. ...
There are two basic financial market participant catagories, Investor vs. ...
Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ...
Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. ...
This article does not cite any references or sources. ...
For other uses, see Bank (disambiguation). ...
For other uses, see Money (disambiguation). ...
Credit as a financial term, used in such terms as credit card, refers to the granting of a loan and the creation of debt. ...
Central government or the national government (or, in federal states, the federal government) is the government at the level of the nation-state. ...
A federal government is the common government of a federation. ...
It has been suggested that this article or section be merged into Local government of the United States. ...
Local governments are administrative offices that are smaller than a state or province. ...
As the government represents the people, government debt can be seen as an indirect debt of the taxpayers. “Taxes†redirects here. ...
Government debt can be categorized as internal debt, owed to lenders within the country, and external debt, owed to foreign lenders. Governments usually borrow by issuing securities such as government bonds and bills. Less credit worthy countries sometimes borrow directly from commercial banks or supranational institutions. Some consider all government liabilities, including future pension payments and payments for goods and services the government has contracted for but not yet paid, as government debt. internal debt is the part of countries debts owed to creditors inside the country. ...
For security (collateral), the legal right given to a creditor by a borrower, see security interest A security is a fungible, negotiable interest representing financial value. ...
A government bond is a bond issued by a national government denominated in the countrys own currency. ...
A commercial bank is a type of financial intermediary and a type of bank. ...
This article does not cite any references or sources. ...
Another common division of government debt is by duration. Short term debt is generally considered to be one year or less, long term is more than ten years. Medium term debt falls between these two boundaries.
Government and sovereign bonds
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A government bond is a bond issued by a national government denominated in the country's domestic currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. Government bonds are usually considered risk-free bonds, because the government can raise taxes, reduce spending, or simply print more money to redeem the bond at maturity. Investors in sovereign bonds have the additional risk that the issuer is unable to obtain foreign currency to redeem the bonds. A government bond is a bond issued by a national government denominated in the countrys own currency. ...
A sovereign bond is a bond issued by a national government. ...
For alternative meanings, see bond (a disambiguation page). ...
A sovereign bond is a bond issued by a national government. ...
A risk-free bond is one that pays out principle plus interest in a given length of time with absolute certainty. ...
A sovereign bond is a bond issued by a national government. ...
Municipal, provincial or state bonds - Further information: Municipal bond
Municipal bonds or "munis" in the United States are debt securities issued by local governments (municipalities). In the United States, a municipal bond or muni is a bond issued by a state, city or other local government, or their agencies. ...
Denominated in reserve currencies Governments borrow money in a currency for which the demand is strongest. The advantage of issuing bonds in a currency such as the euro or the US dollar, is that the universe of investors for the bonds is very large. Countries such as the United States, France and Germany have only issued in their domestic currency. Relatively few investors are willing to invest in currencies that do not have a long track-record of stability. The disadvantage for a government issuing bonds in a foreign currency, is that there is a risk that they will not be able to obtain the foreign currency to pay the interest or redeem the bonds. In 1997/1998, during the Asian financial crisis this became a serious problem when many countries were unable to keep their exchange rate fixed due to speculative attacks. For other uses, see Euro (disambiguation). ...
The United States dollar is the official currency of the United States. ...
The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ...
A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold. ...
Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ...
Risk -
Lendings to a national government in the country's own sovereign currency are often considered "risk free" and are made at a so-called "risk-free interest rate". This is because the debt and interest can be repaid by raising tax receipts (either by economic growth or raising rates), a reduction in spending, or failing that by simply printing more money. Some economists argue that, in an economy near the full employment, this would increase inflation and reduce the value of the invested capital. An extreme example of this is provided by Weimar, Germany of 1920s which suffered from hyperinflation due to its government's inability to pay the national debt. Credit risk is the risk of loss due to a debtors non-payment of a loan or other line of credit (either the principal or interest (coupon) or both). ...
National governments or national unity governments are broad coalition governments consisting of all parties (or all major parties) in the legislature and are often formed during times of war or national emergency. ...
“Sovereign†redirects here. ...
The risk-free interest rate is the interest rate that it is assumed can be obtained by investing in financial instruments with no risk. ...
This article does not cite any references or sources. ...
For other senses of this word, see interest (disambiguation). ...
“Taxes†redirects here. ...
World GDP/capita changed very little for most of human history before the industrial revolution. ...
For other uses, see Print. ...
For other uses, see Money (disambiguation). ...
In general, the economic value of something is how much a product or service is worth to someone relative to other things (often measured in money). ...
Capital has a number of related meanings in economics, finance and accounting. ...
Look up Example in Wiktionary, the free dictionary. ...
For other uses, see Weimar (disambiguation). ...
The 1920s is a decade that is sometimes referred to as the Jazz Age or the Roaring Twenties, usually applied to America. ...
Certain figures in this article use scientific notation for readability. ...
A politically unstable state is anything but risk-free as it may, being sovereign, cease its payments with impunity. Famous examples of this phenomenon are the Spain of sixteenth and seventeenth centuries which nullified its government debt seven times during a century and revolutionary Russia of 1917 which refused to accept the responsibility for Imperial Russian debt. Another political risk is caused by external threats. It is most uncommon for invaders to accept responsibility for the national debt of the annexed state or that of an organization it considered a rebellion. For example, all debts taken by Confederate States of America were left unpaid after the American Civil War. Motto Deo Vindice (Latin: Under God, Our Vindicator) Anthem (none official) God Save the South (unofficial) The Bonnie Blue Flag (unofficial) Dixie (unofficial) Capital Montgomery, Alabama (until May 29, 1861) Richmond, Virginia (May 29, 1861–April 2, 1865) Danville, Virginia (from April 3, 1865) Language(s) English (de facto) Religion...
Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties 110,000 killed in action, 360,000 total dead, 275,200 wounded 93,000 killed in action, 258,000 total...
U.S. Treasury bonds denominated in U.S. dollars are often considered "risk free" in the U.S. but this ignores the risk to foreign purchasers of currency exchange rate movements. In addition, this implicitly accepts the stability of the US government and its ability to continue repayments in a difficult financial crisis.
Lendings to a national government in a currency other than its own does not allow for the same confidence in the ability to repay but this is offset somewhat by reducing the exchange rate risk to foreign lenders. On the other hand, national debt in foreign currency cannot be disposed of by starting a hyperinflation, which increases the credibility of the debtor. Usually small states with volatile economies have most of their national debt in foreign currency. For countries in the Eurozone, the euro is the local currency, although no single state can trigger inflation by printing more money. For other uses, see Euro (disambiguation). ...
Lendings to a local or municipal government can be just as risky as a loan to a private company, unless the local or municipal government has the power to tax. In this case, the local government can escape its debts by increasing the taxes, or reduce spending, just as a national one. Local government loans are sometimes guaranteed by the national government and this reduces the risk. In some jurisdictions, interest earned on local or municipal bonds is tax-exempt income, which can be an important consideration for the wealthy.
Clearing and defaults -
Public debt clearing standards are set by the Bank for International Settlements, but defaults are governed by extremely complex laws which vary from jurisdiction to jurisdiction. Globally, the International Monetary Fund has the power to intervene to prevent anticipated defaults. It has been very heavily criticized for the measures it advises nations to take, which often involve cutting back essential services as part of an economic austerity regime. In triple bottom line analysis, this can be seen as degrading capital on which the nation's economy ultimately depends. In banking and finance, clearing denotes all activities from the time a transaction is made until it is finally settled (see settlement). ...
In finance, default occurs when a debtor has not met its legal obligations according to the debt contract, e. ...
BIS Headquarters in Basel The Bank for International Settlements (or BIS) is an international organization of central banks which exists to foster cooperation among central banks and other agencies in pursuit of monetary and financial stability. It carries out its work through subcommittees, the secretariats it hosts, and through its...
“IMF†redirects here. ...
Austerity is a term from economics that describes a policy where nations reduce living standards, curtail development projects, and generally shift the revenue stream out of the physical economy, in order to satisfy the demands of creditors. ...
The triple bottom line, measuring organizational (and societal) success; economic, environmental and social. ...
Capital has a number of related meanings in economics, finance and accounting. ...
Private debt, by contrast, has a relatively simple and far less controversial model: credit risk (or the consumer credit rating) determines interest rate, more or less, and entities go bankrupt if they fail to repay. Governments cannot really go bankrupt (and suddenly stop providing services to citizens), thus a far more complex way of managing defaults is required. Credit risk is the risk of loss due to a debtors non-payment of a loan or other line of credit (either the principal or interest (coupon) or both). ...
A credit rating assesses the credit worthiness of an individual, corporation, or even a country. ...
An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ...
Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared bankruptcy (strictly, put into administration—see text) in the United Kingdom. ...
Smaller jurisdictions, such as cities, are usually guaranteed by their regional or national levels of government. When New York City over the 1960s declined into what would have been a bankrupt status (had it been a private entity) by the early 1970s, a "bailout" was required from New York State and the United States. In general such measures amount to merging the smaller entity's debt into that of the larger entity and thereby gaining it access to the lower interest rates the large one enjoys. The larger entity may then assume some agreed-upon oversight in order to prevent recurrence of the problem. New York, New York and NYC redirect here. ...
Bail out in economics and finance is a term used to describe a situation where a bankrupt or nearly bankrupt entity, such as a corporation or a bank, is given a fresh injection of Liquidity, in order to meet its short term obligations. ...
State nickname: Empire State Other U.S. States Capital Albany Largest city New York Governor George Pataki Official languages None Area 141,205 km² (27th) - Land 122,409 km² - Water 18,795 km² (13. ...
It is highly unlikely that a government which defaults will be foreclosed upon; however, it is theoretically possible. Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owners failure to comply with an agreement between the lender and borrower called a mortgage or deed of trust. Commonly, the violation of...
Structure In the dominant economic policy generally ascribed to theories of John Maynard Keynes, sometimes called Keynesian economics, there is tolerance for fairly high levels of public debt to pay for public investment in lean times, which can be paid back with tax revenues that rise in the boom times. Not to be confused with Political economy. ...
John Maynard Keynes, 1st Baron Keynes, CB (pronounced cains, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments fiscal policies. ...
This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ...
Structural considerations taken into account, it will be much easier to public investment fits into fiscal policy. ...
As this theory gained popularity in the 1930s globally, many nations took on public debt to finance large infrastructural capital projects — such as highways or large hydroelectric dams. It was thought that this could start a virtuous cycle and a rising business confidence since there would be more workers with money to spend. However, it was only the military spending of World War II that really ended the Great Depression. (There is however, much debate as to what exactly ended the Great Depression, in particular from Austrian Economics.) Infrastructural capital refers to any physical means of production or means of protection beyond that which can be gathered or found directly in nature, i. ...
This article or section does not cite any references or sources. ...
Hydroelectric dam diagram The waters of Llyn Stwlan, the upper reservoir of the Ffestiniog Pumped-Storage Scheme in north Wales, can just be glimpsed on the right. ...
In many parts of economics there is an assumption that a complex system of determinants will tend to lead to a state of equilibrium. ...
Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki TÅjÅ Casualties Military dead: 17,000,000 Civilian dead: 33,000...
For other uses, see The Great Depression (disambiguation). ...
The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ...
Nonetheless, the Keynesian scheme remained dominant, thanks in part to Keynes' own pamphlet How to Pay for the War, published in his native United Kingdom in 1940. Since the war was being paid for, and being won, Keynes and Harry D. White, Assistant Secretary of the United States Department of the Treasury, were, according to John Kenneth Galbraith, the dominating influences on the Bretton Woods agreements. These agreements set the policies for the BIS, IMF, and World Bank, the so-called Bretton Woods Institutions, launched in the late 1940s. Harry Dexter White (left) and John Maynard Keynes (right) at the Bretton Woods Conference Harry Dexter White (October 1892–August 16, 1948) was an American economist and senior U.S. Department of Treasury official. ...
The U.S. Treasury building today. ...
John Kenneth Galbraith John Kenneth Galbraith (October 15, 1908–April 29, 2006) was an influential Canadian-American economist. ...
Wikipedia does not have an article with this exact name. ...
The World Bank (the Bank), a part of the World Bank Group (WBG), was formally established on December 27, 1945, following the ratification of the Bretton Woods agreement. ...
These are the dominant economic entities setting policies regarding public debt. Due to their role in setting policies for trade disputes, the GATT and World Trade Organization also have immense power to affect foreign exchange relations, as many nations are dependent on specific commodity markets for the balance of payments they require to repay debt. General Agreement on Tariffs and Trade (usually abbreviated GATT) functions as the foundation of the WTO trading system, and remains in force, although the 1995 Agreement contains an updated version of it to replace the original 1947 one. ...
“WTO†redirects here. ...
The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. ...
Chicago Board of Trade Futures market Commodity markets are markets where raw or primary products are exchanged. ...
The balance of payments is a measure of the payments that flow from one exports and imports of goods, services, and financial capital, as well financial transfers. ...
Understanding the structure of public debt and analyzing its risk requires one to: Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...
- Assess the expected value of any public asset being constructed, at least in future tax terms if not in direct revenues. A choice must be made about its status as a public good — some public "assets" end up as public bads, such as nuclear power plants which are extremely expensive to decommission — these costs must also be worked in to asset values.
- Determine whether any public debt is being used to finance consumption, which includes all social assistance and all military spending.
- Determine whether triple bottom line issues are likely to lead to failure or defaults of governments — say due to being overthrown
- Determine whether any of the debt being undertaken may be held to be odious debt, which permits it to be disavowed without any effect to a country's credit status. This includes any loans to purchase "assets" such as leaders' palaces, or the people's suppression or extermination. International law does not permit people to be held responsible for such debts — as they did not benefit in any way from the spending and had no control over it.
- Determine if any future entitlements are being created by expenditures — financing a public swimming pool for instance may create some right to recreation where it did not previously exist, by precedent and expectations.
In probability theory the expected value (or mathematical expectation) of a random variable is the sum of the probability of each possible outcome of the experiment multiplied by its payoff (value). Thus, it represents the average amount one expects as the outcome of the random trial when identical odds are...
In economics, a public good is a good that is non-rivalrous and non-excludable. ...
A public bad, in green economics, is a good that produces socially undesirable results. ...
This article is about applications of nuclear fission reactors as power sources. ...
In economics, consumption refers to the final use of goods and services to provide utility. ...
This article is about financial assistance paid by government organizations. ...
A military budget of an entity, most often a nation or a state is the budget and financial resources dedicated to raising and maintaining armed forces for that entity. ...
The triple bottom line, measuring organizational (and societal) success; economic, environmental and social. ...
Odious debt is debt which is incurred by a regime for purposes which do not serve the interest of the state. ...
This article or section is in need of attention from an expert on the subject. ...
Entitlement is the guarantee for access to benefits because of rights, or by agreement through law. ...
This article needs additional references or sources for verification. ...
Scale Global debt is of great concern since, very often, social capital is depleted (such as cases of pestilence or welfare services on families or friends), and natural capital is ravaged for "natural resources" to make interest payments. Flows 2004 Global debt and equity underwriting reached a record $5. ...
Social capital is a core concept in business, economics, organizational behaviour, political science, and sociology, defined as the advantage created by a persons location in a structure of relationships. ...
Natural capital, as described in the book Natural Capitalism, is a metaphor for the mineral, plant, and animal formations of the Earths biosphere when viewed as a means of production of oxygen, water filter, erosion preventer, or provider of other ecosystem services. ...
This has led to calls for universal debt relief for poorer countries. A less extreme measure is to permit civil society groups in every nation to buy the debt in exchange for minority equity positions in community organizations. Even in dictatorships, the combination of banks and civil society power could force land reform and overthrow unaccountable governments, since the people and banks would be aligned against the oppressive government. Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ...
The Politics series Politics Portal This box: Civil society is composed of the totality of voluntary civic and social organizations and institutions that form the basis of a functioning society as opposed to the force-backed structures of a state (regardless of that states political system) and commercial institutions. ...
Ownership equity, commonly known simply as equity, also risk or liable capital, is a financial term for the difference between a companys assets and liabilities -- that is, the value that accrues to the owners (sole proprietor, partners, or shareholders). ...
Forms of government Part of the Politics series Politics Portal This box: A dictatorship is an autocratic form of government in which the government is ruled by a dictator. ...
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Creditary economics and Islamic economics argue that any level of debt by any party simply represents a violent and coercive relationship that must end. As the existing system of public debt finance based on Bretton Woods is critical to the financial architecture, significant monetary reform would be required to realize this. Islamic economics is economics in accordance with Islamic law. ...
Wikipedia does not have an article with this exact name. ...
Monetary Reform is accounting reform that reaches more deeply into banking central bank, money supply and monetary policy. ...
Using a debt to GDP ratio is one of the most accepted measures of assessing a nation's debt. For example, one of the criteria of admission to the European Union's Euro currency is that a country's debt does not exceed 60% of that country's GDP. The debt to GDP ratio is the National Debt divided by the Gross Domestic Product (GDP). ...
For other uses, see Euro (disambiguation). ...
Problems Sovereign debt problems have been a major public policy issue since World War II, including the treatment of debt related to that war, the developing country "debt crisis" in the 1980s, and the shocks of the Russian financial crisis in 1998 and Argentina's default in 2001. For a comprehensive discussion of the procedures that have evolved for resolving the problems of governments that have defaulted on their contractual debt obligations, see: Restructuring Sovereign Debt: the Case for Ad Hoc Machinery, by Lex Rieffel, Brookings Institution Press, 2003. Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki TÅjÅ Casualties Military dead: 17,000,000 Civilian dead: 33,000...
Inkombank was one of the most high-profile casualties of the events of August 1998. ...
The Argentine economic crisis was part of the situation that affected Argentinas economy during the late 1990s and early 2000s. ...
Implicit debt Government "implicit" debt is the "promise" by a government of future payments from the state. Usually long term promises of social payments such as pensions and health expenditure are what is referred to by this term; not promises of other expenditure such as education or defence (which are largely paid on a "quid pro quo" basis to government employees and contractors, rather than as "social welfare", including welfare per se, to the general population).
The problem with the implicit government insurance liabilities is that it's very hard to make any accurate assumptions about these liabilities, since the scale of future payments depends on so many factors. First of all, the social security claims are not any "open" bonds or debt papers with a stated time frame, "time to maturity", "nominal value", or "net present value". In the United States there is no money in the governments coffers for social insurance payments, or for any payments, more than what's required to run day-to-day business. This insurance system is called PAYGO (pay-as-you-go) as opposed to save and invest. The fear is that when the "baby boomers" start to retire the working population in the United States will be a smaller percentage of the population than it is now, for a perhaps incalculable time into the future. This will make the government expenditures a "burden" on the country - larger than the 35% of GDP that it is now. Remember that the "burden" of the government is what it spends, since it can only pay its bills through taxes, debt, and inflation of the currency (government spending = tax revenues + change in government debt held by public + change in monetary base held by the public). "Government social benefits" paid by the United States government during 2003 totalled $1.3 trillion ([1]). Covered in this article is every penny spent in every operation and process of government at any level, as reported from the 99% unaudited annual financial statements and operational reports of the governments of the world. ...
Social security primarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. ...
For alternative meanings, see bond (a disambiguation page). ...
Nominal value is the value of anything expressed in money of the day, versus real value which removes the effect of inflation. ...
It has been suggested that this article or section be merged with Discounted cash flow. ...
PAYGO (pay-as-you-go) is a term used to characterize a certain way of financing a system of social insurance. ...
Pay As You Go, often shortened to PAYG, is the general term for the concept of a prepay mobile phone. ...
Funding or Financing is to provide capital (funds), which means money for a project, a person, a business or any other private or public institution. ...
A baby boom is defined as a period of increased birth rates relative to surrounding generations. ...
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This article does not cite any references or sources. ...
Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ...
“Taxes†redirects here. ...
The money base, or the monetary base is a government liability, currency and bank reserves. ...
The government of the United States, established by the United States Constitution, is a federal republic of 50 states, a few territories and some protectorates. ...
See also For alternative meanings, see bond (a disambiguation page). ...
Brady bonds are Dollar denominated bonds, named after U.S. Treasury Secretary Nicholas Brady Bonds, traded on the international bond market, allowing emerging countries to transform nonperforming debt into Brady bonds. ...
The history of the United States national debt, relative to gross domestic product, since 1791. ...
Map of countries by public debt This is a list of countries by public debt as percentage of gross domestic product, based on The World Factbook. ...
Reserves of foreign exchange and gold in 2006 A pile of 12. ...
Structural considerations taken into account, it will be much easier to public investment fits into fiscal policy. ...
Government financial reports are an important part of democracy ( or a constitutionally limited republic) but often not widely read or discussed. ...
A sovereign bond is a bond issued by a national government. ...
References - Niall Ferguson. The Cash Nexus: Money and Power in the Modern World, 1700-2000 (2002)
- James Macdonald, A Free Nation Deep in Debt: The Financial Roots of Democracy Princeton University Press, 2006. 564 pp. ISBN 0-691-12632-1. Argues that democracies eventually defeat autocracies because "countries with representative institutions are able to borrow more cheaply than those with autocratic governments" (p. 4). Bond markets also strengthen democracies internally by giving citizens some of the proverbial power of the purse and by aligning their interests with those of their governments.
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