Strategies for Fiscal Consolidation in the Post-Crisis World - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Strategies for Fiscal Consolidation in the Post-Crisis World write by Mr.Mauricio Villafuerte. This book was released on 2010-09-17. Strategies for Fiscal Consolidation in the Post-Crisis World available in PDF, EPUB and Kindle. In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.
Fiscal Consolidation Strategy
Fiscal Consolidation Strategy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fiscal Consolidation Strategy write by . This book was released on 2012. Fiscal Consolidation Strategy available in PDF, EPUB and Kindle. In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In this paper we consider a fiscal consolidation strategy that brings the budget to balance by gradually reducing this spending ratio over time to the level that prevailed prior to the crisis. A crucial issue is the impact of such a consolidation strategy on the economy. We use structural macroeconomic models to estimate this impact. We consider two types of dynamic stochastic general equilibrium models: a neoclassical growth model and more complicated models with price and wage rigidities and adjustment costs. We separate out the impact of reductions in government purchases and transfers, and we allow for a reduction in both distortionary taxes and government debt relative to the baseline of no consolidation. According to the initial model simulations GDP rises in the short run upon announcement and implementation of this fiscal consolidation strategy and remains higher than the baseline in the long run.
Fiscal consolidation strategy
Fiscal consolidation strategy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fiscal consolidation strategy write by John F. Cogan. This book was released on 2012. Fiscal consolidation strategy available in PDF, EPUB and Kindle.
Smart Fiscal Consolidation
Smart Fiscal Consolidation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Smart Fiscal Consolidation write by Galina Kolev. This book was released on 2013-05-10. Smart Fiscal Consolidation available in PDF, EPUB and Kindle. PDF downloadable for free from http://martenscentre.eu/publications/smart-fiscal-consolidation-strategy-achieving-sustainable-public-finances-and-growth Due to high government debt levels and the dangers of self-defeating austerity, smart fiscal consolidation measures are needed that foster economic growth. A thorough review of the relevant literature provides many useful insights. To regain credibility, a clearly communicated broad reform program (including structural reforms) is required. Targeting mainly public expenditures, rather than revenues, raises the chances of expansionary effects. The timing of consolidation should focus on adjustment in structural terms to leave room for automatic stabilisers. The main part of the study evaluates the impact of individual consolidation and fiscal reform measures on consolidation success, on economic growth (in the long and short term), and on social fairness.
Fiscal Consolidation in Southeastern European Countries
Fiscal Consolidation in Southeastern European Countries - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fiscal Consolidation in Southeastern European Countries write by Mr.Brian Olden. This book was released on 2012-05-01. Fiscal Consolidation in Southeastern European Countries available in PDF, EPUB and Kindle. This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.
