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.
Strategies for Fiscal Consolidation in the Post-crisis World
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 . This book was released on 2010. Strategies for Fiscal Consolidation in the Post-crisis World available in PDF, EPUB and Kindle.
Post-crisis Fiscal Policy
Post-crisis Fiscal Policy - 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 Post-crisis Fiscal Policy write by Carlo Cottarelli. This book was released on 2014-06-27. Post-crisis Fiscal Policy available in PDF, EPUB and Kindle. "Fiscal policy makers have faced an extraordinarily challenging environment over the last few years. At the outset of the global financial crisis, the International Monetary Fund (IMF) for the first time advocated a fiscal expansion across all countries able to afford it, a seeming departure from the long-held consensus among economists that monetary policy rather than fiscal policy was the appropriate response to fluctuations in economic activity. Since then, the IMF has emphasized that the speed of fiscal adjustment should be determined by the specific circumstances in each country. Its recommendation that deficit reduction proceed steadily, but gradually, positions the IMF between the fiscal doves (who argue for postponing fiscal adjustment altogether) and the fiscal hawks (who argue for a front-loaded adjustment). This volume brings together the analysis underpinning the IMF's position on the evolving role of fiscal policy. After establishing its analytical foundation, with chapters on such topics as fiscal risk and debt dynamics, the book analyzes the buildup of fiscal vulnerabilities before the crisis, presents the policy response during the crisis, discusses the fiscal outlook and policy challenges ahead, and offers lessons learned from the crisis and its aftermath. Topics discussed include a historical view of debt accumulation; the timing, size, and composition of fiscal stimulus packages in advanced and emerging economies; the heated debate surrounding the size of fiscal multipliers and the effectiveness of fiscal policy as a countercyclical tool; coordination of fiscal and monetary policies; the sovereign debt crisis in Europe; and institutional reform aimed at fostering fiscal discipline."--Publisher's description.
Post-Crisis Fiscal Policy Priorities for the ASEAN-5
Post-Crisis Fiscal Policy Priorities for the ASEAN-5 - 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 Post-Crisis Fiscal Policy Priorities for the ASEAN-5 write by International Monetary Fund. This book was released on 2010-11-01. Post-Crisis Fiscal Policy Priorities for the ASEAN-5 available in PDF, EPUB and Kindle. This paper focuses on post-crisis fiscal priorities in the ASEAN-5 economies - Indonesia, Malaysia, Philippines, Singapore and Thailand. Sound economic fundamentals and timely and forceful policy responses to the crisis, including fiscal stimulus, contributed to rapid economic recovery in the ASEAN-5. As growth rebounds, these economies are beginning to identify, communicate and implement their strategies for unwinding the fiscal stimulus while addressing long-term growth challenges. In this context, the paper highlights the need for fiscal policies to address infrastructure gaps, stimulate private consumption and expand social safety nets. Creating fiscal space to address these challenges will require raising revenues and reorienting public spending rather than increasing borrowing. Supporting structural reforms, aiming to stimulate private infrastructure investment, could help address long-term growth challenges, while easing the burden on fiscal policy.
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.
