Post Crisis Fiscal Policy

Author : Alberto Alesina,Francesco Giavazzi
Publisher : University of Chicago Press
Page : 596 pages
File Size : 55,7 Mb
Release : 2013-06-25
Category : Business & Economics
ISBN : 9780226018447

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Fiscal Policy after the Financial Crisis by Alberto Alesina,Francesco Giavazzi Pdf

The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

Author : Carlo Cottarelli,Philip Gerson,Abdelhak Senhadji,A. Senhadji Semlali
Publisher : MIT Press
Page : 575 pages
File Size : 55,8 Mb
Release : 2014-06-27
Category : Business & Economics
ISBN : 9780262027182

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Post-crisis Fiscal Policy by Carlo Cottarelli,Philip Gerson,Abdelhak Senhadji,A. Senhadji Semlali Pdf

"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.

Author : Mr.Mauricio Villafuerte,Ms.Cemile Sancak,Jan Gottschalk,S. M. Ali Abbas,Olivier Basdevant,Ricardo Velloso,Fuad Hasanov,Greetje Everaert,Stephanie Eble,Junhyung Park
Publisher : International Monetary Fund
Page : 64 pages
File Size : 52,5 Mb
Release : 2010-09-17
Category : Business & Economics
ISBN : 9781589069374

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Strategies for Fiscal Consolidation in the Post-Crisis World by Mr.Mauricio Villafuerte,Ms.Cemile Sancak,Jan Gottschalk,S. M. Ali Abbas,Olivier Basdevant,Ricardo Velloso,Fuad Hasanov,Greetje Everaert,Stephanie Eble,Junhyung Park Pdf

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.

Author : Alberto Alesina,Francesco Giavazzi
Publisher : University of Chicago Press
Page : 596 pages
File Size : 40,9 Mb
Release : 2013-06-25
Category : Business & Economics
ISBN : 9780226018584

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Fiscal Policy after the Financial Crisis by Alberto Alesina,Francesco Giavazzi Pdf

The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

Author : Pritha Mitra
Publisher : International Monetary Fund
Page : 50 pages
File Size : 51,5 Mb
Release : 2006-09
Category : Business & Economics
ISBN : UCSD:31822036088011

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Post-Crisis Recovery by Pritha Mitra Pdf

Emerging market financial crises during the late 1990s were marked by sudden withdrawals of funds by foreign creditors, resulting in production declines. The IMF favored positive signals to potential foreign creditors and initially recommended disciplined fiscal policy during the height of crisis, countering standard Keynesian recommendations of expansionary fiscal stimulus. This paper formulates an open-economy general equilibrium model for resolving this policy conundrum and analyzing the impact of disciplined fiscal policy on post-crisis recovery. The model demonstrates via simulations that disciplined fiscal policy will improve (worsen) post-crisis recovery in the presence (absence) of appropriately defined production flexibility.

Author : Mr.Xavier Debrun,Mr.Tidiane Kinda
Publisher : International Monetary Fund
Page : 35 pages
File Size : 43,9 Mb
Release : 2014-04-08
Category : Business & Economics
ISBN : 9781475525151

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Strengthening Post-Crisis Fiscal Credibility by Mr.Xavier Debrun,Mr.Tidiane Kinda Pdf

Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in “fiscal councils,” independent watchdogs active in the public debate, has grown rapidly in recent years. This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members. The data documents a surge in the number of fiscal councils since the crisis. It also illustrates that well-designed fiscal councils are associated with stronger fiscal performance and better macroeconomic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate, and the monitoring of compliance with fiscal policy rules.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 29 pages
File Size : 49,7 Mb
Release : 2010-11-01
Category : Business & Economics
ISBN : 9781455209521

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Post-Crisis Fiscal Policy Priorities for the ASEAN-5 by International Monetary Fund Pdf

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.

Author : David G. Mayes,Pierre L. Siklos,Jan-Egbert Sturm
Publisher : Oxford Handbooks
Page : 809 pages
File Size : 44,6 Mb
Release : 2019-03-15
Category : Business & Economics
ISBN : 9780190626198

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The Oxford Handbook of the Economics of Central Banking by David G. Mayes,Pierre L. Siklos,Jan-Egbert Sturm Pdf

"The Handbook reflects the state of the art in the theory and practice of central banking. It covers all the essential areas that have come under scrutiny since the global financial crisis of 2007-9"--

Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 50,6 Mb
Release : 2010
Category : Budget
ISBN : OCLC:1245561301

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Strategies for Fiscal Consolidation in the Post-crisis World by Anonim Pdf

Author : George A. Akerlof,Olivier Blanchard,David Romer,Joseph E. Stiglitz
Publisher : MIT Press
Page : 369 pages
File Size : 47,7 Mb
Release : 2016-09-02
Category : Business & Economics
ISBN : 9780262529853

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What Have We Learned? by George A. Akerlof,Olivier Blanchard,David Romer,Joseph E. Stiglitz Pdf

Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.

Author : L̕udovít Ódor
Publisher : Unknown
Page : 128 pages
File Size : 46,6 Mb
Release : 2017
Category : BUSINESS & ECONOMICS
ISBN : 1108339603

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Rethinking Fiscal Policy After the Crisis by L̕udovít Ódor Pdf

Before the financial crisis, fiscal policy often played a secondary role to monetary policy, with the manipulation of interest rates to hit inflation targets being the main instrument of macroeconomic management. However, after the financial crisis and the subsequent euro crisis, fiscal policy has been brought back to the fore. In the past, the limited understanding of the effects of fiscal policy, neglect of monetary-fiscal interactions, faulty institutional set ups or ignorance of market expectations often led to bad policies. This book, written by a team of leading economists, seeks to address the current oversight of fiscal policy and to upgrade our understanding and conduct of fiscal policy, presenting a well-balanced diagnosis and offering several important lessons for future fiscal analysis and policymaking. It is an essential read for academics and graduate students focused on the current debate over fiscal policy, as well as policy-makers working on day-to-day policy issues.

Author : Óscar Dejuán,Eladio Febrero Paños,Jorge Uxo Gonzalez
Publisher : Routledge
Page : 337 pages
File Size : 53,6 Mb
Release : 2013-08-21
Category : Business & Economics
ISBN : 9781134052226

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Post-Keynesian Views of the Crisis and its Remedies by Óscar Dejuán,Eladio Febrero Paños,Jorge Uxo Gonzalez Pdf

At the end of the 20th century, mainstream economics was based on theories which viewed capitalism as a self-regulating system, whereby crises come about due to external shocks and would be automatically corrected by the price mechanism if it was flexible enough. Post-Keynesian economists, however, consider that the business cycle and the crises are endogenously generated. They recommend active policies as a response, though the remedies may be worse than the illness if they are not applied at the right moment and in the right proportions. The first great recession of the 21st century offers post-Keynesian economists an opportunity to prove the realism of their models. It is also a chance to make theoretical improvements, to abandon some hypotheses and to introduce new ones. This book, from a top group of international economists, analyzes the causes, consequences and evolution of the crisis from a variety of post-Keynesian perspectives. It then presents a case for realistic and essential remedies. The book is both theoretical and applied, with a global reach and a particular focus on the European debt crisis.

Author : Manal Fouad,Ricardo Velloso,Greetje Everaert,E. (Edouard) Martin
Publisher : INTERNATIONAL MONETARY FUND
Page : 16 pages
File Size : 46,5 Mb
Release : 2009-07-16
Category : Electronic
ISBN : 1455241121

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Disclosing Fiscal Risks in the Post-Crisis World by Manal Fouad,Ricardo Velloso,Greetje Everaert,E. (Edouard) Martin Pdf

Author : Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 670 pages
File Size : 54,8 Mb
Release : 2014-02-19
Category : Business & Economics
ISBN : 9781475543407

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Financial Crises by Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia Pdf

The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

Author : Stephen H Balch,Benjamin Powell
Publisher : Routledge Foundations of the Market Economy
Page : 184 pages
File Size : 55,6 Mb
Release : 2019-12-12
Category : Electronic
ISBN : 0367890003

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Economic and Political Change After Crisis by Stephen H Balch,Benjamin Powell Pdf

The U.S. Government's accumulated national debt and unfunded liabilities in social security and Medicare could be pushing the country towards a fiscal crisis. How could such a crisis be avoided? If a crisis does strike, how might it be dealt with? What might be the long term ramifications of experiencing a crisis? The contributors to Economic and Political Change After Crisis explore all of these questions and more. The book begins by exploring how past crises have permanently increased the size and scope of government and how well the rule of law has been maintained during these crises. Chapters explore how these relationships might change in a future crisis and examine how the structure of the U.S. government contributes to a tendency towards fiscal imbalance. In a provocative contribution, the authors predict a U.S. government default on its debt. The book concludes by considering how a fiscal crisis might precipitate or interact with other forms of crises. Social scientists from a variety of disciplines, public policy makers, and concerned members of the general public would all benefit from the contributions contained in this book. If the U.S. is going to avoid a future crisis, or do as well as possible if a crisis occurs, the arguments in these chapters should be given serious consideration.