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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.
The Global Financial Crisis has led to a renewed attention for the management of public debt and deficits of advanced and developing industrial states. To successfully deal with such problems of public finances raises particular concerns in federal states where fiscal competencies are split between two levels of government. This book offers comparative in-depth knowledge of political struggles related to fiscal consolidation policies in eleven federal states since the 1990s, including the Global Financial Crisis and its aftermath. It identifies conditions that lead to "robust" solutions that can both commit federal actors to prudent fiscal policy-making and avoid conflicts between federal actors that cause federal instability. This text will be of key interest to scholars and students of political economy and comparative politics in general and comparative federalism and EU Politics in particular.
This 2010 edition of OECD's periodic review of Canada's economy includes chapters covering policies to sustain the recovery, fiscal consolidation strategies, and health care reform.
This paper identifies policy tools that could be used for fiscal consolidation in advanced and emerging economies in the years ahead. The consolidation strategy, particularly in advanced countries, should aim to stabilize age-related spending in relation to GDP, reduce non-age-related expenditure ratios, and increase revenues. Bold reforms are needed to offset projected increases in age-related spending, particularly health care. On the revenue side, measures could include improving tax compliance, for example through better international cooperation, as well as increasing the yield from VAT by eliminating exemptions and reduced rates, further developing property taxes, and increasing excise rates within the range of rates already applicable in comparable countries.
This 2010 edition of OECD's periodic review of Canada's economy includes chapters covering policies to sustain the recovery, fiscal consolidation strategies, and health care reform.