Walking hand in hand : fiscal policy and growth in advanced economies

Carlo Cottarelli and Laura Jaramillo

Implementation of fiscal consolidation by advanced economies in coming years needs to take into account the short and long-run interactions between economic growth and fiscal policy. Many countries must reduce high public debt to GDP ratios that penalize longterm growth. However, fiscal adjustment is likely to hurt growth in the short run, delaying improvements in fiscal indicators, including deficits, debt, and financing costs. Revenue and expenditure policies are also critical in affecting productivity and employment growth. This paper discusses the complex relationships between fiscal polic

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Year of publication:	2012
Authors:	Cottarelli, Carlo ; Jaramillo, Laura
Publisher:	Washington, DC : Internat. Monetary Fund
Subject:	Finanzpolitik \| Fiscal policy \| Wirtschaftswachstum \| Economic growth \| Öffentliche Schulden \| Public debt \| Haushaltskonsolidierung \| Fiscal consolidation \| Industrieländer \| Industrialized countries

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Extent:	Online-Ressource (PDF-Datei: 28 S., 614 KB) graph. Darst.
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 12/137 IMF Working Papers
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	"May 2012 "Fiscal Affairs Department Includes bibliographical references Systemvoraussetzungen: Acrobat Reader Cover; Abstract; Contents; I. Introduction; II. Short-run interactions between growth and fiscal policy; Figures; 1. Historical Public Debt; 2. Impact on the Deficit to GDP of a 1 Percent of GDP Discretionary Fiscal Tightening in the First Year Relative to Baseline; 3. Impact of the Debt Ratio of a 1 Percent of GDP Discretionary Fiscal Tightening in the First Year; 4. GDP Growth and CDS Spreads; III. Long-term interactions between growth and fiscal policy; Table; 1. Determinants of CDS Spreads in Advanced Economies, Cross Section Analysis 2011 5. Fiscal Adjustment and CDS Spreads with Alternative Fiscal Multipliers6. Effect on Growth of Higher Debt to GDP Ratio; 7. Potential Revenue Increases in Advanced G7 Countries; 8. Public Sector Wages in Selected G7 Countries; 9. Pension Spending Increase, 2010-30; IV. Policy Conclusions; 10. Long-term Average of Primary Balance and Real GDP Growth; 11. Effect of Growth on Debt Stabilizing Primary Surplus; Introduction; Background; Appendix; Short-run Determinants of CDS Spreads in Advanced Economies; Empirical Model Estimation; Estimation Results; Conclusions; References Electronic reproduction; Available via World Wide Web
ISBN:	978-1-4755-0391-3 ; 978-1-4755-0391-3
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009615787