IMF, (2013), “Reassessing the Role and Modalities of Fiscal Policy in Advanced Economies”, IMF Policy Paper, 17 Σεπτεμβρίου.
This paper investigates how developments during and after the 2008–09 crisis have changed economists’ and policymakers’ views on: (i) fiscal risks and fiscal sustainability; (ii) the effectiveness of fiscal policy as a countercyclical tool; (iii) the appropriate design of fiscal adjustment programs; and (iv) the role of fiscal institutions.
Advanced economies have experienced much larger shocks than was previously thought possible and sovereign-bank feedback loops have amplified sovereign debt crises. This has led to reassessing what constitutes “safe” sovereign debt levels for advanced economies and has prompted a more risk-based approach to analyzing debt sustainability. Precrisis views about the interaction between monetary and fiscal policy have also been challenged by the surge in central bank purchases of government debt. This has helped restore financial market functioning, but, to minimize the risk of fiscal dominance, it is critical that central bank support is a complement to, not a substitute for, fiscal adjustment.
Σχετικές Αναρτήσεις
- Woo, J., Bova, E., Kinda, T. and Zhang, S., (2013), “Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?”, IMF Working Papers Series, WP/13/195, Σεπτέμβριος.
- Kirkegaard, J.F., (2013), “Economic Reforms in the Euro Area: Fiscal and Macro-structural Challenges”, European Parliament’s Committee on Economic and Monetary Affairs, Σεπτέμβριος.
- Allard, J., Catenaro, M., Vidal, J.-P., Wolswijk, G., (2013), “Central bank communication on fiscal policy”, European Journal of Political Economy, Volume 30, pp. 1–14.