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The Return to Fiscal Rectitude After the Recent Escapade

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  • Vito Tanzi

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    (International Institute of Public Finance, Munich)

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    Abstract

    Most of the G20 countries have experienced large deteriorations in their fiscal accounts and large increases in their public debts. This deterioration was only partly the consequence of the financial and economic crisis. The countercyclical policies followed by many countries were not effective because of the poor starting fiscal position of most countries, and because the crisis was not a normal Keynesian crisis of declining aggregate demand but it was connected to large structural imbalances. These two conditions much reduced the potency of the stimulative policies. The paper warns that the financial crisis might become a fiscal crisis.

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    Bibliographic Info

    Article provided by SIPI Spa in its journal Rivista di Politica Economica.

    Volume (Year): (2011)
    Issue (Month): 3 (JULY-SEPTEMBER)
    Pages: 253-277

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    Handle: RePEc:rpo:ripoec:y:2011:i:3:p:253-277

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    Related research

    Keywords: fiscal crisis; fiscal sustainability; public debt; exit strategies; business cycles; economic role of the state;

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    References

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    1. Michael Bruno & William Easterly, 1995. "Inflation Crises and Long-Run Growth," NBER Working Papers 5209, National Bureau of Economic Research, Inc.
    2. António Afonso & Ludger Schuknecht & Vito Tanzi, 2005. "Public sector efficiency: An international comparison," Public Choice, Springer, vol. 123(3), pages 321-347, June.
    3. Massimiliano Pisani & Andrea Gerali & Lorenzo Forni, 2008. "The macroeconomics of fiscal consolidations in a Monetary Union: the case of Italy," 2008 Meeting Papers 863, Society for Economic Dynamics.
    4. Balazs Egert, 2012. "Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-Cyclical?," CESifo Working Paper Series 3777, CESifo Group Munich.
    5. Robert E. Hall, 2010. "Why Does the Economy Fall to Pieces after a Financial Crisis?," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 3-20, Fall.
    6. Antonio Afonso & Ludger Schuknecht & Vito Tanzi, 2010. "Public sector efficiency: evidence for new EU member states and emerging markets," Applied Economics, Taylor & Francis Journals, vol. 42(17), pages 2147-2164.
    7. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867-1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, May.
    8. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
    9. Renaud Bourlès & Gilbert Cette & Jimmy Lopez & Jaques Mairesse & Giuseppe Nicoletti, 2010. "The Impact on Growth of Easing Regulation in Upstream Sectors," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 8(3), pages 8-12, October.
    10. Roberto Golinelli & Sandro Momigliano, 2008. "The cyclical response of fiscal policies in the euro area. Why do results of empirical research differ so strongly?," Temi di discussione (Economic working papers) 654, Bank of Italy, Economic Research and International Relations Area.
    11. Phelps Edmund S., 2010. "The Slump, the Recovery and the "New Normal"," Capitalism and Society, De Gruyter, vol. 5(2), pages 1-19, October.
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    Cited by:
    1. Luiz de Mello, 2013. "What Can Fiscal Policy Do in the Current Recession? A Review of Recent Literature and Policy Options," Hacienda Pública Española, IEF, vol. 204(1), pages 113-139, March.

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