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Challenges For Fiscal Policy After The Mitigation Of The Covid-19 Pandemic

Author

Listed:
  • LEONIDA, Ionel

    (Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania)

  • CEPOI, Cosmin Octavian

    (Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania)

Abstract

The health crisis generated by the COVID-19 pandemic has severely affected the world economy and, implicitly, the efficiency of the fiscal policy implemented in many countries, both against the background of pre-existing fiscal tensions, and due to the deterioration of the deficit and public debt during the period of the widespread manifestation of the pandemic, through reducing revenue and massively increasing government spending. In this context, fiscal policy requires significant adjustments to restore its efficiency and the sustainability of public finances. In this, we consider the initial stage of fiscal policy, in some fiscal-budgetary indicators on health crises and analyze fiscal policy challenges, especially regarding its balanced orientation, between equity, growth and sustainability objectives. We anticipate some general and specific fiscal policy proposals that can be considered in making and substantiating decisions to ensure a positive and achievable fiscal policy projection after the health crisis generated by the COVID-19 pandemic.

Suggested Citation

  • LEONIDA, Ionel & CEPOI, Cosmin Octavian, 2022. "Challenges For Fiscal Policy After The Mitigation Of The Covid-19 Pandemic," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 10(1), pages 8-15, October.
    • Handle: RePEc:vls:rojfme:v:10:y:2022:i:1:p:8-15
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    References listed on IDEAS

    as
    1. Alan J. Auerbach & William G. Gale, 2022. "Tax Policy Design with Low Interest Rates," Tax Policy and the Economy, University of Chicago Press, vol. 36(1), pages 93-121.
    2. Mr. Pragyan Deb & Davide Furceri & Mr. Jonathan David Ostry & Nour Tawk & Naihan Yang, 2021. "The Effects of Fiscal Measures During COVID-19," IMF Working Papers 2021/262, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    fiscal policy; the COVID-19 pandemic; fiscal challenges;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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