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Fiscal Policy in the Crisis: Impact, Sustainability, and Long-Term Implications

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  • Pier Carlo Padoan
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    Abstract

    The global economic and financial crisis has sparked an unprecedentedly large, generalized fiscal policy response in practically all major industrial and emerging economies, which will change the fiscal and macroeconomic landscapes for some time to come. This paper offers an overview of the new fiscal landscape looking at the following aspects: the size and composition of the fiscal stimulus packages of the major economies, the likely impact of such packages on aggregate demand and growth, the sustainability of countries’ fiscal positions, and the international implications of the new fiscal landscape. It then considers under which conditions a virtuous scenario could develop that combines strong and balanced growth with fiscal sustainability. Finally, it offers some conclusions and lessons that can be shared by European and non-European economies. [ADBI Working Paper 178]

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    Bibliographic Info

    Paper provided by eSocialSciences in its series Working Papers with number id:3036.

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    Date of creation: Oct 2010
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    Handle: RePEc:ess:wpaper:id:3036

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    Keywords: global; economic; financial crisis; fiscal policy; growth;

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    1. Reinhart, Carmen M. & Rogoff, Kenneth S., 2009. "The Aftermath of Financial Crises," Scholarly Articles 11129155, Harvard University Department of Economics.
    2. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2003. "An Essay on the Revived Bretton Woods System," NBER Working Papers 9971, National Bureau of Economic Research, Inc.
    3. Gernot Müller & Giancarlo Corsetti & André Meier, 2009. "Fiscal Stimulus with Spending Reversals," IMF Working Papers 09/106, International Monetary Fund.
    4. Nathalie Girouard & Christophe André, 2005. "Measuring Cyclically-adjusted Budget Balances for OECD Countries," OECD Economics Department Working Papers 434, OECD Publishing.
    5. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-72, May.
    6. Tine Dhont & Freddy Heylen, 2009. "Employment and growth in Europe and the US--the role of fiscal policy composition," Oxford Economic Papers, Oxford University Press, vol. 61(3), pages 538-565, July.
    7. Giancarlo Corsetti & André Meier & Gernot J. Müller, 2012. "Fiscal Stimulus with Spending Reversals," The Review of Economics and Statistics, MIT Press, vol. 94(4), pages 878-895, November.
    8. International Monetary Fund, 2009. "Fiscal Implications of the Global Economic and Financial Crisis," IMF Occasional Papers 269, International Monetary Fund.
    9. International Monetary Fund, 2009. "Fiscal Implications of the Global Economic and Financial Crisis," IMF Staff Position Notes 2009/13, International Monetary Fund.
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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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