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Fiscal Policy in the Crisis. Impact, Sustainability, Long Term Implications

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  • Pier Carlo Padoan

    (OECD)

Abstract

The response to the crisis has sparked off an unprecedented and generalized fiscal policy response in (practically) all major industrial and emerging economies. This will change the fiscal and the macroeconomic landscape 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 on aggregate demand and growth; the sustainability of the fiscal positions of countries; the international implications of the new fiscal landscape. It then considers under which conditions a virtuous scenario could develop which combines strong and balanced growth with fiscal sustainability. Finally it offers some conclusions and lessons that can be shared for European and non European economies.

Suggested Citation

  • Pier Carlo Padoan, 2010. "Fiscal Policy in the Crisis. Impact, Sustainability, Long Term Implications," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 6(6), pages 921-942, September.
    • Handle: RePEc:mof:journl:ppr012b
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    File URL: http://warp.ndl.go.jp/info:ndljp/pid/9908001/www.mof.go.jp/english/pri/publication/pp_review/ppr012/ppr012b.pdf
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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 / Review of Public Economics, IEF, vol. 204(1), pages 113-139, March.

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