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Why We Need Sound Public Finances

Author

Listed:
  • Ludger Schuknecht

    (German Ministry of Finance)

Abstract

Sound public finances are essential to support sustainable growth. They enable both the private and public sector to engage in long-term planning and to pursue better policies. Some people claim that we are in a period where austerity is predominant, but data confirm that this is not the case. In many advanced economies, the size of government measured as a share of GDP is very large, and population aging creates further expenditure pressures. We are in a period where fiscal policies are broadly neutral. There are good reasons to pursue growth-friendly consolidation in order to rebuild healthy public balance sheets and to prepare for the challenges of the future.

Suggested Citation

  • Ludger Schuknecht, 2016. "Why We Need Sound Public Finances," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 51(3), pages 155-157, July.
    • Handle: RePEc:pal:buseco:v:51:y:2016:i:3:d:10.1057_s11369-016-0005-1
    DOI: 10.1057/s11369-016-0005-1
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