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The Return to Fiscal Rectitude After the Recent Escapade

  • Vito Tanzi

    ()

    (International Institute of Public Finance, Munich)

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    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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    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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    1. 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.
    2. Balázs Égert, 2010. "Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-cyclical?," OECD Economics Department Working Papers 763, OECD Publishing.
    3. Michael Bruno & William Easterly, 1995. "Inflation Crises and Long-Run Growth," NBER Working Papers 5209, National Bureau of Economic Research, Inc.
    4. 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.
    5. 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.
    6. Kent Smetters & Jagadeesh Gokhale, 2003. "Fiscal and Generational Imbalances," Books, American Enterprise Institute, number 52628, 6.
    7. 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.
    8. 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, June.
    9. Afonso, António & Schuknecht, Ludger & Tanzi, Vito, 2003. "Public sector efficiency: an international comparison," Working Paper Series 0242, European Central Bank.
    10. 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.
    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.
    12. 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.
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