An International Comparison of Success Factors for Budget Consolidation Strategies
In numerous countries the global financial and economic crisis has entailed a surge of government debt, which will call for enhanced consolidation efforts in the future. In the past consolidation strategies focusing primarily on spending cuts proved sustainable, whereas mostly revenue-based strategies were less successful. A suitable institutional framework, e.g., budgetary expenditure ceilings, also contributes to a lasting fiscal consolidation. The short-term growth effects of budget balancing efforts are more disputed. Besides contractionary ("Keynesian") effects empirical studies also find expanisionary ("non-Keynesian") effects of ambitious consolidation programmes under certain conditions.
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Volume (Year): 15 (2010)
Issue (Month): 2 (July)
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