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

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  • Pier Carlo Padoan

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]

Suggested Citation

  • Pier Carlo Padoan, 2010. "Fiscal Policy in the Crisis: Impact, Sustainability, and Long-Term Implications," Working Papers id:3036, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:3036
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    References listed on IDEAS

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    1. 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.
    2. International Monetary Fund, 2009. "Fiscal Implications of the Global Economic and Financial Crisis," IMF Occasional Papers 269, International Monetary Fund.
    3. Nathalie Girouard & Christophe André, 2005. "Measuring Cyclically-adjusted Budget Balances for OECD Countries," OECD Economics Department Working Papers 434, OECD Publishing.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-472, May.
    5. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    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. 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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    Keywords

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

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