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A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies

Author

Listed:
  • Mr. Carlo Cottarelli
  • José Vinãls

Abstract

In response to the worst economic crisis since the 1930s, government budgets and central banks have provided substantial support for aggregate demand and for the financial sector. In the process, fiscal balances have deteriorated, government liabilities and central bank balance sheets have been expanded, and risks of future losses for the public sector have increased.

Suggested Citation

  • Mr. Carlo Cottarelli & José Vinãls, 2009. "A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies," IMF Staff Position Notes 2009/022, International Monetary Fund.
    • Handle: RePEc:imf:imfspn:2009/022
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    Citations

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    Cited by:

    1. International Monetary Fund, 2010. "Indonesia: Selected Issues," IMF Staff Country Reports 2010/285, International Monetary Fund.
    2. Catherine Mathieu & Henri Sterdyniak, 2011. "Finances publiques, sorties de crise…," Post-Print hal-03460493, HAL.
    3. Angeloni, Ignazio & Faia, Ester & Winkler, Roland, 2014. "Exit strategies," European Economic Review, Elsevier, vol. 70(C), pages 231-257.
    4. Polito, Vito & Wickens, Mike, 2012. "A model-based indicator of the fiscal stance," European Economic Review, Elsevier, vol. 56(3), pages 526-551.
    5. Mr. Gian M Milesi-Ferretti & Mr. Olivier J Blanchard, 2009. "Global Imbalances: In Midstream?," IMF Staff Position Notes 2009/029, International Monetary Fund.
    6. Catherine Mathieu & Henri Sterdyniak, 2010. "European Debt Crisis and Fiscal Exit Strategies," Working Papers hal-01069426, HAL.
    7. Jean Pisani-Ferry & Jakob von Weizsäcker & Jürgen von Hagen, 2009. "A European Exit Strategy," Bruegel Policy Brief 328, Bruegel.
    8. Belke, Ansgar & Schnabl, Gunther, 2010. "Finanzkrise, globale Liquidität und makroökonomischer Exit," Working Papers 92, University of Leipzig, Faculty of Economics and Management Science.
    9. Polito, Vito & Wickens, Michael, 2014. "How the Euro Crisis Evolved and how to Avoid Another: EMU, Fiscal Policy and Credit Ratings," Journal of Macroeconomics, Elsevier, vol. 39(PB), pages 364-374.
    10. repec:dau:papers:123456789/12010 is not listed on IDEAS
    11. Ansgar Belke & Gunther Schnabl, 2010. "Europäischer geldpolitischer Exit im Zeichen von QE2 und Staatsanleihekäufen der EZB," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 79(4), pages 147-161.
    12. Eddie Casey & Joe Durkan & David Duffy, 2013. "Fiscal Consolidation Strategies: Evidence from the International Experience," Open Access publications 10197/5999, School of Economics, University College Dublin.
    13. Ansgar Belke, 2010. "Financial Crisis, Global Liquidity and Monetary Exit Strategies," Ruhr Economic Papers 0183, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    14. Jagjit S. Chadha & Sean Holly, 2011. "New Instruments of Monetary Policy," Studies in Economics 1109, School of Economics, University of Kent.
    15. Allen, Robert D., 2013. "US government spending, the national debt, and the role of accounting educators," Journal of Accounting Education, Elsevier, vol. 31(3), pages 215-231.
    16. International Monetary Fund, 2010. "Post-Crisis Fiscal Policy Priorities for the ASEAN-5," IMF Working Papers 2010/252, International Monetary Fund.
    17. Olivier J Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2013. "Rethinking Macro Policy II; Getting Granular," IMF Staff Discussion Notes 13/003, International Monetary Fund.
    18. Catherine Mathieu & Henri Sterdyniak, 2009. "Global financial crisis: the french policy answer in a EU perspective," Sciences Po Economics Publications (main) hal-01069371, HAL.
    19. repec:spo:wpmain:info:hdl:2441/5l6uh8ogmqildh09h61k4apsn is not listed on IDEAS
    20. Mr. Brian Olden & Mr. Duncan P Last & Mr. Sami Yläoutinen & Ms. Carla Sateriale, 2012. "Fiscal Consolidation in Southeastern European Countries: The Role of Budget Institutions," IMF Working Papers 2012/113, International Monetary Fund.
    21. Stanislav Hába, 2019. "Způsoby ukončení kvantitativního uvolňování na příkladech Japonska, Spojeného království a Spojených států amerických [Methods of Exiting Quantitative Easing on the Examples of Japan, the UK and the USA]," Politická ekonomie, Prague University of Economics and Business, vol. 2019(1), pages 48-64.
    22. Ansgar Belke, 2010. "Financial Crisis, Global Liquidity and Monetary Exit Strategies," Discussion Papers of DIW Berlin 995, DIW Berlin, German Institute for Economic Research.
    23. Olgica Glavaški & Emilija Beker Pucar, 2021. "Heterogeneity of fiscal adjustments in EU economies in the pre- and post-crisis periods: common correlated effects approach," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(1), pages 191-226, March.
    24. Mr. Emanuele Baldacci & Mr. Sanjeev Gupta & Mr. Carlos Mulas-Granados, 2010. "Restoring Debt Sustainability After Crises: Implications for the Fiscal Mix," IMF Working Papers 2010/232, International Monetary Fund.

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