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Economic Crises: The Impact on Australia and Canada

  • Frank Milne

    ()

    (Queen's University)

The Financial Crisis accelerated a latent Fiscal Crisis that had been brewing in many Western countries. The paper outlines the causes of the Financial Crisis, and how this increased expenditure and reduced revenues for many Western governments. But these additional fiscal stresses merely advanced the day of reckoning when fiscal problems had to be faced Demographics (the Baby Boom effect) dictated that reforms would be required in taxation, health care and pensions to smooth the transition. Many governments had not prepared adequately, so that the added burden of the Financial Crisis provided a double impost on budgets. The paper compares Canada and Australia in this framework, showing that there are similarities and differences that are instructive. Both countries avoided the initial Crisis, but they may not be so fortunate in the near future.

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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_1296.pdf
File Function: First version 2012
Download Restriction: no

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1296.

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Length: 27 pages
Date of creation: Aug 2012
Date of revision:
Handle: RePEc:qed:wpaper:1296
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  1. Frank Milne, 2009. "The Complexities of Financial Risk Management and Systemic Risks," Bank of Canada Review, Bank of Canada, vol. 2009(Summer), pages 15-30.
  2. Frank Milne, 2008. "Anatomy of the Credit Crisis: The role of Faulty Risk Management Systems," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 269, July.
  3. Kotlikoff, Laurence J. & Burns, Scott, 2012. "The Clash of Generations: Saving Ourselves, Our Kids, and Our Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262526107, June.
  4. International Monetary Fund, 2012. "Quantifying Structural Subsidy Values for Systemically Important Financial Institutions," IMF Working Papers 12/128, International Monetary Fund.
  5. 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.
  6. Kotlikoff, Laurence J. & Burns, Scott, 2012. "The Clash of Generations: Saving Ourselves, Our Kids, and Our Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262016729, June.
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