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The politics of fiscal austerity: Democracies and hard choices

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  • Paul L. Posner
  • Matthew Sommerfeld

Abstract

The sustainability of national economies will ultimately require a balance between near-term growth and longer-term fiscal consolidation. The question that is now being raised is whether such actions are politically sustainable. As the OECD area begins to emerge from the recession, another question is whether democratic countries can take pro-active leadership before a crisis forces their hand. This article examines the politics of fiscal consolidations in OECD countries in recent years, assessing whether and how leaders attempted to resolve the tensions between the fiscal and electoral imperatives. JEL classification: H610, H620, H630, H680, P160 Keywords: Fiscal consolidation, sustainability of public finances, deficit, debt, Great Recession, financial crisis, political efficacy, democratic institutions, fiscal austerity, economic growth, role of political institutions, budget cuts, fiscal rules, political outcomes

Suggested Citation

  • Paul L. Posner & Matthew Sommerfeld, 2013. "The politics of fiscal austerity: Democracies and hard choices," OECD Journal on Budgeting, OECD Publishing, vol. 13(1), pages 141-174.
    • Handle: RePEc:oec:govkaa:5k3w6lk42l33
    DOI: 10.1787/budget-13-5k3w6lk42l33
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    Cited by:

    1. Katarzyna Aleksandra Wόjtowicz & Sabina Hodžić, 2022. "Financial Resilience in the Face of Turbulent Times: Evidence from Poland and Croatian Cities," Sustainability, MDPI, vol. 14(17), pages 1-16, August.
    2. Falilou Fall & Debra Bloch & Jean-Marc Fournier & Peter Hoeller, 2015. "Prudent debt targets and fiscal frameworks," OECD Economic Policy Papers 15, OECD Publishing.

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