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Budget Deficits and the Public Debt in Sweden: The Case for Fiscal Consolidation

Author

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  • Desmond Lachman

    (International Monetary Fund)

Abstract

Since the late 1980s, there has been an abrupt turnaround in Sweden's public finances. The present paper makes the case for the very early adoption of a policy of medium-term fiscal consolidation in Sweden, notwithstanding the presently relatively depressed state of the Swedish economy. It does so by examining the reasons why large public deficits and the buildup of public debt might be detrimental to future economic performance; by reviewing how the maintenance of large deficits might undermine credibility in markets; and by looking at the experience of a number of countries that have undertaken successful programs of fiscal consolidation.

Suggested Citation

  • Desmond Lachman, 1994. "Budget Deficits and the Public Debt in Sweden: The Case for Fiscal Consolidation," IMF Staff Papers, Palgrave Macmillan, vol. 41(3), pages 502-516, September.
    • Handle: RePEc:pal:imfstp:v:41:y:1994:i:3:p:502-516
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    More about this item

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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