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Strategies for Fiscal Consolidation in the Post-Crisis World

Author

Listed:
  • Mr. Mauricio Villafuerte
  • Ms. Cemile Sancak
  • Jan Gottschalk
  • Mr. S. M. Ali Abbas
  • Olivier Basdevant
  • Ricardo Velloso
  • Fuad Hasanov
  • Greetje Everaert
  • Stephanie Eble
  • Junhyung Park

Abstract

In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.

Suggested Citation

  • Mr. Mauricio Villafuerte & Ms. Cemile Sancak & Jan Gottschalk & Mr. S. M. Ali Abbas & Olivier Basdevant & Ricardo Velloso & Fuad Hasanov & Greetje Everaert & Stephanie Eble & Junhyung Park, 2010. "Strategies for Fiscal Consolidation in the Post-Crisis World," IMF Departmental Papers / Policy Papers 2010/008, International Monetary Fund.
    • Handle: RePEc:imf:imfdps:2010/008
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    Citations

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    Cited by:

    1. S M Ali Abbas & Nazim Belhocine & Asmaa El-Ganainy & Mark Horton, 2011. "Historical Patterns and Dynamics of Public Debt—Evidence From a New Database," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(4), pages 717-742, November.
    2. Markus Eller & Martin Feldkircher & Florian Huber, 2017. "How would a fiscal shock in Germany affect other European countries? Evidence from a Bayesian GVAR model with sign restrictions," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 54-77.
    3. Neil Hart, 2011. "Mainstream Macroeconomics: A ‘Keynesian’ Revival?," The Economic and Labour Relations Review, , vol. 22(1), pages 17-40, May.
    4. Alina Georgeta Ailinca, 2021. "Debt And Debt Sustainability In The Context Of Sustianable Development," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 68-77, October.
    5. Markus Eller & Branimir Jovanovic & Thomas Scheiber, 2021. "What do people in CESEE think about public debt?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/21, pages 35-58.
    6. Slawomir Franek & Marta Postula, 2020. "Does Eurozone Membership Strengthen the Significance of Fiscal Instruments?," Annals of Economics and Finance, Society for AEF, vol. 21(1), pages 131-151, May.

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