The Political Economy of Delaying Fiscal Consolidation:
Over the next decades, many OECD countries are anticipating large increases in public spending as a result of population ageing and other long-term structural trends. The need to put public finances on a sustainable footing is widely recognised, but progress has been uneven and slow. Some policy mak...
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| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2007
|
| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Over the next decades, many OECD countries are anticipating large increases in public spending as a result of population ageing and other long-term structural trends. The need to put public finances on a sustainable footing is widely recognised, but progress has been uneven and slow. Some policy makers may feel that action can be deferred for a few years at little cost because of the long-term nature of the problem. This paper questions this perception by proposing a model of the political costs of consolidating public finances. The main finding is that even a short delay increases political cost of consolidation quite markedly when ultimately policy makers are facing a deadline by which sustainability must be restored. The conclusion is very robust to changes in assumptions and specification. A variant of the model shows that with an infinite horizon the incentive to consolidate is weaker, which highlights the importance of setting a deadline. This paper relates to the 2007 Economic Survey of the Euro area (www.oecd.org/eco/surveys/euroarea) |
| Beschreibung: | 1 Online-Ressource (27 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/240788215175 |
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| spelling | Cournède, Boris Verfasser aut The Political Economy of Delaying Fiscal Consolidation Boris Cournède = L'économie politique du retard à consolider les finances publiques / Boris Cournède L'économie politique du retard à consolider les finances publiques Paris OECD Publishing 2007 1 Online-Ressource (27 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Over the next decades, many OECD countries are anticipating large increases in public spending as a result of population ageing and other long-term structural trends. The need to put public finances on a sustainable footing is widely recognised, but progress has been uneven and slow. Some policy makers may feel that action can be deferred for a few years at little cost because of the long-term nature of the problem. This paper questions this perception by proposing a model of the political costs of consolidating public finances. The main finding is that even a short delay increases political cost of consolidation quite markedly when ultimately policy makers are facing a deadline by which sustainability must be restored. The conclusion is very robust to changes in assumptions and specification. A variant of the model shows that with an infinite horizon the incentive to consolidate is weaker, which highlights the importance of setting a deadline. This paper relates to the 2007 Economic Survey of the Euro area (www.oecd.org/eco/surveys/euroarea) Economics https://doi.org/10.1787/240788215175 Verlag kostenfrei Volltext |
| spellingShingle | Cournède, Boris The Political Economy of Delaying Fiscal Consolidation Economics |
| title | The Political Economy of Delaying Fiscal Consolidation |
| title_alt | L'économie politique du retard à consolider les finances publiques |
| title_auth | The Political Economy of Delaying Fiscal Consolidation |
| title_exact_search | The Political Economy of Delaying Fiscal Consolidation |
| title_exact_search_txtP | The Political Economy of Delaying Fiscal Consolidation |
| title_full | The Political Economy of Delaying Fiscal Consolidation Boris Cournède = L'économie politique du retard à consolider les finances publiques / Boris Cournède |
| title_fullStr | The Political Economy of Delaying Fiscal Consolidation Boris Cournède = L'économie politique du retard à consolider les finances publiques / Boris Cournède |
| title_full_unstemmed | The Political Economy of Delaying Fiscal Consolidation Boris Cournède = L'économie politique du retard à consolider les finances publiques / Boris Cournède |
| title_short | The Political Economy of Delaying Fiscal Consolidation |
| title_sort | the political economy of delaying fiscal consolidation |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/240788215175 |
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