Achieving Fiscal Flexibility and Safeguarding Sustainability: The Case of Slovakia
Euro area entry calls for more fiscal flexibility to absorb cyclical shocks that cannot be dealt with by the common monetary policy. At the same time fiscal consolidation must not be put at risk, especially given rising ageing related costs. The current fiscal framework could be improved by introduc...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2009
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Euro area entry calls for more fiscal flexibility to absorb cyclical shocks that cannot be dealt with by the common monetary policy. At the same time fiscal consolidation must not be put at risk, especially given rising ageing related costs. The current fiscal framework could be improved by introducing multi-year expenditure ceilings and by removing pro-cyclical elements in fiscal rules. An adjustment account that serves to register breaches of fiscal rules and eliminates them over time could help in coping with projection errors. To ensure long-term sustainability of public finances it is essential not to dilute the substantial improvements in the long-term balance of the definedbenefit pillar associated with past pension reforms. The government should consider making participation in the defined contribution pillar mandatory for new labour market entrants or, at the very least, make it the default option. For current workers the pillars should remain closed. Moreover, further parametric changes such as increasing the retirement age in line with life expectancy gains and reducing unsustainable elements in the pension formula would improve the balance of the defined benefit pillar |
| Beschreibung: | 1 Online-Ressource (27 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/226231818862 |
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| spelling | Koske, Isabell Verfasser aut Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia Isabell Koske = Introduire plus de flexibilité budgétaire et préserver la viabilité des finances publiques - le cas de la Slovaquie / Isabell Koske Introduire plus de flexibilité budgétaire et préserver la viabilité des finances publiques - le cas de la Slovaquie Paris OECD Publishing 2009 1 Online-Ressource (27 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Euro area entry calls for more fiscal flexibility to absorb cyclical shocks that cannot be dealt with by the common monetary policy. At the same time fiscal consolidation must not be put at risk, especially given rising ageing related costs. The current fiscal framework could be improved by introducing multi-year expenditure ceilings and by removing pro-cyclical elements in fiscal rules. An adjustment account that serves to register breaches of fiscal rules and eliminates them over time could help in coping with projection errors. To ensure long-term sustainability of public finances it is essential not to dilute the substantial improvements in the long-term balance of the definedbenefit pillar associated with past pension reforms. The government should consider making participation in the defined contribution pillar mandatory for new labour market entrants or, at the very least, make it the default option. For current workers the pillars should remain closed. Moreover, further parametric changes such as increasing the retirement age in line with life expectancy gains and reducing unsustainable elements in the pension formula would improve the balance of the defined benefit pillar Economics Slovak Republic https://doi.org/10.1787/226231818862 Verlag kostenfrei Volltext |
| spellingShingle | Koske, Isabell Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia Economics Slovak Republic |
| title | Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia |
| title_alt | Introduire plus de flexibilité budgétaire et préserver la viabilité des finances publiques - le cas de la Slovaquie |
| title_auth | Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia |
| title_exact_search | Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia |
| title_exact_search_txtP | Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia |
| title_full | Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia Isabell Koske = Introduire plus de flexibilité budgétaire et préserver la viabilité des finances publiques - le cas de la Slovaquie / Isabell Koske |
| title_fullStr | Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia Isabell Koske = Introduire plus de flexibilité budgétaire et préserver la viabilité des finances publiques - le cas de la Slovaquie / Isabell Koske |
| title_full_unstemmed | Achieving Fiscal Flexibility and Safeguarding Sustainability The Case of Slovakia Isabell Koske = Introduire plus de flexibilité budgétaire et préserver la viabilité des finances publiques - le cas de la Slovaquie / Isabell Koske |
| title_short | Achieving Fiscal Flexibility and Safeguarding Sustainability |
| title_sort | achieving fiscal flexibility and safeguarding sustainability the case of slovakia |
| title_sub | The Case of Slovakia |
| topic | Economics Slovak Republic |
| topic_facet | Economics Slovak Republic |
| url | https://doi.org/10.1787/226231818862 |
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