What Promotes Fiscal Consolidation: OECD Country Experiences
Fiscal consolidation is required in most OECD countries. This is especially so in view of mediumand long-term spending pressures on public finances, related, inter alia, to ageing. Based on a dataset covering a large number of OECD fiscal consolidation episodes starting in the late 1970s, the paper...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2007
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| Schriftenreihe: | OECD Economics Department Working Papers
no.553 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Fiscal consolidation is required in most OECD countries. This is especially so in view of mediumand long-term spending pressures on public finances, related, inter alia, to ageing. Based on a dataset covering a large number of OECD fiscal consolidation episodes starting in the late 1970s, the paper presents evidence, both descriptive and econometric, on macroeconomic conditions and policy set-ups that have been effective in triggering and sustaining fiscal consolidation. Main findings include: Large initial deficits and high interest rates have been important in prompting fiscal adjustment and also in boosting the overall size and duration of consolidation. Concerning the quality of fiscal policies, an emphasis on cutting current expenditures has been associated with overall larger consolidation. Fiscal rules with embedded expenditure targets tended to be associated with larger and longer adjustments, pointing to institutional features playing a potentially important role in generating successful consolation efforts. Experience across countries also shows that certain design features such as transparency, flexibility to face shocks and effective enforcement mechanisms seem important for the effectiveness of fiscal rules. |
| Beschreibung: | 1 Online-Ressource (37 p.) 21 x 29.7cm. |
| DOI: | 10.1787/180833424370 |
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| spelling | Guichard, Stéphanie VerfasserIn aut What Promotes Fiscal Consolidation OECD Country Experiences Stéphanie, Guichard ... [et al] = Qu'est-ce qui favorise la consolidation budgétaire : L'expérience des pays de l'OCDE / Stéphanie, Guichard ... [et al] Qu'est-ce qui favorise la consolidation budgétaire Paris OECD Publishing 2007 1 Online-Ressource (37 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.553 Fiscal consolidation is required in most OECD countries. This is especially so in view of mediumand long-term spending pressures on public finances, related, inter alia, to ageing. Based on a dataset covering a large number of OECD fiscal consolidation episodes starting in the late 1970s, the paper presents evidence, both descriptive and econometric, on macroeconomic conditions and policy set-ups that have been effective in triggering and sustaining fiscal consolidation. Main findings include: Large initial deficits and high interest rates have been important in prompting fiscal adjustment and also in boosting the overall size and duration of consolidation. Concerning the quality of fiscal policies, an emphasis on cutting current expenditures has been associated with overall larger consolidation. Fiscal rules with embedded expenditure targets tended to be associated with larger and longer adjustments, pointing to institutional features playing a potentially important role in generating successful consolation efforts. Experience across countries also shows that certain design features such as transparency, flexibility to face shocks and effective enforcement mechanisms seem important for the effectiveness of fiscal rules. Economics Kennedy, Mike MitwirkendeR ctb Wurzel, Eckhard MitwirkendeR ctb André, Christophe MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/180833424370 Volltext |
| spellingShingle | Guichard, Stéphanie What Promotes Fiscal Consolidation OECD Country Experiences Economics |
| title | What Promotes Fiscal Consolidation OECD Country Experiences |
| title_alt | Qu'est-ce qui favorise la consolidation budgétaire |
| title_auth | What Promotes Fiscal Consolidation OECD Country Experiences |
| title_exact_search | What Promotes Fiscal Consolidation OECD Country Experiences |
| title_full | What Promotes Fiscal Consolidation OECD Country Experiences Stéphanie, Guichard ... [et al] = Qu'est-ce qui favorise la consolidation budgétaire : L'expérience des pays de l'OCDE / Stéphanie, Guichard ... [et al] |
| title_fullStr | What Promotes Fiscal Consolidation OECD Country Experiences Stéphanie, Guichard ... [et al] = Qu'est-ce qui favorise la consolidation budgétaire : L'expérience des pays de l'OCDE / Stéphanie, Guichard ... [et al] |
| title_full_unstemmed | What Promotes Fiscal Consolidation OECD Country Experiences Stéphanie, Guichard ... [et al] = Qu'est-ce qui favorise la consolidation budgétaire : L'expérience des pays de l'OCDE / Stéphanie, Guichard ... [et al] |
| title_short | What Promotes Fiscal Consolidation |
| title_sort | what promotes fiscal consolidation oecd country experiences |
| title_sub | OECD Country Experiences |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/180833424370 |
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