Fiscal Consolidation: Part 1. How Much is Needed and How to Reduce Debt to a Prudent Level?
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| Format: | Documento de trabajo |
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International Labour Organization
2012
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| _version_ | 1874524919701700611 |
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| author | Douglas Sutherland Peter Hoeller Rossana Merola |
| author_facet | Douglas Sutherland Peter Hoeller Rossana Merola Douglas Sutherland Peter Hoeller Rossana Merola |
| contents | Fiscal Consolidation: Part 1. How Much is Needed and How to Reduce Debt to a Prudent Level? Douglas Sutherland Peter Hoeller Rossana Merola <br>The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. In most countries, budget deficits soared as a result of the economic slump, weaker revenues and the policy response to the crisis. Consolidating the public finances is an important challenge for many countries. Estimates of fiscal gaps suggest that substantial and sustained fiscal tightening will be needed in nearly all countries to bring debt down to prudent levels. However, given a weak global economy, implementing a large fiscal tightening could be particularly costly. OECD Economics Department Working Papers, 932, OECD 10.1787/5k9h28rhqnxt-en DOI https://doi.org/10.1787/5k9h28rhqnxt-en postedContent.workingPaper |
| format | Documento de trabajo |
| id | ilo_995673156702676 |
| institution | Organización Internacional del Trabajo (OIT) |
| publishDate | 2012 |
| publisher | International Labour Organization |
| spellingShingle | Fiscal Consolidation: Part 1. How Much is Needed and How to Reduce Debt to a Prudent Level? Douglas Sutherland Peter Hoeller Rossana Merola Fiscal Consolidation: Part 1. How Much is Needed and How to Reduce Debt to a Prudent Level? Douglas Sutherland Peter Hoeller Rossana Merola <br>The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. In most countries, budget deficits soared as a result of the economic slump, weaker revenues and the policy response to the crisis. Consolidating the public finances is an important challenge for many countries. Estimates of fiscal gaps suggest that substantial and sustained fiscal tightening will be needed in nearly all countries to bring debt down to prudent levels. However, given a weak global economy, implementing a large fiscal tightening could be particularly costly. OECD Economics Department Working Papers, 932, OECD 10.1787/5k9h28rhqnxt-en DOI https://doi.org/10.1787/5k9h28rhqnxt-en postedContent.workingPaper |
| title | Fiscal Consolidation: Part 1. How Much is Needed and How to Reduce Debt to a Prudent Level? |
| url | https://researchrepository.ilo.org/esploro/outputs/workingPaper/Fiscal-Consolidation-Part-1-How-Much/995673156702676 |