Why We Need Sound Public Finances

Ludger Schuknecht

Business Economics, 2016, vol. 51, issue 3, No 6, 155-157

Abstract: Abstract Sound public finances are essential to support sustainable growth. They enable both the private and public sector to engage in long-term planning and to pursue better policies. Some people claim that we are in a period where austerity is predominant, but data confirm that this is not the case. In many advanced economies, the size of government measured as a share of GDP is very large, and population aging creates further expenditure pressures. We are in a period where fiscal policies are broadly neutral. There are good reasons to pursue growth-friendly consolidation in order to rebuild healthy public balance sheets and to prepare for the challenges of the future.

Keywords: public finance; austerity; fiscal consolidation (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1057/s11369-016-0005-1

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