CHALLENGES FOR FISCAL POLICY AFTER THE MITIGATION OF THE COVID-19 PANDEMIC

Ionel Leonida and Cosmin Octavian Cepoi
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Ionel Leonida: Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania
Cosmin Octavian Cepoi: Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania

Journal of Financial and Monetary Economics, 2022, vol. 10, issue 1, 8-15

Abstract: The health crisis generated by the COVID-19 pandemic has severely affected the world economy and, implicitly, the efficiency of the fiscal policy implemented in many countries, both against the background of pre-existing fiscal tensions, and due to the deterioration of the deficit and public debt during the period of the widespread manifestation of the pandemic, through reducing revenue and massively increasing government spending. In this context, fiscal policy requires significant adjustments to restore its efficiency and the sustainability of public finances. In this, we consider the initial stage of fiscal policy, in some fiscal-budgetary indicators on health crises and analyze fiscal policy challenges, especially regarding its balanced orientation, between equity, growth and sustainability objectives. We anticipate some general and specific fiscal policy proposals that can be considered in making and substantiating decisions to ensure a positive and achievable fiscal policy projection after the health crisis generated by the COVID-19 pandemic.

Keywords: fiscal policy; the COVID-19 pandemic; fiscal challenges (search for similar items in EconPapers)
JEL-codes: E62 H21 O23 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vls:rojfme:v:10:y:2022:i:1:p:8-15

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