Fiscal Challenges After the Global Financial Crisis: A Survey of Key Issues

Augusto Lopez-Claros ()
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Augusto Lopez-Claros: Global Indicators Group, World Bank, 2121 Pennsylvania Avenue, NW MSN F4K-411, Washington, DC 20433, USA

Journal of International Commerce, Economics and Policy (JICEP), 2014, vol. 05, issue 02, 1-34

Abstract: The global financial crisis and the response to it have contributed to a sharp increase in public indebtedness in a large number of countries. While there have been episodes of high debt in the past, there are a number of long-term challenges today that are likely to complicate the implementation of sustainable fiscal policies in the coming years. Population ageing and climate change are factors that are likely to contribute to rising fiscal pressures and the crisis has highlighted the risks and vulnerabilities stemming from reduced fiscal space. This paper argues that heightened fiscal challenges can only be dealt successfully by adopting a long-term fiscal planning horizon. The paper analyzes a range of available policy tools that countries have used in the past to improve fiscal management.

Keywords: Financial crisis; budget deficit; fiscal rules; population aging; climate change; G01; H5; H6; J1; Q5 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1142/S1793993314500045

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