A New Fiscal Policy?

Mike Tsionas

Chapter Chapter 26 in The Euro and International Financial Stability, 2014, pp 175-184 from Springer

Abstract: Abstract We have argued that fiscal consolidation is the necessary first step towards what is really required for sound economic systems; namely, a general reduction in the size of taxes and expenditures. This, again, is easier to do at the global rather than the national level. Fiscal reduction, as part of coherent governance, should be accompanied by (1) limiting fractional banking, (2) liberalizing the financial markets with special attention to freely determined interest rates, and (3) removing the hurdles and obstacles to mobility of resources in the Eurozone. This fiscal reduction can, of course, be designed as a gradual process whose details, however, have to be delineated so that the private sector can adjust as best as possible to predictable changes.

Keywords: Government Expenditure; Marginal Productivity; Relative Prex; Optimal Taxation; Austrian School (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fimchp:978-3-319-01171-4_26

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DOI: 10.1007/978-3-319-01171-4_26

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