Global Health Challenges and the World Economy: Assessing the Benefits of Fiscal Policy Cooperation B253

Pierre-Richard Agénor

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Abstract: In the midst of the COVID-19 health crisis, many observers advocated the implementation of a global strategy to promote the production and equitable distribution of vaccines, prevent the emergence of infectious diseases, and reduce the risk of future pandemics. But what are the implications of this strategy for national tax and spending policies, and the world economy? What is the role, if any, of fiscal policy cooperation in that context? Dwelling on recent analytical research, it is argued that cooperation can be welfare-improving for the world at large, even when taxation is distortionary and governments face a trade-off between financing local public goods (such as infrastructure) and global public goods (vaccines).

Date: 2023-06-28
New Economics Papers: this item is included in nep-hea
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Published in FERDI Notes brèves / Policy briefs, 2023

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