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Strategies for Fiscal Consolidation in the Post-Crisis World

Cemile Sancak, Jan Gottschalk, S. M. Ali Abbas, Olivier Basdevant, Ricardo Velloso, Fuad Hasanov, Greetje Everaert, Stephanie Eble, Junhyung Park and Mauricio Villafuerte

No 2010/008, IMF Departmental Papers / Policy Papers from International Monetary Fund

Abstract: In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.

Keywords: DPPP; DP; debt ratio; debt; economy; debt ratio target; interest rate; government debt; advanced economy; economic growth; debt ratio objective; foreign currency; Fiscal stance; Fiscal consolidation; Pension spending; Domestic debt; Africa; Global (search for similar items in EconPapers)
Pages: 64
Date: 2010-09-17
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Handle: RePEc:imf:imfdps:2010/008