Chipping away at public debt: sources of failure and keys to success in fiscal adjustment

Path-breaking research on one of the most important macroeconomic policy challenges in the post-crisis world, presented in accessible language Written and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes, and explaining why objectiveswere met in some cases but missed in others. An overview reveals pitfalls to avoid and lessons learned for securing successful fiscal adjustment. Written by experts in the field Addresses public concern about skyrocketing government debts Contains cutting edge research that changes the way we look at fiscal adjustment Presents meticulous archival research in compelling and engaging casestudies Explores lessons learned and policy implications going forward Includes country coverage of all G7 and European Union economies Educating and informing investors, economists, and the general public, this important book looks at why some attempts to curb debts and deficits succeed whereas others fail, as well as how to ensure successful fiscal adjustment in the period ahead. INDICE: Foreword. Acknowledgments. Introduction. Chapter 1. Canada: A Success Story (Cemile Sancak, Lucy Qian Liu, and Taisuke Nakata). Introduction. Background. Plans versus Outcomes: Macroeconomic Factors. Nature and Compositionof Adjustment. Structural Reforms. Extent to which Adjustments were Sustained. Conclusion. Notes. Chapter 2. United States: The Quest for Fiscal Discipline(Jiri Jonas). Introduction. First Attempt: Balanced Budget and Emergency Deficit Control Act 1985. Second Attempt: The Omnibus Budget Reconciliation Act of1990. Third Attempt: OBRA-93. Actual versus Projected Fiscal Performance under OBRA-93. 1990s Deficit Reduction: Good Policy or Good Luck? Easy Won, Easy Lost? Conclusion. Notes. Chapter 3. France: Virtue and Fortune (Edouard Martin,Irina Tytell, and Irina Yakadina). Introduction: Factors Underlying the Need for Fiscal Consolidation. Early Attempts at Fiscal Adjustment. A First Attemptat Medium-Term Fiscal Consolidation, 199497. A More Systematic Approach to Medium-Term Budgeting: Consolidation Experiences under the SGP. Conclusion. Notes. Chapter 4. Germany: Lessons from Past Experience (Christian Breuer, Jan Gottschalk, and Anna Ivanova). Introduction. 197579 Consolidation Attempt. 198185 Consolidation Attempt. Lessons. Notes. Chapter 5. Fiscal Adjustment Plans inthe United Kingdom (Toni Ahnert, Richard Hughes, and Keiko Takahashi). Introduction. Selection of Consolidation Plans. Background, Content, and Performanceof the Four Adjustment Plans. Determinants of Success and Failure. Lessons from Success and Failure. Appendix 5A. United Kingdom: Fiscal Adjustment Plans and Outturns. Notes. Chapter 6. Italy: Medium-Term Fiscal Planning under Frequent Government Changes (Fabrizio Balassone, Sandro Momigliano, and Pietro Rizza). Introduction. A Brief History of Italy's Fiscal Planning Framework. Short-Term Origins of Medium-Term Failures. A Narrative of Design and Performance of Pre- and Post-EMU Plans. Implementing Plans for the Year Ahead. Two Important Plans Analyzed in Detail. Conclusion. Notes. Chapter 7. Fiscal Adjustment Plans: Japan Case Study (Keiko Takahashi and Kiichi Tokuoka). Introduction. The 1997 Fiscal Structural Reform Act. Medium-Term Fiscal Adjustment Plans: FY2002 and the Following. Conclusion. Appendix 7A. The Bohn Fiscal Sustainability Test. Appendix 7B. Timeline of Medium-Term Fiscal Adjustment Plans in Japan. Notes. Chapter 8. The Performance of Large Fiscal Adjustment Plans in the European Union: A Cross-Country Statistical Analysis. S. Ali Abbas, Fuad Hasanov, PaoloMauro and Junhyung Park. Introduction. Data, Sample Selection, and Methodology Descriptive Analysis. Regression Analysis. Regression Results. Conclusion. Appendix 8A. Data Issues and Cyclical Adjustment. Core Dataset. Cyclical Adjustment. Appendix 8B. Timeline for European Monetary Integration (1990-2009). Notes. Chapter 9. Conclusion. Key Findings: What Failed and What Worked in Past Attempts at Fiscal Adjustment. Implications fo

• ISBN: 978-1-1180-4338-7
• Editorial: John Wiley & Sons
• Encuadernacion: Cartoné
• Páginas: 288
• Fecha Publicación: 10/08/2011
• Nº Volúmenes: 1
• Idioma: Inglés