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Author/Editor:
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Schaechter, Andrea ; Cottarelli, Carlo
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Publication Date:
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September 01, 2010
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Electronic Access:
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Free Full text
(PDF file size is 644KB).
Use the free
Adobe Acrobat Reader
to view this PDF file
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Summary:
Today’s record public debt levels in most advanced economies are not only a direct fall-out from the global crisis. Public debt had ratcheted up over many decades before, when it had been used, in most of the G-7 countries, as the ultimate shock absorber—rising in bad times but not declining much in good times. Alongside, primary spending increased, particularly during 1965–85, reflecting predominantly a surge in health care and pension spending. Looking ahead, advanced economies will face the formidable challenge of reducing debt ratios at a time when ageing-related spending, in particular often underestimated pressures from health care systems, will put additional pressure on public finances. Addressing these fiscal challenges will require growth-friendly structural reforms, a fiscal strategy involving gradual but steady fiscal adjustment, stronger fiscal institutions, expenditure and revenue reforms, and an appropriate degree of burden sharing across all stakeholders.
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Order a print copy
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Series:
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Staff Position Note No. 2010/13
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Frequency:
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Monthly
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Subject(s):
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Public debt | Fiscal consolidation | Aging | Developed countries | Global Financial Crisis 2008-2009 | Government expenditures | Group of seven | Public finance | Tax revenues | Taxation
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Author's Keyword(s):
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Fiscal policy | public debt | size government | fiscal consolidation | age-related spending | financial crisis |
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English
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Publication Date:
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September 01, 2010
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ISBN/ISSN:
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9781455263325
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Format:
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Paper
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Stock No:
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SPNEA2010013
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Pages:
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24
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Price:
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English
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Publication Date:
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September 01, 2010
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ISBN/ISSN:
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978-1-61635-037-6 / 2072-3202
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Format:
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A web quality merged PDF
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Stock No:
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SPNET2010013
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Pages:
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23
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Price:
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Please address any questions about this title to
publications@imf.org
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