Fiscal Monitor, April 2015: Now Is the Time: Fiscal Policies for Sustainable Growth

Fiscal Monitor, April 15, 2015

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Fiscal Monitor, April 2015: Now Is the Time: Fiscal Policies for Sustainable Growth

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Bibliographic details

• Published: April 15, 2015
• Series: Fiscal Monitor
• DOI: https://doi.org/10.5089/9781498396387.089

Major findings on fiscal risks and policy role

• Fiscal risks remain significant in both advanced and emerging market and developing economies.
• Fiscal policy continues to play an essential role in:
  • building confidence, and
  • where appropriate, sustaining aggregate demand.
• Strengthening fiscal frameworks—particularly to manage public finance risks and ensure debt sustainability—must be part of the fiscal policy response.

Energy taxation and subsidy reform

• Countries should seize the moment created by lower oil prices to start the process of energy taxation and energy subsidy reform.

Automatic stabilizers and growth dividends

• Fiscal policy can contribute substantially to macroeconomic stability through the workings of automatic stabilizers.
• By strengthening automatic stabilizers, fiscal policy can also unlock significant growth dividends.

Policy recommendations (implicit in summary)

• Strengthen fiscal frameworks to manage public finance risks and ensure debt sustainability.
• Implement or advance energy taxation and energy subsidy reform, leveraging lower oil prices.
• Preserve and enhance automatic stabilizers to support macroeconomic stability and foster growth dividends.

Subjects and keywords (as listed)

• Subjects: Automatic stabilizers, Fiscal policy, Fiscal stabilization, Fiscal stance, Oil prices, Prices, Public debt
• Keywords: advanced economy, Africa, Asia and Pacific, Automatic stabilizers, automatic stabilizers play, Caribbean, Central America, commodity revenue, country abbreviation, def, effectiveness coefficient, fiscal policy policy change, Fiscal stabilization, Fiscal stance, FM, Global, government debt markets, imputed interest, Middle East, North Africa, Oil prices, productivity-enhancing investment, statistics manual

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