Abstract

http://ssrn.com/abstract=1971166
 
 

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Long-Term Fiscal Sustainability in Major Economies


Alan J. Auerbach


University of California, Berkeley - Department of Economics; National Bureau of Economic Research (NBER); CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

December 1, 2011

BIS Working Paper No. 361

Abstract:     
As the world economy slowly recovers from the very deep and widespread recession of recent years, many countries confront very serious fiscal imbalances. How much time they have to deal with these imbalances is a central question, the salience of which can only have been increased by the ongoing fiscal crisis and bailout in Greece and the immediate fiscal adjustments being discussed or already undertaken in several other countries.

There is little doubt that much of the current attention to fiscal imbalances is attributable to the rapid increases in debt to GDP ratios arising from the recession, either directly through the automatic tax and spending responses to slow growth, or indirectly through the counter-cyclical discretionary fiscal measures undertaken. Table 1 shows the evolution of net general government debt to GDP ratios for several leading economies in recent years, starting in 2007, just as the worldwide recession began.

Number of Pages in PDF File: 53

Keywords: deficit, fiscal gap, fiscal rule, fiscal policy, fiscal sustainability

JEL Classification: E37, E61, E62, E63, H62, H63, H68

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Date posted: December 12, 2011  

Suggested Citation

Auerbach, Alan J., Long-Term Fiscal Sustainability in Major Economies (December 1, 2011). BIS Working Paper No. 361. Available at SSRN: http://ssrn.com/abstract=1971166 or http://dx.doi.org/10.2139/ssrn.1971166

Contact Information

Alan Jeffrey Auerbach (Contact Author)
University of California, Berkeley - Department of Economics ( email )
549 Evans Hall #3880
Berkeley, CA 94720-3880
United States
510-643-0711 (Phone)
510-643-0413 (Fax)
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Poschinger Str. 5
Munich, DE-81679
Germany
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