Rother, Philipp
[VerfasserIn]
;
Schuknecht, Ludger
[Sonstige Person, Familie und Körperschaft];
Stark, Jürgen
[Sonstige Person, Familie und Körperschaft]
The Benefits of Fiscal Consolidation in Uncharted Waters
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 5, 2010 erstellt
Beschreibung:
This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous contingent liabilities across sectors and countries coinciding with strong, non-linear and potentially highly adverse fiscal-financial interlinkages. This suggests that there would be significant benefits from fiscal consolidation without delay and that there is a need for caution against excessive faith in fiscal engineering