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While still disappointing, the global economy is moving forward, at multiple speeds. These multiple speeds reflect different paths towards self-sustained growth, with each path carrying its own mix of risks.
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This paper puts the original Reinhart-Rogoff dataset, made public by Herndon et al. (2013), to a formal econometric test to pin down debt thresholds endogenously. We show that the nonlinear relation from debt to growth is not very robust.
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Fiscal consolidation is on track to restoring surpluses, but longer-term cost pressures related to population ageing call for sustained efforts to reduce public debt through spending and tax reforms that enhance efficiency, growth, and equity.
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Managing government debt and assets after the crisis In the wake of the financial crisis, government debt in the OECD area has increased massively on top of already high debt-GDP ratios prior to the crisis, by some 30% of GDP between 2007 and 2011 on average, rendering fiscal positions in many countries unsustainable. |
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Fiscal consolidation: How much, how fast and by what means? The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. Consolidating public finances in order to address the consequences of the crisis, underlying weaknesses and also future spending pressures creates important challenges. Fiscal consolidation requires choices to be made about how much consolidation is needed, how fast it should be implemented and which instruments should be used. |
| Read more at the Fiscal federalism network page | |
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