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Economic growth is projected to be strengthening from mid-2011 onwards, but will be insufficient to restore the sustainability of public finances.
English, , 6,050kb
Fiscal consolidation: How much, how fast and by what means? OECD Economic Policy Papers, No. 1
English, Excel, 445kb
Large fiscal challenges will pre-occupy OECD governments for some time to come. The economic crisis that began in 2008 caused deficits to surge, and fiscal imbalances were swollen further by stimulus measures and bank rescue operations.
English, , 374kb
Fiscal consolidation: How much is needed to reduce debt to a prudent level? OECD Economics Department Policy Notes, No. 11
The economic crisis has led to a surge in government deficits and pushed public indebtedness to 100% of GDP for the OECD as a whole in 2011. New research shows that bringing debt down to prudent levels will require sustained fiscal consolidation in most OECD countries.
Norway’s dual income tax system achieves high levels of revenue collection and income redistribution, without overly undermining economic performance and while paying attention to environmental externalities.
Hungarian debt level has steadily increased since 2001, with the debt-to-GDP ratio reaching about 84% at end-2011.
Reducing the extent of inactivity and promoting labour supply is essential to foster labour market outcomes in Hungary in the medium term.
Using an estimated DSGE model for Hungary, the paper identifies the possible non-Keynesian channels through which a fiscal consolidation may manifest as expansionary.
This paper provides an analysis of large and sustained fiscal consolidation episodes in OECD countries implemented between 1980 and 2000.