Fiscal Policy

News & Events

News

Economic survey of Canada 2008: Macroeconomic policies for the end of a boom cycle

11-Jun-2008

Canada is a top OECD performer and has done remarkably well in boosting female employment, reducing unemployment, avoiding Dutch disease, and cutting the debt and tax burdens. Recent macroeconomic performance has been strong, and Canada is weathering the global financial crisis and slowdown as well as can be expected.

Economic survey of Ireland 2008: Adapting government spending to lower revenue growth

16-Apr-2008

Softening economic growth and the slowdown in the housing market mark a turning point for fiscal policy. Strong revenue growth in earlier years financed a sustained expansion of government spending and some cuts in tax rates, while still allowing the government to run a substantial fiscal surplus. This left the public finances in a healthy state with net government debt declining to a very low level. But this benign picture is changing as growth slows and tax receipts increase more slowly. Public spending growth needs to slow.

Economic survey of Germany 2008: Preserving past achievements in fiscal policy and making the tax system more efficient

09-Apr-2008

Government finances have improved significantly over the past years on account of both cyclically higher revenues and structural expenditure restraint. In order to preserve these achievements for the longer term, the government should consider replacing the fiscal rule currently enshrined in the constitution, which has proved to be ineffective in preventing an increase in the debt level. Safeguarding future tax receipts is also a challenge and the implemented corporate tax reform will be helpful in this respect.

Economic Survey of Denmark 2008: Keeping with the targets of the fiscal strategy

19-Feb-2008

In August 2007, the Danish government presented its new medium-term fiscal framework: the 2015 Strategy. It is remarkable for holding up fiscal sustainability as an overarching objective for budgeting and government policies. Nevertheless, clearer mechanisms are needed to prevent spending overruns in regional and local authorities, this report argues.

A golden rule for Russia? How a rule-based fiscal policy can allow a smooth adjustment to the new terms of trade

23-Jan-2007

This chapter addresses the challenge that the adjustment to sustained high oil prices poses for macroeconomic management, particularly with respect to competitiveness and inflation. Economics Department Working Paper 537 by Christian Gianella.




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