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The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. In most countries, budget deficits soared as a result of the economic slump, weaker revenues and the policy response to the crisis.
OECD countries face daunting fiscal challenges following the substantial surge in debt-GDP ratios during the past four years, from already high levels in many cases.
During the economic and financial crisis, fiscal positions across the OECD countries deteriorated sharply. This raises the question of what level of primary deficit would ensure long-term sustainability and what degree of consolidation is needed.
Over the past decades, top incomes have soared, especially in the English-speaking countries. Despite a considerable amount of research on top income developments, there is still substantial disagreement about the causes for their rapid increase.
Taxes and transfers reduce inequality in disposable income relative to market income. The effect varies, however, across OECD countries.
The global economic and financial crisis exacerbated the need for fiscal consolidation in many OECD countries.
This annual DAC-INAF report serves as a tool to better monitor the levels, timing and composition of resource flows to fragile states, and presents salient facts on aid flows to fragile states, the impact on fragile states of the three crises and the need for a whole-of-government response.
The differential between the interest rate paid to service government debt and the growth rate of the economy is a key concept in assessing fiscal sustainability.
The Czech fiscal position is generally sound and policy making is prudent. However, the fiscal framework was not strong enough to contain spending in the upturn and it would benefit from independent budget oversight.
The management of government debt and assets has important implications for fiscal positions.