Fiscal Challenges after the Global Financial Crisis : A Survey of Key Issues
The global financial crisis and the response to it have contributed to a sharp increase in public indebtedness in a large number of countries. While there have been episodes of high debt in the past, there are a number of long-term challenges today...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2014/03/19254930/fiscal-challenges-after-global-financial-crisis-survey-key-issues http://hdl.handle.net/10986/17286 |
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okr-10986-17286 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ACCESS TO INFORMATION ACCOUNTING ADVANCED ECONOMIES ASSET POSITION BAILOUT BALANCE SHEET BANK DEPOSITS BANKING CRISES BANKING SECTORS BANKING SYSTEM BINDING CONSTRAINT BOND BOND TRADERS BOOM GENERATION BORROWING REQUIREMENT BUDGET CONSTRAINT BUDGET DEFICIT BUDGET DEFICITS BUDGET REVIEWS BUDGETING BUSINESS CYCLE CAPITAL ACCOUNT CAPITAL FLIGHT CAPITALIST ECONOMIES CASH MANAGEMENT CENTRAL BANK CENTRAL BANK SUPPORT CENTRAL BANKS COMMODITIES COMMUNICATION TECHNOLOGIES COMPETITIVE MARKET CONFIDENCE OF INVESTORS CONTINGENT LIABILITIES CREDIBILITY CREDIT DERIVATIVES CREDIT LINES CREDITORS CRISIS COUNTRIES CURRENCY CURRENCY BOARD DEBT DEBT BURDEN DEBT DEFAULT DEBT DEFAULTS DEBT LEVEL DEBT LEVELS DEBT MANAGEMENT DEBT OBLIGATIONS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SERVICING COSTS DEBT-SERVICE DEFICITS DEMOCRACY DEMOGRAPHIC DEPOSIT DEPOSIT INSURANCE DEVALUATION DEVELOPING COUNTRIES ECONOMIC DEVELOPMENT ECONOMIC DOWNTURN ECONOMIC EFFICIENCY ECONOMIC POLICIES EMERGING MARKETS EQUIPMENT EQUITIES EQUITY MARKETS EQUITY PRICES EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTERS FERTILITY RATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL HEALTH FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FINANCING REQUIREMENT FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL EFFORT FISCAL POLICIES FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN CURRENCY DEBTS FOREIGN DIRECT INVESTMENT GENERATIONAL ACCOUNTING GENERATIONAL ACCOUNTS GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL OUTPUT GOVERNMENT BONDS GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICIT GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SECURITIES GROSS DEBT HOLDINGS HUMAN CAPITAL INCENTIVE STRUCTURE INCOME INDEBTED COUNTRIES INDEBTEDNESS INDUSTRIAL COUNTRIES INFLATION INFLATIONARY EXPECTATIONS INSTRUMENT INSURERS INTEREST PAYMENTS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL MARKETS INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTOR CONFIDENCE JOB CREATION LABOR MARKET LEVEL OF DEBT LIABILITY LIFE EXPECTANCY LIQUID ASSETS LIQUIDITY LIVING STANDARDS LONG-TERM INTEREST LONG-TERM INTEREST RATES LONG-TERM LIABILITIES MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET CONFIDENCE MARKET PARTICIPANTS MARKET VOLATILITY MATURITIES MATURITY MONETARY POLICIES MONETARY POLICY MORTGAGE MORTGAGE MARKETS MUTUAL FUNDS NATURAL DISASTERS NOMINAL INTEREST RATE OIL PRICES OPPORTUNITY COST OUTSTANDING PUBLIC DEBT PENSION PENSION FUND PENSION FUND ASSETS PENSION FUND INVESTMENTS PENSION FUNDS PENSION SYSTEM PENSIONS POLICY RESPONSES POLITICAL ECONOMY POLITICAL STABILITY POLITICAL SYSTEMS POPULATION AGEING PRICE STABILITY PRIVATE INVESTORS PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROPERTY RIGHTS PUBLIC DEBT PUBLIC DEBTS PUBLIC FINANCES PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC PENSION PUBLIC PENSIONS PUBLIC POLICY PUBLIC SECTOR BORROWING PUBLIC SPENDING RATE OF GROWTH RATES OF INFLATION REAL ESTATE REAL INTEREST REAL INTEREST RATES REGULATORY BARRIERS REGULATORY FRAMEWORK RESERVE RESERVES RETIREMENT AGE RETIREMENT AGES RETURN RISK FACTORS RULE OF LAW SAFETY NETS SAVINGS SECURITY RISKS SHAREHOLDERS SHORT-TERM INTEREST RATE SMALL BUSINESSES SMALL COUNTRY SOCIAL PROTECTION SOCIAL SAFETY NETS SOLVENCY STATE GUARANTEES STOCKS SUSTAINABLE GROWTH TAX TAX POLICY TAX RATES TAX REGIME TAX SYSTEM TAX SYSTEMS TECHNOLOGICAL ADVANCES TRADE UNIONS TRANSPARENCY TREASURY URBANIZATION VARIABLE RATES WHOLESALE FUNDING WORLD ECONOMY |
| spellingShingle |
ACCESS TO INFORMATION ACCOUNTING ADVANCED ECONOMIES ASSET POSITION BAILOUT BALANCE SHEET BANK DEPOSITS BANKING CRISES BANKING SECTORS BANKING SYSTEM BINDING CONSTRAINT BOND BOND TRADERS BOOM GENERATION BORROWING REQUIREMENT BUDGET CONSTRAINT BUDGET DEFICIT BUDGET DEFICITS BUDGET REVIEWS BUDGETING BUSINESS CYCLE CAPITAL ACCOUNT CAPITAL FLIGHT CAPITALIST ECONOMIES CASH MANAGEMENT CENTRAL BANK CENTRAL BANK SUPPORT CENTRAL BANKS COMMODITIES COMMUNICATION TECHNOLOGIES COMPETITIVE MARKET CONFIDENCE OF INVESTORS CONTINGENT LIABILITIES CREDIBILITY CREDIT DERIVATIVES CREDIT LINES CREDITORS CRISIS COUNTRIES CURRENCY CURRENCY BOARD DEBT DEBT BURDEN DEBT DEFAULT DEBT DEFAULTS DEBT LEVEL DEBT LEVELS DEBT MANAGEMENT DEBT OBLIGATIONS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SERVICING COSTS DEBT-SERVICE DEFICITS DEMOCRACY DEMOGRAPHIC DEPOSIT DEPOSIT INSURANCE DEVALUATION DEVELOPING COUNTRIES ECONOMIC DEVELOPMENT ECONOMIC DOWNTURN ECONOMIC EFFICIENCY ECONOMIC POLICIES EMERGING MARKETS EQUIPMENT EQUITIES EQUITY MARKETS EQUITY PRICES EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTERS FERTILITY RATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL HEALTH FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FINANCING REQUIREMENT FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL EFFORT FISCAL POLICIES FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN CURRENCY DEBTS FOREIGN DIRECT INVESTMENT GENERATIONAL ACCOUNTING GENERATIONAL ACCOUNTS GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL OUTPUT GOVERNMENT BONDS GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICIT GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SECURITIES GROSS DEBT HOLDINGS HUMAN CAPITAL INCENTIVE STRUCTURE INCOME INDEBTED COUNTRIES INDEBTEDNESS INDUSTRIAL COUNTRIES INFLATION INFLATIONARY EXPECTATIONS INSTRUMENT INSURERS INTEREST PAYMENTS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL MARKETS INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTOR CONFIDENCE JOB CREATION LABOR MARKET LEVEL OF DEBT LIABILITY LIFE EXPECTANCY LIQUID ASSETS LIQUIDITY LIVING STANDARDS LONG-TERM INTEREST LONG-TERM INTEREST RATES LONG-TERM LIABILITIES MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET CONFIDENCE MARKET PARTICIPANTS MARKET VOLATILITY MATURITIES MATURITY MONETARY POLICIES MONETARY POLICY MORTGAGE MORTGAGE MARKETS MUTUAL FUNDS NATURAL DISASTERS NOMINAL INTEREST RATE OIL PRICES OPPORTUNITY COST OUTSTANDING PUBLIC DEBT PENSION PENSION FUND PENSION FUND ASSETS PENSION FUND INVESTMENTS PENSION FUNDS PENSION SYSTEM PENSIONS POLICY RESPONSES POLITICAL ECONOMY POLITICAL STABILITY POLITICAL SYSTEMS POPULATION AGEING PRICE STABILITY PRIVATE INVESTORS PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROPERTY RIGHTS PUBLIC DEBT PUBLIC DEBTS PUBLIC FINANCES PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC PENSION PUBLIC PENSIONS PUBLIC POLICY PUBLIC SECTOR BORROWING PUBLIC SPENDING RATE OF GROWTH RATES OF INFLATION REAL ESTATE REAL INTEREST REAL INTEREST RATES REGULATORY BARRIERS REGULATORY FRAMEWORK RESERVE RESERVES RETIREMENT AGE RETIREMENT AGES RETURN RISK FACTORS RULE OF LAW SAFETY NETS SAVINGS SECURITY RISKS SHAREHOLDERS SHORT-TERM INTEREST RATE SMALL BUSINESSES SMALL COUNTRY SOCIAL PROTECTION SOCIAL SAFETY NETS SOLVENCY STATE GUARANTEES STOCKS SUSTAINABLE GROWTH TAX TAX POLICY TAX RATES TAX REGIME TAX SYSTEM TAX SYSTEMS TECHNOLOGICAL ADVANCES TRADE UNIONS TRANSPARENCY TREASURY URBANIZATION VARIABLE RATES WHOLESALE FUNDING WORLD ECONOMY Lopez-Claros, Augusto Fiscal Challenges after the Global Financial Crisis : A Survey of Key Issues |
| relation |
Policy Research Working Paper;No. 6805 |
| description |
The global financial crisis and the
response to it have contributed to a sharp increase in
public indebtedness in a large number of countries. While
there have been episodes of high debt in the past, there are
a number of long-term challenges today that are likely to
complicate the implementation of sustainable fiscal policies
in the coming years. Population aging and climate change are
factors that are likely to contribute to rising fiscal
pressures and the crisis has highlighted the risks and
vulnerabilities stemming from reduced fiscal space. This
paper argues that heightened fiscal challenges can only be
dealt with successfully by adopting a long-term fiscal
planning horizon. The paper analyzes a range of available
policy tools that countries have used in the past to improve
fiscal management. Particular attention is paid to the role
of rules-based policies, improvements in the budget process,
better accounting of long-term liabilities in the government
budget, the deleterious effects of unproductive
expenditures, and the painful trade-offs created by the
crisis and the toolkit at hand to address them. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Lopez-Claros, Augusto |
| author_facet |
Lopez-Claros, Augusto |
| author_sort |
Lopez-Claros, Augusto |
| title |
Fiscal Challenges after the Global Financial Crisis : A Survey of Key Issues |
| title_short |
Fiscal Challenges after the Global Financial Crisis : A Survey of Key Issues |
| title_full |
Fiscal Challenges after the Global Financial Crisis : A Survey of Key Issues |
| title_fullStr |
Fiscal Challenges after the Global Financial Crisis : A Survey of Key Issues |
| title_full_unstemmed |
Fiscal Challenges after the Global Financial Crisis : A Survey of Key Issues |
| title_sort |
fiscal challenges after the global financial crisis : a survey of key issues |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/03/19254930/fiscal-challenges-after-global-financial-crisis-survey-key-issues http://hdl.handle.net/10986/17286 |
| _version_ |
1764436919742103552 |
| spelling |
okr-10986-172862021-04-23T14:03:37Z Fiscal Challenges after the Global Financial Crisis : A Survey of Key Issues Lopez-Claros, Augusto ACCESS TO INFORMATION ACCOUNTING ADVANCED ECONOMIES ASSET POSITION BAILOUT BALANCE SHEET BANK DEPOSITS BANKING CRISES BANKING SECTORS BANKING SYSTEM BINDING CONSTRAINT BOND BOND TRADERS BOOM GENERATION BORROWING REQUIREMENT BUDGET CONSTRAINT BUDGET DEFICIT BUDGET DEFICITS BUDGET REVIEWS BUDGETING BUSINESS CYCLE CAPITAL ACCOUNT CAPITAL FLIGHT CAPITALIST ECONOMIES CASH MANAGEMENT CENTRAL BANK CENTRAL BANK SUPPORT CENTRAL BANKS COMMODITIES COMMUNICATION TECHNOLOGIES COMPETITIVE MARKET CONFIDENCE OF INVESTORS CONTINGENT LIABILITIES CREDIBILITY CREDIT DERIVATIVES CREDIT LINES CREDITORS CRISIS COUNTRIES CURRENCY CURRENCY BOARD DEBT DEBT BURDEN DEBT DEFAULT DEBT DEFAULTS DEBT LEVEL DEBT LEVELS DEBT MANAGEMENT DEBT OBLIGATIONS DEBT REDUCTION DEBT SERVICE DEBT SERVICING DEBT SERVICING COSTS DEBT-SERVICE DEFICITS DEMOCRACY DEMOGRAPHIC DEPOSIT DEPOSIT INSURANCE DEVALUATION DEVELOPING COUNTRIES ECONOMIC DEVELOPMENT ECONOMIC DOWNTURN ECONOMIC EFFICIENCY ECONOMIC POLICIES EMERGING MARKETS EQUIPMENT EQUITIES EQUITY MARKETS EQUITY PRICES EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTERS FERTILITY RATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL HEALTH FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FINANCING REQUIREMENT FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL EFFORT FISCAL POLICIES FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN CURRENCY DEBTS FOREIGN DIRECT INVESTMENT GENERATIONAL ACCOUNTING GENERATIONAL ACCOUNTS GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL OUTPUT GOVERNMENT BONDS GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICIT GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SECURITIES GROSS DEBT HOLDINGS HUMAN CAPITAL INCENTIVE STRUCTURE INCOME INDEBTED COUNTRIES INDEBTEDNESS INDUSTRIAL COUNTRIES INFLATION INFLATIONARY EXPECTATIONS INSTRUMENT INSURERS INTEREST PAYMENTS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL MARKETS INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTOR CONFIDENCE JOB CREATION LABOR MARKET LEVEL OF DEBT LIABILITY LIFE EXPECTANCY LIQUID ASSETS LIQUIDITY LIVING STANDARDS LONG-TERM INTEREST LONG-TERM INTEREST RATES LONG-TERM LIABILITIES MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET CONFIDENCE MARKET PARTICIPANTS MARKET VOLATILITY MATURITIES MATURITY MONETARY POLICIES MONETARY POLICY MORTGAGE MORTGAGE MARKETS MUTUAL FUNDS NATURAL DISASTERS NOMINAL INTEREST RATE OIL PRICES OPPORTUNITY COST OUTSTANDING PUBLIC DEBT PENSION PENSION FUND PENSION FUND ASSETS PENSION FUND INVESTMENTS PENSION FUNDS PENSION SYSTEM PENSIONS POLICY RESPONSES POLITICAL ECONOMY POLITICAL STABILITY POLITICAL SYSTEMS POPULATION AGEING PRICE STABILITY PRIVATE INVESTORS PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROPERTY RIGHTS PUBLIC DEBT PUBLIC DEBTS PUBLIC FINANCES PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC PENSION PUBLIC PENSIONS PUBLIC POLICY PUBLIC SECTOR BORROWING PUBLIC SPENDING RATE OF GROWTH RATES OF INFLATION REAL ESTATE REAL INTEREST REAL INTEREST RATES REGULATORY BARRIERS REGULATORY FRAMEWORK RESERVE RESERVES RETIREMENT AGE RETIREMENT AGES RETURN RISK FACTORS RULE OF LAW SAFETY NETS SAVINGS SECURITY RISKS SHAREHOLDERS SHORT-TERM INTEREST RATE SMALL BUSINESSES SMALL COUNTRY SOCIAL PROTECTION SOCIAL SAFETY NETS SOLVENCY STATE GUARANTEES STOCKS SUSTAINABLE GROWTH TAX TAX POLICY TAX RATES TAX REGIME TAX SYSTEM TAX SYSTEMS TECHNOLOGICAL ADVANCES TRADE UNIONS TRANSPARENCY TREASURY URBANIZATION VARIABLE RATES WHOLESALE FUNDING WORLD ECONOMY The global financial crisis and the response to it have contributed to a sharp increase in public indebtedness in a large number of countries. While there have been episodes of high debt in the past, there are a number of long-term challenges today that are likely to complicate the implementation of sustainable fiscal policies in the coming years. Population aging and climate change are factors that are likely to contribute to rising fiscal pressures and the crisis has highlighted the risks and vulnerabilities stemming from reduced fiscal space. This paper argues that heightened fiscal challenges can only be dealt with successfully by adopting a long-term fiscal planning horizon. The paper analyzes a range of available policy tools that countries have used in the past to improve fiscal management. Particular attention is paid to the role of rules-based policies, improvements in the budget process, better accounting of long-term liabilities in the government budget, the deleterious effects of unproductive expenditures, and the painful trade-offs created by the crisis and the toolkit at hand to address them. 2014-03-18T19:11:03Z 2014-03-18T19:11:03Z 2014-03 http://documents.worldbank.org/curated/en/2014/03/19254930/fiscal-challenges-after-global-financial-crisis-survey-key-issues http://hdl.handle.net/10986/17286 English en_US Policy Research Working Paper;No. 6805 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |