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From recession to renewalThe impact of the financial crisis on public services and local government$
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Joanna Richardson

Print publication date: 2010

Print ISBN-13: 9781847427007

Published to University Press Scholarship Online: March 2012

DOI: 10.1332/policypress/9781847427007.001.0001

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date: 13 December 2017

Public policy responses to fiscal debt or deficit: is there a difference?

Public policy responses to fiscal debt or deficit: is there a difference?

Chapter:
(p.72) (p.73) Four Public policy responses to fiscal debt or deficit: is there a difference?
Source:
From recession to renewal
Author(s):

Fred Mear

Publisher:
Policy Press
DOI:10.1332/policypress/9781847427007.003.0004

After the government rescue package for the UK banking sector in 2008–9, the government's fiscal deficit rose substantially and quickly to over 12 per cent per annum. This chapter presents information on financial instruments and mechanisms which have been available to local government and other public sector agencies in responding to the fiscal deficit, and argues that current economic models will not work for the future. It also examines the consequence of the globalisation of financial markets and acceptance of global financial monitoring by the big international financial institutions such as the International Monetary Fund, World Bank, and European Central Bank.

Keywords:   UK, local government, fiscal deficit, banking sector, global financial monitoring, International Monetary Fund, World Bank

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