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The Effects of Fiscal Consolidation on Short-Term Growth: A Review and Implications for the UK

Katarzyna Anna Bilicka, Michael P. Devereux, and Clemens Fuest

in Taxation and the Financial Crisis

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199698165
eISBN:
9780191738630
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199698165.003.0010
Subject:
Economics and Finance, Financial Economics

This chapter analyses the economic situation in the UK as it attempts to recover from the financial and economic crisis that began in 2008. In particular, we focus on the probability that the fiscal ... More


Democratic and Economic Consolidation in Southern Europe

Stavros B. Thomadakis

in Democracy and the State in the New Southern Europe

Published in print:
2006
Published Online:
May 2009
ISBN:
9780199202812
eISBN:
9780191708008
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199202812.003.0008
Subject:
Political Science, European Union, Democratization

This chapter focuses on fiscal conditions and structures and how they evolved over time in Greece, Portugal, and Spain. Their evolution went through three phases, that is, democratization, ... More


Fiscal Reconstruction: ‘Smoke and Mirrors’

Maurice Wright

in Japan's Fiscal Crisis: The Ministry of Finance and the Politics of Public Spending, 1975-2000

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199250530
eISBN:
9780191697937
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199250530.003.0025
Subject:
Political Science, Political Economy

The main objective of the Ministry of Finance (MOF) from the emergence of the fiscal crisis in 1975 onwards was to reduce the fiscal deficit on the General Account Budget and, in the longer term, to ... More


Can Contractionary Fiscal Policy be Expansionary? Consolidation, Sustainability, and Fiscal Policy Impact in Britain in the 1930s *

Roger Middleton

in The Great Depression of the 1930s: Lessons for Today

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199663187
eISBN:
9780191749216
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199663187.003.0008
Subject:
Economics and Finance, Economic History

This chapter offers a guide to how the British experience of 1929–39 may provide macroeconomic lessons for the present, once regard is made for historical contingency and context. It re-examines the ... More


Budget Objectives and Policies

Maurice Wright

in Japan's Fiscal Crisis: The Ministry of Finance and the Politics of Public Spending, 1975-2000

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199250530
eISBN:
9780191697937
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199250530.003.0013
Subject:
Political Science, Political Economy

The Ministry of Finance reacted to the emergence of the fiscal crisis in 1975 by prescribing three related policy aims: to devise and implement a strategy to change the structure of Japan's tax ... More


Exit Stimulus

Charlotte Rommerskirchen

in EU Fiscal Policy Coordination in Hard Times: Free Riders on the Storm

Published in print:
2019
Published Online:
March 2019
ISBN:
9780198829010
eISBN:
9780191867446
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198829010.003.0008
Subject:
Political Science, Political Economy

This chapter considers the determinants of fiscal policy outcomes during the Consolidation Years 2011–14. It disagrees with the claim that Europe is under the spell of an austerity illusion. Echoing ... More


The “Austerity Myth”: Gain without Pain?

Roberto Perotti

in Fiscal Policy after the Financial Crisis

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226018447
eISBN:
9780226018584
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226018584.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines four case studies of large fiscal consolidations. Two of these episodes—Denmark 1982 to 1986 and Ireland 1987 to 1990—were exchange-rate-based consolidations; the other ... More


Fiscal Survival and Financial Revival: Possible Futures for the Japanese Economy

Saori N. Katada and Gene Park

in Japan: The Precarious Future

Published in print:
1953
Published Online:
May 2016
ISBN:
9781479889389
eISBN:
9781479830893
Item type:
chapter
Publisher:
NYU Press
DOI:
10.18574/nyu/9781479889389.003.0008
Subject:
Sociology, Economic Sociology

Japan has the highest gross public debt in the industrialized world. Private financial institutions and the central bank–the Bank of Japan–have helped the government finance its debt over the years. ... More


Fiscal Adjustment, Growth, and Global Imbalances

Mika Kortelainen, Douglas Laxton, and Jack Selody

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0021
Subject:
Economics and Finance, Macro- and Monetary Economics

Using the International Monetary Fund's Global Integrated Monetary and Fiscal Model (GIMF), this chapter examines how combining fiscal adjustment with structural reform and coordinated fiscal policy ... More


The Other Crisis: Sovereign Distress in the Euro Area

S. Ali Abbas, Nathaniel Arnold, Petra Dacheva, Mark De Broeck, Lorenzo Forni, Martine Guerguil, and Bruno Versailles

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the roots of the sovereign debt crisis in the euro area (EA), with particular emphasis on why it affected the EA but not other large advanced economies. It first considers the ... More


Politics In and After Fiscal Squeeze

David Heald, Rozana Himaz, and Christopher Hood

in When the Party’s Over: The Politics of Fiscal Squeeze in Perspective

Published in print:
2014
Published Online:
May 2015
ISBN:
9780197265734
eISBN:
9780191771941
Item type:
chapter
Publisher:
British Academy
DOI:
10.5871/bacad/9780197265734.003.0012
Subject:
Political Science, Political Economy

This chapter examines what nine cases of fiscal squeeze in different democracies can reveal about the politics of austerity, combining overall quantitative comparisons with a set of qualitative ... More


Policy Lessons from the Crisis and the Way Forward

Carlo Cottarelli, Philip Gerson, and Abdelhak Senhadji

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0022
Subject:
Economics and Finance, Macro- and Monetary Economics

This book has shown how the global financial crisis of 2007 has reshaped our understanding of the role of fiscal policy while refocusing the attention of the economics profession on fiscal ... More


India: Crisis and the Impact on Fiscal Space

Y.V. Reddy, Narayan Valluri, and Partha Ray

in Financial and Fiscal Policies: Crises and New Realities

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199452651
eISBN:
9780199084524
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199452651.003.0008
Subject:
Economics and Finance, Financial Economics

This chapter presents an overview of the state of the Indian macroeconomy (with an emphasis on the fisc) and its relationship with the global crisis so that the monetary and fiscal stimulus can be ... More


Introduction: Fiscal Policy as Human Rights Policy

Philip Alston and Nikki Reisch (eds)

in Tax, Inequality, and Human Rights

Published in print:
2019
Published Online:
May 2019
ISBN:
9780190882228
eISBN:
9780190882266
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190882228.003.0001
Subject:
Law, Human Rights and Immigration

This introductory chapter illustrates some of the linkages between tax and human rights. Taxation affects which resources stay in private versus public hands, which activities are encouraged or ... More


The Great Recession and its consequences for household incomes in 21 countries

Stephen P. Jenkins, Andrea Brandolini, John Micklewright, Brian Nolan, and Gaetano Basso

in The Great Recession and the Distribution of Household Income

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199671021
eISBN:
9780191750601
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199671021.003.0002
Subject:
Economics and Finance, Public and Welfare

This chapter reviews the impact of the Great Recession (GR) on household incomes in 21 OECD countries: Australia, Austria, Belgium, Canada, Denmark, Germany, Greece, Finland, France, Ireland, Italy, ... More


Country case study—UK

Robert Joyce and Luke Sibieta

in The Great Recession and the Distribution of Household Income

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199671021
eISBN:
9780191750601
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199671021.003.0007
Subject:
Economics and Finance, Public and Welfare

This is the fifth of six chapters that focus on one country in depth: the UK in this case. GDP fell by over 7% during the Great Recession (GR), a post-war record. Employment fell by less than GDP, ... More


UK Fiscal Squeezes over a Century: A Summary Comparison

Christopher Hood and Rozana Himaz

in A Century of Fiscal Squeeze Politics: 100 Years of Austerity, Politics, and Bureaucracy in Britain

Published in print:
2017
Published Online:
June 2017
ISBN:
9780198779612
eISBN:
9780191824661
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198779612.003.0002
Subject:
Political Science, Political Economy

This chapter draws on historical statistics reporting financial outcomes for spending, taxation, debt, and deficit for the UK over a century to (a) identify quantitatively and compare the main fiscal ... More


Impact of the Crisis on Fiscal Positions

Y.V. Reddy, Narayan Valluri, and Partha Ray

in Financial and Fiscal Policies: Crises and New Realities

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199452651
eISBN:
9780199084524
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199452651.003.0003
Subject:
Economics and Finance, Financial Economics

The impact of the crisis varied across nations depending on the conjuncture of their macroeconomic variables and their fiscal and economic conditions. Thus, not all countries were affected in the ... More


Europe's Growth: A Sceptical View

Pier Carlo Padoan

in The Delphic Oracle on Europe: Is there a Future for the European Union?

Published in print:
2011
Published Online:
January 2015
ISBN:
9780199593842
eISBN:
9780191803536
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199593842.003.0005
Subject:
Political Science, European Union

This chapter first examines the main features of the global macroeconomic scenario after the recent financial crisis. It then deals with the challenges posed to Europe by the exit from the recession ... More


Country case study—USA

Jeffrey Thompson and Timothy M. Smeeding

in The Great Recession and the Distribution of Household Income

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199671021
eISBN:
9780191750601
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199671021.003.0008
Subject:
Economics and Finance, Public and Welfare

This is the last of six chapters that focus on one country in depth: the USA in this case. The Great Recession (GR) was the most dramatic economic downturn that the USA experienced in more than six ... More


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