Fiscal Activism in Booms, Busts, and Beyond

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This paper discusses activist fiscal policies during good times, the crisis period and for the post-crisis period. The study argues, first, that fi scal policies were overly imprudent during the boom phase preceding the crisis. This was due to excessive expenditure growth and problems with measuring...

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Autor principal: Schuknecht, Ludger
Formato: Artículo revista
Lenguaje:Inglés
Publicado: Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2010
Materias:
fiscal activism
booms and busts
consolidation
expenditure policies
E62
E63
H62
consolidación
políticas de gasto
activismo fiscal
auge y caída
Acceso en línea:https://revistas.unc.edu.ar/index.php/REyE/article/view/3872
Aporte de:
Aportado por : Revistas de la UNC de Universidad Nacional de Córdoba .
id I10-R10-article-3872
record_format ojs
spelling I10-R10-article-38722022-04-06T19:44:04Z Fiscal Activism in Booms, Busts, and Beyond El activismo fiscal en los auges, las crisis y más allá Schuknecht, Ludger fiscal activism booms and busts consolidation expenditure policies E62 E63 H62 consolidación políticas de gasto activismo fiscal auge y caída E62 E63 H62 This paper discusses activist fiscal policies during good times, the crisis period and for the post-crisis period. The study argues, first, that fi scal policies were overly imprudent during the boom phase preceding the crisis. This was due to excessive expenditure growth and problems with measuring the output gap and fiscal stance. Second, during the crisis, too much emphasis was placed on the need for (activist) fiscal demand support despite demand excesses in the boom years in several countries. Fiscal activism focussed less (and less strongly than needed) on the balance sheet nature of the crisis and the significant misallocation of resources. Third, and given strong increases in public expenditure ratios in the crisis, timely fi scal exit strategies need to bring these down to sustainable levels so as to regain fiscal sustainability and to create an environment conducive to consolidation and growth. Este documento analiza las políticas fiscales activas durante el período de auge, durante el período de crisis y durante el período posterior a la crisis. El estudio argumenta, en primer lugar, que las políticas fiscales fueron demasiado imprudentes durante la fase de auge anterior a la crisis. Esto se debió al crecimiento excesivo del gasto y a problemas con la medición de la brecha del producto y la posición fiscal. En segundo lugar, durante la crisis, en varios países se puso demasiado énfasis en la necesidad apoyo fiscal (activista) a pesar de los excesos de demanda en los años de auge. El activismo fiscal se centró menos (y menos fuerte de lo necesario) en la naturaleza de balance de la crisis y en la mala asignación de recursos. En tercer lugar, y teniendo en cuenta los fuertes incrementos en las tasas de gasto público durante la crisis, estrategias de política fiscal tienen que llevar el gasto público a niveles sostenibles con el fin de recuperar la sostenibilidad fiscal y crear un entorno propicio para la consolidación y crecimiento. Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2010-06-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.unc.edu.ar/index.php/REyE/article/view/3872 Revista de Economía y Estadística; Vol. 48 No. 1 (2010); 106-139 Revista de Economía y Estadística; Vol. 48 Núm. 1 (2010); 106-139 2451-7321 0034-8066 10.55444/2451.7321.2010.v48.n1 eng https://revistas.unc.edu.ar/index.php/REyE/article/view/3872/5094 Derechos de autor 2010 Ludger Schuknecht http://creativecommons.org/licenses/by-nc-nd/4.0
institution Universidad Nacional de Córdoba
institution_str I-10
repository_str R-10
container_title_str Revistas de la UNC
language Inglés
format Artículo revista
topic fiscal activism
booms and busts
consolidation
expenditure policies
E62
E63
H62
consolidación
políticas de gasto
activismo fiscal
auge y caída
E62
E63
H62
spellingShingle fiscal activism
booms and busts
consolidation
expenditure policies
E62
E63
H62
consolidación
políticas de gasto
activismo fiscal
auge y caída
E62
E63
H62
Schuknecht, Ludger
Fiscal Activism in Booms, Busts, and Beyond
topic_facet fiscal activism
booms and busts
consolidation
expenditure policies
E62
E63
H62
consolidación
políticas de gasto
activismo fiscal
auge y caída
E62
E63
H62
author Schuknecht, Ludger
author_facet Schuknecht, Ludger
author_sort Schuknecht, Ludger
title Fiscal Activism in Booms, Busts, and Beyond
title_short Fiscal Activism in Booms, Busts, and Beyond
title_full Fiscal Activism in Booms, Busts, and Beyond
title_fullStr Fiscal Activism in Booms, Busts, and Beyond
title_full_unstemmed Fiscal Activism in Booms, Busts, and Beyond
title_sort fiscal activism in booms, busts, and beyond
description This paper discusses activist fiscal policies during good times, the crisis period and for the post-crisis period. The study argues, first, that fi scal policies were overly imprudent during the boom phase preceding the crisis. This was due to excessive expenditure growth and problems with measuring the output gap and fiscal stance. Second, during the crisis, too much emphasis was placed on the need for (activist) fiscal demand support despite demand excesses in the boom years in several countries. Fiscal activism focussed less (and less strongly than needed) on the balance sheet nature of the crisis and the significant misallocation of resources. Third, and given strong increases in public expenditure ratios in the crisis, timely fi scal exit strategies need to bring these down to sustainable levels so as to regain fiscal sustainability and to create an environment conducive to consolidation and growth.
publisher Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba.
publishDate 2010
url https://revistas.unc.edu.ar/index.php/REyE/article/view/3872
work_keys_str_mv AT schuknechtludger fiscalactivisminboomsbustsandbeyond
AT schuknechtludger elactivismofiscalenlosaugeslascrisisymasalla
first_indexed 2022-08-20T00:57:10Z
last_indexed 2022-08-20T00:57:10Z
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