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Fiscal consolidation across levels of government
| Content Provider | OECD iLibrary |
|---|---|
| Organization | OECD |
| Abstract | This chapter deals with the consolidation of public finances across levels of government in the aftermath of the 2008-09 crisis. It reviews the pace of consolidation in response to widening deficits and rising debt, then assesses whether consolidation at the sub-central level has been achieved by spending cuts rather than an increase in own tax revenue and intergovernmental transfers. It analyses additional sub-central consolidation needs under various scenarios. Overall, sub-central governments’ finances are in fairly good shape in most OECD countries, but considerable efforts are still needed to restore debt to pre-crisis levels in some jurisdictions. The chapter goes on to look at past large-scale consolidation episodes in order to gauge how governments – both central and sub-central – have succeeded in consolidating after economic and fiscal crises. Finally, it surveys policy instruments that could help achieve consolidation while spurring economic activity. |
| Page Count | 25 |
| Starting Page | 11 |
| Ending Page | 35 |
| Language | English |
| Publisher | OECD Publishing |
| Publisher Date | 2013-12-02 |
| Access Restriction | Open |
| Subject Keyword | Finance and Investment Governance Taxation |
| Content Type | Text |
| Resource Type | Chapter |
