Fiscal Policy in a Turbulent Era

Tectonic Shifts

Buch | Hardcover

252 Seiten

2024
Edward Elgar Publishing Ltd (Verlag)
978-1-0353-0055-6 (ISBN)

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Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the manifold changes and challenges of fiscal policy and how it is adapting to the unpredictable nature of the 21st century.

Fiscal Policy in a Turbulent Era brings together esteemed experts who offer detailed analyses on how the turbulence of the last 20 years has caused a tectonic shift in economic thinking. Chapters consider the resources which underpin current fiscal policy, assessing its overall effectiveness before outlining the changing priorities due to ageing, inequality and the green transition, the financial tools available, and the future of fiscal policy in uncertain times. Incisive and thorough, this book acknowledges that although fiscal policy has become more relevant and effective, it now faces far greater risks against the backdrop of increasing debt, rising demands and higher interest rates.

This highly prescient book will be a crucial read for students, academics and researchers studying public finance, public sector economics, political science, banking and finance, and public policy. Offering in-depth accessible analyses, Fiscal Policy in a Turbulent Era will also prove beneficial for practitioners and policymakers working in finance ministries, central banks and other areas associated with fiscal policy.

Edited by Enrique Alberola, Adviser, Banco de España, Spain; former Chief of the BIS Americas Office, Mexico

Contents:

Foreword xvi
Pablo Hernández de Cos
Preface and acknowledgments xviii
1 Introduction: the transformation of fiscal policy in the
turbulent era 1
Enrique Alberola

PART I FISCAL RESOURCES AND THE FISCAL SPACE
2 Debt explosions and reductions in emerging and
developing countries: drivers and implications 22
Ugo Panizza and Andrew Powell
3 Sovereign debt restructuring and the missing international
coordination 39
Aitor Erce and Mattia Picarelli
4 Low interest rates, monetary policy and the close links
with fiscal policy 57
Enrique Alberola
5 A macroeconomic perspective on the challenges of taxing
multinationals 73
Shafik Hebous

PART II USES OF FISCAL POLICY: THE
STABILIZATION ROLE OF FISCAL POLICY
6 The effectiveness of fiscal policy 86
Javier Andrés
7 Fiscal rules: challenges and reform opportunities for
emerging and developing economies 103
Martín Ardanaz, Eduardo Cavallo and Alejandro Izquierdo
8 Fiscal governance in the European Union 120
Niels Thygesen
9 Fiscal policy and financial stability: revisiting the nexus 138
Claudio Borio, Marc Farag and Fabrizio Zampolli

PART III USES OF FISCAL POLICY: REDISTRIBUTION,
ALLOCATION AND EMERGING DEMANDS
10 Fiscal policy and income redistribution in the turbulent era 154
Benedict Clements, Sanjeev Gupta and João Tovar Jalles
11 Redistribution, automatic stabilizers and public debt 167
Enisse Kharroubi, Benoit Mojon and Luiz Pereira da Silva
12 Meeting the economic challenges of a greying world 184
Aida Caldera and Dorothée Rouzet
13 Climate transition: implications for fiscal policies 199
Lorenzo Forni

PART IV CONCLUSION
14 The future of fiscal policy 210
Vitor Gaspar, Sandra Lizarazo and Adrián Peralta-Alva

Erscheinungsdatum	08.02.2024
Reihe/Serie	In a Turbulent Era series
Verlagsort	Cheltenham
Sprache	englisch
Maße	156 x 234 mm
Themenwelt	Recht / Steuern ► Steuern / Steuerrecht
	Sozialwissenschaften ► Politik / Verwaltung ► Staat / Verwaltung
	Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
ISBN-10	1-0353-0055-9 / 1035300559
ISBN-13	978-1-0353-0055-6 / 9781035300556
Zustand	Neuware