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|z 9781455263325
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|a Schaechter, Andrea.
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|a Long-Term Trends in Public Finances in the G-7 Economies /
|c Andrea Schaechter, Carlo Cottarelli.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2010.
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|a 1 online resource (24 pages)
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|a IMF Staff Position Notes
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Today's record public debt levels in most advanced economies are not only a direct fall-out from the global crisis. Public debt had ratcheted up over many decades before, when it had been used, in most of the G-7 countries, as the ultimate shock absorber-rising in bad times but not declining much in good times. Alongside, primary spending increased, particularly during 1965-85, reflecting predominantly a surge in health care and pension spending. Looking ahead, advanced economies will face the formidable challenge of reducing debt ratios at a time when ageing-related spending, in particular often underestimated pressures from health care systems, will put additional pressure on public finances. Addressing these fiscal challenges will require growth-friendly structural reforms, a fiscal strategy involving gradual but steady fiscal adjustment, stronger fiscal institutions, expenditure and revenue reforms, and an appropriate degree of burden sharing across all stakeholders.
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|a Mode of access: Internet
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|a Cottarelli, Carlo.
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|a IMF Staff Position Notes; Staff Position Note ;
|v No. 2010/013
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/004/2010/013/004.2010.issue-013-en.xml
|z IMF e-Library
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