Hardback
Fiscal Policy in a Turbulent Era
Tectonic Shifts
9781035300556 Edward Elgar Publishing
Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the changing practice of fiscal policy and how it is adapting to the unpredictable nature of the 21st century. Expert academic and practitioner contributors consider the resources which underpin current fiscal policy, assessing its overall effectiveness before outlining the changing priorities –ageing, inequality, climate change- and the financial tools available, and considering the future of fiscal policy in uncertain times.
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Critical Acclaim
Contributors
Contents
More Information
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.
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.
Critical Acclaim
‘This book offers a timely examination of the evolving landscape of fiscal policy in the 21st century. It identifies the intricacies of how major crises, including the Global Financial Crisis (GFC) and the COVID-19 pandemic, have catalyzed a re-evaluation of the role of fiscal policy over the last two decades. [...] Through a meticulous analysis that bridges historical economic paradigms with contemporary challenges, Alberola, and his team of contributors, delve into the complex dynamics of fiscal strategies that increasingly need to aim at mitigating economic disparities and stabilizing global markets.’
– K.P. Krishnan, FPI Journal of Economics and Governance
– K.P. Krishnan, FPI Journal of Economics and Governance
Contributors
Contributors include: Enrique Alberola, Javier Andrés, Martín Ardanaz, Claudio Borio, Aida Caldera Sánchez, Eduardo Cavallo, Benedict Clements, Aitor Erce, Marc Farag, Lorenzo Forni, Vitor Gaspar, Sanjeev Gupta, Shafik Hebous, Pablo Hernández de Cos, Alejandro Izquierdo, Enisse Kharroubi, Sandra Lizarazo, Benoit Mojon, Ugo Panizza, Adrian Peralta-Alva, Luiz Awazu Pereira da Silva, Mattia Picarelli, Andrew Powell, Dorothée Rouzet, Niels Thygesen, João Tovar Jalles, Fabrizio Zampolli
Contents
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
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
