Deficit reduction: Short-term pain for long-term gain

Clinton, Kevin; Kumhof, Michael; Laxton, Douglas; Mursula, Susanna

doi:10.1016/j.euroecorev.2010.11.006

Cited by 40 publications

(25 citation statements)

References 20 publications

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“…Оказалась востребованной фискальная кон-солидация -набор мер по снижению государственного долга. Проведение фискальной консолидации, как отмечается в [28], во-первых, снижает дефицит и делает возможным проведение агрессивной фискальной политики на следующей кризисной фазе делового цикла, а во-вторых, вызывает увеличение предложения денежных средств, что снижает процентные ставки в экономике. В связи с этим в ряде работ были предложены способы проведения фискальной консолидации.…”

Section: вопросы фискальной консолидацииunclassified

“…Так, в работе [28] предполагалось сочетание ряда мер при проведении фискальной консолидации в ключевых экономиках мира: урезались трансферты населению на 0,5 % ВВП, сокращалось государственное потребление на 0,33 % ВВП, проводилась налоговая Макроэкономика. Фискальная политика реформа в форме увеличения налогов на потребление на 1,7 % и уменьшения подоходных налогов.…”

Section: вопросы фискальной консолидацииunclassified

“…Важным условием консолидации являлось полное знание и дове-рие экономических агентов к проводимой политике. В то же время согласно работе [28] агенты начинали верить в реализуемость мер только спустя некоторое время.…”

Section: вопросы фискальной консолидацииunclassified

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Section: вопросы фискальной консолидацииunclassified

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2018

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“…Moreover, our paper provides a methodological approach to estimating (ex ante) the impact of pension-related tax expenditures on household disposable income that can enhance the assessment of the fiscal structure parameters of macro models designed to analyze the macro-economic effects of pension reforms, defining scenarios that reflect the policy rules implemented in reality rather than using stylized scenarios that are often not plausible for a given country (e.g. Clinton et al, 2011).…”

Section: Introductionmentioning

confidence: 99%

Size and distributional pattern of pension-related tax expenditures in European countries

Barrios

Moscarola

Figari

et al. 2019

Int Tax Public Finance

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Policy discussions on pension systems generally focus on their sustainability and design, including retirement age, income reference and contributory period, with relatively little attention devoted to the tax treatment of pension contributions and pension benefits. However, tax expenditures-defined as deviations from an agreed benchmark tax systemare widely used in EU Member States, and little is known about their fiscal and distributional impact. This paper quantifies the fiscal and distributional impact of tax expenditures related to public and private contributory pension schemes, affecting both contributions and pension benefits, in 28 European countries using EUROMOD, the EUwide microsimulation model. We find that pension-related tax expenditures can have a sizeable impact on revenue and strong effects on inequality and poverty. Tax expenditures tend to be progressive on two levels: first, among pensioners, by favoring those with lower incomes, mainly as a result of the preferential treatment given to pension incomes; and, second, among people of working age, through a partial or no deduction of pension contributions, draining resources from those at the top of the income distribution. Moreover, embracing a lifetime perspective, tax expenditures tend to redistribute resources in favor of women and low educated individuals.

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“…Th e creation and implementation of the consolidation plan vary from country to country due to the specifi c and various circumstances of their economy (Botman & Honjo, 2006;Leigh, 2010;Berkmen, 2011;Clinton et al, 2011;Taylor et al, 2013, Tapsoba, 2013. Berkmen (2011) induced that fi scal consolidation can't give positive results without structural reforms.…”

Section: Literature Reviewmentioning

confidence: 99%

Aspect of fiscal consolidation: Evidence from Serbia

Kalaš¹,

Andrašić²,

Pjanić³

2016

Eur J Appl Econ

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Abstract:In contemporary market conditions facing continuous debt crisis, the notion of fiscal consolidation is one of potential solutions for solving the main economic issues in any country. As regards fiscal consolidation, it necessary to point out to the importance of developing strategies aimed at minimizing deficit and debt level. Serbia is among those countries in which irrational spending is widely present with unfavourable tendency regarding the aspect of production and consumption. Over the past 25 years, Serbia has spent much more than it has produced, which has led to large budget deficits and debt level. The aim is to point out to the concept of fiscal consolidation and its implementation in Serbia, while the subject of this paper is to present the package of measures and strategies defined by the government of the Republic of Serbia and the Fiscal Council Program.

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Deficit reduction: Short-term pain for long-term gain

Cited by 40 publications

References 20 publications

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Size and distributional pattern of pension-related tax expenditures in European countries

Aspect of fiscal consolidation: Evidence from Serbia

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