Justin Velez-Hagan
The Paradox of Fiscal Austerity: How Cutting Deficits Saved the Modern World
The Paradox of Fiscal Austerity: How Cutting Deficits Saved the Modern World
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Governments should follow optimal fiscal policy to counter economic downturns, but in recent decades, they have avoided thrift due to a more indebted future. This book examines the success or failure of fiscal consolidations in the developed world, including timing, magnitude, accompanying policies, composition, and economic factors.
Format: Paperback / softback
Length: 222 pages
Publication date: 28 June 2021
Publisher: Lexington Books
Governments have the potential to achieve global balance by implementing optimal fiscal policies during prosperous times, offsetting the need for deficits during economic downturn
downturns. However, in recent decades, the world has taken a different path, opting for a more indebted future by avoiding thrift. The global recession of 2008 brought attention to countries' fiscal conditions, prompting policymakers to implement fiscal consolidations (austerity) to slow the growth of deficits and debt. This book examines the factors that have influenced the success or failure of these policies, including timing, magnitude, accompanying policies, composition, and more. It also provides an economic rationale for these choices.
The success of fiscal policies in achieving global balance relies on several factors. Firstly, the timing of fiscal interventions is crucial. Implementing austerity measures during a recession can exacerbate the economic downturn and prolong the recovery process. On the other hand, delaying fiscal consolidation may result in higher deficits and debt levels, which can lead to future financial crises.
Secondly, the magnitude of fiscal consolidation measures is important. Excessive austerity measures can lead to significant economic contraction, job losses, and social unrest. Conversely, insufficient fiscal consolidation may not address the underlying fiscal problems and may result in continued economic instability.
Thirdly, accompanying policies, such as economic reforms and structural adjustments, are essential for the success of fiscal consolidation. These policies can help to promote economic growth, reduce unemployment, and improve social welfare. However, without accompanying policies, fiscal consolidation may be ineffective in achieving long-term economic stability.
Fourthly, the composition of fiscal consolidation measures is important. Tax increases and expenditure cuts can have different effects on the economy. Tax increases can help to reduce the deficit, but they can also have negative effects on economic growth. Expenditure cuts, on the other hand, can help to reduce the deficit, but they can also have negative effects on public services and social welfare.
Finally, the economic rationale for fiscal consolidation is based on the principle
Understanding the economic rationale
The economic rationale behind fiscal consolidation is based on the principle of fiscal responsibility. Fiscal responsibility involves ensuring that government spending and revenue are in balance over the long term to maintain economic stability and promote economic growth. When government spending exceeds revenue, the government runs a deficit, which can lead to increased borrowing and higher interest rates. This can lead to a vicious cycle of debt and economic instability. Fiscal consolidation aims to break this cycle by reducing government spending and increasing revenue, thereby reducing the deficit and promoting economic stability.
There are several economic arguments for fiscal consolidation. Firstly, it is argued that fiscal consolidation can help to reduce the risk of future financial crises. By reducing the deficit and debt levels, governments can reduce the likelihood of a future economic downturn
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Weight: 358g
Dimension: 218 x 154 x 13 (mm)
ISBN-13: 9781498571951
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