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Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
ECB Occasional Paper No. 121
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous contingent liabilities across sectors and countries coinciding with strong, non-linear and potentially highly adverse fiscal-financial interlinkages. This suggests that there would be significant benefits from fiscal consolidation without delay and that there is a need for caution against excessive faith in fiscal engineering.
Schlagwörter: 
Consolidation
deficits
financial crisis
Fiscal sustainability
public debt
tail risks
JEL: 
C32
E3
E43
E58
Dokumentart: 
Research Report

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