Fiscal Policy in a Turbulent Era

Contents:

Foreword xvi
Pablo Hernandez 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 Andres
7 Fiscal rules: challenges and reform opportunities for
emerging and developing economies 103
Martin 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 Joao 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 Dorothee 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 Adrian Peralta-Alva

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• Economia
• Finanças públicas
• Impostos

fiscal and monetary policy; sovereign debt sustainability; government size; fiscal governance and public finances; fiscal policy, ageing and inequality; fiscal policy and climate change?