文章基本信息

标题：Fiscal Consolidation Across Government Levels - Part 1. How Much, What Policies?
本地全文：下载
作者：Hansjörg Blöchliger
期刊名称：Economics Department Working Papers / OECD
印刷版ISSN：0259-4633
出版年度：2013
卷号：2013
DOI：10.1787/5k43nxr99zd6-en
出版社：Organisation for Economic Co-operation and Development (OECD)
摘要：This paper provides an overview of fiscal consolidation efforts at the central and sub-central government level, both during the current and past consolidation episodes. After experiencing a deficit and debt hike during the crisis, sub-central debt is mostly stabilising. So far, sub-central consolidation has been mainly achieved through spending cuts, while overall revenues remained largely stable. Sub-central tax revenues rose a bit, but intergovernmental transfers went down slightly. Sub-central governments in a few countries need to consolidate further, if they want to reach debt levels of 2007 or 2011 by the year 2026, as shown by fiscal gap calculations. During past consolidation episodes, sub-central consolidation increased the probability of debt stabilisation at the general government level. Reductions in intergovernmental grants improved the success rate. Central and sub-central deficits tended to move in parallel, although some subcentral governments experienced a "second trough" three or four years after consolidation had started. The paper suggests a number of instruments that could help sub-central governments consolidate their budgets, and argues in favour of amendments to sub-central fiscal rules.
关键词：sub-national debt; sub-national fiscal policy; fiscal consolidation at sub-national level; fiscal federalism