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The Global Financial Crisis and its Budget Impacts in OECD Nations - Fiscal Responses and Future Challenges (Hardcover)
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The Global Financial Crisis and its Budget Impacts in OECD Nations - Fiscal Responses and Future Challenges (Hardcover)
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The global financial crisis of 2007-09 constituted the biggest
shock to the economies of the OECD nations since the Second World
War, testing budgetary systems and causing most of their
governments to move into intense crisis mode. Policy responses by
governments and international authorities included massive
interventions to stabilize markets and economies, and significant
adjustments to fiscal policy regimes. How governments reacted to
the crisis, which was manifested differently in each jurisdiction,
had significant political implications for sitting governments and
led to reforms of fiscal policy and budgetary regimes, which have
since continued to wrestle with slow economic growth and strained
public finances. This singular shock provides the editors and
authors of this book with an intriguing opportunity to examine how
different OECD budgetary systems performed. The contributions frame
and assess how governments responded to the challenge and how their
budget systems evolved in the aftermath, with a focus on strategy,
decision-making and balancing competing demands. Chapters cover the
EU, North America and Asia, including comparison between countries
that fared well, those who were moderately affected and those
countries massively affected by the global financial crisis. This
timely book will appeal to students and academics seeking an
international understanding and analysis of the effects and
consequences of the global financial crisis.
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