This is a timely, important book for fiscal policy-makers and
budget practitioners. It assesses why some advanced democracies
were prepared for the global financial crisis and others were not,
and how some countries responded in ways that exacerbated fiscal
instability. Its dozen country cases offer highly relevant lessons
for mitigating cyclical disturbances that frequently beset national
budgets and for managing public finances during turbulent times.
The key takeaway message is that government capacity and budget
policies matter and should dispel the notion that all countries are
helpless when crisis strikes.' - Allen Schick, University of
Maryland, USThe 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. Contributors: M.G.
Arghyrou, R. Boyle, S. Davidsen, T. Degen, D.M. Fantone, D.A. Good,
M. Horie, L. Jensen, E. A. Lindquist, M. Mulreany, P.T. Pereira,
P.L. Posner, J. de Vries, J. Wanna, L. Wemans, E. Zapico-Goni
General
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