000			02502cam a22003854a 4500
001			6805
003			The World Bank
006			m d
007			cr cn|||||||||
008			020129s2014 dcu i001 0 eng
024	8		_a10.1596/1813-9450-6805
035			_a(The World Bank)6805
100	1		_aLopez-Claros, Augusto
245	1	0	_aFiscal Challenges after the Global Financial Crisis _h[electronic resource] : _bA Survey of Key Issues / _cLopez-Claros, Augusto
260			_aWashington, D.C., _bThe World Bank, _c2014
300			_a1 online resource (37 p.)
520	3		_aThe global financial crisis and the response to it have contributed to a sharp increase in public indebtedness in a large number of countries. While there have been episodes of high debt in the past, there are a number of long-term challenges today that are likely to complicate the implementation of sustainable fiscal policies in the coming years. Population aging and climate change are factors that are likely to contribute to rising fiscal pressures and the crisis has highlighted the risks and vulnerabilities stemming from reduced fiscal space. This paper argues that heightened fiscal challenges can only be dealt with successfully by adopting a long-term fiscal planning horizon. The paper analyzes a range of available policy tools that countries have used in the past to improve fiscal management. Particular attention is paid to the role of rules-based policies, improvements in the budget process, better accounting of long-term liabilities in the government budget, the deleterious effects of unproductive expenditures, and the painful trade-offs created by the crisis and the toolkit at hand to address them.
650		4	_aAccess to Finance
650		4	_aBudget Deficit
650		4	_aClimate Change
650		4	_aDebt Markets
650		4	_aEmerging Markets
650		4	_aEnvironment
650		4	_aEnvironmental Economics & Policies
650		4	_aFinance and Financial Sector Development
650		4	_aFinancial Crisis
650		4	_aFiscal Rules
650		4	_aPopulation Aging
650		4	_aPrivate Sector Development
650		4	_aPublic Sector Development
700	1		_aLopez-Claros, Augusto
776	1	8	_aPrint version: _iLopez-Claros, Augusto _tFiscal Challenges after the Global Financial Crisis. _dWashington, D.C. : The World Bank, 2014
830		0	_aPolicy research working papers.
830		0	_aWorld Bank e-Library.
856	4	0	_uhttp://elibrary.worldbank.org/doi/book/10.1596/1813-9450-6805
999			_c142558 _d142558