Fiscal Consolidation in the Nordic Countries PDF Download

Author:
Publisher: Nordic Council of Ministers
ISBN: 9789289301107
Category : Fiscal policy
Languages : en
Pages : 54

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Author: Lars Calmfors
Publisher:
ISBN: 9789289365642
Category :
Languages : en
Pages :

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Book Description
Public finances in the Nordics are facing great future challenges due to demographic developments. Increasing longevity is changing the age structure of the population, significantly raising the share of older people and thus the old-age dependency ratio. Over the last two decades, there has been a strong international trend to strengthen fiscal frameworks by adopting more stringent fiscal rules as well as increasing transparency and accountability. A first aim of the report is to survey and evaluate the fiscal frameworks in the Nordic countries. A second aim is to review how long-run sustainability analyses of public finances are made - and communicated to policy-makers and the general public - in the Nordics, by Ministries of Finance as well as by other institutions. The report also concludes the severity of the fiscal-sustainability problems in the Nordic countries.

Author: Annegrete Bruvoll
Publisher: Nordic Council of Ministers
ISBN: 9289324791
Category : Business & Economics
Languages : en
Pages : 100

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This project adds insight into the potential contribution to fiscal consolidation from environmental tax and subsidy reforms, i.e. strengthening public budgets while at the same time improving economic efficiency and the environment. The report contributes with own calculations for potential revenues from environmental taxes and discusses the financial crisis and environmental tax policy responses in Iceland, Estonia and Ireland as case studies. The analysis has been carried out during the period July 2012 – December 2012 by Vista Analysis AS, Norway, Reykjavik University, Iceland and PRAXIS Center for Policy Studies, Estonia. The project was commissioned by the Nordic Council of Ministers.

Author: Alberto Alesina
Publisher: University of Chicago Press
ISBN: 022601844X
Category : Business & Economics
Languages : en
Pages : 596

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The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

Author: Torben M. Andersen
Publisher: OUP Oxford
ISBN: 0191026646
Category : Business & Economics
Languages : en
Pages : 385

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Book Description
The outbreak of the financial crisis in 2008 has had significant effects on economic activity, unemployment, and public finances for all European countries. However, European economies do not form a homogenous region, and any serious analysis of macroeconomic imbalances in Europe must account for the fact that different economic and political models and circumstances operate across the continent. This book focuses on the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden) which have a relatively good record of undertaking fiscal and structural reforms after their own financial and debt crises in the 1980s and 1990s. The Nordic countries are small and open economies, well-known for their high income levels, high employment rates, organized labour markets, a relatively equal distribution of incomes, and large public sectors. From this perspective, the book asks whether there are lessons that might be learned from the Nordic economies. Is there a distinctive Nordic model that could be usefully followed, by other small open economies, in terms of fiscal and monetary policy design, labour market policies and reforms, and financial and housing market regulation? It is inappropriate to define the Nordic model in terms of a common set of policies. Since the key characteristics, including the overarching objectives and supporting institutions, have strong historical foundations, copying and pasting them to other countries is not easily done. Even though the Nordic experiences are not directly transferable, they may add new knowledge about the importance of institutional design, fiscal consolidation, and structural reforms not only for macroeconomic performance but also for how to preserve key objectives such as social balance and equity.

Author: Peter Birch Sorensen
Publisher: Springer
ISBN: 1349138223
Category : Business & Economics
Languages : en
Pages : 247

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The Nordic tax systems have recently undergone dramatic changes. Tax bases have been broadened, marginal tax rates have been cut, and the Nordic countries have abandoned the traditional income tax in favour of a 'dual' income tax combining progressive taxation of labour income with a low flat tax rate on capital income. Nordic governments have also experimented with new innovative methods of taxing business income. This book evaluates the Nordic tax reforms in the light of recent advances in the theory of taxation.

Author: Galina Kolev
Publisher: Wilfried Martens Centre for European Studies
ISBN: 2930632291
Category : Political Science
Languages : en
Pages : 108

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PDF downloadable for free from http://martenscentre.eu/publications/smart-fiscal-consolidation-strategy-achieving-sustainable-public-finances-and-growth Due to high government debt levels and the dangers of self-defeating austerity, smart fiscal consolidation measures are needed that foster economic growth. A thorough review of the relevant literature provides many useful insights. To regain credibility, a clearly communicated broad reform program (including structural reforms) is required. Targeting mainly public expenditures, rather than revenues, raises the chances of expansionary effects. The timing of consolidation should focus on adjustment in structural terms to leave room for automatic stabilisers. The main part of the study evaluates the impact of individual consolidation and fiscal reform measures on consolidation success, on economic growth (in the long and short term), and on social fairness.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264098739
Category :
Languages : en
Pages : 279

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This book looks at the different ways in which governments support families.

Author: Arnfinn H. Midtbøen
Publisher: Nordic Council of Ministers
ISBN: 9289355247
Category : Social Science
Languages : en
Pages : 116

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Book Description
The Nordic countries have a century-long tradition for cooperation within the area of citizenship law. Since the mid-1970s, however, the Nordic countries have moved in different directions. Today, the Nordic countries represent the entire continuum in European citizenship policies – from liberal Sweden to restrictive Denmark, with the other Nordic neighbors in between. This report reviews the historical development and the current citizenship regime in the five Nordic countries, it provides statistics on the acquisition and loss of citizenship in each country over the past 10-15 years, and it offers a comparative analysis of the divergent development of citizenship law in the 2000s. The concluding chapter discusses possible consequences of the different citizenship regimes and the prospects for strengthened cooperation between the Nordic countries in the area of citizenship law.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475547714
Category : Business & Economics
Languages : en
Pages : 33

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The ex-post evaluation of Iceland’s Exceptional Access under the 2008 Stand-By Arrangement is presented. In the wake of the global financial crisis in late 2008, Iceland has experienced a deep financial and economic crisis of its own. Domestically, the rapid increase in lending fuelled bubbles in all asset classes, particularly the stock market and real estate. Inflated asset prices and nontransparent cross-financing and related party lending between banks and holding companies helped mask poor asset quality and facilitated the financing of credit expansion by borrowing abroad, increasing vulnerability.