The Resource Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending?, Boris Cournède and Frédéric Gonand, (electronic resource)
Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending?, Boris Cournède and Frédéric Gonand, (electronic resource)
Resource Information
The item Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending?, Boris Cournède and Frédéric Gonand, (electronic resource) represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of Missouri-St. Louis Libraries.This item is available to borrow from all library branches.
Resource Information
The item Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending?, Boris Cournède and Frédéric Gonand, (electronic resource) represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of Missouri-St. Louis Libraries.
This item is available to borrow from all library branches.
- Summary
- With population ageing, fiscal consolidation has become of paramount importance for euro area countries. Consolidation can be pursued in various ways, with different effects on potential growth, which itself will be dragged down by ageing. A dynamic general equilibrium model with overlapping generations and a public finance block (including a pay-as-you-go pension regime, a health care system, non ageingrelated public spending and a stock of debt to be repaid) is used to compare the macroeconomic impact of four scenarios: a) increasing taxes to finance unchanged pensions and repay public debt, b) lowering future pension replacement rates and repaying public debt through a lower ratio of non ageing-related outlays to GDP, c) raising the retirement age by 1.25 years per decade and increasing taxes only to pay off debt, and d) increasing the retirement age by 1.25 years per decade and paying off debt through a lower ratio of non ageing-related expenditure to GDP. This last scenario is the one where growth is strongest: with gradual increases in the retirement age and spending restraint, average GDP growth in the 2010s would be 0.34 percentage point stronger than in a scenario where fiscal consolidation is achieved exclusively through tax hikes. The appropriate conclusion from the model is not that public spending is bad per se, but that cuts to lower-priority spending items can deliver surprisingly large income gains compared with the alternative of raising taxes
- Language
- eng
- Extent
- 1 online resource 40 pages
- Label
- Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending?
- Title
- Restoring Fiscal Sustainability in the Euro Area
- Title remainder
- Raise Taxes or Curb Spending?
- Statement of responsibility
- Boris Cournède and Frédéric Gonand
- Language
- eng
- Summary
- With population ageing, fiscal consolidation has become of paramount importance for euro area countries. Consolidation can be pursued in various ways, with different effects on potential growth, which itself will be dragged down by ageing. A dynamic general equilibrium model with overlapping generations and a public finance block (including a pay-as-you-go pension regime, a health care system, non ageingrelated public spending and a stock of debt to be repaid) is used to compare the macroeconomic impact of four scenarios: a) increasing taxes to finance unchanged pensions and repay public debt, b) lowering future pension replacement rates and repaying public debt through a lower ratio of non ageing-related outlays to GDP, c) raising the retirement age by 1.25 years per decade and increasing taxes only to pay off debt, and d) increasing the retirement age by 1.25 years per decade and paying off debt through a lower ratio of non ageing-related expenditure to GDP. This last scenario is the one where growth is strongest: with gradual increases in the retirement age and spending restraint, average GDP growth in the 2010s would be 0.34 percentage point stronger than in a scenario where fiscal consolidation is achieved exclusively through tax hikes. The appropriate conclusion from the model is not that public spending is bad per se, but that cuts to lower-priority spending items can deliver surprisingly large income gains compared with the alternative of raising taxes
- Cataloging source
- FR-PaOEC
- http://library.link/vocab/creatorName
- Cournede, Boris
- Government publication
- international or intergovernmental publication
- Index
- no index present
- Literary form
- non fiction
- Nature of contents
- dictionaries
- http://library.link/vocab/relatedWorkOrContributorName
- Gonand, Frédéric
- Series statement
- OECD Economics Department Working Papers,
- Series volume
- no.520
- http://library.link/vocab/subjectName
-
- Economics
- Euro Area
- Label
- Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending?, Boris Cournède and Frédéric Gonand, (electronic resource)
- Antecedent source
- not applicable
- Carrier category
- online resource
- Carrier category code
-
- cr
- Carrier MARC source
- rdacarrier
- Content category
- text
- Content type code
-
- txt
- Content type MARC source
- rdacontent
- Control code
- 762087413
- Dimensions
- 21 x 30 cm
- Extent
- 1 online resource 40 pages
- File format
- one file format
- Form of item
- online
- Media category
- computer
- Media MARC source
- rdamedia
- Media type code
-
- c
- Other control number
- 10.1787/414711615127
- Specific material designation
- remote
- System control number
- (OCoLC)762087413
- Label
- Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending?, Boris Cournède and Frédéric Gonand, (electronic resource)
- Antecedent source
- not applicable
- Carrier category
- online resource
- Carrier category code
-
- cr
- Carrier MARC source
- rdacarrier
- Content category
- text
- Content type code
-
- txt
- Content type MARC source
- rdacontent
- Control code
- 762087413
- Dimensions
- 21 x 30 cm
- Extent
- 1 online resource 40 pages
- File format
- one file format
- Form of item
- online
- Media category
- computer
- Media MARC source
- rdamedia
- Media type code
-
- c
- Other control number
- 10.1787/414711615127
- Specific material designation
- remote
- System control number
- (OCoLC)762087413
Library Locations
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St. Louis Mercantile LibraryBorrow it1 University Blvd, St. Louis, MO, 63121, US38.710138 -90.311107
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University ArchivesBorrow it703 Lewis Hall, Columbia, MO, 65211, US
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University of Missouri-St. Louis Libraries DepositoryBorrow it2908 Lemone Blvd, Columbia, MO, 65201, US38.919360 -92.291620
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University of Missouri-St. Louis Libraries DepositoryBorrow it2908 Lemone Blvd, Columbia, MO, 65201, US38.919360 -92.291620
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.umsl.edu/portal/Restoring-Fiscal-Sustainability-in-the-Euro-Area/DV4EefnliSU/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.umsl.edu/portal/Restoring-Fiscal-Sustainability-in-the-Euro-Area/DV4EefnliSU/">Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending?, Boris Cournède and Frédéric Gonand, (electronic resource)</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.umsl.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.umsl.edu/">University of Missouri-St. Louis Libraries</a></span></span></span></span></div>
