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)

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
Creator
Contributor
Subject
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
Member of
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)
Instantiates
Publication
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)
Publication
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

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