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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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Impact of the Crisis on Fiscal Positions

Impact of the Crisis on Fiscal Positions

Chapter:
(p.39) Chapter 3 Impact of the Crisis on Fiscal Positions
Source:
Financial and Fiscal Policies
Author(s):

Y.V. Reddy

Narayan Valluri

Partha Ray

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199452651.003.0003

The impact of the crisis varied across nations depending on the conjuncture of their macroeconomic variables and their fiscal and economic conditions. Thus, not all countries were affected in the same manner and to the same extent; besides, the various channels through which the effects of the crisis are transmitted could have differential impact too. In this backdrop, this chapter explores in detail the manner in which the crisis, in the normal course, has revenue and expenditure implications and thus consequences for fiscal balances. Further, it presents the factual position in regard to the differential impact of the crisis on fiscal balances in select countries. It concludes that the policy space in fiscal management is often unduly constrained by the perspective of financial markets and, thus, it is hemmed in by uncertainties in financial markets induced by the crisis.

Keywords:   government revenue, government expenditure, public debt, fiscal balance, primary balance, fiscal consolidation, fiscal rectitude, gross and net public debt

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