Fiscal Policy and Taxation

An incisive overview of the macroeconomics of financial crises--essential reading for students and policy experts alike With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them. Each of the book's ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent. With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework.

W książce przedstawiono zmiany w zakresie polityki makroekonomicznej, do których doszło w następstwie światowego kryzysu finansowego i w trakcie pandemii Covid-19. Badaniami objęto zmiany odporności krajów na takie pokryzysowe niekorzystne zjawi-ska makroekonomiczne jak akumulacja długu publicznego i dominacja fiskalna, zwiększona zmienność przepływów kapitału między-narodowego oraz ryzyko jego trwałego odpływu.

If governments followed the optimal fiscal policy path, surpluses in good times would counter necessary deficits during economic downturns, leading to worldwide balance. The world, however, has chosen to go in a different direction in recent decades, avoiding thrift in light of a decidedly more indebted future. When financial crises kicked off a global recession in 2008, the spotlight placed on countries' fiscal conditions put pressure on policymakers around the globe to find a way to slow the growth of deficits and debt by imposing fiscal consolidations (or, more simply, austerity). How have these policies fared across the developed world? Were they even necessary to begin with? This book examines the many factors that have contributed to the success (or failure) of such policies, including timing, magnitude, accompanying policies, composition, and more, while explaining the economic rationale behind their choices.

'Governments should spend no more than their tax income.' Most people in Europe and North America accept this statement as simple common sense. It resonates with the deeply engrained economic metaphors that dominate public discourse, from 'living within your means' to 'balancing the budget' - all necessary, or so conventional wisdom holds, to avoid the dangers of debt, taxation and financial ruin. This book shows how these homely metaphors constitute the 'debt delusion': a set of plausible-sounding yet false ideas that have been used to justify damaging austerity policies. John Weeks debunks these myths, explaining the true story behind public spending, taxation, and debt, and their real function in the management of our economies. He demonstrates that disputes about public finances are not primarily technical matters best left to specialists and experts, as many politicians would have us believe, but rather fundamentally questions about our true political priorities. Requiring no prior economic knowledge, this is an ideal primer for anyone wishing to cut through the rhetoric and misinformation that dominate political debates on economics and become an informed citizen.

The euro crisis, several sovereign debt crises, the Great Recession, the refugee crisis, and Brexit have all challenged Europeans' willingness to show solidarity with other European citizens and member states of the European Union. European Solidarity in Times of Crisis provides a clear theoretical framework to understand European solidarity for the first time. It offers a systematic empirical approach to determine the strength and causes of European solidarity. The authors distinguish between four domains of solidarity and test a set of theoretically derived criteria with a unique dataset to investigate European solidarity. Based on a survey conducted in thirteen EU member states in 2016, the empirical analysis leads to some unanticipated results. Europeans display a notably higher degree of solidarity than many politicians and social scientists have presumed so far. This especially applies to the support of people in need (welfare solidarity) and the reduction of territorial disparities between rich and poor EU countries (territorial solidarity), but also to the domain of fiscal solidarity (financial support of indebted EU countries). This optimistic view is less true for the domain of refugee solidarity. While citizens of western and southern EU countries accept the accommodation of refugees and their allocation between European countries, the majority of people in eastern European countries do not share this point of view. The book will appeal to students and scholars in fields such as comparative sociology, political science, social policy and migration research, and European studies. It is also relevant to a non-academic audience interested in the development of the European project.

Les spécialistes en sciences économiques envisagent les différentes problématiques budgétaires, fiscales ou encore bancaires pour saisir les difficultés auxquelles est confrontée l'Union européenne. Ils abordent également les évolutions possibles pour construire une meilleure zone monétaire.

Des explications sur les modes de calcul des indicateurs employés pour juger les finances publiques et la politique économique d'un pays selon les règles en vigueur au sein de l'Union européenne, dont les critères de Maastricht, la procédure de déficit excessif et les programmes d'austérité. Des exemples, notamment en France et en Grèce, étayent le propos.