Restoring Fiscal Sustainability in the United States

Costa Rica

“…The debt sustainability model builds on Lenain, Hagemann and Carey (2010) and projects Costa Rica's debt path as a function of the evolution of the primary balance and interest payments. Following Batini et al (2014), GDP growth is assumed to equal potential growth plus a deviation associated with the effect of the previous-year's budget deficit on growth.…”

Budgetary responses to a global pandemic: international experiences and lessons for a sustainable future

“…How were the responses compared with previous practices of cutback management during economic crises (Levine, 1978; Darvas, 2010)?How did different political, economic and social factors influence the design of these early responses, as we have witnessed in previous economic and fiscal crises (Helland, 2000; Campbell and Sances, 2013)?Did sound fiscal discipline before the COVID-19 pandemic yield any political and fiscal benefits and provide greater flexibility to policymakers in designing budgetary responses?What are the short-term and long-term fiscal implications of these budgetary responses?Will it cause any permanent changes and unintended consequences to existing budgetary institutions, accounting rules and practices of fiscal governance?What intergovernmental fiscal mechanisms were used to provide fiscal relief, and what are the implications for the future intergovernmental fiscal relationship in different countries?What were the roles of state-owned enterprises, non-profit organizations and public-private partnerships in working with governmental entities (Donahue and Joyce, 2001), and how will the pandemic impact their future roles and finances?Has the pandemic caused any new concerns about social inequity and willingness to invest in public services? Will it lead to any new thinking about the roles of the welfare state?Have the policy responses caused a renewed concern about the fiscal sustainability of countries (Bergmann and Grossi, 2014; Grossi and Cepiku, 2014; Lenain et al , 2010; OECD-World Bank, 2019)? What should be done in response?…”

“…Have the policy responses caused a renewed concern about the fiscal sustainability of countries (Bergmann and Grossi, 2014; Grossi and Cepiku, 2014; Lenain et al , 2010; OECD-World Bank, 2019)? What should be done in response?…”