Description
Book SynopsisTable of ContentsContents: Foreword xvi Pablo Hernández de Cos Preface and acknowledgments xviii 1 Introduction: the transformation of fiscal policy in the turbulent era 1 Enrique Alberola PART I FISCAL RESOURCES AND THE FISCAL SPACE 2 Debt explosions and reductions in emerging and developing countries: drivers and implications 22 Ugo Panizza and Andrew Powell 3 Sovereign debt restructuring and the missing international coordination 39 Aitor Erce and Mattia Picarelli 4 Low interest rates, monetary policy and the close links with fiscal policy 57 Enrique Alberola 5 A macroeconomic perspective on the challenges of taxing multinationals 73 Shafik Hebous PART II USES OF FISCAL POLICY: THE STABILIZATION ROLE OF FISCAL POLICY 6 The effectiveness of fiscal policy 86 Javier Andrés 7 Fiscal rules: challenges and reform opportunities for emerging and developing economies 103 Martín Ardanaz, Eduardo Cavallo and Alejandro Izquierdo 8 Fiscal governance in the European Union 120 Niels Thygesen 9 Fiscal policy and financial stability: revisiting the nexus 138 Claudio Borio, Marc Farag and Fabrizio Zampolli PART III USES OF FISCAL POLICY: REDISTRIBUTION, ALLOCATION AND EMERGING DEMANDS 10 Fiscal policy and income redistribution in the turbulent era 154 Benedict Clements, Sanjeev Gupta and João Tovar Jalles 11 Redistribution, automatic stabilizers and public debt 167 Enisse Kharroubi, Benoit Mojon and Luiz Pereira da Silva 12 Meeting the economic challenges of a greying world 184 Aida Caldera and Dorothée Rouzet 13 Climate transition: implications for fiscal policies 199 Lorenzo Forni PART IV CONCLUSION 14 The future of fiscal policy 210 Vitor Gaspar, Sandra Lizarazo and Adrián Peralta-Alva
