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In the wake of the COVID-19 crisis, governments around the world announced unprecedented fiscal packages to address the economic impact of the crisis. The unusually large scale of the packages was accompanied by widespread calls for “greening” them to meet the dual goals of economic recovery and environmental sustainability. In response, several researchers and international organizations attempted to assess the “greenness” of the fiscal policy response of the world’s largest economies. This paper takes stock of the contributions made by these various trackers, identifies strengths and weaknesses of their methodologies, and draws lessons for assessing the climate impact of fiscal policy going forward. It finds that: trackers provided useful assessments of the (generally low) level of greenness and raised awareness; trackers’ methodologies, while valid and innovative, varied significantly with some important, if currently largely unavoidable, weaknesses; and the way forward should involve tracking the greenness of entire government budgets, rather than just their response to the COVID-19 crisis.

Macroeconomics --- Economics: General --- Environmental Economics --- Environmental Policy --- Environmental Conservation and Protection --- Diseases: Contagious --- Public Finance --- Valuation of Environmental Effects --- Environmental Economics: Government Policy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: General --- Health Behavior --- Fiscal Policy --- Economic & financial crises & disasters --- Economics of specific sectors --- Climate change --- Environmental policy & protocols --- Environmental economics --- Infectious & contagious diseases --- Greenhouse gas emissions --- Environment --- Climate policy --- Environmental policy --- Currency crises --- Informal sector --- Economics --- Environmental sciences --- Greenhouse gases --- Climatic changes --- Communicable diseases --- France

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Surges in public debt in many countries since the COVID-19 pandemic have rekindled interest in fiscal consolidations, which often entail difficult policy choices in the face of economic and political constraints. This paper presents findings from a survey of the literature on fiscal consolidations, focusing on the pre-existing conditions, impact and design aspects of past consolidation episodes. These findings provide insight into factors that influence the chance of successful consolidations, their growth and distributional impact, the pace, phasing, duration and policy mix of reforms to mitigate the impact, and the role of fiscal institutions and capacity development in successful consolidations.

Macroeconomics --- Economics: General --- Public Finance --- Inflation --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- National Budget, Deficit, and Debt: General --- Debt --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Fiscal consolidation --- Fiscal policy --- Public debt --- Expenditure --- Prices --- Currency crises --- Informal sector --- Economics --- Debts, Public --- Expenditures, Public --- Portugal

Choose an application

• Reference Manager
• EndNote
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Surges in public debt in many countries since the COVID-19 pandemic have rekindled interest in fiscal consolidations, which often entail difficult policy choices in the face of economic and political constraints. This paper presents findings from a survey of the literature on fiscal consolidations, focusing on the pre-existing conditions, impact and design aspects of past consolidation episodes. These findings provide insight into factors that influence the chance of successful consolidations, their growth and distributional impact, the pace, phasing, duration and policy mix of reforms to mitigate the impact, and the role of fiscal institutions and capacity development in successful consolidations.

Portugal --- Macroeconomics --- Economics: General --- Public Finance --- Inflation --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- National Budget, Deficit, and Debt: General --- Debt --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Fiscal consolidation --- Fiscal policy --- Public debt --- Expenditure --- Prices --- Currency crises --- Informal sector --- Economics --- Debts, Public --- Expenditures, Public