S. M. Ali Abbas

Jan Gottschalk

Fuad Hasanov

Greetje Everaert

Olivier Basdevant

Mr. Mauricio Villafuerte

Ms. Cemile Sancak

Ricardo Velloso

Stephanie Eble

Junhyung Park

In response to the global financial crisis, governments provided substantial support to the financial and other key sectors. Although this cushioned the adverse effects of the crisis, it is necessary now to articulate a strategy to ensure the sustainability of public finances. This paper discusses the scale and composition of fiscal adjustment that will need to occur once the recovery is securely under way. Although specific country-level circumstances will influence the composition of the adjustment and its political feasibility, in many cases restoring fiscal sustainability will require reforms to reduce spending and increase tax revenue.

Strategies for Fiscal Consolidation in the Post-Crisis World

A Cointegration Analysis of a Money Demand System in Europe

Fabian Bornhorst

Ms.Annalisa Fedelino

MissGabriela Dobrescu

Technical Notes and Manuals are produced by IMF departments to expand the dissemination of their technical assistance advice. These papers present general advice and guidance, drawn in part from unpublished technical assistance reports, to a broader audience. This new series was launched in August 2009.

When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances

Jan Gottschalk

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